Progressive returns $1 billion in premium to customers
Last week, Progressive announced that they’re providing credits of approximately $1 billion in premium to Progressive personal auto customers as a result of fewer claims that come with less frequent driving.
Subject to approval by state regulators, Progressive personal auto customers who have a policy in force as of April 30 will be credited 20% of their April premiums in May and personal auto customers with a policy in force as of May 31 will be credited 20% of their May premiums in June. Progressive estimates that the sum of these two credits will total approximately $1 billion. They may offer additional credits in the upcoming months.
You will not need to take any actions to receive the benefits. The credits will be applied automatically to your policy, and if you have paid in full, you will receive a payment of the credited amounts. You will see this reflected in your account within a few weeks after month end.
If you have a balance on the policy, Progressive will apply the credit directly to the remaining balance. And if you have already paid in full, they’ll return the money to the payment account they have on file—please make sure your payment details are up to date.
Progressive CEO Tricia Griffith explained, “We understand how difficult and uncertain people’s lives are right now. While auto insurance might not be the most pressing topic on everyone’s mind, we know that finances could be. For our customers who have trusted us to be there in their times of need, we’re fulfilling that promise. We want them to know how much we care. Always guided by our core values, doing the right thing is vitally important to us. We know that by sticking together and taking care of one another during these difficult times, we’ll come through this stronger. We want our current customers to remain our future customers.”
Progressive will continue to monitor the effects of the coronavirus situation and share updates as needed as they look for additional ways to help agents, customers, and their communities move forward.
Please remember you can reach us by phone (828)328-5671 or by emailing your account manager M-F, 8-5.
We hope you found this information useful and that you stay healthy and safe.
Your Broome Associates Team