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The US Public Interest Research Group (US PIRG) reported that some consumers did not receive a refund or rate cut from auto insurers in 2020 when COVID-19 hit despite driving significantly less. According to the Consumer Federation of America, the pandemic increased auto insurers’ profits by tens of billions of dollars.
According to the article on US PIRG’s website, in response to the increased profits since the COVID-19 pandemic hit, some companies gave customers credits on their bill; others implemented long-term rate reductions; others issued two-month rebates. In some cases, customers didn’t get a refund or rate cut unless they called. Still other insurers did nothing at all, even if customers asked.
To read the article in its entirety, click here.