Insurance Companies Extend COVID-19 Discounts


USAA has announced another round of premium discounts as a result of COVID-19.

In a letter to members, USAA CEO Wayne Peacock announced a 10% premium credit for the months of June and July. This credit will automatically be reflected on members' accounts by the end of August. Previously, the financial services group had given members a 20% credit on their premiums for the months of March through May.

This newest round of discounts brings the total amount of dividends returned by USAA this year to $1.07 billion.

Many other insurance companies continue to refund premiums for auto insurance policies as a result of the pandemic-related slowdown in driving and accidents. Rounding out the top five auto insurers in the USA:

State Farm gave customers back an average of 25% of premiums owed between March 20 and May 31, 2020. It recently announced another round of discounts, averaging 6.5% for the coming months.

GEICO continues to give its customers a 15% credit on vehicle policies through Oct. 7, 2020; this discount became effective April 8 and is based on policy cost. It covers both six- and 12-month policies.

Progressive gave customers a 20% discount on their premiums for April, May and June. It recently announced that it will be lowering prices by about 10% for the foreseeable future.

Allstate gave customers a 15% discount for their April, May and June premiums. For the future, it has said it intends to offer discounts to customers who opt for pay-by-mile policies or telematics, which measures driving habits such as speed and braking.

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