State Insurance Coverage Commissioner Mike Kreidler on Tuesday urged all insurers doing service in Washington to think about refunding auto insurance coverage premiums to their policyholders given that most are driving less.
Kreidler said people are driving less in Washington due to the fact that of Gov. Jay Inslee’s Stay at home, Stay Healthy order provided in late March and extended statewide through Might 4, according to a media release from the state Office of the Insurance Coverage Commissioner. The governor said recently that traffic on the state’s roadways and highways is down as much as 50% over the last month.
Such a decline decreases the danger of accidents, associated injuries and residential or commercial property losses.
“Some insurers have actually currently stepped up to refund premiums to their policyholders,” Kreidler said in the media release. “I encourage other insurers to think about doing the same throughout the pandemic. It’s another method the industry can assist customers throughout a time of excellent requirement financially and otherwise.”
Some insurance companies have already revealed refunds across the country to policyholders. They include:
* American Household Insurance
* Liberty Mutual
Insurers that wish to reimburse premiums for a particular duration must send a rate filing with Kreidler’s office. Kreidler stated he is speeding up reviews for approval. About 120 companies offer auto coverage in Washington.
Kreidler also kept in mind that more insurers are offering endorsements on existing automobile insurance plan to assist shipment chauffeurs for retail and service operations throughout the pandemic and stay-home order. The commissioner just recently urged insurance providers to help out.
The endorsement doesn’t use to individuals who drive for other business factors, consisting of rideshare or any business shipment businesses. The endorsement would stay in effect as long as the emergency situation order is in location.
If you are carrying out shipment for a business throughout the emergency and aren’t sure if your car policy covers you for that usage, call your insurer.Source: seattleweekly.com