California has ordered new’stimulus checks’ for vehicle insurance – Are you eligible for a refund?
CALIFORNIA has ordered car insurance to provide greater refunds after the coronavirus outbreak resulted in record profits.
According to the California Insurance Department, insurers refunded an average of 9% of premiums from March to September last year.
Companies, on the other hand, should have returned 17%, according to the research.
According to Yahoo!, which cites advocacy groups, insurers have underpaid policyholders by an average of $125 per car.
California insurance commissioner Ricardo Lara has expressed his dissatisfaction with the lack of returns.
“I am out of patience on behalf of consumers,” Lara stated in a statement.
“These insurance companies have 30 days to tell us how they’re going to fix it once and for all before we take any further action.”
Mercury Insurance Co., Allstate Northbrook Indemnity Co., and CSAA Insurance Exchange were among the companies notified in the announcement.
Twenty percent of California drivers are covered by these insurance.
Lara’s measures have now resulted in “$2.4 billion in premium relief to drivers,” according to the statement.
Fewer accidents occurred as people stayed at home to prevent the spread of the coronavirus, resulting in higher revenues for insurance companies.
Other states, in addition to California, have taken additional steps.
In Nevada and Illinois, for example, class action lawsuits have been brought.
While some insurers instantly repaid consumers, many others did not do so until they were contacted.
As a result, it’s probable that you’ll find some money waiting for you. To discover out, call your insurance company and inquire.
Additional refunds may be possible depending on the outcome of the cases.
Mercury Insurance Co., Allstate Northbrook Indemnity Co., and CSAA Insurance Exchange have all been approached by The Sun for comment.
We recently discussed four bill suppliers, including auto lenders, who may be overcharging you.
Suze Orman, a personal finance expert, discusses why now is the greatest time to sell your car.
We also go through five techniques to raise your credit score.
Send us an email at [email protected] or give us a call at 212 416 4552.
Like us on Facebook at www.facebook.com/TheSunUS, and you can follow us on Twitter at @TheSunUS.