TAMPA, Fla. - Progressive joined a list of insurance companies offering refunds to policyholders since less people are driving due to social distancing guidelines during the coronavirus pandemic.
Late Wednesday, Progressive announced it will credit policyholders 20% of their April and May premiums. It's possible they will provide addition credits the following months.
"If you have an active personal auto policy at the end of April, you’ll receive a credit for 20% of your April premium. We’ll offer the same 20% credit to active personal auto customers at the end of May," according to a statement by Progressive.
The insurance company added that there is no additional action policyholders will need to take.
"We’ll automatically calculate your credit at the end of each month, and then you’ll see it reflected in your account within a few weeks," the statement read. "If you have a balance on your policy, we’ll apply the credit directly to your remaining balance. And if you’re already paid in full, we’ll return the money to the payment account we have on file—so please make sure your payment details are up to date."
In addition, late fees will be waived and Progressive said they won't cancel policies due to non-payment through May 15.
Earlier this week, Allstate promised a 15% refund for in April and May, along with holders of Esurance and Encompass policies. Meanwhile, American Family Insurance is returning $50 per vehicle.
Geico also announced a 15% auto insurance credit.