Geico, Allstate, other auto insurers to give customers money back

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Auto insurance companies including Allstate, Geico, and Liberty Mutual said they will give policyholders millions of dollars back because Americans are driving less during the coronavirus pandemic.

On Tuesday, Geico said auto and motorcycle policyholders will receive a 15% credit. The auto insurer estimates the benefit to its customers will be worth about $2.5 billion.

Geico cites shelter-in-place orders that have “reduced driving significantly” as a reason for the credits.

“This ongoing crisis has widespread effects that will linger,” said Geico president and CEO Todd Combs in a statement. “That is why we wanted to give this credit for at least six months.” Geico will also halt cancellation of coverage because of non-payments.

Geico is the latest auto insurer to give drivers their money back as they remain off the road due to the pandemic.

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