MAPFRE Insurance Announces Partial Refund Due To Coronavirus
WEBSTER (CBS) -- The largest auto insurer in Massachusetts has announced a partial premium refund for customers as the coronavirus pandemic causes people to drive less. MAPFRE Insurance is joining other insurance companies in offering a 15% refund on premiums to policyholders for April and May.
Most customers will get a credit of about $40, MAPFRE said - a $30 million commitment by the Webster-based company. Those who paid in full should get their refund in about 60 days.
The MAPFRE Insurance Staying Home Refund, subject to regulatory approval, will return 15% of April and May premium to our voluntary personal auto policyholders, a total of over $30 million. On average, most policyholders will receive approximately $40: https://t.co/CQKf0PIxi4 pic.twitter.com/j2ES5Ih8z6
— MAPFRE Insurance (@MAPFREIns) April 13, 2020
"In an effort to protect each other, and to help stop the spread of COVID-19, we know that many of you are staying at home and driving less," MAPFRE said in a statement Monday. "To recognize this change in driving behavior, and to ease some of the financial burden many are experiencing, we are implementing the MAPFRE Insurance Staying Home Refund."
Allstate and American Family Insurance announced similar plans a week ago. In a statement released earlier, the Consumer Federation of America called MAPFRE and other insurers "laggards" for not promising relief to customers as of Sunday.