We know that many of our customers are doing their part to help stop the spread of COVID-19 by staying at home. That means many of them are driving fewer miles, resulting in a decrease in auto claims.
With that in mind, we have launched the Stay-at-Home Auto Premium Credit Program, which will automatically give U.S. personal auto insurance customers a 15% credit on their April and May premiums. It’s our way of supporting our customers, and we hope it helps ease some of the financial burden many are experiencing. Please note that these credits will have no impact on the base commission associated with the policy.
We will continue to assess the program as more information comes to light about the impact of the COVID-19 crisis on the driving environment and auto claims.
Customers who pay by monthly installments will receive the automatic credit on future bills. Customers who have already paid their billing account in full will receive a direct payment. We are working with regulators to obtain all the necessary approvals.
Separately, we continue to provide auto coverage for customers across the country whose job responsibilities now include using their personal vehicles to make food, grocery, pharmacy and medical supply deliveries. (This does not apply to those who are working for transportation network companies.)
The Stay-at-Home Auto Premium Credit Program is among several initiatives we have launched to provide relief during this challenging time. These include suspending cancellation and nonrenewal of coverage through May 15 – there will be no interest, late fees or penalties charged during this time. We are also accelerating more than $100 million of commission payments to eligible agents and brokers. And we have pledged $5 million to COVID-19 relief efforts to assist families and communities across North America, the United Kingdom and the Republic of Ireland.
Personal Lines Stay-at-Home Auto Premium Credit
Cincinnati Insurance and Cincinnati Casualty auto clients will receive a 15% credit per policy on their April and May premiums – pending regulatory approval. No action is required on your part, or theirs, to receive this discount. And, this new credit will not impact the standard commission paid for this business.
Adding this Stay-at-Home credit supports the other actions we’ve taken: pausing cancellations due to nonpayment of premium and waiving late fees until at least April 30; and waiving restrictions on policyholders now performing delivery services in efforts to protect the wellbeing of their communities.
When You have a Professional Services Risk, You Need a Professional Services Expert.
The experts in CRC’s Professional Services Practice are ready to be valuable members of your team. We apply the vast intellectual capital of our organization, over 100 years of combined professional services knowledge and experience, with unsurpassed market relationships to identify the best terms, conditions and pricing for your unique risk. Look to us for support in a broad range of liability exposures.
See types of Coronavirus Emergency Loans: Business Resource Center
Kemper Policyholder Premium Relief
Kemper Personal Insurance is committed to helping our policyholders during this challenging period. Today Kemper announced we are providing approximately $100 million in premium relief to our personal auto customers.
This crisis deserves everyone’s attention and we all have a responsibility to do our part. Kemper has always been there to help our customers through the tough times and now is no different. Our policyholders have committed to practice social distancing and are driving less, and that deserves recognition through financial relief, a critical area of support to our customers as we move together through this situation.
Kemper personal auto customers who have a policy in force as of April 30 will receive a 15% credit on their April premiums in May, and personal auto customers with a policy in force as of May 31 will receive a 15% credit on their May premiums in June. The two premium credits are subject to approval from regulators. The credits will be applied directly to the policyholder’s policy. If a customer has paid in full, they will receive a refund of the credited amounts. Customers will not need to take any action to receive the benefits.
COVID-19 Community Support
Kemper is also committing $1 million to organizations focused on critical issues including food insecurity and supporting front-line medical personnel. This commitment includes a $200,000 donation to Feeding America’s COVID-19 Response Fund and a $200,000 donation to Direct Relief’s campaign to provide personal protective equipment and essential medical items to health workers responding to COVID-19. Additionally, Kemper will give a dollar-for-dollar match for every employee donation made to Feeding America or Direct Relief, up to a maximum of $50,000 for each organization. The balance of the $1 million donation will be distributed to other organizations providing specific COVID-19 relief over the course of 2020.