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California orders insurers to refund some premiums, including auto insurance, over pandemic – KRON4

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California orders insurers to refund some premiums, including auto insurance, over pandemic – KRON4

by: Alexa Mae Asperin Posted: Apr 13, 2020 / 10:51 AM PDT / Updated: Apr 13, 2020 / 10:51 AM PDT SAN FRANCISCO (KRON) – California Insurance Commissioner Ricardo Lara on Monday ordered insurance companies to refund some insurance premiums to both consumers and businesses who are impacted by the ongoing coronavirus pandemic. According to…

California orders insurers to refund some premiums, including auto insurance, over pandemic – KRON4

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SAN FRANCISCO (KRON) – California Insurance Commissioner Ricardo Lara on Monday ordered insurance companies to refund some insurance premiums to both consumers and businesses who are impacted by the ongoing coronavirus pandemic.

According to the commissioner’s bulletin, premiums covered include those paid for the months of March and April, and will include May if the stay-at-home orders continue.

There are at least 6 different insurance areas that are covered:

  • Private passenger automobile
  • Commercial automobile
  • Workers’ compensation
  • Commercial multi-peril
  • Commercial liability
  • Medical liability

Insurance companies will have until August to provide a premium credit, return, reduction, or appropriate adjustment.

Commissioner Lara has also requested at least a 60-day grace period for policyholders to pay their premiums.

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Some insurance companies such as Geico, Mercury, Allstate and others have already announced they are voluntarily refunding premiums to drivers.

Today’s bulletin now makes it mandatory for all insurance companies.

According to Lara, insurance companies won’t have to get prior approval from the state’s Department of Insurance regarding premium refunds so long as they the methods outlined in the bulletin.

To learn more, click here.

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