Progressive Insurance Issues $1 Billion In Personal Auto Refunds
Progressive Insurance Company will be refunding approximately $1 billion to Personal Auto customers. Subject to approval by state regulators, Progressive personal auto customers who have a policy in force as of April 30 will be credited 20% of their April premiums in May and personal auto customers with a policy in force as of May 31 will be credited 20% of their May premiums in June.
Progressive estimates that the sum of these two credits will total approximately $1 billion.
Progressive may offer additional credits in the upcoming months.
Customers will not need to take any actions to receive the benefits. The credits will be applied automatically to the customer’s policy and those customers who have paid in full will receive a payment of the credited amounts. Customers will see it reflected in their accounts within a few weeks after month end.
If a customer has a balance on the policy, Progressive will apply the credit directly to the remaining balance. And if they’ve already paid in full, Progressive will return the money to the payment account Progressive has on file.