Allstate To Refund Part Of Car Insurance Premiums Because No One Is Driving

If you have Allstate for your car insurance, looks like you'll be getting a bit of a refund. It's not like we're driving much anymore so it really makes sense.

Allstate said it will refund about 15% of premiums paid by its customers in April and May, which comes to a total refund of around $600 million.

Because there's less cars on the road, there's less accidents. That means fewer insurance payouts for Allstate.

Allstate CEO Tom Wilson called it "A Shelter-in-Place Payback."

UPDATE:  GEICO has also now joined in, saying they too, will refund 15% to policyholders.

https://www.cnn.com/2020/04/06/business/allstate-payments-coronavirus/index.html