MONTGOMERY, Ala. (WDHN) — Automobile insurers are giving back $100 million dollars in premiums to more than two million policyholders in Alabama, according to Gov. Kay Ivey.
With fewer people on the roads due to the governor’s order, the companies have ended up saving money since there are fewer accidents, allowing them to share these savings with customers.
“This is good news for Alabama insurance consumers,” Ivey said. “I want to thank automobile insurance companies for stepping up to the plate during this difficult time and supporting their policyholders. Here in Alabama, the economic impact is greater than $100 million in payments returned to the pockets of consumers at a time when it is badly needed.
“The list includes many of the top automobile insurers operating in our state. It is my hope that all the others will follow suit, giving needed help to their policyholders in this time of crisis brought on by the ongoing COVID-19 pandemic.”
Alabama Insurance Commissioner Jim Ridling said he is happy with this measure since it will help out Alabamians who are forced to remain at home.
“Many consumers are working from home,” Ridling said. “It only makes sense to discount what consumers are paying for automobile insurance and to provide them some financial relief. I join Governor Ivey today in offering our sincerest thanks.”
A list of the participating insurers can be found here.