Home Business New Jersey auto insurers give credits and discounts to stay-at-home drivers

New Jersey auto insurers give credits and discounts to stay-at-home drivers

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Back on the cover of coronaviruses on the shore from April 2 to 8.

Asbury Park Press

Self-isolation pays off in at least one way.

New Jersey auto insurers are offering credits and discounts to consumers in the aftermath of the coronavirus pandemic that has left all but essential workers at home.

Among them are Geico, NJM Insurance Group and Progressive, which together hold nearly half of the state’s market share.

Governor Phil Murphy ordered almost all residents of the state to stay at home and shut down non-essential businesses on March 21, adding new meaning to a traffic stop.

This has likely led to fewer automobile accidents.

The result:

Geico, the state’s largest auto insurer with 22% of the market, said it would extend 15% credit to auto and motorcycle customers when their policies are renewed between April 8 and 7 October. It will also apply to customers purchasing new vehicles. Strategies.

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Purchase a photoCollege Avenue at Rutgers College in New Brunswick is nearly empty on Monday, April 6, 2020. (Photo: Thomas P. Costello and Mike Davis)

This means that a driver with a semester premium of $ 1,000 can expect a credit of $ 150.

NJM Insurance Group, which has a 14.3% market share, said it would offer a 15% refund on the three-month equivalent of the annual premium.

Policyholders can expect to receive the money by check or direct deposit in the coming weeks, the company said.

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Progressive, which holds 11.1% of the market, said it would offer 20% credit for April and May, and that it could extend credits in the future.

Many New Jersey consumers feel the pinch. More than 576,000 workers have filed their first unemployment claim in the last three weeks after the temporary closure of their business.

Stay at home: NJ Charges Murphy Offenders

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The Murphy administration on Friday demanded P&C insurers, including auto insurers, to grant a 90-day grace period to consumers who could not pay their premiums. It also required them to continue paying claims during this period.

Consumers should contact their insurance company to take advantage of the emergency grace period and discuss options for paying their premiums over time after the grace period ends, said the Banking and Insurance Department. New Jersey.

Michael Diamond is a business reporter who has been writing about New Jersey’s economy for 20 years. He can be reached at 732-643-4038; [email protected]; and @mdiamondapp on Twitter.

Read or share this story: https://www.app.com/story/money/business/consumer/2020/04/11/nj-auto-insurers-coronavirus-credits-rebates/2975474001/

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