In an April press release, California Insurance Commissioner Ricard Lara announced a directive to auto insurance companies to refund a portion of premiums to their customers. Cary Runnells, the auto insurance agent in Thousand Oaks, CA recently released a report that help clarify what these refunds mean to the insured.
“One of the best things about these refunds is that our clients don’t have to do anything,” said Runnells. “The refund is automatically credited on your monthly insurance bill.”
State Farm Insurance announced that the company is returning up to $2 billion dividend to its auto insurance customers. “With schools and businesses closed, and many of us sheltering in our homes, people are driving less right now, so we’re returning value to customers as we anticipate fewer auto claims.”
For State Farm Insurance clients this means the refund will be issued in the form of a dividend:
- that is reflected as a 27.5-percent credit on all auto insurance policies for March through May 2020.
- The credit is automatically applied to the monthly premium bill. There is nothing the insured needs to do to get the refund.
- Clients who pay the full premium in advance receive the credit upon renewal.
The dividend is part of State Farm’s Good Neighbor Relief Program that also includes customer payment options and neighborhood philanthropic relief. The Good Neighbor Relief Program is subject to change as the COVID-19 situation unfolds. This includes taking additional action if State Farm deems necessary.
State Farm Insurance also provides answers to frequently asked questions (FAQs) about this credit. “We frequently refer our local clients to these FAQs,” said Runnells, the Thousand Oaks auto insurance agent.
State Farm has also issued a phone scam alert said Runnells. The corporate office has informed local offices and the public “State Farm is not contacting customers requesting financial account or credit card information in order to receive a dividend or a credit.” Runnells emphasizes that the credit is applied automatically.
“If you have any questions about your dividend or credit, call our office,” said Runnells. “We will make sure you get the right information from the right places.”
Cary Runnells State Farm Insurance Agency provides life insurance, auto insurance, home, ranch and farm insurance, plus business insurance and health insurance. The experienced and licensed staff can help with long term financial planning through the right life insurance plans, Mutual Funds or annuities. The agency serves Thousand Oaks and surround communities including Simi Valley, Westlake Village, Oak Park, Newbury Park, Agoura Hills, Moorpark, Camarillo and more.
100 E T O Blvd Suite 144
Thousand Oaks, CA 91360-8126
This press release by Thousand Oaks advertising and SEO company Access Publishing, 806 9th Street, #2D, Paso Robles, CA 93446, (805) 226-9890.