What I seem to be reading on various hardship due to Coronavirus things is it may be on a case-by-case basis.
For example presumably Chase isn't going to let me bail on my CC payments when they know my deposits on record with them. I don't know how others like insurance carriers are going to operate.
This actually went through my mind when the first onslaught of emails came in. That anyone wanting any type of forgiveness is going to have to provide supporting documents that prove any hardship was due from this particular issue. Which is going to be tough and lengthy process I suspect.
This came in today via e-mail.
|As part of GEICO's ongoing efforts to assist customers during this unprecedented time, we are announcing The GEICO Giveback which provides a 15 percent credit to all auto and motorcycle customers as policies come up for renewal, between April 8, 2020 and October 7, 2020. This credit will also apply to any new policies purchased during this period as part of our commitment to protecting the wellbeing of our customers.|
|Current customers can expect to see the credit when they renew. Customers do not need to take any action to receive this credit.|
|The credits are expected to average $150 per auto policy and $30 per motorcycle policy. With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers.|
|Last month, we announced that we're pausing cancellations of coverage due to non-payment or policy expiration through April 30, 2020 or later as directed by your state. Beyond that, we are committed to offering maximum flexibility to policyholders who need special payment options. And to ensure you continue to receive the 24/7 service you've come to expect, we've also transitioned nearly all of our associates to work from home.|
|Thank you for being part of the GEICO family. We value you and your business, and want to continue providing excellent support. We will continue to keep you updated.|
|Todd Combs, President and CEO|
I got that e-mail as well and of course it went into effect the day after my policy's renewal date and my next in October is potentially going to be lower anyway due to the changes coming soon in Michigan.
Total Inquiries: EX: 3|TU: 4|EQ: 2
AAoA: 2Yr 11Mo on EQ, 4Yr 6Mo TU&EX with AUs, 6 months without.
AoOA: Not counting AU 9 Mo.
AoYA: Opened 7/10/20.
Total CL: 14,500
I got the same email two days ago, pretty sweet if it happens. Will have to see how much it is lowered.
Fortunately (?) it looks like I'll get the reduction (if it happens) during my next billing, which happens right about the time I get furloughed, so I'll take what I can get.
It appears that my motorcycle policy only dropped by around $4 from the last bill, so not sure if it's just a normal rate reduction or Covid related.
My insurance renewed mid April, but the renewal amount never adjusted down by the stated 15%.
I called Geico to pay the renewal and inquire about the reduced rate. The agent was very nice and I surprisingly connected in a matter of seconds (no long holds). I did take some effort to get past the robo-operator interface, however.
The agent stated that the rates should be updating soon, but she took my full payment for the amount minus the 15%. She stated the account will take a few days to "zero" out but the leftover balance showing was not due. I'm not sure how long it actually took, but after checking about a week later it was finally showing as fully paid.
My auto policy renewed in Feb, and while I normally make one payment for meeting various SUBs, this year I left it monthly to see usage on a SD'd CC.