New program gives Liberty Mutual and Safeco personal auto insurance customers a 15% refund on two months’ premium
The Personal Auto Customer Relief Refund will be available to both Liberty Mutual & Safeco insureds
On the heels of yesterday’s article discussing how insurers have begun to respond to the COVID-19 pandemic, Liberty Mutual Insurance has announced the launch of its Personal Auto Customer Relief Fund in response to the COVID-19 pandemic.
According to the Boston-based insurer, the Fund will offer both Liberty Mutual and Safeco personal auto insurance customers a 15% refund on two months of their annual premium. Liberty Mutual calculates that it will be returning approximately $250 million in total to its personal auto insurance customers and builds on initiatives already launched by the mutual insurer in support of its customers, including flexible payment options and delivery coverage expansion for auto policies.
This the first Massachusetts-based insurer to make such an announcement in response to the COVID-19 pandemic.
“For more than a century, we’ve made it our goal to be there for people when they need us most,” said Liberty Mutual Chairman and Chief Executive Officer David Long. “Today, more than ever, we recognize the uncertainty and financial challenges our customers are facing. We remain dedicated to serving our customers during this unprecedented pandemic, and we hope our premium relief and other actions we have taken offer support and help to alleviate some of their worries.”
Additional details on the Personal Auto Relief Refund
The following are additional details on how the nations sixth largest personal auto insurer will be administering the refund:
- Personal auto insurance customers will receive a 15% refund on two months of their annual auto premium as of April 7, 2020, pending regulatory approval.
- The refunds will begin in April, and will be issued either by check or in the manner the customer made their most recent payment.
- The payments will happen automatically and customers do not need to call Liberty Mutual to receive the refund.
Payment Flexibility Options
- Late fee charges have been automatically stopped and cancellations due to non-payment have been temporarily paused for personal auto and home customers from March 23 through at least May 22, 2020.
- We continue to work with individual customers to extend payment dates if needed and provide personalized support.
Delivery Coverage Expansion for Auto Policies
- All personal auto policies have been expanded to cover customers who use their personal vehicles to deliver food and medicine. Standard Safeco personal auto policies typically exclude such coverage.
- This additional protection is in effect for all personal auto policies in all states for losses occurring from March 16 to May 22, 2020, and reported by July 1, 2020.
Liberty Mutual is one of the top 25 Personal Auto Insurers in the U.S.
Liberty Mutual is the sixth-largest private passenger auto insurer in the U.S. based on the latest data from the National Association of Insurance Commissioners. According to the latest data available in Agency Checklists Top 25 Private Passengers Auto Insurance Market Share Report, Liberty Mutual has a 4.62% share of the U.S. marketplace in this line of insurance. In terms of premiums, the mutual insurers reported $11.701,801697 in Direct Premiums Written, $11,678,047,959 in Direct Premiums Earned in 2019.
Within the Commonwealth of Massachusetts, Liberty Mutual is the fourth-largest private passenger auto insurance in the Commonwealth based upon our bi-monthly data reports which analyze market share data provided by the Commonwealth Automobile Reinsurers, the statistical agent for the Division of Insurance in Massachusetts.
