By: Holly Michels
State Auditor Matt Rosendale said Monday that insurance companies are refunding or reducing rates totaling at least $20.7 million for about 500,000 policies in the state. It’s difficult to say precisely how many people that will affect as several can be covered by one policy, but the office said it includes more than half of all adults in the state.
Most savings are coming from personal auto insurance policies because vehicle travel dropped significantly as people have stayed home to slow the spread of COVID-19. Insurance companies must report rate changes to the auditor, and Rosendale’s office said Monday it expedited the process for filing those changes. The auditor’s office also said it expects more refunds or premium credits will be coming.
Customers don’t need to take any action to receive the rebates and they will reach people at different times, depending on which company insures them and on what schedule they pay their policies.
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