Hacking Auto Insurance: Are Givebacks a Good Deal?

Too Long; Didn't Read

Insurance companies have started to give back to their customers to help them financially through the pandemic. Companies such as Allstate, Geico, Progressive, and StateFarm have returned a total of $14 billion to policyholders. Auto insurers are held back from offering a full refund because of variations in the severity of accidents, unpredictable changes in driving habits, claims for delayed repairs due to delays, and increased repair costs due to supply chain disruptions. Autonomous vehicles could lead to fewer insurance claims, lower premiums, and a shift in liability.