Farmers Insurance gives discounts due to pandemic
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Farmers Insurance Wednesday joined a growing list of insurers giving policyholders discounts because of the challenges that businesses face from the coronavirus pandemic.
With many small businesses struggling as customers stay home, Farmers is providing relief to more than 115,000 of its business insurance customers under its Farmers Cares initiative.
The program includes:
- A 20% monthly credit on business owners policy (BOP) coverage for the next two months on upcoming premium notices for business customers in the restaurant, office, retail and service sectors across the country.
- Allowing insureds until May 1 to pay their policies, as Farmers temporarily paused cancellations.
- Temporarily modifying its Farmers branded auto policies to extend a customer's existing personal auto and motorcycle insurance coverages when delivery drivers use their personal automobile or motorcycle for the delivery of food, groceries, and pharmacy and medical supplies.
- Farmers and 21st Century-branded auto customers will receive a 25% reduction in April premium to reflect the changed driving environment resulting from various stay-at-home guidelines issued across the country. Flexible payment plans and a temporary pause on cancellations are also aimed at helping relieve some of the financial stress being felt by customers, Farmers said.
Farmers and 21st Century customers will not need to take any action, the statement said.
“Building on our Farmers Cares initiative to assist customers, all Farmers auto customers will receive a 25% premium reduction for the month of April,” Farmers CEO Jeff Dailey said in the statement.
Other insurers also recently announced similar plans. Also, discussions are said to be underway among commercial policyholders, brokers and carriers for similar such adjustments.
More insurance and risk management news on the coronavirus crisis here.
