Insurance Companies Refund $13 Million to Montana Consumers
Montana’s Insurance Commissioner Matt Rosendale had some welcome news for holders of auto insurance policies throughout the state during the COVID 19 pandemic.
“I’ve been able to authorize and speed up relief to at least 257,000 Montanans,” said Rosendale. “They’re going to get refunds and other savings totaling $13 million from insurance companies due to the impacts of COVID 19 lockdowns and restrictions. Dozens of insurers are giving money back to their Montana customers. Most of the savings are coming on personal auto insurance policies as vehicle travel has significantly declined due to the COVID 19 related closures.”
Rosendale said the consumer doesn’t have to do anything to receive the savings.
“The most wonderful thing about this is that the average consumer doesn’t have to do a single thing,” he said. “The insurance companies have contacted my office, they have revised their projections about what their costs were going to be for this year and rather than have those firms file new paperwork with my office, once they have demonstrated what their savings are, we’re allowing them to pass that directly on to the consumers as quickly as possible.”
Rosendale said similar savings may also be coming to Montanans through their health insurance policies.
“I do know that there has been a reduction in the utilization of health insurance, meaning that not as many people have used their health insurance for the first quarter of this year,” he said. “That should save the health insurance companies money and we’re hoping to see a reduction in health insurance rates for next year.”
Some savings are also coming from other types of insurance, including commercial auto, homeowners, liability, and medical malpractice.