Montanans are getting refunds and other savings totaling at least $20.7 million from insurance companies due to impacts from COVID-19 lockdowns and restrictions, according to the state’s Commissioner of Securities and Insurance, Matt Rosendale.
Dozens of insurers are giving money back on almost 500,000 Montana insurance policies, a press release from Rosendale’s office stated. Most of the savings are related to personal auto insurance policies, because vehicle travel has declined due to COVID-19-related closures and people staying home.
Some savings are reportedly coming from other types of insurance policies, including commercial auto, homeowners, liability and medical malpractice.
“I’ve worked with insurance companies and expedited my office’s regulatory procedures to get over $20 million back into Montanans’ hands as soon as possible,” Rosendale stated. “More than half of Montana adults are already seeing insurance savings, or will be soon.”
Less travel and other items has allowed many insurance companies to provide refunds, premium relief, premium credits, and other savings, the press release stated.
“As so many of our friends and neighbors have been laid off, furloughed, or seen their hours reduced, every bit of financial relief helps right now,” Rosendale stated.