OKLAHOMA CITY– Almost 100 property and casualty insurance companies operating in Oklahoma have provided their customers with some form of premium relief during the coronavirus pandemic.
The estimated savings to date in premium relief and reduced future premiums to Oklahoma consumers is more than $164 million, state Insurance Commissioner Glen Mulready reported.
More than 1.8 million policyholders will save an estimated $91 each, he said.
The Oklahoma Insurance Department (OID) issued bulletins in April that asked insurance carriers operating in Oklahoma to provide flexibility and possible relief options for their customers during the COVID-19 outbreak.
In response, 99 automobile insurance companies announced refunds, dividends, credits, or other appropriate premium adjustments as the industry received fewer accident claims from drivers who were largely homebound starting in mid-March.
“I appreciate the insurance industry for stepping up and working with us to put money in the hands of consumers when they needed it most,” Mulready said. “I hope this helps ease some of the financial burdens many are experiencing right now.”
The commissioner urged Oklahoma consumers to contact their insurance agent or company if they are struggling financially and thinking about canceling their insurance. “Most insurance companies will be flexible and willing to work with consumers during this public health crisis,” he said.
“Our team is working with the insurance industry to ensure all Oklahomans have and can maintain the coverage they need during this challenging time,” Mulready added.
To see information about insurance companies offering premium relief and assistance
programs to Oklahoma consumers, visit https://www.oid.ok.gov/covid19_ relief/. Consumers who have issues with an insurance company or agent can file a complaint at https://www.oid.ok.gov/contact-us/.
For questions about other insurance issues, contact the state Insurance department at 1-800-522-0071 or visit its website at www.oid.ok.gov.