Farm Bureau Insurance continues the next phase of its statewide We’re in This Together initiative, by announcing that it will give back $8 million in premium credits to its personal auto policyholders across the state.
“Our company has maintained our dedication and commitment for putting members, including our auto insureds, and Michigan’s first responders, communities, and children, first during this pandemic,” said Farm Bureau Insurance CEO Don Simon. “As we continue to navigate the impacts of the pandemic, we remain committed to overcoming this crisis together.”
Throughout the initiative Farm Bureau pledged to continuously evaluate impacts on members/insureds and act accordingly. Based on latest findings, Farm Bureau Insurance will issue a premium credit of $8 million for all renewing personal auto policies, pending regulatory approval. Every personal auto policyholder will receive a 10% premium credit on two months of premium due at renewal. Policyholders do not need to take any action to receive the credit; it will happen automatically at renewal.
This latest $8 million initiative continues Farm Bureau’s overall We’re in this Together effort. With this, Farm Bureau has given back more than $13 million to its members and the people of Michigan. Over the past few months, the We’re in this Together Initiative has created opportunities for thousands of members, communities and local businesses by funding 1.1 million meals to school children (distributed through the Food Bank Council’s seven food banks) and providing members and first responders access to over $5 million in meals at local restaurants throughout Michigan. In addition, Farm Bureau Insurance made responsive, real time decisions to support policyholders during this challenging time by:
- Covering delivery service for no additional fee through July 1, 2020
- Encouraging insureds to manage policies and claims through electronic options
- Providing customized payment deferrals and extended repayment options
- Identifying vehicles that can be moved to storage if not being used, potentially reducing premium
- Encouraging policyholders now telecommuting to contact their agent to properly reflect the change in use, potentially reducing premium
“For more than 70 years, Farm Bureau Insurance has been investing in Michigan communities and businesses, the We’re in this Together Initiative is the latest part of that continuing tradition,” said CEO Simon.
