To help alleviate financial pressures its members are facing due to the coronavirus, Virginia Farm Bureau Mutual Insurance Co. has approved a premium credit for its personal automobile policyholders.
VFBMIC recognizes that Virginians are driving less since Gov. Ralph Northam restricted non-essential businesses and issued a stay-at-home order in March. The company has seen a reduction in auto claims due to fewer people driving. With these state restrictions not expected to be lifted for several more weeks, the company anticipates auto losses will remain low through the end of May.
“Our company was formed to help Virginians, and we have been supporting and insuring our members for 70 years,” said VFBMIC Executive Vice President and General Manager Darlene Wells. “And that is what we will continue to do during these trying times. We are pleased to be able to provide a credit on auto insurance policies for our members.”
VFBMIC will now pay back approximately 20% of its April and May automobile premium payments to personal automobile insurance customers, pending regulatory approval. The account credit will automatically be applied to a future installment for policies in force as of April 1, so no action is required.
In addition to auto policy credits, VFBMIC policy services representatives are working with individual policyholders facing a financial hardship due to COVID-19 by deferring premium payment due dates or by adjusting premium payment plans.
“It is our continuing goal to serve all of our members with service and solutions during this difficult time,” noted Wells.
For additional information on how Virginia Farm Bureau is responding to the coronavirus pandemic, visit vafb.com.