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State approves Allstate’s plan to reduce car insurance premiums

Apr 9 2020, 12:44 PM

Michael Pieciak, the commissioner of the state’s Department of Financial Regulation, announced Thursday, April 9, the approval of a plan submitted by Allstate and its affiliate insurance companies to reduce auto insurance premiums for Vermont policyholders by approximately 15% due to reduced driving during the Covid-19 pandemic. This plan will apply to March and April premiums and amount to over $500,000 in savings for Vermonters.

“I am pleased to see auto insurers like Allstate move quickly to acknowledge their reduced risk and to ensure their premiums are not excessive and Vermont consumers are treated fairly,” Pieciak said. 

Pieciak encouraged other insurers to follow suit. The department’s approval also provides flexibility if the Stay Home, Stay Safe order is extended, giving companies the option to continue reducing premiums.

— Sarah Asch