Please take a moment to read the announcement below on Covid-19 Auto credits.
As you know, AIG Private Client Group is providing adjustments for its automobile policyholders in response to the impact of COVID-19 on certain driving patterns. Originally slated to apply to March and April premiums, we wanted to let you know that we are adding another month of premium relief.
Subject to regulatory review and approval where needed, AIG Private Client Group automobile policyholders across the U.S. can expect a 25% credit back from their auto premium accrued during the three-month period of March – May 2020. This adjustment applies to all regular-use autos but excludes collector cars and miscellaneous vehicles as defined in the policy. Please note the following:
- With this further adjustment, the updated average credit per vehicle is $104. The average policy (including Premier Client Solutions) will receive a credit of $239.
- We’re working to automate the application of credits and calculating the credit amount for each policyholder (we estimate completion of this work as of June 30). In most circumstances, the credit will be activated 45 days before the end of the current policy term.
- This automated process will be in place for 12 months, starting with policies that renew on September 1, 2020. (Your clients do not need to renew their policies in order to receive credit.)
- This process may change if a state mandates a different method for issuing or communicating the credit.
- If a policyholder has an auto premium balance due, the credit will be applied to the balance. If the premium was paid in full, we will mail out a refund check approximately 10 business days after the credit is applied.
- If a policyholder does not renew coverage, regardless of reason, or requests expedited payment, a check will be issued for any premium credit earned through May 31, 2020. Please contact our billing team for assistance: (888) 978-5371; email@example.com.
If a policyholder is experiencing financial hardship and having trouble making premium payments, please contact our billing team for assistance.
Additional considerations for agency-billed clients:
- Those with agency billing will see credits on the “payments” line of monthly account statements as they take effect.
- If an agency-billed client contacts AIG directly for an expedited payment, we will refer him or her back to you to issue the refund. On our end, the credit will be reflected on your next account statement.
- If you are asked to expedite the refund on your end, please notify our billing team so that we can process the credit and update your account accordingly.
Thank you for your patience and partnership as we make these adjustments for your clients.