COLUMBUS, Ohio, April 9, 2020 /PRNewswire/ -- Due to the hardship households are experiencing as a result of the COVID-19 pandemic, Nationwide announced today it is offering a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020. The goal is to get relief in the hands of customers quickly and simply.
"As a mutual company devoted to protecting people, businesses and futures with extraordinary care, we are offering this rapid relief at a time when drivers are making the right choice to stay off the road and remain home to help flatten the curve," said Nationwide Chief Executive Officer Kirt Walker.
The refund is equivalent to an average savings of 15 percent for two months and is on top of existing discounts customers already earn. It will be returned to customers in the last form of payment they have made, whether electronic or paper. The refund will arrive in the next 30 days, subject to individual state regulatory approval.
"Eligible customers don't need to do anything," said Nationwide Property & Casualty President, Mark Berven. "Refunds will automatically be credited to the customers' most recent method of payment within the next thirty days."
Additional efforts to help customers
Nationwide has already been extending payment terms for members experiencing hardship, providing immediate relief for customers looking for ways to make ends meet, and providing coverage for personal lines policyholders conducting a delivery of food or prescriptions.
The company stands ready to maintain business operations and serve the need of our customers and partners across the country, having moved to a work-from-home posture in mid-March.
To provide support for impacted communities, the Nationwide Foundation made $5 million in contributions to local and national charities to support pandemic response efforts.
"Taking the long view has helped see Nationwide and our members through challenging times for 94 years, and together we'll get through this one also," Walker added.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2020