American Automobile Association (AAA) members who insure their vehicles through the Interinsurance Exchange of the Automobile Club will receive a third round of premium refunds totaling approximately $46 million, according to the association’s release. This latest COVID-19 financial relief is in addition to almost $92 million in refunds provided in May and $58 million in July, bringing the total amount returned to auto insurance policyholders to approximately $196 million.
Every policyholder with auto insurance in effect from Aug. 1, 2020 to Sept. 30, 2020 will receive a 10% policy refund for this period, according to AAA. Refunds will be applied as a credit to the member’s policy. The association noted that checks will only be issued for policies that were canceled or that were paid in full. According to the association, members don’t need to take any action to receive their refund.
The additional relief package is due to continued reduced driving and fewer claims as a result of the ongoing pandemic, according to the association.
“While certain aspects of the economy have improved with more people returning to work, the pandemic’s ongoing impact on many Californians, including AAA members, is still being deeply felt,” said John Boyle, CEO and president. “We hope this refund can provide additional assistance to members.”