Mercury Insurance Extends Giveback Program through July

Rhea-AI Summary

Mercury Insurance (MCY) announced an extension of its Giveback Program for California auto insurance policyholders through July 31, 2020. This decision comes amid a rise in auto-related losses due to increased driving during July post-COVID-19 lockdowns. Policyholders will receive a credit or check for 10% of their July premium in August, bringing the total amount returned to over $128 million since the pandemic began. CEO Gabriel Tirador emphasized the company's commitment to supporting customers during these challenging times.

Positive

• Extension of the Giveback Program supports customers during COVID-19.
• Total credits returned to customers exceed $128 million.

Negative

• Increase in auto-related losses reported in July.

LOS ANGELES, Aug. 3, 2020 /PRNewswire/ -- Today, Mercury Insurance (NYSE: MCY) announced the company is extending its Giveback Program for California private passenger and commercial auto insurance policyholders through July 31, 2020.

"Collisions and other auto-related insurance losses increased in July compared to the previous several months as more drivers returned to the road, however, they still remain below historical averages for this time of year," said Mercury Insurance President and CEO, Gabriel Tirador. "Therefore, we believe the right thing to do is to extend the Mercury Giveback Program through the end of July as our customers continue to cope with the lingering impact of COVID-19."

California private passenger and commercial auto customers will automatically receive a credit or check equal to 10% of their July premium in August.

The extension of the Giveback Program brings the total premium returned to Mercury's customers to more than $128 million since the beginning of the COVID-19 pandemic. 

To learn more about Mercury's response to COVID-19, please visit www.mercuryinsurance.com.   

ABOUT MERCURY INSURANCE
Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices. For more information visit www.mercuryinsurance.com or Facebook.com/MercuryInsurance and follow the company on Twitter.

 

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SOURCE Mercury Insurance

FAQ

What is the Giveback Program by Mercury Insurance (MCY)?

The Giveback Program provides policyholders with a 10% credit or check on their premiums as financial support during the COVID-19 pandemic.

How much total premium has Mercury Insurance refunded to its customers since the pandemic began?

Mercury Insurance has refunded over $128 million to its customers during the COVID-19 pandemic.

When does the Giveback Program for California auto policyholders end?

The Giveback Program for California auto policyholders has been extended through July 31, 2020.

Why did Mercury Insurance extend its Giveback Program?

The extension was made due to an increase in auto-related losses as more drivers returned to the roads, maintaining customer support during COVID-19.