Mercury Insurance Extends Giveback Program through June

Rhea-AI Summary

Mercury Insurance (MCY) has announced the extension of its Giveback Program for California auto insurance policyholders through June 30, 2020. This decision comes as driving activity increases due to the gradual reopening of California, despite claims remaining below historical averages. Customers will receive a 10% credit on their June premiums in August. The total funds returned to customers through this program have exceeded $105 million since the pandemic began. The company is considering further extensions based on future pandemic developments.

Positive

• Extension of the Giveback Program benefits customers during the recovery phase, showing corporate responsibility.
• Over $105 million returned to customers during the pandemic, enhancing customer loyalty.

Negative

• Increased auto-related insurance losses noted as more drivers return to the road, indicating potential future claims volatility.

LOS ANGELES, July 1, 2020 /PRNewswire/ -- Today, Mercury Insurance (NYSE: MCY) announced the company will be extending its Giveback Program for California private passenger and commercial auto insurance policyholders through June 30, 2020.

"With the gradual reopening of California, collisions and other auto-related insurance losses have increased in June compared to April and May as more drivers return to the road," said Mercury Insurance President and CEO, Gabriel Tirador. "However, claims are still below historical averages, so we believe the right thing to do is to continue the Mercury Giveback Program through the end of June, and potentially into July and beyond, depending upon how the pandemic continues to unfold."

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

The extension of the Giveback Program brings the total premium returned to Mercury's customers to more than $105 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 Mercury Insurance Giveback Program and how does it work?

The Mercury Insurance Giveback Program provides policyholders with a 10% credit on their premiums, aimed at offering financial relief during the pandemic.

How much money has Mercury Insurance returned to its customers through the Giveback Program?

Mercury Insurance has returned over $105 million to customers via the Giveback Program since the start of the COVID-19 pandemic.

When will California auto insurance customers receive their Giveback credits?

California auto insurance customers will receive the Giveback credits in August.

Is the Giveback Program from Mercury Insurance going to continue?

Yes, the Giveback Program has been extended through June 30, 2020, with potential further extensions depending on pandemic developments.