State Farm Mutual Automobile Insurance Company on Thursday announced a $2 billion rebate for their customers to help them through challenging financial times during the coronavirus pandemic.
"With schools and businesses closed, and many of us sheltering in our homes, people are driving less right now, so we’re returning value to customers as we anticipate fewer auto claims," the Bloomington, Illinois, auto insurer said in a statement.
State Farm said the rebate, part of its Good Neighbor Relief Program, will appear as a credit on customers' auto policy, and customers don't need to take any action to receive it.
Most State Farm Mutual customers will see a 25% policy credit for the time period March 20 through May 31, which according to State Farm, is "the single largest dividend paid to customers in our company’s history."
"Every State Farm Mutual auto insurance customer will receive credits applied against bills beginning as early as June," the company said. "We’ll continue to monitor our loss experience and respond appropriately."
The company encouraged customers facing financial challenges to call their State Farm agent as agents are working with customers one-on-one to provide payment options.