Premium Relief Programs to Save Oklahoma Drivers Over $164 Million Amid COVID-19

OKLAHOMA CITY – InApril, the Oklahoma Insurance Department (OID)issued bulletins requesting insurance carriers operating in Oklahoma to provide flexibility and possible relief optionsfor Oklahoma consumersduring the COVID-19 pandemic. In response to OID’s request, many automobile insurance companies announced refunds, dividends, credits, or other appropriate premium adjustments to their customers as the industry saw fewer accidents and insurance claims.

As a result, 99 Oklahoma property and casualty insurance companies have submitted some form of relief filings to OID since Governor Kevin Stitt’sState of Emergency announced in March. To date, the estimated savings in premium relief and reduced future premiumsto Oklahoma consumersis over $164 million. More than 1.8 million policyholderswill save an estimated$91 per policyholder.

“I appreciate the insurance industry for continuing to step up and work with us to put money in the hands of consumers when they need it most. I hope this helps ease some of the financial burdens many are experiencing right now,”Insurance Commissioner Glen Mulready said.

Commissioner Mulready also urged Oklahoma consumers to contact their insurance agent or company if they are financially struggling and thinking about canceling their insurance. He said most insurance companies will be flexible and willing to work with consumersduring this public health crisis.

“Our number one priority is consumer protection. Our teamis workingdiligently with the insurance industry to ensure allOklahomans have and can maintain the coverage they need during this challenging time,” Mulready added.

To see information about insurance companies offering premium relief and assistance programsto Oklahoma consumers, visit https://www.oid.ok.gov/covid19_relief/. If you have issues with your insurance company or agent, you can file a complaint athttps://www.oid.ok.gov/contact-us/.

If you have questions about other insurance issues, contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.