For Immediate Release:
July 20, 2020
Premium Relief Programs to Save Oklahoma
Drivers Over $164 Million Amid COVID-19
OKLAHOMA CITY – In April, the Oklahoma Insurance Department (OID) issued bulletins requesting insurance carriers operating in Oklahoma to provide flexibility and possible relief options for Oklahoma consumers during 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’s State of Emergency announced in March. To date, the estimated savings in premium relief and reduced future premiums to Oklahoma consumers is over $164 million. More than 1.8 million policyholders will 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 consumers during this public health crisis.
“Our number one priority is consumer protection. Our team is working diligently with the insurance industry to ensure all Oklahomans 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 programs to 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 at https://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.
Questions or comments should be directed to
Communications Director, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221