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 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. 

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

For information, go to www.oid.ok.gov or call 1-800-522-0071.