During the height of the COVID-19 pandemic, the Oklahoma Insurance Department (OID) took proactive steps to ensure that Oklahoma consumers received support from their auto insurance providers. Recognizing the financial strain many faced, and the reduced driving and accident rates, the OID urged insurance carriers to offer flexible solutions and relief options.
In response to this call for action, a significant number of insurance companies in Oklahoma stepped up to provide financial assistance. An impressive 99 property and casualty insurance companies operating in the state submitted relief filings to the OID following Governor Kevin Stitt’s State of Emergency declaration in March. These efforts resulted in various forms of relief for policyholders, including refunds, dividends, credits, and premium adjustments.
The collective impact of these car assistance programs in Oklahoma has been substantial. It’s estimated that Oklahoma consumers have saved over $164 million thanks to premium relief and reduced future premiums. This financial relief has touched over 1.8 million policyholders across the state, translating to an average saving of approximately $91 per policyholder.
Oklahoma Insurance Commissioner Glen Mulready expressed his appreciation for the industry’s responsiveness, stating, “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.”
Commissioner Mulready also emphasized that even if you are facing financial difficulties and considering canceling your car insurance, it is crucial to first reach out to your insurance agent or company. Many insurers are willing to work with their customers during these challenging times and offer flexible payment options or other forms of assistance to maintain coverage.
For those seeking more detailed information about the insurance companies offering premium relief and car assistance programs in Oklahoma, the OID has compiled resources available at https://www.oid.ok.gov/covid19_relief/. If you encounter any issues with your insurance provider, you also have the option to file a complaint through the OID website at https://www.oid.ok.gov/contact-us. For any further insurance-related inquiries, the Oklahoma Insurance Department can be contacted at 1-800-522-0071 or through their website at www.oid.ok.gov.
