Insurance Refunds
Tuesday May 13, 2008
Allstate Insurance has been ordered to refund $51.6 million to anyone who bought or renewed a policy with them since December 1, 2004. The insurer settled a lawsuit with the Texas Department of Insurance (TDI) over excessive rates. The TDI had calculated a larger refund owed to customers, but decided to accept the settlement rather than fight a long court battle. More than 700,000 policyholders will be receiving the refunds between August and November of this year. The refunds will be automatic; there is no need to apply for a refund. Customers who renew a policy with Allstate between June 2, 2008 and June 1, 2009 will receive a 3.9% reduction in rates.
Source: Dallas Morning News