A CAR insurance company was forced to refund its customers after a state found a major problem with the way customers were being billed.
Florida state officials announced that Liberty Mutual Insurance Co. will reimburse certain residents by June 15 after it was revealed that they were overcharging customers.
two
Floridians have the opportunity to claim a portion of the $4.7 million in refunds, plus an additional $560,000 in interest.
The state also found that Liberty Mutual underbilled 6,688 policyholders, however, they will not be able to claim the lost money.
A company spokesperson released a statement following the news.
“Under state regulations, carriers can immediately implement their actuarially indicated rates and make adjustments following FLOIR review,” they told the local NBC affiliate. WFLA.
“Our rates were later confirmed with some modifications and FLOIR requested refunds of some premiums to impacted customers, which we are in the process of completing.”
Florida CFO Jimmy Patronis told the station he was glad the state noticed the discrepancy.
“The state has to show the citizens of the state of Florida that we have their backs,” Patronis said.
“We are doing the job we were hired to do: holding insurance companies accountable.”
The US Sun has reached out to Liberty Mutual for comment.
MORE REFUNDS
This isn’t the first time Liberty Mutual has offered customers a big refund.
In April 2020, the insurer announced it would give customers a 15% refund on two months of their annual premium.
This gave policyholders a $250 million share of Liberty Mutual.
This change would have been motivated by the Covid-19 pandemic that was occurring at the time.
“For more than a century, we have made it our goal to be there for people when they need us most,” said David Long, president and CEO of Liberty Mutual.
HOW TO HOLD INSURANCE COMPANIES RESPONSIBLE
When requesting a refund, there are certain steps that policyholders must follow in an attempt to obtain the possible outcome.
Source: Consumer Federation of America
“Today, more than ever, we recognize the uncertainty and financial challenges our customers face.
“We remain dedicated to serving our customers during this unprecedented pandemic and hope that our premium relief and other actions we have taken will offer support and help alleviate some of their concerns.”
The insurance company made life easier for customers, allowing reimbursements to occur automatically, without them needing to consult.
Payments were distributed by check or how the customer distributed the last payment.
Additionally, the company has also temporarily suspended late fee collections during these two months.
This prevented any cancellations that might have occurred due to non-payment.
This story originally appeared on The-sun.com read the full story
/cdn.vox-cdn.com/uploads/chorus_asset/file/25523084/VST_0709_Site.jpg?w=300&resize=300,300&ssl=1 "iPhones, Kindles, GChat: The Vergecast builds a tech company")
