Florida drivers with Progressive Insurance could soon see refund checks or credits thanks to a state law limiting how much profit auto insurers can earn.
According to NBC affiliate WBBH, Progressive has surpassed that cap for the past three years. As a result, the company is required to return a portion of those profits to its policyholders.
Doug Nellans of The Insurance Center in Fort Myers told the station that the refunds could amount to $150–$200 per policyholder, based on an average annual premium of $1,500.
“There are regulatory safeguards in place to prevent excessive profits,” Nellans explained.
He added that other insurers are also being “encouraged and somewhat mandated” to lower rates or issue refunds.
“We are starting to see more and more carriers file for rate decreases,” Nellans said.
WBBH reported that Progressive could begin sending refunds in the coming months.
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