A US auto insurance giant is preparing to hand out nearly $1 billion in rebates and credits to millions of customers on the east coast.
Progressive Insurance will return $950 million in excess profits to 2.7 million policyholders in Florida, according to the Governor’s office.
The refunds stem from a state law that capped auto insurance profits over three years while aiming to save money by tackling litigation abuse.
Progressive exceeded the caps despite cutting rates.
The average payout will reach $300 per customer, with checks or credits arriving early next year to people insured on December 31st.
State regulators are eyeing similar forthcoming rebates from Allstate, State Farm and Liberty Mutual.
Due to the law, Florida’s top five auto carriers covering 78% of drivers filed 6.5% average rate drops in 2025.
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