GEICO to return $2.5 billion to customers amid coronavirus pandemic

Car insurance company GEICO has announced that they will return about $2.5 billion to their customers between April and October in order to help those affected by the coronavirus outbreak.

"While many things may feel out of our control, we're focusing on what we can control," the company said in a press release. "For our policyholders that are unable to make a payment due to COVID-19, we want you to know that we're here to help support you."

The insurance giant says their 'GEICO Giveback Credit' will provide a 15-percent credit to auto and motorcycle policyholders who are renewing between April 8 and October 7, 2020. The credit will also apply to any new policies purchased during this period. 

GEICO says the benefit to their 18 million policyholders will be approximately $2.5 billion.

If you are a policyholder, you do not need to take any action. The discount will be applied automatically when customers renew. 

RELATED: Allstate to return more than $600 million to customers amid coronavirus pandemic

The company has also paused cancellation of coverage due to non-payment and policy expiration through at least April 30, 2020. 

Allstate recently announced that they will return more than $600 million back to their customers in April and May. On average, personal auto insurance customers will reportedly receive 15 percent money back that will automatically be deposited into their bank or credit card used for payment.