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The insurance industry may have pocketed $30 billion in insurance premiums during the pandemic. That money was supposed to be returned to drivers but surprise, surprise! It was not.
This comes from the Consumer Federation of America and the Center for Economic Justice. The groups analyzed insurance premiums paid on behalf of drivers who were not driving during lockdowns. The insurance companies collected $42 billion in “excess premiums” but only refunded $13 billion. This averaged out to about $125 per vehicle in overcharges.
