Auto insurers in the US have voluntarily pledged more than $US10 billion ($15.58 billion) to customers in the form of refunds or premium discounts.

The Insurance Information Institute (III) provided this estimate after analysing 14 US auto insurers who have introduced premium refunds, discounts, dividends and credits worth $US8.1 billion ($12.62 billion), made possible by fewer claims and reduced customer mileage amid the COVID-19 lockdown.

“If the rest of the nation’s private passenger auto insurers are as generous as the companies [we] know about, we project insurers will be giving customer refunds, discounts, dividends, and credits totalling $US10.5 billion ($16.36 billion),” III CEO Sean Kevelighan said.

Given there are hundreds of companies in the US that sell car insurance, the III estimates an additional $US2.4 billion ($3.74 billion) is likely to be returned.