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In an effort to help customers during these challenging times, State Farm Mutual Automobile Insurance Co. is announcing up to a $2 billion dividend that will go to its auto insurance customers, according to a press release. 

“With schools and businesses closed, and many of us sheltering in our homes, people are driving less right now, so we’re returning value to customers as we anticipate fewer auto claims,” the release stated.

Customers do not need to take any action to receive the dividend, which will appear as a credit on their auto policy.

The dividend is part of the Good Neighbor Relief Program that also includes customer payment options and neighborhood philanthropic relief. This is the single largest dividend paid to customers in the company’s history, the release stated. 

On average, State Farm Mutual auto customers can expect to receive a credit of about 25% of their premium for the time period of March 20 through May 31; exact percentages will vary by state. Every State Farm Mutual auto insurance customer will receive credits applied against bills beginning as early as June. The company will continue to monitor its loss experience and respond appropriately.

“State Farm is returning value through a dividend to our customers,” said Chairman, President and CEO Michael L. Tipsord. “We insure more cars than anyone and we see from our claims activity people are driving less. This dividend is one of the ways we’re working to help our customers during this unprecedented situation.”

The company stated it’s committed to giving back not just to its customers, but to communities where employees live and work by providing $5 million in donations across the country. These efforts are in direct response to COVID-19 and are focused on relief and recovery efforts.

The business encouraged customers facing financial challenges to call their State Farm agent, as the release stated agents are working with State Farm customers one-on-one to provide payment options.