Nationwide has decided to offer policyholders a one-time premium refund of $50 per policy for personal auto insurance in the wake of the coronavirus (Covid-19) pandemic.

The refund, according to the insurer, is equivalent to an average savings of 15% for two months and it does not include discounts customers already earn.

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Nationwide CEO Kirt Walker said: “As a mutual company devoted to protecting people, businesses and futures with extraordinary care, we are offering this rapid relief at a time when drivers are making the right choice to stay off the road and remain home to help flatten the curve.”

Customers will be refunded in the form of latest payment method they have used.

Subject to the receipt of regulatory approval, the policies active as of 31 March 2020 will be eligible for the refunds.

Nationwide property & casualty president Mark Berven added: “Eligible customers don’t need to do anything.

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“Refunds will automatically be credited to the customers’ most recent method of payment within the next thirty days.”

Furthermore, Nationwide has also decided to extend payment terms for financially impacted customers due to Covid-19.

The insurer has been providing coverage for personal lines policyholders who deliver food or prescriptions to people in need.

Additionally, the company has moved to work-from-home posture last month to keep serving its customers during the unprecedented times.

Its charity arm Nationwide Foundation has made $5m donation to local and national charities to support pandemic response efforts.