Money Matters: Gas prices continue to fall and auto insurers are refunding premiums

Gas Prices Plummet

Gas prices are continuing to fall as demand declines during the COVID-19 outbreak.

According to Gas Buddy, the average price in Colorado Springs this week is $1.84 per gallon. That is 67 cents per gallon lower than a year ago.

Russia and Saudi Arabia are expected to meet this week. There is talk of oil production cuts. However, if that happens, Gas Buddy says it is highly unlikely we would see a surge in gas prices. Retail prices have not come close to matching the declines in wholesale prices.

Click here to view the lowest gas prices in Colorado Springs.

Auto insurance companies returning $800 million in premiums

Some auto insurance companies are giving money back to their customers because people are driving less during the pandemic.

Allstate says it will refund about 15 percent of premiums paid by customers in April and May.

American Family Insurance is also giving back to its customers. The insurance company will give back about $50 per car.

Both insurance companies say they are expanding coverage for customers who use their own vehicles to deliver food and medicine during the COVD-19 outbreak.

At this time, it is unclear if other insurers will follow suit.

For those whose insurers are not offering money back and who are staying home, experts suggest calling your insurer and changing the coverage on the vehicle from use for work to personal use.