Do car insurance policies offer maturity benefits?

I am going to be buying auto insurance soon and I was wondering, does something like maturity benefits exist for this type of insurance?

What an interesting question! A maturity benefit policy is a life insurance policy that pays an insured if they survive the policy term. Auto insurance offers liability protection in the event of a covered loss during the term of the policy. A life insurance payout can only happen once, while an auto policy can and will be used several times throughout your lifetime, so there is no such thing as a maturity benefit in the auto insurance world.
However, you may be thinking of a benefit that some insurance carriers advertise called a “safe driving bonus” or “no-claims bonus.” If you are incident-free the whole policy term, you may get a small refund check in the mail. Check with your agent to see if your carrier has this option.
Shannon Martin
Answered on Feb 25, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.

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