Do car insurance policies offer maturity benefits?

Answered by Home Insurance, Car Insurance Expert Shannon on December 27, 2020

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

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Shannon

Home Insurance, Car Insurance Expert

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.


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