Michigan Insurance Refund Checks

[lidoshuffle]

Received my $400 refund check from Progressive in the mail today.

I am curious to know how many Michigan motorists here on the Buzzboard have received a refund vs. still waiting.

Progressive here, received my $400 last week....

[lidoshuffle]

I have 5 regular and 5 classic cars insured. Still waiting

Shouldn't you be giving those away to more diverse, less fortunate people?

Yes, my kids for starters... Vintage cars are not reliable.

I have given away 3 cars so far. Each allowed people to further their lives.

My check arrived, want to know how I donated it?

Let me speculate, you donated your Insurance refund $$ to BLM, because living in those mansions and beachfront properties can be taxing on the budget...

[Matt]

I have 5 regular and 5 classic cars insured. Still waiting

Shouldn't you be giving those away to more diverse, less fortunate people?

Yes, my kids for starters... Vintage cars are not reliable.

I have given away 3 cars so far. Each allowed people to further their lives.

My check arrived, want to know how I donated it?

Let me speculate, you donated your Insurance refund $$ to BLM, because living in those mansions and beachfront properties can be taxing on the budget...

He split it between BLM and the Cuckold Association of America.

[craig11152]

My insurance provider sent mail saying they expect checks to be mailed in May.

Wonder how much money the insurance companies are making on this "handout"??

They KNEW they were going to get the funds by March 9th and could have distributed them immediately. Apparently some expedited the process but obviously some are taking the 'slow boat' in doing so. About TWO BILLION still needs to be distributed.

So they've had that money for a MONTH so far, and may end up keeping it for a SECOND MONTH. How much money can you make on interest or investments if you had a guaranteed TWO BILLION DOLLARS for TWO MONTHS?? Some nice pocket change to line the balance sheet!!!

https://www.abc12.com/news/state/less-t ... e4950.html

Fair question. But given the recent stories about defrauding the Government over Covid money I am willing to give them a little latitude to be sure the money goes to those who 'earned it".

As a side bar I once met a guy decades ago who worked at Ford World Headquarters. This was back way before computers and electronic transfers of money. He would fly to New York (1st class) on Fridays with checks to deposit in New York banks. The story was the checks were big enough with respect to interest accumulating that it was worth flying him rather than putting them in the mail on a Friday when they might not get opened until Tuesday or Wednesday.
It was a long time ago and I don't remember the guys name anymore but I do remember I had no reason to doubt the story.

[km1125]

Fair question. But given the recent stories about defrauding the Government over Covid money I am willing to give them a little latitude to be sure the money goes to those who 'earned it".

As a side bar I once met a guy decades ago who worked at Ford World Headquarters. This was back way before computers and electronic transfers of money. He would fly to New York (1st class) on Fridays with checks to deposit in New York banks. The story was the checks were big enough with respect to interest accumulating that it was worth flying him rather than putting them in the mail on a Friday when they might not get opened until Tuesday or Wednesday.
It was a long time ago and I don't remember the guys name anymore but I do remember I had no reason to doubt the story.

It's actually a similar story that made me even think of the idea. Years ago we signed an investment deal with a third party investing money in the company. The papers were signed on a Friday and the leadership was adamant that the check (actually wire transfer) got cashed and credited to our account on Friday, regardless what it took to do it. IIRC, we "made" something like $60K between then and when it normally would have been credited to the account on Wednesday the following week.

I'm just thinking that the checks folks received should have been "with interest" if the company held it for longer than "x" days. Would be a real incentive to turn it around quickly rather and an incentive not to.

[MWmetalhead]

Savings interest rates are so puny right now that depositing the money and holding it wouldn't have generated very much in interest income, especially for a 30 to 45 day period. Nonetheless, a little bit of $$$ could still be earned. Would not surprise me if there is some merit to km1125's theory.

[paul8539]

Nothing yet as of today's mail.

[MotorCityRadioFreak]

Savings interest rates are so puny right now that depositing the money and holding it wouldn't have generated very much in interest income, especially for a 30 to 45 day period. Nonetheless, a little bit of $$$ could still be earned. Would not surprise me if there is some merit to km1125's theory.

Still, there's only about half getting their checks by now in the mail. And let's say they wait until Monday to deposit them. That's a period from March 9th to April 18th plus two days to process. So, let's say 4/20 to keep it on the high side for that 50%. That's 42 days as your average among ~7 million vehicles(a guesstimate because I never saw an estimate). That's a hell of a lot of interest for banks even if general savings. Lucrative deal.

Another edit. The article said the fund had $3 billion. If that is divided by $400 for each vehicle, that is 7.5 million vehicles. I was close. Even after adjusted for inflation, it's probably under $1 for the interest during a 42 day period. Lets be conservative and say $.50 interest per check cut, that's $3.75 million that the banks collectively have that they didn't before.

[Matt]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

[MotorCityRadioFreak]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

The tricycle was shitcanned in 2018. He went and got a go cart from the junk yard with his $22 of Trumpy baby stimulus money at that time. And no, not talking about the $600 COVID check in 2020.

[Matt]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

The tricycle was shitcanned in 2018. He went and got a go cart from the junk yard with his $22 of Trumpy baby stimulus money at that time. And no, not talking about the $600 COVID check in 2020.

I thought it was a power wheels?

[Mega Hertz]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

Lol! You're such a dick

State Farm. Still nothing as of today. They wasted no time pulling my monthly charge from my account the other day, and even had time to send me spam for a credit card.

But the rebate? "Well, they had to use special ink when printing it, then Governor Whitmer had to lick each envelope, then it tool 4 weeks to get stamps on them, then they had to quadruple check the addresses and ---

Oh, fuck off. Gimme that check. With all the money insurance companies make from "just in case, shit, quit dicking around.

[MotorCityRadioFreak]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

Lol! You're such a dick

State Farm. Still nothing as of today. They wasted no time pulling my monthly charge from my account the other day, and even had time to send me spam for a credit card.

But the rebate? "Well, they had to use special ink when printing it, then Governor Whitmer had to lick each envelope, then it tool 4 weeks to get stamps on them, then they had to quadruple check the addresses and ---

Oh, fuck off. Gimme that check. With all the money insurance companies make from "just in case, shit, quit dicking around.

That interest money is lovely.

[Mega Hertz]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

Lol! You're such a dick

State Farm. Still nothing as of today. They wasted no time pulling my monthly charge from my account the other day, and even had time to send me spam for a credit card.

But the rebate? "Well, they had to use special ink when printing it, then Governor Whitmer had to lick each envelope, then it tool 4 weeks to get stamps on them, then they had to quadruple check the addresses and ---

Oh, fuck off. Gimme that check. With all the money insurance companies make from "just in case, shit, quit dicking around.

That interest money is lovely.

An insurance company shooting a move!? I would never believe it!

I don't give too many corporations much leeway, but I really hate insurance. It's one of, if not the biggest, rackets out there. I never give them the benefit of the doubt.

[MotorCityRadioFreak]

Nothing yet as of today's mail.

You don't have to insure a tricycle.

Lol! You're such a dick

State Farm. Still nothing as of today. They wasted no time pulling my monthly charge from my account the other day, and even had time to send me spam for a credit card.

But the rebate? "Well, they had to use special ink when printing it, then Governor Whitmer had to lick each envelope, then it tool 4 weeks to get stamps on them, then they had to quadruple check the addresses and ---

Oh, fuck off. Gimme that check. With all the money insurance companies make from "just in case, shit, quit dicking around.

That interest money is lovely.

An insurance company shooting a move!? I would never believe it!

I don't give too many corporations much leeway, but I really hate insurance. It's one of, if not the biggest, rackets out there. I never give them the benefit of the doubt.

Yeah, it's really run like a mafia if you think about it. Pay us to protect you and tell us if you have a problem.