Motor Insurance giving out coronavirus rebate

cheesyboy

cheesyboy

cheesyboy

Soldato
Joined
7 Dec 2012
Posts
17,507
Location
Gloucestershire
Just had an email through from Elephant insurance saying they're giving a £25 rebate to all their customers @ 20 April as they've seen a drastic fall in claims due to the lockdown.

Anyone's other insurers doing similar? My wife's with Tesco and hasn't had anything yet
 

Rids

Rids

Rids

Soldato
Joined
30 Sep 2008
Posts
6,769
ShiWarrior said:
ive just read an article, insurance companies have hiked the prices !
Click to expand...

Where are you seeing this? Price rises are part and parcel of the insurance business, every year the cost of repairs increases due to increased complexity of vehiles and general inflationary costs. Combine that with the increase in reinsurance costs that the whole UK Motor market felt at the start of year, yeah prices could be up year on year but I'd be amazed if prices had gone up as a reaction to the pandemic.
 

Rids

Rids

Rids

Soldato
Joined
30 Sep 2008
Posts
6,769
Yeah, year on year, nothing to do with the pandemic and more to do with a reaction to the Ogden rate decision and increased RI costs. Mirror trying to spin it like its price gouging when people can't use their vehicles.
 

grudas

grudas

grudas

Soldato
Joined
12 Mar 2008
Posts
22,921
Location
West sussex
ShiWarrior said:
found it :
https://www.mirror.co.uk/news/uk-news/cost-car-insurance-rockets-average-21898020
Click to expand...

mirror, great source.

but to quote.

hasn't stopped an average increase of £47 in the past 12 months as insurance shoots up
Click to expand...

covid has not been here for 12 months.

I am pretty much sure that this will never be free money and it'll be taken back in other ways(aka increases next year)

the fact that claims have slowed down now probably means nothing as soon as lockdown is lifted and people who have not driven for months get back on the roads the claims will skyrocket again balancing it all out.
 

ahenners

ahenners

ahenners

Associate
Joined
31 Mar 2010
Posts
1,522
Location
Lancashire
No rebate from the insurer, however I dropped my annual mileage the other day. Working from home for a couple of months has cut my mileage considerably and the change provided approx 10% refund of overall policy cost.
 

HungryHippos

HungryHippos

HungryHippos

Soldato
Joined
25 Mar 2004
Posts
15,783
Location
Fareham
Diagro said:
Oooh, we have two cars with admiral.

I won't say no to £50. Whens this supposed to arrive?
Click to expand...

Next month or so, think they send further details to follow by end of May.

A lot of people said they pay more for insurance each year, but mine keeps getting cheaper. If it comes out more expensive I normally just call them up and ask them to make it cheaper than the year before, so far Admiral have not let me down on this request! :D
 

HangTime

HangTime

HangTime

Man of Honour
Joined
25 Oct 2002
Posts
31,745
Location
Hampshire
Nasher said:
I thought they slapped extra tax on it last year sometime :/
Click to expand...
As Rids mentioned the Ogden rate was changed last year which means they have to reserve more for injury claims (which are the claims that really hurt motor insurers as they often cost more than vehicle repairs). The nature of those perils (long-ish tail) means a small change in the rate can have quite a significant compounding effect.
 
You must log in or register to reply here.
Back
Top Bottom