Motor Insurance giving out coronavirus rebate

cheesyboy

cheesyboy

cheesyboy

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Joined
7 Dec 2012
Posts
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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
 
ShiWarrior said:
ive just read an article, insurance companies have hiked the prices !
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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.
 
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.
 
ShiWarrior said:
found it :
https://www.mirror.co.uk/news/uk-news/cost-car-insurance-rockets-average-21898020
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mirror, great source.

but to quote.

hasn't stopped an average increase of £47 in the past 12 months as insurance shoots up
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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.
 
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.
 
Diagro said:
Oooh, we have two cars with admiral.

I won't say no to £50. Whens this supposed to arrive?
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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
 
Nasher said:
I thought they slapped extra tax on it last year sometime :/
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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.
 
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