The UK is currently in its fourth week of official lockdown. The initial three-week period has been extended for a further three weeks at a minimum. One thing UK residents have been having to adapt to is the change in lifestyle and one very noticeable difference is that our cars are spending a lot more time on the driveway than on the roads.
In an unprecedented first, Admiral have become the first car insurance company to give their customers a partial refund of £25 due to the lack of cars on the road resulting in a marked decrease in car insurance claims.
But what does this mean for drivers across the country who insure with Admiral and what does it mean for other car insurance companies?
Admiral is the UK’s biggest car insurer and the move sees them pay back around £110m across their entire 4.4 million car and van policyholders; a move that will have ramifications across all other car insurance providers in the UK.
Those who pay monthly or annual car or van insurance policies should feel entitled to reap the benefits that insurers are currently receiving in reduced accident and breakdown coverage. With experts estimating that insurers could save up to £1bn as a result of coronavirus, drivers will undoubtedly feel left out in the cold should their provider not return any of these savings back to their loyal customers.
Public opinion has altered drastically towards a number of companies regarding the way they have conducted themselves during the COVID-19 pandemic. Whether it is Wetherspoon’s decision to release a large number of their staff, FSG’s choice to use the government furlough scheme to pay LFC non-playing staff or even Victoria Beckham using the same tax payer’s money to furlough her own staff at her fashion line, despite her multi-million pound empire, once the quarantine is lifted and life returns to normal, people will remember which companies acted in their customers interest and not just their own.
Now is a smart time to compare car insurance policies online to see if you are eligible for a better deal.