AIBU to think that car insurers should give us all £25 as a goodwill gesture

[NotSuchASmugMarriedNow1]

We've been on lockdown for weeks now with weeks still to come and using our cars only 10% as much as we used to use them but not a dickey bird from the insurance companies who must be absolutely raking it in.

Admiral are doing the £25 refund

How do they know you're only using your car 10% of the time?

Plenty of people are still driving to work as usual.

Isnt that just the joy of insurance? My car is still insured to sit on my drive so if it gets stolen and set on fire I'm not worrying. So I'm still getting cover?

Are you serious? Sorry, I can't tell anymore on here!

Yes i'm serious, my car insurance was worked out based on the number of miles I drive.

Has no one noticed how quiet insurance companies have been throughout all this. They are making less payments on car insurance and house insurance and they've kept the bloody lot! not so much as "here loyal customer, have £25"

Except for Admiral, who are to be commended.

Alliance are refunding me €30. I'm in Ireland though.

I was in the process of buying a new car put a deposit down but haven't been able to collect it. So I've renewed higher insurance, car tax etc on my old car and had to make an extra car payment. That's life. I'm certainly not expecting any 'gestures'. One thing I didn't have to do was MOT it due to six month extension.

Erm - but your car is still insured is it not? Your car insurance quote is also based on where it’s parked overnight - so if it’s been parked in a high car theft area is it more at risk due to not being driven?

I agree. My work involves a lot of driving, my insurance is based on that business mileage. I am now working from home and make one three mile journey to the supermarket once a week.

I don't live in a high car theft area ;) and I would have thought being at home all day means there is less chance of your car being stolen.

It just bugs me that some insurance companies are giving out refunds and others (mine) aren't

£25 is a drop in the ocean to most people though compared to the annual cost of insurance.

And you do realise insurance companies are still working as normal (from home) and haven't furloughed staff - their overheads are no lower; they have spent massive amounts in purchasing laptops and other equipment at short notice to facilitate homeworking.

Plus although fewer car accidents are being recorded, early indications are the associated claim costs may be higher, either because the injuries sustained are more serious (less rear-ender's, more bike, pedestrian or motorbike claims), or because hire etc is going on for longer as people are struggling to repair or replace cars.

"£25 is a drop in the ocean to most people though compared to the annual cost of insurance."

but that argument works both ways. If £25 is a drop in the ocean, then why can't they pay it?

Any insurers giving money back now will almost certainly load in on to the cost of renewals over the next 6-12 months. Insurers aren't saving money in the current climate; so if they give something back, they'll just recoup it in another way.

I pay £450 a year for two cars on multi car. We got a £25 refund with admiral per car

I'm in Ireland too and we're being refunded €30 for each car (2 cars, 2 policies but with same insurer)

But all of us who don’t drive during the wk, because we take public transport may now be driving more- I head to the shops more because we are eating more.

It's also worth mentioning there are massive issues around forms of business interruption insurance and similar. The level of claims presented is unprecedented and reserves are totally insufficient. Some specialist insurers covering only those BI risks may not survive if they have to pay out on all presented claims.

They are giving refunds on both health and motor insurance in Ireland. Health insurance because the private hospitals have been taken over as a result of covid and motor insurance because the insurance companies are saving a fortune on lack of claims because no-one is on the roads. I don't drive but my health insurance company are refunding me 195 - 65 a month for the next 3 months.

I got £110 back on mine. I'm a new driver so it's about 20% of my premium back. Genuinely no idea why. I wouldn't pay more mid year if costs suddenly went up.

I don’t understand, what’s the purpose behind car insurers giving refunds?

Even though I’m driving less now, I may double up after lockdown but before my policy ends?

My ins is still covering theft, fire and if someone bashed into my car when parked?

I’m pleased for those who have got refunds but I don’t understand the purpose.

That would just bump premiums up at renewal. There are also some people who will be using their car more than usual so should they pay more to balance it out? Do we rely on honesty and accept that people aren't using their cars? The admin involved would be ridiculous.

Diamond are also giving everyone a refund, I think it's £25

Given that the cost is partly on based number of miles driven, obviously a partial refund is the honest and ethical thing to do. It’s a huge ask from an industry renowned for its dishonesty though.

I'm with Admiral - two cars paid yearly. No refund so far.