There has been a significant drop in the number of cars seen on our roads here in the UK, no doubt meaning that there are fewer road traffic accidents. It is also quite possible that fewer vehicles are stolen by car thieves. As you will be aware, the fall in the number of cars on our roads is due to the coronavirus pandemic. So, how may this impact upon your car insurance policy?
Well, collectively, car insurance companies pay out several million pounds every year to meet claims from policyholders who have either been involved in a road traffic accident or have had their vehicle stolen. However, in the last few weeks of the pandemic, insurers will no doubt have had to pay out an awful lot less to meet such claims.
So, is it possible that you could get a refund of part of your premium from your car insurance provider?
Well, Admiral has already announced that it is to refund £25 to each of its car and van insurance policyholders that held a policy as at 20th April 2020. The payment is expected to be paid sometime in May. That may not sound a lot but every little helps people at the moment who are struggling financially.
If you are not an Admiral policyholder then you may wish to consider contacting your existing insurer and ask them if they are prepared to refund part of your car insurance premium if you are using your car a lot less at the moment than you were say three months ago. If you have a classic car insurance policy then why not ask the same question of your insurer. At worst, they could say no but who knows, they may agree to offer you a partial refund of your premium.
If your existing cover is coming up for renewal shortly then you may also wish to get a competitive quote from one or more other car insurance providers to see if you can obtain the same level of cover but for a cheaper premium. There are a huge number of providers so you may wish to consider using a price comparison website.
