There are a huge number of people struggling financially here in the UK due to the outbreak of the coronavirus (COVID-19). As a result of which, LV= is offering certain of its car insurance and motorcycle insurance policyholders a refund of part of their premium that they have paid.
The insurer recently announced that it is able to offer such a refund for a number of reasons one of which is due to receiving fewer claims. The number of claims will no doubt have reduced as there are fewer motor vehicles on our roads meaning that there will be less road traffic accidents. There may also have been a lower number of claims due to vehicles being stolen.
It is estimated that claimants who meet the criteria could receive a refund of between £20 to £50 each. There can be no doubt that people will welcome such a gesture but do bear in mind that if you meet the qualifying criteria you will need to contact LV= to request a refund.
To qualify for such a refund you must have either a car or motorcycle insurance policy with LV= and be either furloughed due to COVID-19 but have not yet been in receipt of the 80% payment from your employer, due to COVID-19 been made unemployed after 1st March 2020 or you are self-employed and because of COVID-19 not been able to work and have not yet been in receipt of the 80% payment from the government.
Admiral is another insurer that is providing some of its policyholders with a refund – a figure of £25. Any customer that, as at 20th April 2020, has a car or van insurance policy with Admiral will automatically receive a refund of £25 with this payment expected to be paid sometime in May.
These gestures will no doubt be warmly welcomed by the qualifying policyholders of both insurance companies and it is going to be interesting to see if any other insurers offer similar refund schemes. If we do hear of any other insurers offering such refunds then we will endeavor to let our readers know. Having said that, there is nothing to stop the policyholders of other insurance companies getting in touch with their existing motor insurance providers to ask them if they are prepared to refund part of the premium they have paid due to the coronavirus.