car insurance and corona

rafhelp

Just a query.

As lots of people have lost jobs, or losing income, or maybe not needing to drive to work etc...

Will car insurance companies be helping by reducing insurance premiums during lockdown period and creditting members?

Jeremy535897

I love your unbridled optimism. If you could bottle that and sell it, you'd never have to worry about the cost of car insurance for your Rolls Royce.

7Phil

I doubt that!
But you may be able to hope for a lower premium next year because less people are on the road having crashes therefore reducing the insurers' outgoings.
However, that might be offset in the hypothetical that more cars start getting stolen. The pendulum might just swing elsewhere.

I don't personally think this crisis is going to have much of an impact on car insurance premiums unless we are confined to our homes for an long period -- in which case we can expect dirt-cheap premiums.

Oh the clouds and their silver linings...

mattyprice4004

No, because there's not much margin in car insurance as it is. 
If you don't need your car, cancel your insurance and SORN it - but otherwise, business as usual. 

LilElvis

Husband and I both drive VW Tiguans. He does 20k business miles pa, plus personal/ commuting, whilst I don't work and drive about 3k miles. He has 3 points - I have zero. I have a higher NCD as he had a company car until last year. His car is two years newer than mine and top range model whilst mine is mid range. Difference in premium £150 higher for him - an enormous £12 a month more for driving over 7 times as far, business use, a more expensive car and a worse driving record/ lower NCD. How much reduction in premium do you think you'll get for a few months of driving a bit less? Judging by our premiums the reduced mileage has very little effect.