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Car Insurance Reduced risk, lower Premium?
Jchand7175
Posts: 3 Newbie
With most vehicles idle for 6 weeks due to Covid, and the consequent reduced risk, when can we expect a reduction in the premium paid for this year? Or will the car insurance companies duck, keep quiet and hope that nobody asks?
0
Comments
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You won't get a reduction in this year, as the premium was based on risk assessment at the time.
It doesn't get recalculated monthly.
Your insurance also covers more than just driving incidents.1 -
If you really think there's a big difference in premiums, nobody's stopping you from cancelling your policy and taking out a new one based on your revised circumstances.
1 -
I don't think anyone will likely see a big drop in their premium when it comes to renewal time.
Save £12k in 2019 #154 - £14,826.60/£12kSave £12k in 2020 #128 - £4,155.62/£10k1
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