Car Insurance Premium Rebates and Renewal Premium Reductions re. COVID-19

2»

Comments

  • Good point but I think it would work best if you were coming down from say 30,000 to 6000 and won't effect normal person who would only do 10,000 max and he/she drops it down to 6000. Might work for some but not for all. 
    Another trick to get the insurance down would be to get a cheaper quote elsewhere and tell renewal insurance company to beat the price and they would always beat it. 100% for me
  • dunstonh
    dunstonh Posts: 119,159 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    . I guess we have all come to accept that the insurance companies are not interested in giving out rebates because of COVID.

    Except they have been giving out rebates to people whose mileage has been reduced.

     I have just renewed my annual car insurance policy and got a reduction of around 50% on the premium from this factor alone.

    You didn't need to wait until renewal.  The FCA put in place guidelines to insurers to allow mid-term adjustments on mileage without penalty.

    It stands to reason motor insurance would be cheaper the less time you spend on the road.  

    Not necessarily.  Some areas reported an increase in significant claims due to speeding accidents (which are often more expensive to settle).  Fewer cars on the road led to increased speeding.  Also, during a recession, car theft claims rise.  (partly a devils advocate response)


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.5K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.