Payment holidays and premium reviews confirmed for insurance customers struggling due to coronavirus

Former_MSE_Naomi

The financial regulator has confirmed it will introduce measures to help insurance customers struggling during the coronavirus pandemic - meaning insurers will need to assess whether they can change what's covered to offer customers lower premiums. Insurers may also be expected to offer customers payment holidays of up to three months...

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'Payment holidays and premium reviews confirmed for insurance customers struggling due to coronavirus'

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TommyAV

Are premiums likely to reduce as a direct result?
Our multi-policy expires on 22nd May; we’re leaving Admiral has they have inflated their prices. We’ve found a much better deal with Churchill, however do we hold off until the last minute in the hope that the changes might mean premiums go down, or do we just go ahead and buy now regardless?

Thrugelmir

Premiums for what type of insurance? Premiums are ultimately risk based and for the actual cover provided. Cheaper products may have less cover or higher excesses. 

TommyAV

@Thrugelmir 2 x car and 1 x contents.
I understand risk vs premiums.
My question was spurring from the above article which implies Insurers are ‘re-assessing risk’ with a view of bringing payments down and is it worth holding off to see if there is a generalised fall in premiums, or just buying now as it will have little effect.

Thrugelmir

In recent years I've reverted to using a local broker. At least then we obtain the optimum cover for our needs. Easy to compare the effect of excesses, mileage allowances etc quickly.