One of the UK’s biggest vehicle insurers is giving an automatic refund to more than four million drivers in the wake of the nationwide lockdown.
Admiral will return £25 per vehicle to each of its 4.4m car and van insurance customers in the coming month in a move worth £110m.
It says it is returning the money automatically to reflect the fact that there have been fewer cars on the road since lockdown began and it expects this to result in fewer claims. Cabinet Office figures suggest there has been a 63 per cent fall in road traffic.
The move comes as new figures reveal average premiums rose significantly over the last 12 months.
How to claim the refund
Customers don’t have to take any action to receive the refund, it will automatically be credited to them by the end of May. Admiral says it will be contact customers directly in the coming weeks to explain how they will receive the payment, but full details about the refund are available at www.admiral.com/stayathome
Cristina Nestares, CEO of UK insurance at Admiral said: “This is an unprecedented time when people across the country are driving significantly less than before the lockdown, and we expect this to lead to a fall in the number of claims we are seeing. We want to give the money we would have used to pay these claims back to our loyal customers in this difficult time. We have also already reflected this change in driving behaviour in our pricing for customers and will continue to do so.
“The Admiral Stay At Home Refund was launched to recognise the considerable efforts people are making by staying home as much as possible and as a result driving less. Customers don’t have to contact us to receive this, we’ll be in touch with them in the coming weeks to explain how we’ll refund them.”
Admiral has also confirmed that is working to come up with solutions for customers struggling to meet monthly payments due to the Covid-19 outbreak and is among companies to have launched special offers for NHS and other emergency staff.
The company is waiving any excess fees for NHS or emergency service workers who have to make a claim, providing a courtesy car, and guaranteeing cover for NHS volunteers using their vehicle to transport people, deliver medical supplies and equipment, or items to people who are self-isolating.
Cristina Nestares added: “There may be fewer cars on the roads at the moment, but for many NHS and emergency services workers their cars are vital for them to get to work. At the best of times it’s stressful if you’re involved in an accident, so we’ve implemented new measures to take some of the pressure off and ensure they can stay on the road. We wanted to show our support for NHS workers in all roles; from doctors and nurses to admin teams and cleaners, they are all doing a brilliant job of helping to save lives and keep the NHS running smoothly during this crisis.”