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Are you expecting a refund from your Vehicle insurance?

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Discussion Starter #1
It looks like Irish motorists will be getting a refund for the time that Lockdown has been in force.
as the Irish government stopped unnecessary journeys over 2 KMs and had the Garda (police) enforced this rule.

Will you be getting a refund?
 

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One UK insurer is giving a £25 refund.
Ours just sent the renewal for one car ... £25 more than last year. :unsure:
I've had a look at some other insurers and it looks like it's time to change.
 

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Insurance isnt just for when the car is moving though, it covers theft when on your driveway, etc. Its only a few weeks so far out of the year and over here we are still allowed to make essential journeys - some people are still driving to work everyday, couriers, etc. Maybe if it goes on for months and you're sat at home there might be a case.

Cheers.
 

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TBH in a normal year I'd have phoned them and haggled a bit (I've done so before). But between being piqued by the refund example of Admiral, I think it was, and that they are asking people not to phone them at present because ... this, I'm inclined to just go elsewhere.
 

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Discussion Starter #5
The irish government is pressuring the insurers for this, we also have a split healthcare system in Ireland where without private healthcare you could be waiting years for a simple procedure.
However the Government has incoporated the Private healthcare temporarily intl the public system.

We will therefore be getting a refund on private healthcare contributions as we cannot use the whole of our private policy. One of the main providers is a government owned provider VHI.
we are limited to 2KM travel from the house but that will lift to 5KM from tomorrow and we will remain in lockdown until 18th May.
 

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Exactly. And how would "the public" feel if insurance companies did the normal reduction of benefits for not including an existing risk? For example, if you failed to disclose something that would have doubled the premium they halve the payout (as you effectively only paid half the premium). So if, rightly, it doesn't favour the insurer when the risk increases why should it favour the insured when the risk reduces? A contract is a contract.
Declaration of conflict of interest - we have SORNed one of our cars currently due to no longer needing both, and the insurance renewal was due on one of them. So effectively we are benefiting, but at the risk of the car being uninsured whilst out of use and only being able to use one of them.
 

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There are many risks covered with vehicle insurance and they are all weighed in different proportions in the calculation of the premium, primarily based on probability and cost.

Since the roads have recently been rather empty, I would expect that the risk for collisions (highest probability) is/was reduced, hence a reduction in premiums would seem logical. However, the risk of collision increases with the mileage, so unless drivers adjust their mileage the insurance contract correspondingly (by mentioning lower yearly mileage), there is probably little that the insurance companies can base a decision on.

I think that the premiums are generally re-calculated every 12 months, meaning that potentially next year the premiums will be lower than this year. The reasoning would be that since people did not change their driving habits (very few may have requested a change in yearly mileage) and there were fewer accidents, hence lower payout from the insurance, than the risk of collision will be perceived to be lower, leading to a reduced premium.

Since insurers know that the current situation is only temporary, I doubt we will see the premiums being reduced. Both sides (drivers and insurer) can claim, at the same time, "force majeure", but some insurers might say "this is a good PR stunt, let's give them something back".
 
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