Why do I still have to pay the same premium if I'm barely using my car in lockdown?
Are you aware insurers doing anything to address the fact that a high percentage of the cars they have on cover are now out of use for a considerable period of time. This significantly reduces the risk to the insurer, which surely ought to be reflected in the premium. I appreciate that this Covid-19 situation is as alien to them as it is to the rest of us, but I would have thought that it is an industry-wide issue that ought to be addressed with the customer in mind, rather than taken as an opportunity to rake in extra profits whilst the risks to them are significantly reduced.
Asked on 17 April 2020 by John Ward
Answered by
Georgia Petrie
Research from By Miles has suggested the coronavirus lockdown could benefit car insurers in excess of £1 billion from the reduction in claims in the long term, and we've had a few readers get in touch - like you - to ask why more isn't being done. While nothing is happening as of yet, insurers are facing pressure from consumers. The Association of British Insurers (ABI) has defended the industry, though. We'll cover the situation if things change.
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