GoCompare is urging drivers who are concerned about paying their car insurance premiums to contact their insurer as soon as possible, rather than wait for a refund.
The comments follow Admiral’s decision to refund £25 to each of its car insurance customers, which has prompted speculation about what other insurers might do. In GoCompare’s view, other insurers may not rush to offer refunds, but many are still able to offer practical help.
Lee Griffin, CEO and one of the founders of GoCompare, commented, “We welcome any insurer lowering the cost burden on households at this difficult time, and it’s great to see Admiral leading the way and offering its customers a £25 refund on their car insurance. We are in a period where most people are using their cars less and insurers will receive fewer claims as a result, so it will be interesting to see what other insurers are able to do to help their customers.
“But anyone who is struggling financially right now shouldn’t wait for their insurer to offer a refund. For example, many insurers are already helping customers with payment deferrals, enabling them to reduce their stated mileage to get a lower premium or to change to a third party, fire and theft cover, if it’s appropriate. So, contact your insurer and ask what they can do to help.”
Lee continued, “The other important thing to check is your insurance renewal date. We expect some insurers will reduce their costs for new customers in the next few weeks as a result of the lockdown. If that is the case, there could be some very significant savings for customers who shop around and switch at renewal.
“People could save more £283 by switching their car insurance, which is more than ten times the amount being offered as a refund by Admiral.”
GoCompare has provided a five-point plan for anyone worried about paying for their car insurance:
Helpful Resource Depending On Your Requirements