Admiral have “taken the initiative” to help out their customers by offering £110million worth of discounts to all motorists, according to experts at motoring firm Click4Reg. The policy will see every customer awarded a £25 refund as the business passes profits onto its customers.
- Car insurance refund available at this firm
She said: “Over the years motor insurance companies have received a lot of negative publicity because of the premiums they charge on policies.
“With many complaining about the unfair price discrepancies when considering variables such as driving experience and vehicle brand/model owned.
“This, though, is fantastic news. Admiral should be applauded for taking the initiative to help their customers out in these difficult times.
“They have truly led by example and I am sure their customers will be delighted with the £25 refund.”
The refund comes after fewer claims were made during the lockdown period as a result of fewer car journeys.
The package equates to around a third of the businesses total 2019 profits and around one month of incomes from premiums.
The measures ensure Admiral is not seen as profiteering during the crisis with firms possibly set to make up to £1billion of profit from a reduction in payouts.
Elie Fakhoury, Managing Director at Click4Reg said the refund was fantastic news which would be well received by customers of the firm.
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Admiral is so far the only car insurance company in the UK to offer any financial refunds to customers.
Other firms have pledged to help customers in financial difficulty in the form of payment holidays or discounted premiums.
However, much of this is in line with guidance issued to firms from the Financial Conduct Authority (FCA) and Association of British Insurers (ABI).
Their guidance has urged car insurance firms to be fair to motorists during this period with drivers not prevented from making any important claims.
- Car insurance payment holidays would ‘better reflect’ car use
They have also been asked to work with motorists in financial difficulty to make sure measures are put into place to support them.
Ms Fakhoury has urged road users to reinvest the £25 saving back into their vehicle bny purchasing some simple upgrades.
Driving laws are still in place and motorists have been told they must keep their vehicle in a roadworthy condition despite the lockdown.
Simply purchasing simple cost-effective parts could increase the longevity of a vehicle during the lockdown or boost your safety on the road.
Ms Fakhoury suggests a headlight restoration kit could prove to be a “worthwhile investment” with the extra savings.
Kits can be purchased from up to £20 and will help thoroughly clean the lights to improve your overall safety on the road.
Experts also advise cheap upgrades such as wind deflectors, hubcaps and car mats can all be purchased for under £25.
Wind deflectors can help reduce drag on your car model and could prevent rain from getting into a vehicle when the windows are open.
Dash cams can also be purchased for under £25 and could be particularly useful during an accident.
Footage from the cameras can be used as evidence to help settle any car insurance disputes which could help motorists save hundreds of pounds.
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