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Demand: COVID-19/Coronavirus related relief from insurance companies

  • 01-04-2020 12:33pm
    #1
    aalam
    Registered Users Posts: 3 ✭


    Hi all:

    I wonder if there are any COVID-19/coronavirus related relief from insurance companies.

    We are staying at home not using our vehicles so no or very fewer claims? hardly I see vehicles on roads

    It is very important for a person like me who is paying 200+ per month to AXA Insurance and I am at home from the last 4 weeks.

    Thanks, stay home stay safe
    Tagged:


Comments

  • #2
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    I don't think there is much chance. From my own recent experience, new motor claims reported are significantly down, so motor insurance profits should increase, providing the same number of people renew their cover. However, those same insurers are being inundated with Business Interruption claims because of forced closures, so any savings will be needed to cover an unprecedented level of claims for that class of cover. It's all about balancing the books


  • #3
    aalam
    Registered Users Posts: 3 ✭aalam


    Eggs For Dinner wrote: »
    I don't think there is much chance. From my own recent experience, new motor claims reported are significantly down, so motor insurance profits should increase, providing the same number of people renew their cover. However, those same insurers are being inundated with Business Interruption claims because of forced closures, so any savings will be needed to cover an unprecedented level of claims for that class of cover. It's all about balancing the books

    I don't think they cover these kinds of business losses usually they have a little hidden clause under 'force majeure'..., I don't have any personal experience though.

    Happy to see!
    Our property management company postpone our rent increase for at least 90 days.


  • #4
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    aalam wrote: »
    I don't think they cover these kinds of business losses usually they have a little hidden clause under 'force majeure'..., I don't have any personal experience though.
    .

    Many do. Business Interruption is a standard commercial insurance product. Not all such policies will provide cover for this specific event


  • #5
    aodh_rua
    Registered Users, Registered Users 2 Posts: 1,242 ✭✭✭aodh_rua


    Has anyone tried suspending their policy or motor tax? We have two cars, but will only need one for the foreseeable future.


  • #6
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    aodh_rua wrote: »
    Has anyone tried suspending their policy or motor tax? We have two cars, but will only need one for the foreseeable future.

    You can suspend your insurance at any time


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj


    Eggs For Dinner wrote: »
    ..... those same insurers are being inundated with Business Interruption claims because of forced closures, so any savings will be needed to cover an unprecedented level of claims for that class of cover. It's all about balancing the books

    Do motor premiums go down in the year after a winter with no floods or hurricanes?

    Didn't think so.


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj



    Coronavirus: US car insurers refund drivers stuck at home

    A major car insurer in the US is refunding millions of dollars to customers stuck at home during coronavirus lockdowns.

    Allstate, the country's fourth biggest car insurer, said it would give back $600m (£490m) in total to customers.

    Another insurer, American Family Mutual, is also refunding customers, with cheques totalling $200m.

    Both have seen a dramatic drop in accident claims as residents stay at home and off the roads.

    https://www.bbc.com/news/business-52194521


  • #9
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    There are definitely less claims being reported in recent weeks. This should result in improved underwriting results for motor only insurers. In reality, to assess which policyholders are laid up, reduced usage or carried on as normal might outweigh any savings. More likely is that a strong year end balance sheet will allow some insurers to cut rates to attract business and we will enter a 'soft market ' phase where everyone has to reduce premiums to retain business

    Either that or the cartel overlords will just send out a memo to screw everyone


  • #10
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    coylemj wrote: »
    Do motor premiums go down in the year after a winter with no floods or hurricanes?

    Didn't think so.

    A year without floods or hurricanes means an insurer doesn't have to supplement their accounts with an increase in motor premiums and allow that portfolio stand on it merits


  • #11
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj


    Eggs For Dinner wrote: »
    A year without floods or hurricanes means an insurer doesn't have to supplement their accounts with an increase in motor premiums and allow that portfolio stand on it merits

    Doesn't each pillar of the insurance business have to stand on it's own merits?

    With all the controversy about motorists getting screwed by insurance, I've heard the blame laid at the doors of generous judges, exhorbitant legal fees, staged accidents etc. This is the first time I've heard that bad weather in the previous year can be a factor!


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  • #12
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    coylemj wrote: »
    Doesn't each pillar of the insurance business have to stand on it's own merits?

    With all the controversy about motorists getting screwed by insurance, I've heard the blame laid at the doors of generous judges, exhorbitant legal fees, staged accidents etc. This is the first time I've heard that bad weather in the previous year can be a factor!

    Each portfolio is underwritten to stand on it's own merits, but it doesn't have to. If an insurer incurs significant claims in one sector, it will look to make up the shortfall on other business. It has always been so

    Even big events in other countries or continents affect your premium. All insurers lay off part of their exposure to the global insurance market for a share of the premium. It's called Reinsurance. Irish based insurers often accept, for example, a share of flood cover from an insurer in France. If things go well, it adds to the bottom line. If it goes bad, profits are reduced. Both outcomes influence what the insurer is able to quote you for your car


  • #13
    Del2005
    Registered Users, Registered Users 2 Posts: 19,031 ✭✭✭✭Del2005


    aodh_rua wrote: »
    Has anyone tried suspending their policy or motor tax? We have two cars, but will only need one for the foreseeable future.

    If you suspend the policy there'll be no fire or theft cover, so suspend it on the least valuable car.


  • #14
    GinSoaked
    Closed Accounts Posts: 1,049 ✭✭✭GinSoaked


    Insurance companies agree measures to reassure businesses affected by Covid-19

    https://www.breakingnews.ie/ireland/insurance-companies-agree-measures-to-reassure-businesses-affected-by-covid-19-993415.html

    I've just renewed but I'd be interested if there is a general trend for lower insurance - I sort of doubt it?


  • #15
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,790 ✭✭✭✭galwaytt


    Del2005 wrote: »
    If you suspend the policy there'll be no fire or theft cover, so suspend it on the least valuable car.

    you don't suspend the policy: you suspend the road cover. Fire & theft remains intact.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #16
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj


    Del2005 wrote: »
    If you suspend the policy there'll be no fire or theft cover, so suspend it on the least valuable car.
    galwaytt wrote: »
    you don't suspend the policy: you suspend the road cover. Fire & theft remains intact.

    That appears to be the case for most insurers, I read several policy documents and for most insurers, F&T cover remains in place when the policy is otherwise suspended.

    Unless you're insured with FBD. They suspend all cover, see last paragraph below.....

    9. Suspension of the policy

    The cover under this policy can be suspended from the date we have received your request in writing, together with the current certificate and insurance disc.

    If you are paying by direct debit, we will continue to collect your direct debit instalments during the period of suspension.

    We will refund the premium for the suspension period, less any administration fee, provided:
    • the suspension has lasted for at least 28 days in a row,
    • there has been no claim on your policy, and
    • no claim is pending
    While the policy is suspended, all cover will be suspended including driving of other cars, if applicable, and no policy section will apply


  • #17
    El Gato De Negocios
    Registered Users, Registered Users 2 Posts: 7,107 ✭✭✭El Gato De Negocios


    Most insurers I have dealt with do not leave F & T cover on automatically when a policy is suspended. Policy holders have to generally request that F & T cover remains operative so ime the FBD wording above is the rule and not the exception.


  • #18
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj


    Statutory Ape wrote: »
    Most insurers I have dealt with do not leave F & T cover on automatically when a policy is suspended. Policy holders have to generally request that F & T cover remains operative so ime the FBD wording above is the rule and not the exception.

    It seems to vary from one company to the next so as always, it's best to read your policy document. According to their policy documents, Axa and Liberty leave F & T cover in place automatically but it's a customer option (as you described) in the case of Aviva and 123 dot ie

    Axa:

    If your car is laid up and out of use, you can suspend your cover by returning your certificate and disc of motor insurance. We will suspend all cover from the date we receive the certificate and disc of insurance, except for loss or damage caused by fire and theft, or attempted theft, if we cover fire and theft under the policy.

    https://www.axa.ie/download/axa-car-insurance-policy-010420.pdf

    Liberty:

    During any period where we have suspended the insurance, we will still insure the vehicle against loss or damage in line with the insurance cover provided under section 1

    https://www.libertyinsurance.ie/system/files/2019-04/Private-Vehicle-Policy-Booklet_1.pdf


  • #19
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    Someone, I forget who was on Newstalk or RTE radio this morning wondering out loud about this exact topic. The only way to make it an issue is to....make it an issue. Start tweeting your local TDs etc.


  • #20
    Carbon125
    Registered Users, Registered Users 2 Posts: 176 ✭✭Carbon125


    French insurer MAIF will refund it's policyholders:


    "The confinement has lead to a significant decrease in traffic and road accidents. Consequently, the MAIF “Mutuelle d'Assurance des Instituteurs de France” decided to return part of the motor premiums to 2.8 million policyholders.A lump sum of 30 EUR (33.17 USD) per vehicle shall be refunded to the members holders of a motor insurance policy"


    Source


    So there is at least one insurer who is doing the decent thing, voluntarily even...


  • #21
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    https://www.theguardian.com/money/2020/apr/21/admiral-car-insurance-refunds-coronavirus-lockdown-claims


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  • #22
    Corvo
    Registered Users, Registered Users 2 Posts: 3,704 ✭✭✭Corvo


    Going to be paid out now, should shut up a few tinfoil headed ****.

    https://www.independent.ie/business/personal-finance/motor-insurers-to-offer-rebates-to-customers-amid-coronavirus-pandemic-39154607.html


  • #23
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    I eagerly await my fiver.


  • #24
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    Be better off leaving it with the insurer, let them make decent profit this year and then they can aggressively price cover next year. When insurers make decent profit, they slash premiums. That's the soft market


  • #25
    scamalert
    Registered Users, Registered Users 2 Posts: 3,739 ✭✭✭scamalert


    what about simply cancelling insurance does one still receive their NCB ? as that's the only reason i could see drivers being held hostage by insurers. traffic has been down to trickle for the past months, and as OP outlined most families would have 2 cars, and would hardly use both. as really one is more then enough given current situation.


    will be interesting to see quotes for renewal once this crap is over, but guess rip off and prices pulled out of thin air will still be pretty much the norm :cool:


  • #26
    L1011
    Registered Users, Registered Users 2 Posts: 69,536 ✭✭✭✭L1011


    scamalert wrote: »
    what about simply cancelling insurance does one still receive their NCB ? as that's the only reason i could see drivers being held hostage by insurers. traffic has been down to trickle for the past months, and as OP outlined most families would have 2 cars, and would hardly use both. as really one is more then enough given current situation.


    will be interesting to see quotes for renewal once this crap is over, but guess rip off and prices pulled out of thin air will still be pretty much the norm :cool:

    You can get a NCB cert dated to the date you cancel but it doesn't increment your year. I cancelled Quinn (on DD) some years ago after they screwed me over on something and it took quite some pushing to get that NCB out of them for the replacement insurer.


  • #27
    Carbon125
    Registered Users, Registered Users 2 Posts: 176 ✭✭Carbon125


    123.ie are giving back €30. That's the good news. The bad: it's in the form of a "One4All" voucher.


  • #28
    Zatoichi
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭Zatoichi


    RSA decided the One4all voucher was the most efficient and safest way in accordance with Governmental guidelines on Social Distancing. We decided a cheque would not be appropriate because it would necessitate customers going to a bank to lodge.

    Strange. They had no problem refunding money directly into my bank account previously.


  • #29
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    Zatoichi wrote: »
    Strange. They had no problem refunding money directly into my bank account previously.

    With staff working from home with restricted access to IT and phones, it would be a nightmare to contact every customer to get individual bank details and do an EFT. The cost of this would eat in to the proposed fund allocated to returned premiums. Far better to just blanket post a voucher to e everyone.

    I still stand by my previous argument that it would be in everyone's interest to allow insurers retain the refund, post decent profits and compete against eachother with lower premiums next year


  • #30
    coylemj
    Registered Users, Registered Users 2 Posts: 25,490 ✭✭✭✭coylemj


    Eggs For Dinner wrote: »
    I still stand by my previous argument that it would be in everyone's interest to allow insurers retain the refund, post decent profits and compete against eachother with lower premiums next year

    I’d agree with you but it was always on the cards that one or more insurers would cave in to media pressure and give some kind of refund.


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  • #31
    Shlippery
    Registered Users Posts: 2,261 ✭✭✭Shlippery


    Liberty sent out theirs today.

    €20 voucher for SuperValu or Circle K, else a €20 donation to charity.

    (not sure if €20 is same for everyone)


  • #32
    L1011
    Registered Users, Registered Users 2 Posts: 69,536 ✭✭✭✭L1011


    Shlippery wrote: »
    Liberty sent out theirs today.

    €20 voucher for SuperValu or Circle K, else a €20 donation to charity.

    (not sure if €20 is same for everyone)

    It's not the same for everyone but I'd imagine €15 or €20 will be the norm.

    its 15% of 1/6th of your policy before the levies - 2.5% - rounded up (as far as I can tell its always up) to the next fiver; €10 minimum.

    I got €15 which is a fairly significant roundup as 2.5% of my policy before levies wouldn't be much more than a tenner.

    I would expect they have managed to negotiate a significant bulk purchase deal on the vouchers - there wouldn't be the margins on Circle K for a big discount but Supervalu have a lot more to play with; and they'll get tax relief on the charity donations.


    Its better than nothing but this is really tokenism in my opinion. I've driven my car to work twice in three months (to give it some chance of battery charging) and barely any further than the local Supervalu otherwise!


  • #33
    SeeMoreBut
    Registered Users, Registered Users 2 Posts: 800 ✭✭✭SeeMoreBut


    Zurich giving €40 one for all voucher

    Some difference across the board


  • #34
    dasa29
    Registered Users Posts: 572 ✭✭✭dasa29


    got two emails from AXA today 09/06/20

    The first said I would be getting a €30 refund paid in to my bank account and said this "AXA is providing a once-off refund of €30 to all our motor insurance customers. This is in recognition of the reduction in the level of motor claims experienced as a result of the Covid-19 crisis. All of our 640,000 motor insurance customers (i.e. people with car, van, taxi and motorcycle policies) will benefit from this €20 million AXA claims saving."

    The second email said "We sent you an email this morning advising that you would receive a once-off payment directly to your bank account. However, we would like to clarify that as you do not currently pay by Direct Debit, this payment will be made by cheque. We will start to post cheque payments to all eligible customers from June 15th, please bear with us, processing this volume of payments may take several weeks to complete."


  • #35
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,790 ✭✭✭✭galwaytt


    My son got €25 off his bike Insurance, and my daughter €45 from her car insurance: both first timers, both with Liberty.

    I notice the oul parentals, with Aviva and Chubb, got nowt - yet, anyway.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #36
    Luap
    Registered Users Posts: 2,642 ✭✭✭Luap


    SeeMoreBut wrote: »
    Zurich giving €40 one for all voucher

    Some difference across the board

    Has anybody with Zurich received theres yet?


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  • #37
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,003 ✭✭✭Eggs For Dinner


    Luap wrote: »
    Has anybody with Zurich received theres yet?

    Nope


  • #38
    the hedgeman
    Registered Users Posts: 1,186 ✭✭✭the hedgeman


    The axa €30 cheque came in the post this morning.


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