Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
01-04-2020, 12:33   #1
aalam
Registered User
 
aalam's Avatar
 
Join Date: Apr 2020
Posts: 3
Demand: COVID-19/Coronavirus related relief from insurance companies

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

Last edited by aalam; 01-04-2020 at 12:42.
aalam is offline  
Thanks from:
Advertisement
01-04-2020, 20:18   #2
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
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
Eggs For Dinner is offline  
01-04-2020, 21:34   #3
aalam
Registered User
 
aalam's Avatar
 
Join Date: Apr 2020
Posts: 3
Quote:
Originally Posted by Eggs For Dinner View Post
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.
aalam is offline  
01-04-2020, 22:39   #4
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
Quote:
Originally Posted by aalam View Post
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
Eggs For Dinner is offline  
07-04-2020, 10:01   #5
aodh_rua
Registered User
 
aodh_rua's Avatar
 
Join Date: Apr 2003
Posts: 1,189
Has anyone tried suspending their policy or motor tax? We have two cars, but will only need one for the foreseeable future.
aodh_rua is offline  
Advertisement
07-04-2020, 12:59   #6
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
Quote:
Originally Posted by aodh_rua View Post
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
Eggs For Dinner is offline  
07-04-2020, 14:59   #7
coylemj
Registered User
 
Join Date: Oct 2006
Posts: 22,754
Quote:
Originally Posted by Eggs For Dinner View Post
..... 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.
coylemj is offline  
(2) thanks from:
07-04-2020, 15:17   #8
coylemj
Registered User
 
Join Date: Oct 2006
Posts: 22,754

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
coylemj is offline  
07-04-2020, 19:04   #9
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
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
Eggs For Dinner is offline  
Advertisement
07-04-2020, 21:01   #10
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
Quote:
Originally Posted by coylemj View Post
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
Eggs For Dinner is offline  
08-04-2020, 11:15   #11
coylemj
Registered User
 
Join Date: Oct 2006
Posts: 22,754
Quote:
Originally Posted by Eggs For Dinner View Post
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!
coylemj is offline  
08-04-2020, 13:54   #12
Eggs For Dinner
Registered User
 
Eggs For Dinner's Avatar
 
Join Date: May 2018
Posts: 1,692
Quote:
Originally Posted by coylemj View Post
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
Eggs For Dinner is offline  
09-04-2020, 03:39   #13
Del2005
Registered User
 
Join Date: Jan 2005
Posts: 15,929
Quote:
Originally Posted by aodh_rua View Post
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.
Del2005 is offline  
10-04-2020, 15:30   #14
GinSoaked
Registered User
 
GinSoaked's Avatar
 
Join Date: Mar 2020
Posts: 929
Insurance companies agree measures to reassure businesses affected by Covid-19

https://www.breakingnews.ie/ireland/...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?
GinSoaked is offline  
15-04-2020, 00:00   #15
galwaytt
Registered User
 
Join Date: May 2005
Posts: 11,705
Send a message via Skype™ to galwaytt
Quote:
Originally Posted by Del2005 View Post
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.
galwaytt is offline  
Thanks from:
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet