Lib Dems lead cross party call to reduce motor premiums as car use plummets
By Liberal Democrats
Lib Dem MP Jamie Stone, is leading a cross party call to seek a rebate for motorists from insurance companies, who are set to make significant profits as the number of vehicles on the road falls dramatically due to the Covid-19 crisis.
- Meeting the COVID-19 threat has meant changing our lives beyond recognition. One of the most dramatic impacts has been that millions of people are using their cars much, much less - 75% less to be precise.
- The motor insurance industry is set to make vast profits as the number of claims plummets. We welcome that Admiral have said they will offer partial customer refunds. However, many are still failing to reward the trust and loyalty of their customers. In fact, we have seen payouts to shareholders to the tune of millions rather than refunds to policyholders unable to use their vehicles as normal.
- Liberal Democrats are urging the Government to take steps to ensure that, rather than profiting from the pandemic, all motor insurance companies play a part in supporting the millions of households in financial crisis as a result of COVID-19, and refund a percentage of people's annual premiums.