Insurance refund/reduced premium (1 Viewer)

[tribalbrit]

Given that very few of us are going anywhere, should the insurance company be forced to give us a reduced insurance premium on our vehicles.
I own a motor home, a work van and a car, none of which are going anywhere so apart from theft the risk is greatly less than when the policies were taken out and quoted for.
Add to this liability insurance at work, which is not needed at present.
Home insurance, not going to get burgled as house full of people.
There is only going to be one winner in this situation and it wont be the consumer that's for sure.

 

[Vic]

Simple answer, no. Your vehicles are worth just as much now as before the lock down.
However, what you could do is to reduce the mileage allowance. I dropped from 10000 miles to 5000 miles (still might be a bit optimistic). Saved £70.

 

[tribalbrit]

Worth as much yes but the risks they have quoted on are greatly reduced. Van 10,000, motor home 8000, car unlimited.
actual mileage 0

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[Kannon Fodda]

If general risks increase during the lifetime of a policy, so for example your locality suffers a spate of burglaries or car thefts, do insurers come after you for an increased premium. No the changing risk swings both ways. Yes you get charged if you change your specific risk i.e. you have a mileage limited policy that you are going to exceed, for me Covid-19 means that I was going to incur that extra cost as I'd underestimated my MH miles, but now won't have to pay. But you could decide you only need third party fire and theft cover on your vehicle if you aren't driving anywhere?

It may be a little much to hope but as insurance premiums are generally linked to overall risks and claims history, your next renewals might be slightly cheaper if the incidents do reduce. However, we know there was a major series of claims for flooding earlier this year. There will be all sorts of claims on life insurances for the premature deaths of Covid-19. Insurers no doubt have increased operating costs at the moment.

I know we all need to cut our cloth in these trying times, and many of us will feel financial pain looking for savings, but remember too most businesses that we will need to rely on as we emerge from this are also in pain, and don't have bottomless pockets that means they can simply give money back when they might have much less coming in.

 

[eddie]

Change your insurance to fire and theft if your 100% sure that there is no risk to your motorhome.

If your not 100% sure then leave as it is.

After all you may have to drive it at some point and you'd be unhappy "if" there was an incident and you'd reduced cover

 

[DavidG58]

I think insurers will be taking a severe kicking in other areas , I find it a bit sad how many people are looking for rebates and refunds on all sorts of right now

To OP do as suggested reduce your mileage to minimum that is the actual change in risk

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[two]

They won't have a clue how to calculate the new risk. I think they base most of their assumptions on history and there is nothing to look at yet. They'll leave it as it is or, maybe increase it to cover the unknown factor.
You could reinsure with nil mileage but may find that the admin charge for doing so is greater than the saving. They will make sure they make a profit somehow.

 

[Lenny HB]

Change your insurance to fire and theft if your 100% sure that there is no risk to your motorhome.

Often dearer than fully comp these days.

 

[tribalbrit]

I find it a bit sad how many people are looking for rebates and refunds on all sorts of right now

How fast some people are to judge others!
I was purely making an observation, in that the insurance companies have accepted payments adding up to millions of pounds for a service they are no longer providing to the motorists or to a lesser degree at least.
I am fortunate enough to be in the position where I can weather this storm but may be others are not.
I have paid thousands of pounds over the years for motor cycle, car, van, caravan and motor home insurance over the years and never made a claim, nor for any other type of insurance for that matter.
Rest assured if the boot was on the other foot the insurers would have no qualms in coming at us for an increased premium.

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[tribalbrit]

I think insurers will be taking a severe kicking in other areas , I find it a bit sad how many people are looking for rebates and refunds on all sorts of right now

To OP do as suggested reduce your mileage to minimum that is the actual change in risk

How fast some people are to judge others!
I was purely making an observation, in that the insurance companies have accepted payments adding up to millions of pounds for a service they are no longer providing to the motorists or to a lesser degree at least.
I am fortunate enough to be in the position where I can weather this storm but may be others are not.
I have paid thousands of pounds over the years for motor cycle, car, van, caravan and motor home insurance over the years and never made a claim, nor for any other type of insurance for that matter.
Rest assured if the boot was on the other foot the insurers would have no qualms in coming at us for an increased premium.

 

[joka250]

My view is that whatever our view of insurance or any other company now is not the time, we are all in this together.

 

[sweetie]

Given that very few of us are going anywhere, should the insurance company be forced to give us a reduced insurance premium on our vehicles.
I own a motor home, a work van and a car, none of which are going anywhere so apart from theft the risk is greatly less than when the policies were taken out and quoted for.
Add to this liability insurance at work, which is not needed at present.
Home insurance, not going to get burgled as house full of people.
There is only going to be one winner in this situation and it wont be the consumer that's for sure.

Why not just sort them that will save money.

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[Spriddler]

I have paid thousands of pounds over the years for motor cycle, car, van, caravan and motor home insurance over the years and never made a claim, nor for any other type of insurance for that matter.

I'm not entering into the fairness or not discussion but that did remind me of a customer in my yacht chandlery business who was moaning about the cost of replacing his emergency flares on the basis that the ones he had aboard had become out of date without ever being used.

 

[TheBig1]

My sister works for a major insurance company. Sales have plummeted as have the majority of vehicle claims. Household accident claims though have rocketed at the same time. Half her team or more are off work ill or isolating with their children etc. The company are paying the wage bill still and to set up working from home for what staff they can

I personally can't see any profit from the insurance companies this year

 

[gus-lopez]

Change your insurance to fire and theft if your 100% sure that there is no risk to your motorhome.

There's another thread where they got a quote which was double what they are paying for FC + recovery

payments adding up to millions of pounds for a service they are no longer providing to the motorists or to a lesser degree at least.

Whilst I consider UK insurance companies are the scum of the earth they are still providing exactly what they quoted you for. It isn't their fault if you cannot use it. & look on the bright side, here , where they pay out no probs whatsoever , if you cancel, & even that can only be done by A) selling the vehicle
B) scrapping it & supplying the paperwork showing either, you rarely receive any refund.

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[Captain Pants]

Given that very few of us are going anywhere, should the insurance company be forced to give us a reduced insurance premium on our vehicles.
I own a motor home, a work van and a car, none of which are going anywhere so apart from theft the risk is greatly less than when the policies were taken out and quoted for.
Add to this liability insurance at work, which is not needed at present.
Home insurance, not going to get burgled as house full of people.
There is only going to be one winner in this situation and it wont be the consumer that's for sure.

Couldn’t care less, priority for me is to get through this, hopefully alive. I made a decision to insure when the world was a very different place. Things have gone pear shaped, absolutely not the insurance companies fault so I’ll get over it. This is not the time to be getting upset about losing a few quid!

 

[Minxy]

Our insurance is due for renewal on 24th April so it will be interesting to see what the renewal is and what other quotes I get.

 

[Allanm]

Given that very few of us are going anywhere, should the insurance company be forced to give us a reduced insurance premium on our vehicles.
I own a motor home, a work van and a car, none of which are going anywhere so apart from theft the risk is greatly less than when the policies were taken out and quoted for.
Add to this liability insurance at work, which is not needed at present.
Home insurance, not going to get burgled as house full of people.
There is only going to be one winner in this situation and it wont be the consumer that's for sure.

Home insurance covers a lot more than burglaries. I assume you still want to be covered for flood, fire, wind and storm damage, third party damage, accidental damage ( if you have it)
Also, you vehicles should be covered for most of the above too.

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[Potty]

Our son works for one of the large insurance companies, in the vehicle section. He is very busy at the moment. The main problem at the moment is getting parts. Garages are open but the parts companies aren’t. Ambulances, health service staff’s cars, etc need to be got back on the road quickly if they are in an accident.

 

[Reallyretired]

At least we are saving money on fuel. I havent bought any for weeks pity as its so cheap at the moment, but saving is much more than changing insurance or sorning would save.

 

[Lanerboy]

Often dearer than fully comp these days.

NFU just quoted me an extra £116 to drop down to fire and theft ftom fully comp ?

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[Pausim]

At least we are saving money on fuel. I havent bought any for weeks pity as its so cheap at the moment, but saving is much more than changing insurance or sorning would save.

Reminds me of the joke about a boy who runs home behind the bus to save money and gets into trouble for not running home behind a taxi and saving more.

 

[whiskyman]

As my insurance is due for renewal on the 2nd of April I spoke to Comfort who cover mh' at the moment, they said If I drop the European recovery part (£65.00) and reduce the miles to their minimum the renewal would be £250.00 instead of £385.00 I did a Gocompare comparison and Adrian Flux came in at £202.00 with
4000 ml's their European cover is £95.00 extra. I have not checked whether the cover is identical at these quoted prices.
I have sorned the mh for now and not sure whether to insure or leave until we can use It again, obviously not going to have RTA and pretty sure It cannot be stolen from It's parked position, so risk Is spontaneous combustion and Ime not sure what else can you think of anything?

Happy days and stay safe

 

[Pausim]

I have sorned the mh for now and not sure whether to insure or leave until we can use It again, obviously not going to have RTA and pretty sure It cannot be stolen from It's parked position, so risk Is spontaneous combustion and Ime not sure what else can you think of anything?

Vandalism, storm damage, fire spreading from elsewhere. Not risks I would take but it is obviously a personal decision.

Not sure if the Five Horsemen of the Apocalypse would be covered anyway (I have added Panic Buying as a fifth horseman after Pestilence).

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[Top Hat]

Our insurance is due for renewal on 24th April so it will be interesting to see what the renewal is and what other quotes I get.

My insurance, road tax and mot all due at the beginning of May and what I do will depend on how insurance company's respond, you would expect renewals to fall with the lock down, if they do i will probably insure it, if not I have a decision to make.

 

[busby]

Change your insurance to fire and theft if your 100% sure that there is no risk to your motorhome.

If your not 100% sure then leave as it is.

After all you may have to drive it at some point and you'd be unhappy "if" there was an incident and you'd reduced cover

It's very often no cheaper..BUSBY.

 

[Minxy]

Just had an email from Comfort which included the following info:

What Happens If I SORN My Vehicle?

As the spread of the Coronavirus reaches pandemic proportions, you may be considering applying for a Statutory Off Road Notice (SORN) particularly if you have no immediate plans to use your vehicle on the road.

Once the registered keeper of the vehicle has made a SORN, whilst there is no longer a legal requirement to insure the vehicle, you can maintain your Comfort Insurance motor policy. In fact, because motorhomes and campervans are highly expensive, with the typical price being in region of £60K-£70K, it is highly recommended that fully comprehensive motorhome insurance cover is maintained at all times, even if you have no immediate intention of taking your vehicle out on the road. There are several key reasons for this recommendation:

Vehicle Damage – Should your motorhome or campervan be damaged whilst it’s off the road, you’ll still need insurance cover to get it repaired.

Theft – Vehicles left unused for extended periods of time are sadly targets for thieves. Without insurance cover in place, should your vehicle be stolen or damaged whilst someone attempts to steal it, then you’ll be out of pocket. If your vehicle is being purchased on credit, the credit company will insist that the vehicle is comprehensively insured. If your vehicle has been purchased on credit and it’s not insured and it is damaged or stolen, not only will you have to pay for the loss yourself, you’ll continue to be liable to pay any outstanding finance on the vehicle.

Storage Site Requirements – Many off-site storage facilities stipulate in their terms and conditions that you must maintain insurance whilst your vehicle is being stored. This is to protect you should your vehicle cause damage to somebody else’s property whilst on site.

Additional Benefits – In addition to providing cover for your motorhome or campervan, your Comfort Insurance policy includes cover for accessories e.g. awnings and generators and also legal expenses cover. These additional covers are of benefit to you even whilst your vehicle is being kept off road.

Keeping your vehicle secure whilst it’s off road
Whilst your vehicle is off road, we highly recommend that you review your vehicle security arrangements to help prevent it being stolen.

To read this and other blogs please click here

Coronavirus – What Happens If My Motorhome Or Campervan MOT Is Due From 30 March 2020?

Due to the Coronavirus pandemic, the Driver and Vehicle Standards Agency has announced that car, van or motorcycle MOTs due from 30 March 2020 will automatically be extended by 6 months. If you have a Comfort Insurance Policy covering either your motorhome or campervan and your vehicle MOT is due on or after the 30 March 2020, provided that you continue to maintain your vehicle in a safe condition your insurer will treat your vehicle as if it has an MOT and will, subject to the terms and conditions of your insurance policy, deal with any claim. This situation will continue for the duration that the Driver and Vehicle Standards Agency continues any extension.

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