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Car insurers must refund premiums as pandemic continues, says Muir

Alliance MLA for North Down Andrew Muir has called for car insurance providers to update and refund user premiums as the Coronavirus crisis continues.

The MLA and Party Finance & Infrastructure Spokesperson said it was disappointing not all car insurance providers had acknowledged the need to do so – a move already taken by one leading provider and being considered in a number of countries.

The Alliance Party has now written to the Association of British Insurers calling for action.

“This is a tough financial time for so many and anything that can be done to alleviate that pressure should be pursued,” said Mr Muir.

“It’s clear that with only essential travel permitted the number of journeys has drastically reduced and risk consequentially declined, while those customers who find themselves shielding as instructed may only need to retain certain elements of their policy. Neither of these scenarios matches the current premiums being paid with some companies currently pocketing the savings”.

“That’s why we’ve written to the Association of British Insurers calling for urgent clarification or guidance on how a uniform approach can be put in place going forward.

“We are all in this together, but in playing our part, in staying home to save lives, we must do so in the confidence that everything possible to protect our financial future is being done.”