Car insurance exports have urged motorists to “take advantage” of the savings to ensure they are getting “value for money” from their provider. Many insurers have already offered support to motorists but the new guidelines which came into effect yesterday means they are now obliged to help those in financial need.
“Any drivers who paid for their annual cover upfront can also request a refund in line with their reduced mileage estimates.
“In more good news, the fees that insurers usually charge for changing or cancelling a policy should also be waived.
“We urge drivers to take advantage of this to make sure you’re getting value for money from your insurer.”
The FCA guidelines is a move to prevent motorosts from losing their policy or having cover cancelled for failing to pay.
Lousie O’Shea, CEO of Confused.com said the move was “encouraging” but urged motorists to get in touch with their individual insurers to see what savings may work for them.
She said: “Many of us are facing financial difficulties at the moment, so it’s encouraging to see the FCA leading with advice that insurers should be considerate and flexible around customers’ needs at this time.
“Some insurers have already rightly taken action to support customers, through offering premium reductions, discounts, waiving fees, and payment deferrals.
“These temporary measures will help to reduce monthly payments or if you have paid upfront, receive a refund.
‘Whilst a positive move, it’s important that we get in contact with our insurers to find out the best solution available to each of us.”
Published at Tue, 19 May 2020 11:05:00 +0000