Admiral, the UK’s leading car insurer, has revealed that it will give back £110million to its car and van insurance customers in recognition of the fact that its customers are staying at home and driving less during the UK wide Covid-19 lockdown.
A £25 refund will be automatically given to all customers for each car and van covered with Admiral as at 20th April 2020, a total of 4.4m vehicles.
Admiral is giving its customers the refund to reflect that there have been fewer cars on the road during the lockdown and it expects this to result in fewer claims.
Customers don’t have to take any action to receive the refund, it will automatically be credited to them by the end of May. Admiral will be contacting customers over the coming weeks to explain how they will receive the payment, but they can find full details about the refund by visiting https://www.admiral.com/stayathome
The combined initiatives in total are equivalent to roughly a month’s premium income, or a third of its 2019 profits, and passes on the savings from reduced claims the company may otherwise have benefitted from during the lockdown.
Admiral’s intention is to return estimated savings to its customers rather than benefit from reduced driving during the lockdown.