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COVID-19: Reducing insurance costs due to lockdown

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Which? has recently highlighted two areas where owners may be able to reduce their insurance costs due to lockdown:

1. Reduce your annual mileage

Tell your insurer how much less you will be driving this year due to the crisis. Depending on how often you drive, this could already be a lot lower than usual. Let’s say that a driver normally commutes 15 miles each way to a place of work on weekdays – so 30 miles per day. If this stops, over 60 days (roughly two months of lockdown) that’s a reduction of 1,800 miles.

2. Remove second drivers

If one of your policy’s named drivers is no longer driving at all, let your insurer know, to get them removed.

 

Just be aware of any costs the insurer may charge for making changes mid-policy, so check first. Which? contacted some major insurers to ask their approach to reducing costs for customers in this way:

Admiral; refunding £25 to every policyholder. However adjustments to policies may still incur a £9.50 fee.

Aviva; can adjust mileage for free either online or via app. Also free over the phone, but only if you cannot use the web or the app.

Axa; monthly mileage can be reduced to reduce premiums via online accounts

Direct Line; can change mileage using virtual assistant for potential premium reduction. Adjustments are fee free.

Hastings; Customers can get in touch to report changed circumstances, and premiums will be recalculated with the usual fees waived.

LV; Encouraging customers to contact it to temporarily change cover. Where possible, not charging for admin or cancellations and waiving excesses. 

More Than; Customers can make fee-free changes to policy details.

NFU; Customers can make free mid-term adjustments to change circumstances, which may reduce premiums.

 

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Hi.

If anyone needs any help with insurance at all then please feel free to drop me a line.

Regards,

Dan.

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