LV becomes latest insurer to share savings being made from fewer claims by refunding customers hit by virus
LV’s refunds are for workers waiting on furlough payments or self-employment support, or those who lose jobs after March 1
LV= is offering refunds of between £20 and £50 to customers whose finances have been hit by coronavirus.
The insurer says the payouts will total £30 million.
The breaks will be available to workers who are waiting on furlough payments or self-employment support, or those who lost their jobs after March 1.
LV= says it is passing on savings made as a result of fewer claims being made during lockdown and wanted to focus support on struggling households.
It follows Admiral’s offer to refund all customers £25 — £110 million in total — and will pile pressure on other firms to follow suit.
Insurers could make £1 billion in savings from a drop in motor claims as drivers are warned against all non-essential travel, according to pay-as-you-go insurer Cuvva.
There are signs the lockdown is reducing the cost of premiums, too, with research by MoneySuperMarket showing prices are at their lowest for five years.
The average premium rose from £480 to £485 during the first three months of the year, but now sits at £462.