27 April 2020 | David Young
Admiral, the UK's top ranked motor insurer, is to 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.
An additional £80m is committed to reducing prices and supporting customers, NHS staff and the local community
Latest financial pledge follows a number of other measures already in place from insurance giant
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.
The refund is being given in recognition 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 the Admiral's website.
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.
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