LV= makes £30m available to its struggling customers
LV= General Insurance (LV= GI) is making £30 million available to its car and motorbike insurance customers through its Green Heart Support to help those who are experiencing financial difficulties as a result of coronavirus.
- The £30 million will help those customers experiencing financial difficulties.
- Support being provided to car and motorbike insurance customers.
- Savings are being passed on to customers as a result of reduced claims during lockdown.
The money is being made available due to the savings that LV= GI expects to make as a result of reduced claims during the lockdown, and represents around a third of the company's profits from 2019.
The £30 million is available to customers who have an existing direct car or motorbike insurance policy with LV= GI and because of COVID-19:
- Have not yet received the 80% payment scheme from their employer or;
- Are self-employed and are unable to work or trade because of coronavirus, and haven't yet received the 80% payment scheme via the government or;
- Were made unemployed at any point after 1 March 2020.
Contact link for customers seeking support.
Steve Treloar, Chief Executive of LV= GI, said: 'Right now, there are millions of families across the UK who are facing unforeseen pressures on their finances as a result of coronavirus. Our research shows that a third of people with motor insurance are currently concerned that they will struggle to pay bills such as insurance premiums over the next three to six months with 1 in 10 saying they are very concerned at their ability to do so. So, we believe it's vital and the right thing to do to concentrate the additional financial support we can offer on those who are really struggling.
'We spent a lot of time thinking about the best way to help customers and this enables us to give between £20 - £50, which to some families will make a real difference. In taking this approach, we can do more for those who need help the most.'