News & Features

Car Insurance During the Pandemic

Posted in General News on Tuesday, June 2nd, 2020

Being able to afford the cost of car insurance during the Coronavirus pandemic is a concern for many people. This is why the Financial Conduct Authority (FCA) has recently issued guidance to insurers stating that they must offer customers some flexibility when it comes to their insurance payments. This means that you may be able to defer payments or switch to a more suitable policy without being charged cancellation or administrative fees.

With this in mind, if you are worried about paying for your car insurance here are a few actions you may wish to take.

  • Speak to your current insurer about the possibility of reducing or deferring your payments
  • Consider making changes to your policy so that it better suits your current situation. One option you have, for example, is to lower your stated annual millage and see if this reduces your premium.
  • Check to see if you have any insurance add-ons which could be removed to reduce the cost of your insurance such as key cover, for example.
  • You could consider switching your cover to third party fire and theft to see if this reduces the cost. However if you do decide to opt for this type of policy you wont be covered against any accidental or malicious damage to your vehicle should it occur. You also need to keep in mind that these policies will not cover you when you want to start driving again.
  • You may want to consider registering your vehicle as SORN if you can temporarily take it offer the road you will not have to insure or tax it, but you may wish to consider covering it against fire and theft at this time. Keep in mind, that if you do SORN your vehicle you will need to insure it again before you begin driving.

If you are in a situation where you are still able to afford your car insurance it is advisable to make a note of your renewal date and once this comes around spend some time searching for a new provider as the best deals are often offered to new customers and you could save a useful sum of money by not letting your car insurance renew automatically.

 

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