Another week, and another reminder, as if you need it, that despite all the upheavals of the last year and the personal struggles that many of us have faced, some people and businesses have done very nicely out of Covid, thank you.
The Association of Consumer Support Organisations (ACSO), has this week called for an immediate reduction of £35 for all car insurance premiums as a result of lockdown.
You may recall, back in the early days of the pandemic, how we suggested you all speak to your car insurance companies to adjust your mileage rates to see if you could claw anything back. And how we also advised that some companies were, in fact, offering rebates of £25 on car insurance as a result of the decreased number of claims as a result of fewer drivers on the road.
But while we hoped that many other car insurance companies would follow suit in offering rebates, only a scant few did. ACSO’s research shows that there were nearly half the personal injury claims last year, compared to the year before, and a 47% drop in claims across all categories of claims. Employer liability claims dropped further still, down 60% compared to the previous year.
What this effectively means is that insurers have had a pretty damn lucrative year, compared to many of us, but the actual cost of car insurance premiums has dropped just 1%. In fact, ACSO calculates that collectively, motor vehicle insurance companies have saved £29 billion in the past year.
It’s time we stand up and demand to see some of that back in our pockets, not lining theirs. So, if you are due to renew your car insurance policy, we suggest you look for a company that is open to the idea of giving you back something that is yours. Ask the difficult questions of them. Because if you don’t tell them you expect better, how can you expect them to know?