Sometimes insurance companies do what people expect of them. With COVID-19 is this good business and/or good corporate citizenship?
In a clever move the UK general insurance company Admiral is refunding all current vehicle policyholders the equivalent of nearly $50 Australian because the Coronavirus lockdown has reduced trips and crashes.
The company insures about 4.4 million cars and vans and the total amount given back will be 216 million Australian dollars. The refund is the same for every policyholder, even if you’ve had a crash in that year.
Such a move seems obvious, but insurance companies know that no one can be made to pay more retrospectively if there is a sudden increase in crashes. One hopes that those who get a refund will hesitate to complain if their travel insurance goes up.
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