A whopping £4.4 billion – that is the sum car insurance companies in the UK are estimated to save in claims payouts for 2020 because of the coronavirus-related decrease in driving.
“After the first national lockdown was eased, we thought that life would go back to normal,” said HelloSafe chief executive Antoine Fruchard. “However, with that second pandemic wave that is shaking the UK, road traffic has gone down again, and again the insurance companies save money on claims.”
According to the insurance comparison platform’s study, here’s the breakdown of the approximate savings:
HelloSafe said its estimates took into account more than 500,000 policyholders from all the UK regions.
Meanwhile Fruchard added: “With fast-deteriorating economic conditions, Brits are likely to question their 2021 premiums. A discount may be expected by them, to [compensate] a 2020 year during which it has often been impossible to get out with the car.
“Car insurance companies will probably have to make an effort, which could take the shape of a one-shot refund or of a premium discount. In this very uncertain future, the insurance industry will be watched.”
