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TWO auto insurance firms have outlined the reimbursements they are paying to policyholders.
Grantors insured with Liberty Ireland must recover 15% of their premium for two months, subject to a minimum of € 10.
This means that if a driver pays € 700 a year, he will receive € 20.
The company said it would issue what it called “cash equivalent vouchers.”
It is likely to be in the form of a coupon for a gas station. This approach is being explored as it is too expensive to write checks and some customers are reluctant to share bank details.
And Axa is reimbursing what is expected to work at up to € 30 per policy.
Liberty said its response to the Covid1-19 pandemic, which has caused a huge drop in traffic volume, will cost him 5 million euros.
Several insurers have pledged to reimburse motorists and cut premiums after pressure from Finance Minister Paschal Donohoe.
It comes after similar moves in the United States and from one of the leading insurers in Britain.
Liberty Ireland said its policyholders could claim a “cash equivalent coupon”, or they could donate the money charity that works with frontline workers fighting the virus.
Liberty Insurance CEO Tom McIlduff said: “We recognize that these are exceptional circumstances and that now is a difficult time for many of our clients. We also recognize that the risks on Irish roads are reduced in light of current restrictions. “
One of the state’s largest auto insurers, Axa, plans to give customers a refund that is expected to be up to € 30 for each auto policy, and which is likely to be paid in the form of a check.
It is understood that the company is reserving up to 20 million euros to pay the refunds.
The move reflects that insurers are in fact receiving fewer claims due to the national shutdown caused by the Covid-19 pandemic.
Axs is understood to have around 600,000 motor policies in this country, which is almost a third of the motor market.
Last week, five insurers announced that they would return funds to their car customers. They are Axa, Allianz, FBD, RSA and Zurich.
AIG is understood to be lowering your premiums rather than offering rebates, a move that would discourage purchases.
When asked if he was offering refunds, Aviva just said he will continue to review traffic volumes, driving habits, and claims.
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