Insurance

Hundreds of thousands of small businesses could be in line for insurance payouts covering coronavirus-related disruption following a landmark Supreme Court decision handed down today in their favour. 

Price comparison website Compare The Market has been fined £17.9 million by the competition watchdog, after it banned home insurers from offering customers cheaper prices elsewhere.

Car and home insurance customers should pay no more when renewing their policy than they would if they were taking out a new one with the same firm, under radical new proposals from the financial regulator.

The High Court has ruled that some insurers should have paid out to small businesses for losses caused by the coronavirus lockdown, in a judgment which could have far-reaching implications.

Insurance customers struggling financially due to the pandemic will have until the end of October to ask for help such as a payment holiday or review of their premium under new proposals from the regulator. But it's NOT proposing that those already on a payment holiday should be able to extend it beyond three months.

Customers of not-for-profit medical insurer WPA will be paid a second rebate worth about 40% of their monthly premiums, after receiving a similar payment back in April.

The financial regulator has confirmed it will introduce measures to help insurance customers struggling during the coronavirus pandemic – meaning insurers will need to assess whether they can change what's covered to offer customers lower premiums. Insurers may also be expected to offer customers payment holidays of up to three months.

The financial regulator is proposing measures to help customers struggling to pay insurance premiums due to coronavirus. It's proposing payment holidays of up to three months, plus has told insurers to look at whether cover still provides "value" to the customer where the pandemic means the policy is no longer suitable or where they can't use certain benefits of their cover.

Insurer LV is giving its customers with car and motorbike policies the chance to claim a refund of between £20 and £50. But unlike Admiral's recent flat-rate refund to customers, you'll only be eligible for money back from LV if you've been financially affected by coronavirus in specific ways.

Insurance firm Admiral is to give all of its car and van policyholders a flat-rate refund of £25 for each vehicle insured, in recognition of the fact that most people are staying at home and driving less during the coronavirus lockdown. And customers of Admiral's other brands – Bell, Diamond and Elephant – will also get the refunds.