Youi notes "incredible demand" for car insurance refunds

Youi notes "incredible demand" for car insurance refunds | Insurance Business

Youi notes "incredible demand" for car insurance refunds

It would appear that the car insurance premium relief measures being offered by Youi amid the coronavirus pandemic have been a hit.

The insurer has noted that more than 50,000 of its customers had opted in for the relief package within five days of launch. Its success appears to have sent a strong message to the rest of the Australian car insurance industry, which is being urged to follow in the footsteps of its counterparts in the US and UK where several leading firms have already offered rebates to customers amid lockdown in their respective countries.

Youi launched the three-month premium relief with a 15% refund for all existing and new customers that are using their vehicles less.

“We’re quickly closing in on two million dollars of premium committed to be refunded for our customers that are being affected by COVID-19 and driving less, and that is just after five days from launching this initiative,” said CEO Hugo Schreuder.

“Positive feedback has been coming in thick and fast, from both our existing customers, but also new customers switching to us as they recognise their driving behaviour has changed.”