A whopping £10.6 million – that’s the amount of premiums QBE has so far rebated to motor fleet customers in the UK who have taken vehicles out of service during the coronavirus lockdown.
“In the current economic environment, many of our customers needed the rebate now instead of waiting for the next quarter, which can often be the case,” said Jon Dye, director of underwriting for motor at QBE Europe. “We were able to act swiftly to make sure those rebates went back into the pockets of our customers as soon as possible.”
QBE said premiums were paid back where vehicles were taken off the road and SORN (statutory off road notification). Until they begin trading again, policyholders are only covered and charged for accidental damage and/or fire and theft.
It was noted that approximately 60% of the rebates went to the bus and coach industry.
Dye stated: “As a major insurer in the UK of bus and coaches, we knew many of these customers and others had been adversely affected by lockdown. For these customers, flexibility in cover and the speed of getting premiums returned would be crucial.”
Meanwhile, to assist in the safe return to the road, QBE is offering risk management services on vehicle safety as well as online driving courses. The insurer has also extended cover, at no additional cost, to those who are using vehicles to help key workers and sectors during the crisis.
