The body comprising of as much as 90% of the motor insurance companies in Ireland are trying to find out with some refund schemes for the drivers. This is in lieu of the request made by the Finance Minister, Paschal Donohoe. He said that it is important that the insurance company does something that is generous and the right thing to do at this time.
This is why the insurance companies should provide a refund
Mr. Donohoe had a teleconference with all the major insurance companies. He mentioned there that this year has been a profitable for the insurance companies and there has also been a great reduction in the number of cars on the road. The combination of these two reasons should be enough for the insurance companies to come up with some good refund schemes. In response to this, Declan Jackson, the director of the government affairs at the car insurance Ireland, said that they would try to check this and find out the best ways that they could help the customers during this time of crisis. They will also have to speak to the other members in order to come up with a solid plan.
This is how the insurance companies would examine this situation
He further said, that in order to come up with a proper refund scheme, they will also have to check as to what the other companies in the market are doing. They are already aware of the fact that the Insurance companies in Ireland are refunding around €10 to €15to each of the customers. They have also mentioned that all the major insurance companies throughout the world have similar underwriting and therefore it is essential for them to respond in a standard way. He also added that some car insurance companies in the health, businesses and the life insurance sectors have also responded quite positively during the COVID 19. When trying to find out what the car insurance in Ireland can do, they will take all these cases into consideration. The Consumer’s Association of Ireland has accepted the rebate scheme and they said that this scheme certainly makes a lot of sense during this hour of crisis. As of now, a large number of consumers are paying for something that they are actually not using. It is therefore important for the insurance companies to come up with something that would benefit the consumers.
According to some, the insurance companies are not doing what they should do during this hour of crisis.
Some people are saying that inspite of the fact, that each and every sector is trying to come up with some advantages for the customers, the insurance companies are not doing their part. The insurance companies and the banks continue to enjoy profits even at this hour of crisis. Therefore, it is essential for the government to find out some legal mechanisms that would ensue that the consumers get a proper relief on their motor insurance premiums. Due to the present situation, the delivery drivers, the taxi drivers and a number of families are out of work. It is therefore absolutely essential for the government to work immediately. Most of these people are not getting their daily wages. They are not being able to drive their cars, that are all parked in the garages for the past few months and yet they will have to pay for the insurance.
The insurance companies are taking the necessary steps
As much as three-fourths of the insurance companies have already agreed to provide refunds to the customers due to the travel restrictions that they have been facing. The insurance companies are also expected to have much lesser claims as fewer people are travelling with their cars.
It is true that as of now, the car insurance companies have not yet been able to come up with a proper scheme as of now, however, they are still trying to come up with the best scheme for the consumers.
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