LV= is offering up to £50 cash grants or car insurance refunds – here's how to apply
INSURER LV= is offering cash grants and car insurance refunds of up to £50 to customers who are struggling financially due to coronavirus.
It comes after Admiral last week announced it'll give a £25 refund to all of its 4.4million car insurance customers.
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LV=General Insurance said it's created a £30million fund for its car and motorbike insurance customers due to the pandemic.
The cash has being made available thanks to the savings it expects to make due to reduced claims during lockdown.
It represents around a third of the company's profits from 2019.
LV= expects to be able to give between £20 to £50 to eligible customers.
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The cash can be paid as a non-repayable grant or as a refund on insurance policies, depending on the customer's preferences.
To be eligible, you'll need to have an existing car or motorbike insurance policy directly with LV=GI.
One of the following must also apply to you:
- You've not yet received the 80 per cent furlough payment from your employer
- You're self-employed and unable to work or trade because of coronavirus, and you haven’t yet received the 80 per cent payment via the government scheme
- You've been made unemployed at any point after March 1
We've explained how to apply for the cash below.
Steve Treloar, chief executive of LV= GI, said: "Right now, there are millions of families across the UK who are facing unforeseen pressures on their finances as a result of coronavirus.
"So, we believe it’s vital and the right thing to do to concentrate the additional financial support we can offer on those who are really struggling."
How to apply for a grant or refund
If the above criteria applies to you, you need to contact LV= for help – it won't be paid automatically.
The insurer says it'll decide how much each customer can get depending on their overall premium.
To claim, you'll need to give LV= a call by following the instructions on its website.
If you want to get the cash grant you'll receive the payment within three to five days after claiming it.
This applies to annual policyholders and monthly policy holders.
Alternatively, those with monthly policies can choose to have the credit added to accounts to cover future repayments.
LV= won't, however, offer payment holidays.
It says it doesn't believe payment holidays are the best way to support customers, as it creates debt that needs to be repaid later down the line.
The announcement comes as the Financial Conduct Authority today asked insurers to consider refunding premiums and pausing payments for customers who've been financially hit by coronavirus.
Car insurers have been under pressure to refund drivers unable to use vehicles in lockdown after Admiral's decision.
We've explained how to get a refund on your car insurance due to coronavirus.
Meanwhile, insurers have been taken to court for failing to pay out to coronavirus stricken businesses.
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