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Car insurance payment holidays extension could see certain drivers miss out

by POW! Showbiz
July 27, 2020
16 min read
0
Car insurance payment holidays extension could see certain drivers miss out
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Motorists who have not already benefited from a car insurance payment holiday can still apply to the scheme.

The new extension means customers can apply for a three-month extension up until October 31.

However, it means some drivers could end up with car insurance disruption until the start of January next year.

But the scheme does not mean companies need to offer the extension unless the driver wants a three-month freeze.

Drivers who have payment holidays set to end could still find themselves struggling to find alternative help.

The Financial Conduct Authority (FCA) says firms should continue to consider what they can offer to those affected by coronavirus.



The scheme was to help those financially struggling during the pandemic
(Image: Getty Images)
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Motorists will still be able to change their risk profiles and switch to different policies under the extension.

Those with fully comprehensive cover could swap to a third party, fire and theft policy if it would be more cost effective.

Meanwhile drivers who used to commute to work could also find their cover reduced if their circumstances have changed.

Average mileage could also be reduced as less journeys have been made and earlier predictions are unlikely to be met.



But interest payments could build up over time
But interest payments could build up over time
(Image: Getty Images/Science Photo Library RF)
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The FCA’s measures came into force on May 18 and is being looked at every three months.

But drivers have been warned to make sure any car insurance agreement “meets their demands and needs”.

A statement said: “It is important that customers don’t leave themselves uninsured, and that their insurance cover meets their demands and needs.

“Those struggling to afford their insurance or premium finance payments because of the impact of coronavirus should contact their insurer or insurance broker to discuss their options.”

But Martin Lewis previously warned about car insurance payment holidays on his weekly show on ITV.

He said: “This is for monthly payments on insurance.

“Technically, what happens is they pay for you and loan you the money to pay for the month usually with a hideous interest rate.

“And this interest rate will keep on racking up so don’t take this payment holiday unless you really need the cash flow.”

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Tags: cardriversExtensionholidaysInsurancelifelifestylelivingMoneypayment

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