Car insurance premium: confinement reimbursements?

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Car insurance premium: confinement reimbursements?

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by Massimiliano Ricci | 10-03-2022 | Insurance, Auto Insurance, News and Miscellaneous

In the midst of price increases, in particular due to the dramatic global geopolitical situation, and with a gasoline that has now exceeded the price of 2 euros per liter even in self-service mode, the Italian government is evaluating the hypothesis of a bonus for Rc political cars.

Car insurance premium: confinement reimbursements?

Amid soaring commodity prices, the Italian government is evaluating the possibility of a refund of the car insurance contribution paid by vehicle owners in the spring of 2020, even without taking advantage of it due to the confinement and restrictions due to the pandemic. The hypothesis was formulated by Federico Freni, Undersecretary of State at the Ministry of Economy and Finance, in response to a parliamentary question from the House Finance Committee. “Under new measures, all proposals that may affect the insurance sector, including those requested by interrogators, can be carefully analyzed,” said Undersecretary Freni.
The idea would therefore be to ensure that all the savings accumulated by insurance companies during the spring 2020 confinement, following the drop in claims, are used to reimburse the insured.

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Auto insurance premium: how much would the reimbursement be?

The IVASS (Insurance Supervision Institute) estimated the savings for insurance companies at between 2.5 and 3.6 billion euros. In addition, the Institute has repeatedly called on companies to moderate their prices and meet customer needs, granting greater discounts on policies, also taking note of data on the evolution of the average price of liability automobile, down around 30% compared to 2012.
From these estimates, the hypothetical saving of a possible premium on motor third party liability insurance policies translates into approximately 70 euros for motorists.
However, according to the ANIA (National Association of Insurance Companies), the calculations of the IVASS must be reviewed and the income that the insurance companies would have managed to earn during the confinement would have already largely been returned to motorists by d other means. The savings for insurance companies, in fact, still according to ANIA, would amount to around 2 billion euros, half of which already went to the motorists concerned.

Car insurance reimbursement: business initiatives

Some insurance companies, at the time, had already taken initiatives for customers: one month of free coverage, suspension of broader policy services, waiver of deductibles and discounts on renewals are just a few. -one of the initiatives already carried out by certain companies to compensate and reimburse their customers during confinement. Not to mention that some companies have also taken initiatives to contribute during the darkest period of the Covid-19 pandemic, donating part of the income to hospitals or carrying out other initiatives in this direction.

what happens now

The state of emergency due to the pandemic will expire on March 31, 2022: this date could also mark a turning point in terms of a possible reimbursement of car insurance. The competent offices of the Ministry of Economic Development will activate in the coming weeks a special discussion table with the institutions, administrations and associations concerned in order to listen to all the proposals in this area and to understand whether there is room for action. .
All that remains is to wait…

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