LV offers some bike insurance customers up to £50 refund during coronavirus

LV has become the latest insurance firm to offer a refund to policy holders as claims reduce during the coronavirus pandemic and the first to include bikers.

The company, which is part of the Allianz Group, has made £30 million (around 30% of its 2019 profits) available to direct policy holders but only if they meet certain criteria.

To be eligible you must fall into one of these three categories:

• You have not yet received the 80% payment scheme from your employer
• You are self-employed and unable to work or trade because of coronavirus, and have not yet received the 80% payment scheme via the government
• You have been made unemployed at any point after March 1, 2020

If you qualify, you can claim between £20-£50 depending on your policy by accessing the LV website.

“Right now, there are millions of families across the UK who are facing unforeseen pressures on their finances as a result of coronavirus,” said Steve Treloar, Chief Executive of LV General Insurance.

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“Our research shows that a third of people with motor insurance are currently concerned that they will struggle to pay bills such as insurance premiums over the next three to six months with 1 in 10 saying they are very concerned at their ability to do so.  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.

“We spent a lot of time thinking about the best way to help customers and this enables us to give between £20 – £50, which to some families will make a real difference. In taking this approach, we can do more for those who need help the most.”

MCN are speaking to other bike insurance providers and will bring you more updates on coronavirus refunds as we get them.