Outsurance announces new relief measures for coronavirus lockdown – including a 15% discount on premiums
Outsurance has implemented a 15% premium discount on all existing vehicle insurance policies for the month of May 2020.
The 15% discount will be an automatic premium reduction on motor insurance premiums, without any action being required from clients.
This premium reduction recognises the reduced kilometres travelled and claims frequency, during the lockdown period, the group said in a statement on Tuesday (14 April).
“We understand that many of our clients are under immense financial strain during this unusual time,” said Danie Matthee, Outsurance chief executive officer.
“We are constantly looking for ways to help our customers and assist them with the financial strain they may be experiencing.”
The key aspects of Outsurance’s support for customers is outlined below:
- 15% reduction on motor insurance premiums, for the month of May 2020 – this applies to commercial and personal lines vehicles;
- 15% premium reduction on all Goods in Transit cover for commercial clients;
- Clients within six months of their OUTbonus vesting date may use their Outbonus balance for the payment of future premiums;
- Reduced excesses for any clients who claim between April and June 2020. Business Outsurance customers will have a 50% reduction and Personal Outsurance customers a 30% reduction in the excesses during this period;
- Amending cover without any impact to terms when changing it back;
- Extended the period on non-payments before cancellation is effected, with an additional period of two months. For cover to be unaffected premiums have to be paid up in full.
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