LV= General Insurance (LV= GI) has today announced that it’s making £30 million available to its car and motorbike insurance customers through its Green Heart Support to help those who are experiencing financial difficulties as a result of coronavirus. The money is being made available due to the savings that LV= GI expects to make as a result of reduced claims during the lockdown, and represents around a third of the company’s profits from 2019.
The £30 million is available to customers who have an existing direct car or motorbike insurance policy with LV= GI and because of COVID-19:
Customers who would like to request support can visit https://www.lv.com/car-insurance/coronavirus/support
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. 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.”
LV= has been trialling this support in its call centre since Wednesday and the response has so far been very positive with many customers grateful for the additional help.
LV= GI has already been helping all customers to reduce premiums by temporarily changing the cover they have, such as reducing mileage or changing the cover to fire and theft if a customer doesn’t intend to use their car at this time. LV= GI is also not charging administration or cancellation fees and is waiving excesses on claims for the hardest hit financially, as well as offering free enhancements to cover for customers who are NHS and key workers.
As part of a wider contribution to the community, its employees and its suppliers, LV= GI has also announced a number of additional initiatives. The Green Heart Difference helps its employees support local communities by becoming a pen-friend with people in local care homes, donating to the Trussell Trust to support the vital work of food banks around the country, donating to the Big Issue or joining the national call for NHS volunteers. They’ve also given the Royal College of Nurses a donation of £85,000 as the institution is one of its key partners.
As part of its commitment to its people, it has announced that no one will be furloughed and, irrespective of whether they’re able to work from home or not, they will receive 100% pay.
The company also announced it was supporting its supplier network, who have been badly impacted by the lockdown, through increased payments to some suppliers, including bodyshops, breakdown drivers and home contractors.