Motor insurance in lockdown

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 13 June 2020

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Money Box listeners tell us that their requests for refunds on their motor insurance are being refused despite using their cars less during lockdown. The regulator has recently called on firms to review the value of their policies in light of the lockdown but critics say they let car insurers 'off the hook'.

Google is still allowing crooks to advertise dodgy investments and websites, despite telling this programme earlier in the year it was working with the Financial Conduct Authority to offer consumers better protection. We hear from one woman who had almost £30,000 stolen after clicking on a paid for advert that fraudsters had placed.

And this week we learnt that the UK economy had shrunk by a fifth in a month - an unheard of decline - showing the difficulties that many firms are experiencing. More than a million have been kept afloat by the Coronavirus job retention scheme. From August all firms will have to start paying towards the costs of furloughing staff. How will they cope and what rights do furloughed employees have if they are facing redundancy?

Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Lizzy McNeil Producers: Alex Lewis and Charmaine Cozier Editor: Emma Rippon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:46.8	Hello, I'm Paul Lewis, and in this Moneybox podcast, we hear from a listener who had 28,000 pounds stolen from her account because Google still lets crooks advertise on its
0:52.6	search pages and the regulator doesn't stop them.
0:55.7	How to cope with the wave of redundancies that might follow when the government cuts back support for the furlough scheme
1:01.6	and the people who have agreed a payment holiday with their lender but are still getting threatening letters.
1:08.0	But first, if you have a car, is it sitting outside getting dusty or maybe
1:12.5	settling down in your garage with a mouse nesting in its wheel arch? If so, why are you paying the same
1:18.5	price to insure it as if you're driving it thousands of miles a year? Well, many locked down listeners
1:24.0	have asked us this question and some have told us what their insurer has said.
1:28.5	Producer Alex Lewis has been sifting through your emails.
1:32.3	Well, Val emailed us to tell us what happened to her when she spoke to her insurance provider LV.
1:38.2	She'd renewed her policy with them in February and opted for a yearly mileage of £11,000.
1:44.0	But by the middle of May, she'd noticed that she'd only done
1:48.4	250 miles. So she got in touch to see if she could reduce her annual mileage to a more realistic
1:54.0	£4,000 and asked for a refund. LV came back to her and said that to reduce the miles on her policy, they'd need to increase the
	...

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