(Hamilton, Bermuda, 10 June 2020) – Argus Group’s car, motorcycle and small business customers will receive a 50 per cent rebate on their motor insurance policy premiums for the month of April as a result of decreased driving and claims during to the shelter-in-place period.
Customers can choose how they would like to receive their rebate — as a refund, a credit that can be applied to a new or existing policy or, with the policyholder’s consent, Argus can donate the credit to the Bermuda Community Foundation’s Covid-19 Emergency Fund.
Argus has committed to match any such contributions from customers up to a total of $10,000.
Ryan Eve, vice-president, property and casualty operations, Argus Insurance Company Ltd, said: “We’re pleased to be giving back to our motor insurance customers, who did their part by adhering to the shelter-in-place order.
“When calculating motor insurance premiums, we consider multiple factors. While the entire community was at home there were fewer cars on the road, therefore diminishing their exposure to risk, resulting in fewer claims. For a number of reasons, including remote working and scheduled shopping days, our customers didn’t need to commute every day, so they should receive a refund.
“Given the island-wide financial hardship triggered by the pandemic, we have given our customers the ability to direct their motor insurance premium rebate to a charity that is helping to support our community. This is one of the many ways Argus is helping to provide relief for those most impacted by the Covid-19 crisis.”
Mr Eve added: “This refund is possible because of a reduction in claims. We urge the public to continue to follow the rules of the road by adhering to the speed limit and operating their vehicle in a safe and responsible manner.”
Customers must complete the online form found at www.argus.bm/premium-refund-request by July 31, in order to claim or redirect their rebate.
Alison Hill, chief executive officer of Argus, said, “The effects of Covid-19 have been far-reaching and we are constantly monitoring how the pandemic is impacting all of our businesses globally, across all lines.
“While the approach will be unique to each policy type, we will continue to assess the impacts and, where relevant, we commit to passing these potential savings back to our clients. As always, we remain agile, sensitive and transparent, and aim to put our clients at the heart of everything that we do.”
Argus said clients can contact its customer service team at 298-0888 to learn more about Covid-19 programmes to reduce their annual insurance costs.