by | 28/04/20 | COVID-19, Motor Insurance


Alternatives to Policy Cancellation

In light of the ongoing Coronavirus situation, Granite Underwriting would like to reassure you that they are continuing to listen and adapt.

As Granite monitor the external environment, they are continuing to show flexibility by adjusting to your needs.  They therefore thought it would be useful to reiterate the options available when considering the cancellation of a policy.

For Private Car and Commercial Vehicle customers:

  • Reduce cover to SD&P.
    • A typical saving of up to 20% can be had if business use was chosen.
    • Or, if commuting was requested, a typical saving of 5% could be made.
    • And, for general commercial vehicles use, if cover is reduced to SD&P (Social, Domestic and Pleasure use only) then savings of up to 20% can be made.

For Taxi customers:

Reducing cover to SD&P can generate a 50% reduction of the rate during this period.  Granite will refund the full amount to the end of the insurance year and once back into work charge the additional amount back for the remaining period only.

  • Alternatively, if there is no use of the vehicle, suspend all cover on the vehicle. Once drivers are ready to return, Granite will calculate the unused period and refund this premium.

Remember, whichever offer you want, the main advantage over cancellation is that you will still earn your additional years No Claims Bonus (subject to no claims).

For Fleet customers:

  • Granite have removed the minimum vehicle requirements entirely, allowing fleet policies to operate on anything down to a single vehicle.
    • Laid Up Fire & Theft cover is available, subject to:
    • vehicles being declared as SORN and removed from the MID.
    • vehicles stored in a compound, storage yard or on a driveway i.e. not on a public road.