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At Vero we’re well prepared to support our brokers and customers. We’re continuing to actively monitor the coronavirus situation and are committed to ensuring customers are supported during this time.
Below are the latest updates for you and your customers regarding their insurance cover during this time.
Support for customers experiencing hardship
To support customers experiencing financial hardship, the Vero Retention team has diverted resources so it's able to work closely with customers to put solutions in place. To specifically address financial hardship, Vero has broadened the suite of tools its teams have so it can provide solutions for your customers. Each of these solutions can be personalised to enable your customers’ individual needs to be met. Solutions include restructuring cover and payment deferrals.
If you have any questions regarding solutions for your customers please get in touch with your Vero BDM.
Extension of credit terms
In light of the situation with Covid-19 and the impact on customers, Vero is pleased to announce that it will be extending credit terms for all brokers for renewals from 1 April 2020 to 30 June 2020 inclusive.
For renewals which are due within this period, we will be extending Nett credit terms by an additional 30 days from the current 90 day credit terms. This assistance is extended to all customers who may be experiencing financial hardship as a result of Covid-19. For customers who are not experiencing financial hardship and are continuing to pay their premiums by the expiration date of their policies, we ask in good faith that brokers continue to operate within the existing terms of credit unless otherwise agreed.
For our Gross paying brokers and agents:
Annual paying customers can request a 60 day payment deferral. However, payment for the full 12 months premium must be paid in full by day 60 from the renewal date. If the customer wishes to spread the payment, they should move to a direct debit instalment arrangement.
Please note that this deferral must be agreed before renewal with your BDM. For further details or to arrange this deferral for your customer please contact your BDM.
Expired WOFs or driver licences
We want our customers to be able to access essential insurance services over the next four weeks. If their WOF expires during the lockdown period, this alone would not impact the outcome of any claim they may have to make. Their motor insurance will still be in place and effective, as long as there aren’t any existing safety issues that would mean they would not get a WOF – like tyres needing to be replaced. They will also be covered if they have an accident, as long as the accident isn’t a result of an existing safety issue.
A customer’s driver’s licence expiring during the lockdown period will also not have an impact on the outcome of any claim they make if their vehicle were to be involved in an accident. Vero recommends that customers renew their WOF or driver’s licence as soon as practically possible when the lock down period ends.
Options for Commercial customers with parked up fleets
There will be many customers whose business has been forced to cease trading as a result of the government-imposed lockdown. As a result, they may have fleets of vehicles which are currently parked up.
We want to be able to look after our customers during these extraordinary times and in cases like the above we will do what we can to assist. For parked up fleets, all we need is a declaration of which vehicles are parked up and for what period, and we can then consider a partial premium refund. This applies to all fleet policies.
Reduced cover option for Personal Motor customers
Those with a personal motor policy also have the option to reduce their cover to Fire and Theft if their vehicle will be in a locked garage and will not be used at all during the lockdown period. This gives the customer a 50% reduction in premium while the vehicle is parked in the locked garage and subject to reduced cover. This may not be an appropriate option for customers who still need to use their vehicles during the lockdown period and customers need to advise when they would like the cover to be changed back.
Cover for Commercial Customers with unoccupied business premises
As with parked up fleets, there may be a number of customers who have business premises which are not being used during the lockdown period. For unoccupied Commercial premises, customers can rest assured that the regular unoccupied terms will not be applied during the lockdown period and the customer’s cover will continue in full.
If you have any questions about any of the above, please don’t hesitate to get in touch.
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