Discovery Insure has announced it is offering a Motor Premium Relief Benefit to all Discovery Insure personal and business insurance clients during this time. The Motor Premium Relief Benefit will apply to clients’ Discovery Insure motor vehicle premiums for the month of May, and will be based on how much clients drive during the month of April, as follows:
- If the client drives less than 500km in April they will receive a 25% discount on their May Discovery Insure premium for that vehicle.
- If the client drives more than 500km in April they will receive a 15% discount on their May Discovery Insure premium for that vehicle.
“Using our state-of-the-art telematics technology and big data that we have gathered from this, we have identified a drop in the kilometres driven by our Discovery Insure clients since the national lockdown,” said Discovery Insure CEO, Anton Ossip.
“As a result, the risk of being in an accident is greatly reduced and we can use this data to ensure clients are paying a premium that is truly reflective of their risk, especially at a time when their income may be affected by COVID-19 and the national lockdown.”Business insurance clients who have insured five or more vehicles must have driven an average of less than 500km across each of their vehicles to qualify for the maximum discount.
To qualify for the 25% discount, clients need to have Vitality Drive and a working telematics device installed in their vehicle, so that we can verify their April mileage. If the client does not have Vitality Drive or if they do not have a working telematics device, they will qualify for the 15% discount. The discount will automatically reflect in the clients’ May premium.
Qualifying businesses can have their premiums deferred
“We have also taken this opportunity to provide further relief to small and medium business clients who are severely impacted by the national lockdown as they may be unable to generate income and will face cash flow constraints. Qualifying clients, who have a Discovery Business Insurance plan, can apply to defer their next two months’ premiums and repay over a period of time. To take up this opportunity they need to contact us on firstname.lastname@example.org,” added Ossip.
These latest enhancements are in addition to announcements made in the first week of the Lockdown, including:
- Clients can still maximise their monthly fuel cash back and we will honour any Tiger Wheel & Tyre MultiPoint checks that expire during the lockdown. We will also use a three-month average of your client’s fuel spend to calculate their fuel cash back, if this is less than their April fuel spend.
- New clients will also be able to maximise their Vitality Drive fuel cash back even if they have not installed their driving device or completed their Annual MultiPoint check.
- Clients will still earn their weekly Active Rewards even if they do not drive at all or drive less than 100km in the week.
- We will pause the number of car hire benefit days during the lockdown period, for clients whose cars are currently in for repairs.
- With the EFA Premium Relief Benefit clients can fund their next premium by using 50% of their Excess Funder Account balance.
- With the Fuel Premium Relief Benefit clients can fund their next premium using their future monthly fuel cash back earned.
- Postponement of premium renewal increases for clients whose anniversaries are in May or June have to July 2020.
For more information about Discovery Insure’s COVID-19 product enhancements, please visit the Discovery website.