During these challenging times we are here to help you protect what matters most. To make it a little easier for you, we are giving you 25% of your car insurance premiums back in cash!
For the initial lockdown period (27 March to 30 April 2020) you will be receiving 25% cashback on your car insurance premium. We know that every bit helps and we have extended the 25% cashback on your Car Insurance premium up to the end of May 2020 and 10% for June 2020. We will continue to review opportunities to assist clients with insurance relief as the lockdown levels change.
How do I qualify?
To qualify, you need to ensure your premium is paid up to date. This will also make sure your car is still protected during lockdown should anything happen. The cashback will apply to policies underwritten by Standard Insurance Limited only.
How is it calculated?
We will be calculating the cashback at a rate of 25% per day on the premium that you pay on your car insurance between 27 March and 30 April 2020, and 25% per day for the period 1 to 31 May 2020. The 25% cashback is only applicable from 27 March until 31 May 2020 and will be 10% for June 2020.
- The lockdown came into effect on 27 March. This means that for the last 5 days of March 2020 you will be refunded at 25% per day (27 – 31 March 2020) of your car insurance premium for March.
- The initial lockdown period was set to end 30 April 2020. This means that you will be refunded at 25% per day (1 – 30 April 2020) of your car insurance premium for April.
- You will also receive 25% cash back of your car insurance premium for the full month of May 2020 and 10% for the full month of June 2020.
- Each months’ cashback is calculated separately.
Let’s help you calculate your cashback:
- Say your car premium is R1000. April has 30 days. That means R1000 car premium / 30 days = R33.33 per day. March has 31 days meaning R32.26 per day.
- April had 30 days under lockdown and March had 5 days under lockdown making the total 35 days of the lockdown.
- 5 days x R32.26 per day = R161.30 for March 2020 at 25% cashback.
- 30 days x R33.33 per day = R1000 for April 2020 at 25% cashback.
- That means 25% of R1000 (for April) = R250 and 25% of R161.30 = R40.33 (for March).
That means on a R1000 per month car insurance premium, the refund will be R290,33 (R250 + R40.33) for March and April. Using the same calculations at 25% cashback for May, the refund will be R250 for May at an assumed R1000 per month car insurance premium.
When and how will you pay me?
We will be paying all our loyal car insurance clients like you 25% of their car insurance premiums for the period 27 March to 30 April 2020 and for 1 – 31 May 2020. This will be paid separately. Cash back for 27 March to 30 April 2020 will be paid by 14 May 2020 and cash back for the full month of May 2020 will be paid by 30th June and cashback for the month of June 2020 will be paid by 31 July 2020. This will be paid into the same bank account from which we collect your Car insurance premium.
We will continue to review relief options to assist you financially during these challenging times.
We wish you and your family good health and safety during this challenging time.
Underwritten by Standard Insurance Limited. Standard Insurance Limited (“SIL”) is a short-term insurance company (Reg. No. 1993/007593/06) within the Standard Bank Group, and authorised financial services provider FSP 33348.
