MAS is returning $1.7m in savings made on reduced motor vehicle claims during the COVID-19 lockdown.
This pass-back forms a major pillar of the MAS Relief Package we launched in April, which was established to help our Members cope with the financial impact of the COVID-19 lockdown.
As well as committing to passing back these savings, we also set up a $2m Hardship Fund for Members suffering financial difficulty due to the lockdown, and several health and wellbeing initiatives.
During Alert Levels 3 and 4 of the lockdown, motor vehicle claims were lower than normal, due to Members keeping their cars off the road.
From September 2020, we'll be reducing the base premiums for motor vehicle insurance policies by 7.2% for the next year of the policy. This reduction will be applied when the policy comes up for annual review.
To receive the full reduction, Members will need to hold their policy for the full year.
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