Defaqto rating: 5/5 stars
Independent financial products reviewer Defaqto has given Elephant insurance a five-star rating. This is the highest rating Defaqto offers.
Note: Not all Defaqto five-star rated products have the same covers and terms.
Elephant is part of the Admiral Group.
the Admiral group also owns Diamond Insurance and Bell Insurance.
Elephant was launched in 2000 and was the UK’s first online-only insurance provider
Elephant car insurance offers policy upgrades, including key care and hire car cover, and also offers bike insurance, car warranty insurance, multi-car insurance, van insurance, home insurance and travel insurance.
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Elephant’s parent company Admiral group has refunded £110m worth of insurance premiums to its car and van customers.
The company said it want to reward customers who had stayed at home and driven during the UK-wide Coronavirus lockdown during spring and summer 2020.
A £25 premium refund was automatically given to all customers whose car and/or van which was covered by the insurer on 20 April 2020; a total of 4.4m vehicles.
Admiral group said: 'We’re giving our customers the refund to reflect that there have been fewer cars on the road during the lockdown and our customers are driving less, which we expect to result in fewer insurance claims.
'The refund and other initiatives pass on the savings from reduced claims we may otherwise have benefitted from during the lockdown. It isn’t our intention to benefit from the lockdown and we’re returning our best estimate of the savings to our customers.'
Find out more about Elephant’s Stay at Home Refund queries.
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The Financial Ombudsman Service received 496 car insurance complaints about Admiral, which owns the Elephant brand, in the first half of 2020, plus a further 97 for Admiral’s insurance company EUI making a total of 593. That gives Admiral just under 12% of all motor insurance complaints. But Admiral has more than 16% of market share so received a much smaller proportion of complaints than might be expected for its size. To put complaints in context, 67 firms had 10 or more complaints each and those totalled 4,550 complaints. Nearly 200 firms had fewer than 10 each, sharing just 479 complaints between them.