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UK Car Insurance Industry Watch, January 2008 |
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This regularly updated section of the HomeApproved web site will cover the latest trends, research, opinion and developments in the UK car insurance sector. Allianz
goes green - Insurer is the first to offer recycled parts in vehicle repair Drivers will have the opportunity to reduce their carbon-footprint by having recycled green parts fitted to their vehicles by Allianz's nationwide network of approved repairers. The insurer said safety and quality of repair is not compromised as the recycled parts used are not structural, subject to wear or have a safety function such as brake and steering components. The recycled green parts include lamps, radiators and internal door components. The use of recycled green parts is beneficial to the environment, reducing the amount of waste disposed of in landfill sites. The scheme is also cost effective for both insurer and repairer. For a £1,000 claim, on average up to £240 can be saved by using recycled green parts, the company added. The decision to push ahead with the scheme follows a successful pilot scheme with a small number of repairers and distributors in Northern England. The initiative has received support from the British Vehicle Salvage Federation (BVSF), which represents the UK vehicle salvage industry. ENDS Highway
overhauls EDI car product As a result its postcode and vehicle ratings have been updated and introductory bonuses for safe, experienced drivers introduced. The enhanced product also includes cover for child seats to reflect the move towards family vehicles. The new product is effective for new business and renewals from 1st January 2008. Chris Hill, Highway Managing Director said: "This re-launch is very much part of Highway’s overall strategy and the core aim is to widen our footprint and compete better in the general private car market – particularly super-minis and family oriented cars." Hill said the product would not weaken market rates. "The re-launch of Highway Choice Private Car has been timed to coincide with the removal of all concessionary discounts and deals. Our aim is to appear more competitive on brokers’ screens for out target risks, with changes designed to ensure our overall premium strength is not reduced. We will continue to apply rate increases during 2008 to ensure premiums reach realistic levels." ENDS Direct Line Car Insurance: Vandalism Promise The
company's vandalism promise If you're a victim of vandalism, the Direct Line vandalism cover comes as standard and now preserves your no claims discount. In addition to repairing the damage; if you go to one of their recommended garages, your car will be cleaned inside and out. Conditions
When you claim you will have to pay the excess. Once Direct Line receive your claim, you may lose your no claims discount, but only until the company is supplied with a relevant crime reference number. Please remember that vandalism should be reported to your local police station unless it is an emergency. This promise is for comprehensive policyholders only. ENDS Thatcham
to open regional training centre Specifically targeting vehicle damage assessment, the new facility, which will be based at the Motor Industry Research Association (MIRA) campus in Nuneaton, Warwickshire, will initially focus on running courses in generic estimating as well as ATA estimating competency testing. Thatcham’s chief operating officer, Jason Moseley explained: "With the Thatcham / BSI Kitemark scheme now highlighting the need for fully trained and competent technicians, the demands on our training centre are increasing daily". "The new training centre will ensure that we can continue to provide the high level of service expected by our customers." The opening of the new facility was encouraged by Thatcham’s insurer members who recognise the importance of accurate estimating for both their own engineers and repairers alike. ENDS Motor
Claims Management Briefing 2008 Through a combination of key-note speeches, streamed workshops and interactive discussion, the Motor Claims Management Briefing 2008 will address such topics as:
This is just a selection of the topics that will be covered by this innovative event, designed to bring together those at the heart of the motor claims sector. Date: 14th February 2008. Location: Victoria Park Plaza, London. ENDS Jelf
seeks rate rise as it launches fleet product Commercial director Phil Barton said: “Rates are as low as they can be. This is a very price sensitive area.” Based on heavy competition within the fleet market, Barton said companies had consistently made the mistake of focusing too heavily on premium reductions instead of the numerous other ways to cut costs within the business. Aside from offering an insurance and broking service, SureFleet will provide consultancy advice to give fleet managers ideas on cutting costs while allowing insurers to keep rates at a more profitable level. SureFleet customers will have access to a linked network of approved repair shops which Jelf claimed would significantly reduce administration costs. ENDS Motor
premiums keep rising - Automobile Association For the whole of 2007, the average quoted premium for annual comprehensive car insurance rose 5.9 percent, the motorists' organisation said in a report on its insurance premium index. third party cover also rose 5.9 percent on the year after an increase of 1.5 percent in the last quarter. "The main driver is personal injury claims which are rising at around 10 per cent per year," John Close, insurer relations director at the AA, said. "The cost of repairing accident damage is also increasing at about 5 per cent per year, as modern cars are built with greater crumple zones, expensive secondary safety systems such as airbags (and) incorporate 'exotic' lightweight materials and thus cost more to repair," Close said. Drivers and their passengers are less likely to be killed in a serious accident, he said, but they are more likely to make personal injury claims, with the cost ultimately trickling down into premiums charged. The AA insurance premiums index is based on average premiums from up to 85 motor and 37 home insurance companies and schemes based on a basket of 1,000 car and 750 home risks. Source: Reuters, January 18th. ENDS Buying
car insurance online can slash bills Using quotes from Best Buy insurers, Which? Money researchers found a couple aged 45 could spend up to £660 a year buying car and general insurance over the phone. But if they bought insurance from Best Buys online, they could cut this figure by 26% to £491– an annual saving of £169. And that saving would have been even more if they had switched to a Best Buy from a poorer value product. Best
Buys
Each was asked to provide cover for a 45- year-old couple with a medium-risk car, living in a low-risk area with a five-year no-claims discount. The biggest online saving was from the Post Office. It quoted a premium of £341 over the phone but only £282 online. And the cheapest online quote (Budget) was 26% cheaper than the most expensive phone quote (Post Office). Which? Money Editor Martyn Hocking said: "You can clearly save money by shopping around for insurance on the internet. Don’t automatically renew your insurance with the same provider – shop around, as it’s likely you'll be able to find a cheaper deal elsewhere. Concentrate on getting online quotes for insurance, as these tend to offer the best deals." "If you’re using comparison web sites to get quotes, visit two or three and then get separate Direct Line, Churchill and Privilege quotes, as these may not appear on all the comparison sites, to give yourself as many options to compare as possible." ENDS |
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