Tag: commercial van insurance

Break out from the crowd – don’t auto-renew

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It can be incredibly expensive to secure insurance for either your personal vehicle or the lorry or van you use for work, but you’re only making it worse if you follow the crowd and auto-renew your current insurer’s latest insurance quote, industry experts recently said.

However, up to 23 per cent of motorists in the UK do just that when it comes time to renew, and don’t even shop around for the best deals in an effort to save money on their personal or commercial van insurance, according to a recent survey. A large number of research respondents said that they felt it was too difficult and time-consuming to hunt down quotes from a car or van insurance provider, instead taking the path of least resistance and simply auto-renewing to save time.

Saving time is one thing, but saving money is another – especially in the current economy – and if you’re trading financial savings for ease of use, experts say you probably need to have your head examined. If you’re looking to save both time and money, industry insiders recommend you make use of a car insurance comparison website, as these sites provide the valuable service of acting as an aggregator of insurance quotes: put your personal details in once, and you’ll get several quotes back at once so you can compare them to one another as well as what you’re currently paying.

However, you need to keep aware of a few things if you do use a comparison site: no two policies are exactly alike. Even if they’re both offering ‘comprehensive’ cover, some insurers will provide different services, such as breakdown cover, as standard, so make sure you read all the fine print before signing on the dotted line.

Are insurers responsible for £225m in increased costs?

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Industry experts say that car and van insurance providers are responsible for running up £225 million in costs – that were passed along to motorists in the form of higher rates – due to ‘dysfunctional’ practices.

The entire market, personal and commercial van insurance providers alike, has been referred to the Competition Commission by the Office of Fair Trading after the OFT found that some companies were inflating the costs of repairs and replacement car parts following road traffic accidents. The watchdog agency remarked that the practice has is effectively holding insurers of at-fault drivers for ransom, depriving them any sort of choice in the way repair work is carried out.

Investigations found that the cost of providing a replacement vehicle was increased by around £560 for each instance. Repair costs were also found to b inflated by an additional £155 by insurers.

With drivers bearing the brunt of such actions through increased premium prices, consumer groups have praised the OFT’s announcement as an important first step in wrenching control away from a dysfunctional insurance system. The possibility now exists that a greater measure of transparency will be put in place in order to prevent the kind of complex and convoluted charges and fees that insurers have been using to drive up premium pricing, experts say.

Attempting to gain a competitive edge over their rivals by making it more expensive for competitors to do business is simply counter-productive, the OFT believes, adding that the market would work much more efficiently if insurance providers should simply concentrate their efforts on supplying high levels of service and quality to their customers.

Leading insurance comparison site announces new panel member

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One of the nation’s largest insurance comparison sites recently announced that a new insurer – a telematics specialist – has joined its panel.

One of the most in-demand types of vehicle insurance due to its ability to save drivers of both personal and commercial vehicles on their premium payments, telematics-based insurance records the behaviour of a driver whilst behind the wheel, awarding them with lowered premiums in exchange for responsible driving. Van insurance policyholders have been very interested in the technology, as it can also be used to provide evidence in cases concerning duty of care, as information such as how fast a commercial vehicle was traveling can be used to settle legal disputes.

The comparison site’s newest insurer, a firm that has specialised in telematics insurance primarily for personal motors, offers a range of options to its customers. A driver taking out insurance with the firm gains 6,000 miles for the year, with more miles available for purchase later, while safe drivers are rewarded with an additional 100 miles as a bonus each month and offers lowered premium prices for any safe driver that renews their policy after the end of the year.

The new firm joins three other telematics-based providers on the comparison site’s panel, a change that was made to provide peace of mind for customers, says the website’s spokesperson, Gareth Kloet. The comparison site was pleased to be able to offer a larger range of choice for those customers looking for telematics-based policies, Mr Kloet added.

Meet your duty of care through telematics

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While using the technology can bring excellent benefits such as reduced commercial van insurance premiums, there are other ways that switching your insurance policy to a telematics-based one – including meeting your duty of care responsibilities.

50 per cent of larger businesses operating in the UK that make use of large fleets of vans and other commercial vehicles are using the satnav-based technology in order to minimise their fleet risk while also meeting the duty of care requirements for their firm, according to a new YouGov survey. The research study questioned 100 chief financial officers, controllers, and financial directors for British firms that employed more than 1000 workers, discovering that fully half used telematics in their fleet vehicles in order to confer upon themselves extra levels of legal protection.

Firm directors are responsible to make sure all vehicles used by their employees whilst on the job are both insured properly and are roadworthy – and with health and safety legislation becoming more strict over the past few years, avoiding incidents that could lead to costly fines has become very important to many businesses, especially larger ones. Whether your vehicles are owned by the company or are owned by employees and used to conduct business, it’s simply legally and financially irresponsible to not have an auditable and comprehensive motoring policy set in place, motoring experts say.

One such driving expert, Keith Allen, commented on the results of the YouGov survey, remarking that it was ‘quite encouraging’ to see how many large-scale firms have taken steps to make their commercial fleets safer by adopting telematics-based insurance policies.

Engine re-mapping may save on motoring costs, says expert

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One expert mobile auto electrician from Gloucester has recently recommended undertaking engine re-mapping for your commercial vehicle, as it can lead to less motoring costs in the long run.

Mottec Automotive’s Charlie Morgan says that a simple re-programming of a modern vehicle’s on-board engine control unit, once the purview of boy racers looking to squeeze a few more horsepower from their cars, has grown to be used by savvy motorists looking for better fuel efficiency. Commercial van drivers, hauliers, bus and coach firms, taxi firms, and fleet managers can all benefit from such an engine re-maping, Mr Morgan said, as it can deliver’ guaranteed substantial savings’ on the cost of diesel or petrol – leaving more cash for things such as van insurance.

It only takes one or two hours to complete the process, Mr Morgan claims, adding that doing so has no deleterious effects upon the warranty of a given vehicle. Moreover, as long as you do it in order to improve your vehicle’s fuel economy, the majority of insurance providers do not consider it a ‘modification’ that would result in increased insurance premiums.

It typically costs £225 and upwards to re-map an engine in order to provide fuel savings  of around 10 to 12 per cent, an investment that pays off after a short 10,000 miles, Morgan adds. The savings add up quickly with the amount of time you or your fleet of vehicles spend out on the road, especially with fuel costs rising the way they have; reducing CO2 emissions and making a tank of fuel last even longer can work out to significant savings once it’s all said and done.

45% of UK drivers name white van men as most aggravating

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According to a new survey, almost half of all drivers in the UK say that white van men are the absolute worst when it comes to aggravating drivers.

The poll, which surveyed 2,300 drivers, saw 45 per cent of respondents indicating that they were most annoyed by white van men. The second runner-up for most aggravating went to Mums making the school run in their 4x4s, proving that perhaps stereotypes have more than a touch of the truth in them.

However, most white van men refute the stereotype of the angry, inconsiderate driver, according to an independent study conducted by Tesco Bank’s van insurance division. 7 out of every ten van drivers reported never got into altercations such as shouting matches with other road users, while nearly three out of every four indicated that the appearance of their van was important to them, taking pains to keep the vehicles free of scratches and dents.

Tesco Bank’s managing insurance director, Julie Hopes, implied that the kinder, gentler white van drivers may be due to an increased number of women getting behind the wheel in order run their own business. The stereotype should be put to bed, Ms Hopes added, stating that it truly has been dispelled by the commercial van insurance provider’s research.

Some of the other cars found to be the most annoying were the more expensive ones. The survey found that 27 per cent of respondents held rancor in their hearts towards BMWs, while Range Rovers – and their owners – garnered an impressive 19 per cent of the hate as well.

White Van Man stereotype a thing of the past?

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The red-faced, shouting White Van Man stereotype may be a thing of the past, according to new research from one insurer poised to launch their own van insurance line.

Supermarket giant Tesco’s insurance division, which recently announced its expansion into commercial van insurance, surveyed van drivers themselves, discovering that 70 per cent of their survey respondents completely reject the stereotype of the angry, rude van driver.  Nearly three out of every four of those surveyed also said that they keep their van in good nick, making sure there’s no scratches or dents if they can help it.

It’s no longer just men who get behind the wheel of white vans, either.  Research undertaken by Tesco found that the number of female drivers has risen, with to 15 per cent of them working as florists and nearly 10 per cent as tradespeople.

Tesco Bank’s managing insurance director, Julie Hopes, commented that it may be time to park the old stereotype.  In fact, only 30 per cent of the commercial vans on the road are still white, with drivers adopting a whole rainbow of colours to differentiate themselves from all the others on the road, the research found.

Consumer demand for commercial van insurance has led Tesco to extend its insurance portfolio into the commercial vehicle market, industry experts say.  The insurance offering is designed to provide comprehensive cover for drivers, who now spend n average of seven and a half hours every workday behind the wheel, and the new cover includes many features as standard, such as foreign use cover, lock and key cover, legal cover, a courtesy van, mobile repairs, and a courtesy van.

Tesco expands to van cover in its insurance offering

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While rumours are swirling about the possibility of some insurers leaving the commercial van market, one iconic supermarket giant has expanded its car insurance offering into the commercial van insurance sector.

The banking arm of Tesco, which already offers a range of financial products, has announced they are offering van insurance that boasts not only comprehensive cover but also includes a lifetime guarantee on repairs, legal cover, lock and key cover, a courtesy van, and mobile repairs, all standard.  Each van can have as many as eight drivers included in the cover, which is ideal for commercial vehicle fleets with floating drivers, and Tesco is also including more than three months’ worth of Eurozone cover as well.

The supermarket giant has certainly pulled out all the stops, especially for Clubcard customers, as Tesco offers a payment holiday scheme that can net as many as two months’ off from paying insurance instalments in a 12 month period.  Tesco is also offering public liability and employers’ liability insurance in an add-on bundle for customers that need cover for their equipment and tools.

Tesco Bank’s managing director of insurance, Julie Hopes, spoke out on the new offering, commenting that Tesco understands how integral it is for commercial vans to be kept running smooth for all too many firms in the UK.  Self-employed van drivers are in particular need of a comprehensive policy that offers excellent cover as standard as well, the supermarket giant said, adding that it’s not only AXA-underwritten tradesmen and van insurance policies that are available, as third party only and third party fire and theft are also on offer from Tesco as well.

Get off your mobiles behind the wheel – or else

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Enough is enough, one van insurance provider has recently warned its customers – get off the bloody mobile phone while you’re behind the wheel if you don’t want your insurance premiums to go up.

Swinton Vans has had it with those caught being convicted of dialing and driving, announcing that commercial van insurance policy holders can see their premiums go up by as much as double in such an event.  One driver saw an even higher increase, with a 128 per cent price hike of nearly £1,500 on top of their already relatively high annual quote of £1,147.60.

Van drivers need to know what the consequences are for being caught driving with the mobile phone up to their ear, Swinton Vans says, warning that the law does not differentiate between big companies and small business owners such as electricians, gardeners, and plumbers – anyone found not pulling over to take a call or to send and receive emails or text messages will be dealt with in no uncertain terms.  In other words, pull over or you’re going to run the risk of that phone call or text message being a very expensive one indeed.

Swinton Van Insurance’s commercial vehicle manager, Phil Moss, remarked that you need to think twice about using a mobile phone behind the wheel, especially since for many van owner, their vehicle is their livelihood – and having to suddenly pay double your original insurance quote could do more than ruin your day; it could place your whole business in jeopardy.

Cut back on your costs to offset insurance increases

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It’s common knowledge that the commercial van insurance market is currently in an abysmal state, but you can cut back on your costs in other areas in order to offset any insurance increase you may be labouring under, experts say.

Van insurance industry insiders have come forward with quite a few top tips on keeping your outgoings as low as possible in the current economy, which is incredibly important as  instability in the eurozone and fears of a double-tip recession at home begin to solidify.  Worse is that rampant fraud in the insurance sector – from criminals making spurious and outright false whiplash-related insurance claims – are driving premium prices to eye-watering levels.

The good news is that there are things you can to do counteract this sometimes disheartening and seemingly inexorable rise upwards.  First off, experts say that if you’re not using a comparison site to shop around for the best quotes, you’re missing out on what could be some very cost-effective deals – especially since insurers typically hold their best rates in reserve for new drivers as a way to remain competitive.

Comparison sites make it much easier than ever before to find the best price, as all you as a consumer need to do is to input the details of your business or your personal information once.  The comparison site will then query its panel of insurance partners, pulling a multitude of quotes for you to compare all at once and against one another, thus saving you massive amounts of time – and quite often leading to saving significant amounts of money as well.

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