|Tags||insurance fleet insurance fleet motor insurance home insurance car insurance landlord insurance truck fleet insurance fleet cars truck insurance lorry insurance fleet car insurance property insurance business insurance special types insurance flood insurance hgv insurance fleet insurance guide flood unoccupied property insurance show all posts|
In the competitive world that is running a fleet of trucks or a haulage business, the ability to save money can be the difference between surviving and thriving. One way that lorry operators are increasingly looking to is telematics for trucks. Telematics – the method of capturing and interpreting a truck’s data electronically – can help you save on a range of business-critical areas, including truck insurance, fuel and even time.
What is the Ogden Rate?
The Ogden Rate, also called the ‘discount rate’ is used to calculate the level of compensation a person who suffers personal injury receives over their lifetime. It works on the principle that the compensation awarded will gain interest over time and this more significant with larger claims from more serious injuries.
Why has it changed?
The change in the discount rate is a consequence of the low interest levels in recent years resulting in a review by the Lord Chancellor. The review concluded an adjustment of rate should apply and came in to effect on 20th March 2017, reducing it from 2.5% to -0.75%.
How does this affect insurance premiums?
An example from Allianz Insurance uses a 30 year old man earning £25,000 a year suffering serious injuries and requiring care for the rest of his life. Before the reduction in the Ogden rate, the amount due from the insurer would have been calculated at £2,791,000 and after 20th March 2017, £6,325,000. This extra cost to the insurers can only be recovered by increasing premiums.
What premiums will be affected?
Premiums will increase on all policies which are affected by personal injury claims meaning an impact on millions of motor policy holders whether it’s a car, van or fleet insurance as well as other policies covering liability insurance, particularly business insurance. PricewaterhouseCoopers estimated recently that comprehensive motor insurance policies could increase by up to £75 on average but up to £1000 for young drivers.
While it would be fair to say that there’s a good deal of misunderstanding when it comes to car fleet insurance – many are surprised that fleet cover can be taken out on just 2 vehicles – it's as nothing when compared to lorry fleet insurance or truck fleet insurance.
As a small or medium sized business owner whether they have considered taking out truck or lorry fleet insurance and they invariably reply that it’s not for them as they don’t have a huge number of lorries and other heavy goods vehicles (HGVs) in need of cover. But as with car fleet insurance, truck and lorry fleet insurance can be for them as it’s a far more flexible type of cover than you might think…
The fleet car and business car sector has become a regular target for change in the Autumn Statement and 2016’s was no different. In his speech, The Chancellor announced changes to the tax bands that surround fleet cars, to fleet insurance tax and to the way drivers fund their company cars. What do these changes mean for fleet and company car drivers though? In this blog, we’ll look at the ramifications of these important changes for fleet managers and fleet car drivers.
Owning and running a truck or heavy goods vehicle (HGV) is an expensive business and it’s essential to have the right truck or HGV insurance cover in place should anything happen. But what exactly is the right truck or HGV insurance? In this brief guide to truck and HGV insurance, getaquoteinsurance – the truck, lorry and HGV insurance experts – give you all you need to know in order to get the truck insurance that’s right for you.