Tony@Greenlight
RMS Trader
Hi Everyone,
We have been in discussions with an Insurer to add to our range of Underwriters for both mainland and Northern Irish risks, they are quite different in terms of their approach to how they rate risks and they target drivers without NCB, or with only 1 or 2 years NCB in their own name.
Their view is that they are looking to cover individuals that wish to take a higher proportion of the risk themselves and in place of traditional NCB they favour a really large policy excess.
The policy excess is £3000.00 for male drivers, or £1500.00 for female drivers and applies to ALL sections.
All sections excesses relate to damage to your vehicle by accident, fire, theft or malicious damage - and where this excess is different to most other Insurers that we deal with is it also applies to 'Damage to Third Parties').
The vehicle must be worth in excess of £4000, but the Insurer will cover all types of vehicle from basic to sports/supercars and their view is that with the larger excess their policyholder will be taking additional care.
Our view is that this policy isnt going to suit everyone, but it will give people a foot on the ladder who are starting out on their own and Insuring a vehicle in their own name for the first time, coming off a company car scheme, or who have lost their NCB after a claim under their policy (as they do not load past or present claims).
At this stage they do not cover modified vehicles, but they would represent a stepping stone that will get drivers (without NCB, without performance car driving experience, or with no NCB due to claims) through until you qualify for our main performance car schemes in Northern Ireland.
We're checking through their policy wordings, terms of business etc as part of our due diligence process, but I would be interested in the views of the RMS community as to whether you would consider a product of this nature (ie. stepping stone/rehab).
Your comments would be appreciated!
Kind regards
Tony
We have been in discussions with an Insurer to add to our range of Underwriters for both mainland and Northern Irish risks, they are quite different in terms of their approach to how they rate risks and they target drivers without NCB, or with only 1 or 2 years NCB in their own name.
Their view is that they are looking to cover individuals that wish to take a higher proportion of the risk themselves and in place of traditional NCB they favour a really large policy excess.
The policy excess is £3000.00 for male drivers, or £1500.00 for female drivers and applies to ALL sections.
All sections excesses relate to damage to your vehicle by accident, fire, theft or malicious damage - and where this excess is different to most other Insurers that we deal with is it also applies to 'Damage to Third Parties').
The vehicle must be worth in excess of £4000, but the Insurer will cover all types of vehicle from basic to sports/supercars and their view is that with the larger excess their policyholder will be taking additional care.
Our view is that this policy isnt going to suit everyone, but it will give people a foot on the ladder who are starting out on their own and Insuring a vehicle in their own name for the first time, coming off a company car scheme, or who have lost their NCB after a claim under their policy (as they do not load past or present claims).
At this stage they do not cover modified vehicles, but they would represent a stepping stone that will get drivers (without NCB, without performance car driving experience, or with no NCB due to claims) through until you qualify for our main performance car schemes in Northern Ireland.
We're checking through their policy wordings, terms of business etc as part of our due diligence process, but I would be interested in the views of the RMS community as to whether you would consider a product of this nature (ie. stepping stone/rehab).
Your comments would be appreciated!
Kind regards
Tony
