Actually there are very few underwriters for the haulage industry especially when compared to the domestic car market.
FNG you seem to be up on insurance procedures.
Why is it we pay so much more than our continental cousins after all there is only a 20 mile strip of water that makes us different. right?
Why ,also is it not possible for us to buy insurance from abroad at cheaper rates surely an underwriter in Holland can calculate the same risk as one in the UK so doesn’t have to be in the UK
Would I want my insurance premium to increase because the insurer wasted loads defending a claim they couldn’t win?
When interest rates and investment returns are high, they are gagging for your money and premiums are cheaper. When the returns are lower, they will focus on underwriting profit (premiums, less claims, less admin, plus investment income = profit) — so premiums are higher.
I pay £9k for two vehicles on comp EC wide, plus GIT £250K, Public Liability £5M and Employers Liability.
Can’t operate without it — wouldn’t meet the solvency margins to self insure, not an expert in defending claims, and need to show my customers I have the cover.
The bond according to the RTA is £15,000 posted with the Accountant General of the Supreme Court.
I have several clients who self insure, though they both have large fleets with a high frquency of low value claims. But they both have a cap and insurance cover over the balance. One’s £10K and the other is £100K.
£15K sounds great for self insurance until you have nasty claim as TP liability is unlimited and that £15K might not go very far.
Why is UK insurance so high compared to Europe? No idea. Possably our claims/legal system is more expensive? Eire has the compensation board which is very cheap to run when compared to our no win no fee system.
As a matter of interest, don’t get confused with the “massive profits” that insurers make. There isn’t that much if any profit to be made especially when interest rates are low and stock market flat. Insurers profit come from investing the premium before paying claims and not from the premium only.
An insurer should refuse to insure a foriegn registered vehicle as by definition it’s not registered in the country of use, only visiting. However I’ve known hauliers based in the uk use dutch registered cabs and they have dutch insurance.
When i got back to the depot tonight the night clerk pulled me over and said “do you know anything about this” i looked at the piece of paper and hes holding an insurance claim form for an accident onn 22nd JULY that apparently i was involved in■■?
Now after thinking about it for 0.000001 second i have not been in ANY accident, and more so it was in a rigid so i would think i would no about it…
Not got any details of what is supposed to have happened(yet!!) but im livid, and i guess they will just pay out But it better no go on my record. The thing that makes it all look a bit suss in my eyes is that this is a regular run for this truck everynight from Sherburn to Honley(huddersfield) give and take at the same time too…
