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Cash bonus for security
Page 14
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Better truck security could really lead to lower insurance terms.
Guy Sheppard reports.
INSURERS ARE promising reduced premiums on trucks with enhanced security features following the launch of a star rating system on anti-theft equipment.
Norwich Union, the UK's biggest insurer of CVs, and Royal & Sun Alliance are evaluating how premiums should reflect the ratings devised by the Thatcham motor insurance research centre.
This follows criticism by the Society of Motor Manufacturers and Traders that its members had no incentive to enhance security on new models because premiums remained unchanged (CM 18 November.2004).
However, the insurers are playing down the prospect of major premium discounts,saying injuries and damage to vehicles cost far more than theft.
But Graham Johnston, the commercial vehicle underwriting director of Royal & Sun Alliance, says:-Although we are not a huge underwriter in this market now, we want to go back in and one of the ways of doing this is recognising security and differentiating our prices.
He expects the company's new approach to be available to customers in February 2006.
Norwich Union's David Ross says its evaluation process of the ratings is nearing completion: -The question of how we build that into our systems will take time but one would hope we would be putting it into practice by the end of next year.
-If you are buying a truck which is significantly harder to steal, forget the insurance benefit because that is to your advantage anyway."
The ratings, on a scale of 1-10, were launched in October, 2003. Mike Briggs, Thatcham's vehicle security team leader, is not surprised that it has taken so long for insurers to react. "They have to go through this period of grace, as far as I can work out, to get their heads round what we are supplying them with," he says.
-It was a gradual start with cars and now of course all cars come with immobilisers."