No claims bonus cuts Brian Yeardley insurance premium by £25,000
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BRIAN YEARDLEY Continental has reduced its insurance premium by £25,000 after using its three-years’ no claims bonus as a bargaining tool.
MD Kevin Hopper says he told its insurance company it would lose its business if it didn’t “put its money where its mouth is” and offer a premium that reflected the haulier’s attempts to introduce safer working practices.
He says the company, which holds two O-licences for a total of 78 vehicles and 12 trailers, has worked hard to educate staff about their responsibilities, which led to it not having to claim on its vehicle or goods in transit premiums.
The Featherstone business had to pay the whole premium up front, but the total savings were £25,000. Hopper explains: “I feel insurance companies think they can come to haulage businesses, up our premiums every year and that we will accept it just like [with high fuel prices].
“By asking our people to help with this increasing problem, we got the result we wanted.” Doug Jenkins, senior client risk manager at CV insurer QBE, says operators are more in control of their premiums than motorists. “The only thing the underwriter looks at is the claims history – three to five years’ of claims history and the cost.
“It’s up to the CV fleets to manage those things and do what they can to mitigate the risks.”