Volvo adds insurance
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• Volvo is to offer insurance to lorry operators in the latest move by truck operators to boost their profitability.
Driver and vehicle insurance will be provided first but Volvo says it will eventually offer insurance for "every facet of
freight movement by road" a UK market which the company estimates is worth ,E1.7 billion each year. Its new insurance arm will be called Volvo Contract Insurance.
From this week insurance
will be available from all Volvo truck dealers.
Volvo claims to be the first truck manufacturer to offer insurance and it follows moves by all of the major commercial vehicle makers into truck finance and leasing.
The company will be entering a market in which mainstream insurance companies are putting up premiums by around 10%, but the extra option should sharpen competition for operators.