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Insurers to consider lower premiums for secure trucks
Page 12
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At last, operators could earn lower insurance premiums by picking
truas with effective security features. Guy Sheppard reports.
THE INSURANCE industry is to investigate ways of standardising premiums to reflect the effectiveness of security features.
Although this equipment has been rated on a scale of one to 10 since October 2003, securityconscious operators have not been rewarded with reduced premiums. But last week insurance leaders agreed to examine ways of establishing a link following criticism from the Society of Motor Manufacturers and Traders (SM MT).
The insurance industry's vehicle security steering group (VSSG) is to meet again in the summer when the Thatcham motor insurance research centre will outline various options.
Bill Pown all, motor risk manager for Norwich Union, says that one option would be to copy the group rating system used 14 cars in which all vehicles are placed in a specific insurance category based on factors such as repairability as well as security.
"I think there's a need to have a standardised way of assessing vehicles," Pownall explains. "This was the first time that the VSSG has met in two years; it has set the ball rolling." The SMMT argued that its members had no incentive to enhance security on new models because insurance premiums remained unchanged (CM 18 November 200-4).
Pownall says Norwich Union underwriters use the rating system devised by Thatcham but points out that it is still "not an exact science" when applied to insurance.
Graham Johnston, commercial vehicle underwriting director for Royal & Sun Alliance, says his company plans to launch an insurance scheme in the autumn which will incorporate the Thatch am rating system.
"It will make a difference to premiums but the thing that sways people more about improving security is the lack of disruption to their business," he points out.
If a truck is damaged or stolen they lose money"