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4 December 2018
The cost of business in the transport sector is increasing. Rising premiums are adding further stress to the industry.
Premiums are increasing on almost all vehicle makes and models due to increased crash numbers and higher repair prices. The combination of more vehicles on the road and the costs associated with in-vehicle technology means that the average cost of replacement parts and repairs for motor vehicles is going up.
New Zealand has seen a higher frequency of claims due to our population growth, greater density in urban areas and the types of vehicles involved in crashes.
Figures from the Insurance Council of New Zealand show commercial and private motor insurance claims hit $1.023 billion in the year to September 2016 - up nearly $20 million on 2015.
If you still have the same ‘off the shelf’ motor fleet policy you put in place several years ago, then your premiums have likely increased each year and you have been lumped into a portfolio underwriting approach. If you haven’t provided a claims history, insurers will have unknown calculations built in to the terms which aren’t going to favourable to you.
Insurers have increased premiums, but there are things you can do to keep your fleet insurance costs down.
First and foremost, talk to your insurance broker. Given today’s market conditions, the value of your broker’s expertise has never been greater. When things are tough, you need someone with the experience and the contacts to find you the best deal on your fleet cover, and our transport brokers are transport specialists. They understand there are many ways to insure a fleet, and many ways to manage claims to keep costs down for clients.
Risk management begins with risk assessment. The more information we have, the better the analysis we can do to get you a better insurance deal.
Through proper analysis we can provide strategies and solutions that will result in a significant premium savings. Talk to us about the right cover to keep you moving. Ask about transport insurance for your business and about regular reviews to ensure your insurance programmes are delivered just right.