Finance
CAR INSURANCE PREMIUMS ARE GOING UP – HERE’S WHY
Natasha Sadler Insurance Executive
(AND WHAT YOU CAN DO ABOUT IT) Natasha Sadler, insurance executive at Scrutton Bland looks at recent insurance developments for executive vehicles You may have seen your car’s insurance premiums rise this year. One of the reasons for this was the increase to Insurance Premium Tax to 12% from the previous 10%, which in many cases will have been added to motorists insurance premiums. Motorists have been further hit by the reduction in the ‘Ogden Discount Rate’. This is a formula applied to the financial award given to a severely injured person, so that they have the necessary financial security to provide for their care and loss of earnings. The rate was reduced earlier this year, and the increased costs to insurers have been passed on to the motorist. Another reason for increased insurance premiums is the increasingly complex technology installed in modern cars. Repairs to sensors, cameras and other high-tech features can easily run into thousands of pounds. The use of keyless car locks may have seen like a step forward, but thieves are becoming more adept at bypassing manufacturers’ security measures, and instructions for remote locking kits are readily available online. Insurers are now seeing an increase in car thefts for the first time since 2015
and there are some scary videos showing thieves breaking into cars in a matter of seconds – without the use of keys. Other news stories have highlighted instances of car owners handing over their keys to airport and other valet companies, only to have their keys copied and the car stolen at a later date. What can be done? • Don’t leave personal data about yourself in your car where, for example, someone valeting the interior can find it and take a photo of it on their phone. • Look at specialist protection devices which can be integrated into the vehicle and stop data being sent to the on-board diagnostic centre, where a thief can copy it to help break into your car. A good insurance broker can give you more information about this. • Finally, always get professional advice. At Scrutton Bland we have independent expert advisers who are experienced at arranging insurance protection for high value vehicles, and who can help you find the right policy at a competitive rate. For more information about insurance for your home, contents and vehicles contact Natasha Sadler on natasha.sadler@scruttonbland.co.uk or 01206 838443
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