Commercial Vehicle Operators Urged To Source Post-Ogden Therapy

All commercial vehicle operators can expect to see significant premium hikes at renewal, since a new interest rate for personal injury settlement calculations came into force. But what can be done about it? Is there any therapy?

The answer to that is ‘yes’, but you need to get the right ‘therapy’ in place, in terms of both insurance advice and technology. The new interest rate used in the Ogden Rate calculation is costing insurers millions, which they are recouping by increasing premiums by as much as 25 per cent. To keep your insurance costs under control, you need to minimise claims and manage risk as effectively as possible.

That sounds hard-to-do, but not if you have an experienced and diligent risk management specialist like Gauntlet as your insurance broker. Gauntlet’s account managers are already meeting fleet operators face-to-face and drawing up risk management strategies and Fleet Surveys that will cut risk and so offset the inevitable increases in premiums. In many cases, robust risk management will lead to significant long-term savings, turning a current negative into a very real positive.

Some of this will entail looking at telematics and cab cameras, ensuring insurers have evidence on the table to use in claims scenarios. By working with Gauntlet, you could also reduce claims and premiums by using tools such as Gauntlet Driver Monitor.

Don’t bury your head in the sand, or delay getting your insurance house in order. Call 0113 244 8686.