- This topic has 4 replies, 5 voices, and was last updated 2 weeks, 2 days ago by
.
- Topic
- Replies
We mere morals will never know how much but rest assured it will be incorporated in your AP plus VAT off course.
Unfortunately I have suffered a brain injury and occasionally I get confused and often say the wrong thing.
I believe you could look at last years insurance cost on the statement of income and expenditure then add 12%. It’ll be a little bit short as I’m sure the premium for Motability fleet hasn’t stayed the same.
I think I read somewhere in Motability’s press releases that they estimate a cost of around £600,000 for IPT. Which suggests an insurance premium of £5m which feels light for a fleet of 900k vehicles+
I'm Autistic, if I say something you find offensive, please let me know, I can guarantee it was unintentional.
I'll try to give my honest opinion but am always open to learning.Mark
When I worked at a large telecom provider, possibly the largest in the UK, our fleet was on a ‘Bond Insurance’ Policy.
Essentially we lodged about £2 million with Lloyds of London, and then paid another amount for an insurance company to manage the claims … in essence they were just admin staff sorting out repairs.
Our fleet was a smaller amount of cars/vans/hired etc than what Motability have, but the Bond would have been the same regardless of the number of insured vehicles. If a car/van was damaged we covered the repair ‘at cost’. The bond insurance was separate to cover something similar to what private policies would call ‘3rd party’
Perhaps Motabilty does something similar, hence the seemingly low amount. After all the insurance Motability offer isn’t to protect the driver, it’s to protect the fleet, or more accurately the asset value.
- You must be logged in to reply to this topic.