Domestic Monthly Motor Business New motor rating model - effective 1 April 2007
The industry has reported deteriorating results in respect of this class of business as a result of increased incidents and cost of repairs.
To enable us to address this area of our business, we have developed a scientific rating model which will be introduced with effect from 1 April 2007. This will enable us to rate each risk more accurately and benefits of the new model will, where applicable, be passed onto our mutual clients.
There will be amendments to the monthly premiums, with effect from the above date, and clients will be notified accordingly by mail. You, the broker, will receive a spreadsheet of the changes to every policy via your local broker manager or the Customer Service Centre.
Once the new system comes into effect, the traditional premium calculator will no longer appear on our policy documentation.
If you have any questions regarding your personal lines (IMP) policies, please contact our Customer Service Centre on 0860 00 90 90 or your local broker manager.
