Vanarama has entered the commercial vehicle insurance market, with the aim of becoming the dominant force in commercial vehicle insurance for leased vehicles.
The leasing company aims to secure £4 million worth of gross written premium in its first year of trading; reflecting its market share of the leased vehicle market.
Vanarama Insurance has launched its own aggregator for customers to compare quotes online while also offering sales via the phone by the company’s newly-formed insurance services team.
Mark Thomson, who brings with him a wealth of experience in the insurance market with Aviva and Direct Line, as well as heading up brokerage Yes Insurance, will lead the new team. His most recent position as director of insurance business development was for stolen vehicle recovery expert, Tracker.
Thomson is confident that there is already a massive demand for Vanarama Insurance. He said: “People who lease their vehicles view the simplicity and predictability of a monthly payment for their motoring costs as a real bonus. So, using the same company to buy their van insurance and tying their costs up into one neat bundle, is really attractive.”
But it’s not just its own customers who will benefit from Vanarama Insurance. Any van or pick-up owner, whether their vehicle is leased or not, will be able to get cover from Vanarama.
Alongside offering a standard annual policy for commercial vehicle drivers, Vanarama Insurance will offer add-ons. These include tools-in transit cover and cover for lost keys.
Thomson said: “The launch of Vanarama Insurance will bring welcome competition to the insurance market for van and pick-up drivers who have been hit with significant premium increases of late.
“It’s not just a competitive quote we’ll be able to provide at Vanarama though - with 12 years’ experience in the commercial vehicle leasing market Vanarama knows van drivers and SMEs really well. We know what they want from their vehicle and policy and, importantly, how they like to be treated.
“The launch of Vanarama Insurance means that all van drivers, from florists to brickies, and decorators to dog walkers, will be able to get all their vehicle requirements under one roof, while benefitting from the award-winning customer service for which Vanarama is renowned.”