NIG launches new motor product

NIG has launched a new product for motor traders designed to support brokers operating in the medium-sized motor trade sector.

The insurer said, "in a move to help traders and brokers in the current economic climate, the NIG Motor Trade Combined Policy is the end result of extensive research into what motor trade insurance brokers wanted to see in a product. It provides extensive cover across multiple premises whilst still retaining competitive premiums that reflect the over-all exposure."

In designing the product, NIG said it understood the changes and current challenges in the motor industry, and tailored the product to meet the needs of garages and dealerships with multiple outlets. It also developed a new rating tool ensuring appropriate cover is available at competitive premiums.

Steve Kingshott, NIG’s underwriting director, said: “Major dealers tell us that the current economic climate has impacted on sales and new solutions are needed to support the industry in these challenging times.

“Maximising sales opportunities is the primary concern of any motor trade business, especially now, and this means they need to be able to react immediately to customer demand. For example, if one outlet is doing better than another, the beauty of this policy is that stock and manpower can be moved to the premises without the need to inform us.

“Dealers need to know they can switch their stock of vehicles and manpower from location to location without having to go through often cumbersome prior clearance from their insurers. They also need the confidence of knowing that managing their business to meet customer demand won’t impact at the time of a claims settlement."

He continued: “The policy gives substantially widened cover as our brokers requested, a high quality claims service, extensive engineering breakdown cover, along with engineering inspection and legal expenses cover provided by DAS.

“We believe that whilst there are many insurers targeting the smaller end of the market, there is a lack of expert capacity for medium-sized business to fully support brokers.

“This is especially important in the current environment. With our 60 plus years of experience in this sector, the addition of this product to the NIG portfolio enhances our proposition to the market and gives brokers the flexibility to handle the changing needs of dealerships according to market conditions."