Vehicle leasing provider Vanarama has entered the commercial vehicle insurance market as it looks to offer a one-stop shop solution for leased vehicles and the wider commercial vehicle market.
Vanarama aims to secure £4m worth of Gross Written Premium in its first year of trading, which it says reflects its market share of the leased vehicle market.
Vanarama Insurance has launched its aggregator for customers to compare quotes online along with an over-the-phone service from the company’s newly formed Insurance Services Team.
The insurance team is led by head of insurance, 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 YesInsurance. His most recent position was as director of insurance business development for stolen vehicle recovery expert, Tracker.
Thomson said the firm is looking to become the dominant force in commercial vehicle insurance for leased vehicles, and is confident that there is already a massive demand for Vanarama Insurance.
“87% of our customers say that they want a ‘one-stop solution’ for their leased van or pick-up. 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.”
The company is also offering a standard annual policy for commercial vehicle drivers, whether their vehicle is leased or not, along with a range of add-ons. These include Tools-in Transit cover and cover for lost keys.
Thomson added: “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.”