Prestige Underwriting sees record growth in non-standard motor book
With an expansive appetite for niche and the ability to secure cover for the harder to place risks, Prestige Underwriting has recorded strong growth in its non-standard motor insurance book since launch in November 2021. Analysis of the new business book indicates significant growth for a range of non-standard risks including grey imports, performance cars and convicted drivers to name a few.
The MGA’s High-Performance scheme will take vehicles with a high ABI vehicle group such as Porsche, Maserati, Mercedes AMG and BMW M Sport models, Audi and Jaguar XF, E & F Pace models etc. Given the associated higher risk of these high-powered cars, Brokers often struggle to secure cover for their policyholders. At Prestige Underwriting the Underwriting teams are delighted to address this gap in the market, providing value to its Broker network.
Performance cars come in all shapes and sizes as can be seen in the top 10 as presented by Auto Express in their review last July and include many of the top brands covered under Prestige’s scheme. Open to Drivers aged 30-70, vehicles groups 34 to 50, up to a value of £100,000. Vehicles with an ABI group of 45 – 50 are also acceptable subject to a minimum ownership period of 12 months.
Another area of steady growth since launch has been the Convicted Driver scheme. This niche product provides a solution for drivers with a poor history of motoring convictions and even certain non-motoring offences which often make it difficult to find cover elsewhere. A driver with a criminal conviction typically will find it harder to find insurance compared to a driver with a ‘clean’ record and often insurers will refuse to quote for a customer with any convictions.
Prestige’s Private Car product is suitable for Convicted Drivers aged 30 to 70 and vehicle’s less than 12 years old. What’s more the Commercial Vehicle product is suitable for Convicted Drivers aged 25 to 70 on any age of vehicle. Convictions range from 2 or more speeding offences, 2 or more Traffic Direction or signs offences, any other motoring offence, any driver with a history of motoring convictions, penalty points or disqualifications, any driver with non-motoring (criminal) offences upon referral to the team.
According to the Police Powers and Procedures report published by the Home Office in March 2020, there were 2.7 million motoring offences recorded in 2019 which resulted in a Fixed Penalty Notice or another outcome, an increase of 7.2% compared with the previous year and continuing an upward trend since 2017. Furthermore, according to the UK Government over four-fifths (85%) of recorded motoring offences were for speed limit offences (2.3 million) The number of speed limit offences has increased gradually year-on-year since 2011, and now stand at the highest level recorded.
As statistics prove, there is an insurance market need for convicted motorist insurance and with the sales of performance cars in the UK in the ascent, it looks like Prestige Underwriting’s new motor products will provide much needed cover for the harder to place, niche risks.
The Prestige Underwriting team understand the need for a flexible approach when it comes to risk appetite and have a team of underwriters with a wealth of non-standard and commercial expertise and knowledge to assist Brokers with securing cover and terms for risks many insurers consider to be too high risk. Insurance brokers you can call them on 0800 0113 777 or CLICK HERE, leave a message and youTalk-insurance will pass your enquiry on
Authored by Prestige Underwriting
