When you own a motorhome, there are a number of costs – much like owning any other vehicle – that you can’t escape from, and insurance is just one.
Although we all want to have these products in place to ensure we’re covered in the event of an accident or other incident that damages our motorhome, or even worse causes us or our passengers injuries, we never want to pay over the odds for a policy.
But Out & About Live has recently warned motorhome owners to expect an increase in premiums as a result of several regulatory changes in recent months.
According to the publication, the increase in insurance premium tax (IPT), which will be introduced from 1 June this year, as well as changes to how compensation is calculated for personal injuries are the main upward pressures on costs for motorhome owners.
IPT is set to climb from ten to 12 per cent next month, which will undoubtedly see a small increase in insurance premiums. The change to the Ogden rate, which is how personal injury compensation is worked out, is expected to add further pressure to insurance prices.
UK general insurance leader at PWC Mohammad Khan told the publication that motorists should expect an average rise of £50 to £75 in the cost of their insurance policies, pointing to the fact that the increase in the Ogden rate was higher than the industry had anticipated.
Whatever kind of motorhome you’ve got, and no matter what additions you’ve made to it, such as by purchasing motorhome alloy wheels, you should always shop around to find the best insurance deal available each year.
Using motorhome insurance specialists could be one way to get a better deal on your cover, retail and marketing director for Vantage Insurance Nigel Coppen told the publication.
He stressed that specialist insurers are able to offer greater flexibility than those that offer a wider range of cover, and he therefore advised motorhome owners to consider using them.
“Working through the cover requirements with a customer, a specialist motorhome insurance provider will be able to see where savings may be possible whilst maintaining the quality of the cover,” Mr Coppen asserted.
Last month, data from the Association of British Insurers (ABI) showed that the average motor insurance premium had climbed by eight per cent since April 2016. And the organisation warned that there could be further increases for drivers in the coming months as reinsurance renewals are due.
These are expected to make insurers’ costs climb further, which means that some of this is likely to be passed on to customers. ABI assistant director, head of motor and liability Rob Cummings said insurers are doing their best to avoid passing insurance increases to customers.
He added: “The industry can only do so much though, and it is important that whichever party is in government after the election, that they commit to measures to help lower the cost of car insurance.”
If you’d like to buy alloy wheels for your motorhome, contact us today to see our extensive range and find the best product for your vehicle.