New low cost comprehensive motor vehicle insurance
IVIC is currently in discussions with an underwriter to develop a new concept of comprehensive motor vehicle insurance. As the IVIC ‘Structural Tolerance Report’ is further accepted and used by the general motoring public and corporate sector, many vehicles will receive remedial repairs and be returned to their manufacturers recommended specifications. There will soon be more crashworthy compliant motor vehicles on our roads. A large proportion of motor vehicle insurance cover is sold over the phone and insurers are essentially providing cover without first inspecting (or sighting) the vehicle for defects or post collision repair crashworthiness. Insurers are simply relying upon the statements made by the proposed insured that the vehicle is in good condition and repair. Insurance is about mitigating risk and this method of selling insurance falls significantly to the insurers favour as they factor a higher component of risk variables to justify a higher policy cost to consumers. IVIC believe vehicle owners should not pay for unnecessary risk and therefore should receive a distinct cost saving on their annual comprehensive motor vehicle insurance if they drive true roadworthy and collision crashworthy vehicles.On the production of valid IVIC ‘Structural tolerance Report’ motorists will soon be able to purchase comprehensive motor vehicle insurance at up to twenty five percent (25%) cheaper than current available policies. Some conditions might apply however overall the proposed insurance will offer distinct financial advantages to owners and drivers of true roadworthy vehicles irrespective of their driving history or value of vehicle.