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AXA revamps its motor trade SME offering

AXA revamps its motor trade SME offering

AXA revamps its motor trade SME offering It’s one of the key products in its line-up and now AXA has revamped its motor trade SME offering.

The insurer announced the shake-up earlier today highlighting that it will include a range of new policy elements such as no-claims bonus protection. SME motor traders can also enjoy cover for misfuelling, such as fuel removal and replacement and subsequent damage repair; as well as for alternative transport or hotel expenses if a vehicle is not roadworthy and a journey cannot be completed.

As an addition, the policy will also now cover leased vehicles – covering the difference between the insured value and the contract settlement figure if the vehicle is written off.

According to Marc Johnson-Hall, motor trade product manager of AXA UK, the move is part of the insurer’s push to improve its offering for the SME market.

“Around 90% of the motor trade sector businesses are SMEs and it is our duty to provide these entrepreneurs with the insurance they need to focus on their day to day business,” he said.

“With nearly 50 years providing a dedicated motor trade product, we understand motor trade SME businesses and listen carefully to what our customers – and our brokers - need. The changes to our SME motor trade product reflect that.”

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  • Nick Mohan, joint MD, Jackson Lee Underwriting 14/09/2017 16:04:00
    I'm so pleased to see AXA acknowledging the very real exposure SME motor trade clients face on leasing agreements. We have been offering this type of GAP cover at Jackson Lee Underwriting for 25 years now and it's very popular. It's a particular problem in many businesses not just in motor trade; where vehicles used for own purposes are usually leased and as these agreements are not regulated by the Consumer Credit Act there is often a big shortfall when total losses occur. My concern though is that packaging this GAP product with the primary insurer will impact future renewal premiums. Clients won't thank you for that and we all know the impact that can have on retention. It's far better to insure this risk separately under an additional policy. That won't impact the no claims bonus either and importantly it won't affect renewals.
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