An interview with the Insurance Factory
The Insurance Factory is a specialist insurance company which focuses on providing insurance cover for niche markets, some of which other insurers won’t cover, such as performance and sports cars, convicted drivers, import cars, commercial vehicle insurance, modified vehicles, taxis, driving school cars, mobile catering van and motor trade insurance.
Part of the Markerstudy group, the insurance provider was established in 1974. Its specialist vehicle team prides itself on its vast experience in these sectors and aims to provide excellent value through tailored products set at competitive prices.
Q: You specialise in, among other things, commercial vehicles. What can you offer those using vans and are you happy to insure fleets of vehicles?
A: We offer a unique product on all our Van policies, which is £100,000 of Legal cover and also a 14 day van hire in the event of any type of claim and irrespective of level of cover.
Q: Average car insurance prices rose by record levels according to the AA British Insurance Premium Index during the first half of this year. What is driving the increases?
A: The increase is due to the vast number of claims that Insurers have suffered especially during the snowy period earlier in 2010
Q: Tell us more about the service you offer if someone needs to make a claim?
A: The clients are all directed to our claims line, who then arrange for the customer’s repairs. They also handle the recovery of the customer’s excess and any out-of-pocket expenses and any personal injury claim.
Q: What’s the most unusual vehicle you have ever been asked to cover?
A: We have been asked to quote for a chrome-plated Mini that was in the Sun Newspaper and was described as ‘un-insurable’ and we managed to do it though one of our specialist panel insurers.
Q: Do you offer different levels of cover to suit each client?
A: Yes, we can offer all levels of cover to suit the individual needs of the customer.
Q: Insurance fraud is a big problem for insurance firms across the country. How do you work to tackle this problem?
A: Insurance Factory is part of the Markerstudy Group and as such we work with them and all of our Insurer panel to help reduce the fraudulent claims. Most Insurers use the CUE match which is a Claims and Underwriting exchange to check client’s claims, histories etc. We are also using this facility before placing some cover.
Q: October typically sees a jump in car accidents. What advice would you drivers do to minimise their risk of an accident at this time of year?
A: Just to be more aware of the darker mornings and evenings when commuting to work, and also be aware of wetter and icier driving conditions and adjust their speed accordingly.
Q: With motoring costs continuing to rise, interest in alternative fuelled vehicles such as electric cars is rising. Do you foresee any difficulties in insuring and using these vehicles?
A: Not at all, Insurers are keen to embrace all new types of vehicle.
Q: Finally, where can motorists go to find out more about The Insurance Factory?
A: They can look on our website, www.insurancefactory.co.uk, and they can also look on www.markerstudy.com which is our parent company site.
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