Willis has developed an insurance product that can be used in conjunction with Fleet Support Group’s online risk management programme.
Targeted at grey fleet drivers, the insurance product is underwritten by international insurer Catlin Group and uses HM Revenue and Customs’ tax free approved mileage allowance payments (Amap) as its premium basis.
The Amap rate for the first 10,000 business miles increased from 40p to 45p per mile on April 6. The grey fleet insurance premium can then effectively be funded from within the additional 5p per mile paid by employers to own car users.
For comprehensive cover the premium rate quotes for one potential customer is 4.1p per mile and for third party fire and theft cover it is 3.3p per mile.
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