Daily Motor News – Friday 11 October

Ageas confirms exclusive negotiations with Saga 
Ageas has confirmed it has entered into exclusive negotiations with Saga plc, the UK specialist provider of products and services to people aged over 50, to establish a 20-year partnership for the distribution of personal lines Motor and Home insurance. Full story

Household Money: First Shake-Up To Car Insurance Groups In 25 Years 

The 50 car insurance groups that help determine how much we pay for cover are being replaced with a ‘more comprehensive’ new system. Thatcham Research is introducing the new Vehicle Risk Rating System (VRRS), a data-driven model that looks at five ‘insurability’ assessments. Full Story

Gecko Insights: Are Teslas becoming a more attractive risk to insurers and fleet operators? 

Gecko is introducing new data insights looking at Teslas with expert opinion provided by Tim Hunt, Senior Engingeer at Activate Group. He found that the gap between average repair costs of Tesla and other BEV manufacturers has dramatically closed over the last five years and is now trending in line with the rest of the market. Full story

Motor Insurance Insolvency compensation legislation enacted 

The Motor Insurers’ Bureau of Ireland (MIBI) has described the formal enacting of the Motor Insurance Insolvency Compensation Act as an “important and progressive moment for the protection of motor insurance policyholders”. The Act was formally signed into law by President Michael D. Higgins this week. Full story

Thatcham Research invests in new data platform 

Thatcham Research has invested in its new cloud-based Microsoft Azure data platform, as part of its Automotive Risk Intelligence journey. This platform will serve as the backbone to our product strategies and the development of our data and analytics capabilities, paving the way for future innovation and growth. Full story

Automakers quickly improve seat belt reminders in response to IIHS ratings 

Automakers have moved quickly to install louder, more persistent seat belt reminders since the Insurance Institute for Highway Safety began rating the features in 2022. Sixty-two percent of the 2024 models tested so far are rated good, while only 24% are rated marginal or poor. Full story

UK must prepare for widespread road pricing, says infrastructure tsar 

Britain must prepare for the widespread use of road pricing to make up a £35bn shortfall in tax revenues from the transition to electric vehicles, the country’s top infrastructure adviser has said. Sir John Armitt, the chair of the National Infrastructure Commission (NIC), said it was time for a “proper public debate” about the future funding of the road network and other critical projects. Full story

Shift to EV-only future would spell job losses, Toyota chairman warns 

A shift to an electric vehicle-only future would lead to job losses among those who have been working on engine-related technologies, including at the many suppliers in the sector, Toyota Motor’s chairman Akio Toyoda said. Full story

Roamly and National Insurance Inspection Services partner to combat $306bn insurance fraud  

Roamly, a leading US digital insurance platform, today announced a partnership with National Insurance Inspection Services to streamline claims processing through the implementation of a cutting-edge pre-loss inspection tool for recreational vehicles. This collaboration will expedite legitimate claims and enhance the overall policyholder experience. Full story

Elon Musk unveils ‘Cybercab’ at Tesla robotaxi event 

Tesla boss Elon Musk unveiled the firm’s long-awaited robotaxi, the Cybercab, at the Warner Bros Studios in Burbank, California on Thursday evening. The futuristic-looking vehicle featuring two wing-like doors and no pedals or steering wheel deposited Musk in front of an audience eager to hear details about a project he considers key to Tesla’s next chapter. Full story

Firms promised millions from UK’s new gigafactory 

Hundreds of businesses have been finding out how they can work on the UK’s biggest electric car battery factory. The plant is being built at Puriton near Bridgwater in Somerset by the owners of Jaguar Land Rover. An open day has been for companies wanting to be part of the construction phase as well as the supply chain for the factory once it is operational. Full story

Geico blames Cybertruck repairability for insurance cancellations  

US-based Geico has come up with an explanation for Cybertruck owners’ complaint that it is denying them insurance renewals. Citing the Cybertruck’s weight and repair costs as reasons, Geico says that “some customers may have received notices stating that PPA insurance would not be renewed for this vehicle.” Full story

How to drive down rising costs of auto insurance 

The average cost of a full-coverage auto policy is projected to jump to $2,469 in 2024, a 22% increase from $2,019 at the end of last year, according to Insurify, an insurance comparison-shopping website. That means insurance for your vehicle will add $205 each month to your ownership costs. Full story

Service roles under the CovéaPod spotlight 

Covéa Insurance’s latest episode of CovéaPod saw Jo Causton, CEO of the Institute of Customer Service, join Vicki Heslop, Director of Customer and Compliance, to discuss how service roles can lead to a successful career, thanks to the transferable skills and adaptability they provide. Full story