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Posted November 25th 2008

Innovative Car Insurance Product helps the struggling Motor Car Industry

With another U-turn by the Government on car tax, the outlook still looks gloomy for the Motorist wishing to buy a new car for the simple reason credit is becoming harder to obtain. Another loser in this sorry episode is the Automotive Industry both at home and abroad who have been hit hard with falling demand resulting in lower and lower car sales.

To help combat this downward sales trend more and more car manufacturers including relatively new players Daihatsu and SsangYong are signing up to Driveaway from HPI which is a car insurance product offering comprehensive cover to car buyers purchasing either new or used vehicles for up to a seven day period.

The key advantages of the product is that it is free to consumers for seven days, if insurance cover is continued after the free seven day period, then a quoted premium is chargeable. Car dealers offering new or used cars do not have be to FSA regulated because they act as ‘Introducers’, furthermore, once the car sale has been agreed, the customer simply phones the Driveaway call centre for cover. There is no paperwork or extra administration for dealer and a cover note is immediately issued by email to the car dealer allowing them to tax the vehicle. Lastly, the buyer can drive away their purchase more quickly which is a very satisfactory.