News - 2006 Archive

• Safe Route through the LCV labyrinth
• ING Protect can help you save on insurance costs
• Road death risks
• New Child Car Seat Regulations
• Beware - Cash takers
• Things to Consider when Choosing a Leasing Company
• ING Expands with acquisition of Appleyard
• Changing Attitudes to Risk Management
• Reluctance and Risk Assessment

ING can help you save on insurance costs for fleets

Fleet management specialist ING Car Lease has launched a new product, ING Protect, a collision damage waiver which can significantly reduce costs.

ING Protect is only available to fleets funded by ING therefore and takes on the risk normally undertaken by traditional insurance products.  Because ING Protect is a collision damage waiver rather than an insurance product, any VAT paid on fees is fully recoverable, unlike the Insurance Premium Tax (IPT) paid on insurance premiums.

Diarmuid Fahy, risk manager at ING Car Lease says “we have several major clients who have already taken this product and slashed their insurance fleet costs considerably.  ING Protect also creates a strong cash flow benefit for fleets, by spreading the cost over a twelve month period without the additional expense usually incurred via the traditional insurance route.

“Fleets who have adopted ING Protect also report improved fleet efficiencies and control, as there is one less link in the chain when their cars are off the road following an incident.  As ING Car Lease alone is responsible for the repairs made to customers vehicles there is no need to involve insurance engineers, which speeds up the repair process therefore allowing drivers to get back on the road as soon as possible.

Regulated and authorised by the FSA, ING Car Lease has the in-house expertise and financial backing of ING Bank to administer a scheme such as ING Protect.

Diarmuid Fahy said: “Although not strictly an insurance product, this damage waiver service provides fleets of any size with the peace of mind that in the event of an accident, the cost of car repairs is covered by us.  We think this type of innovative solution will be attractive to a lot of fleets looking to minimise fleet costs and improve cashflow."