For many motorists, incurring significant damage to your vehicle is a costly inconvenience, resulting in either time off the road for repairs, or in the worst-case scenario, your car being written off. But imagine the impact if you were reliant on your car as your main source of income?
This is the reality faced by driving instructors, and when you consider the nature of their business, the risk of accidental damage when compared to normal motorists is quite high.
If your car is stolen or written off, a standard motor insurance policy will pay out the current market value. However, this could be less than what is needed to replace the vehicle, and as most cars depreciate quite quickly, may not cover any outstanding finance or lease agreement. For a driving instructor, once you take loss of earnings into account, and loss of customers due to the absence of a vehicle in which to teach them, it’s not long before losing your vehicle could cost you your business.
What’s the best insurance for driving instructors?
Online comparison sites are not the answer for this kind of specialist motor insurance. You need to talk through your requirements with an expert, who will help you identify all the potential risks to make sure you and your business are protected should the worst happen.
At Robison & Co. we work with a number of specialist motor insurance providers offering GAP insurance – an insurance policy specifically designed for driving instructors. As the name suggests, GAP insurance will bridge the gap between the current market value of your vehicle and the purchase price, or if greater, any early settlement amount that is owed to a finance company. The policy will even cover any modifications needed to a new vehicle, to make it appropriate for driving school use.
Simon Gubbins, Managing Director at Robison & Co., said: “The average salary for a driving instructor in the UK is typically up to £30k per annum, so if you consider the monthly losses that could be incurred should your vehicle be stolen or written off, it’s simply not worth taking the risk on a motor insurance policy which may not pay out for an adequate replacement or cover any outstanding finance.
With any form of business insurance, it’s always worth talking though the potential risks with a professional who understands your industry and can recommend the best policies for your individual requirements. Too often people buy off-the-shelf policies that don’t have their best interests at heart and unfortunately the results can be costly.”
Robison & Co is an owner-managed insurance brokerage, offering advice on all areas of business and personal insurance, as well as independent financial advice on investments, mortgages and pensions.
For a quote on your driving instructor insurance, or a review of your existing insurance policies, please contact us on: 01730 265500 or email hello@robison.co.uk
