Arval and sister company Greenval Insurance will be absorbing the November 2015 increase in Insurance Premium Tax (IPT) for customers with insured leased cars.
The company offers a car leasing product that includes insurance as part of the package, and Arval's statement means existing or new customers ordering an insured vehicle from Arval before November 1 will not incur the 3.5% Government-imposed increase in their monthly fees.
Arval offers two motor insurance products. Arval Total Care is Arval’s optional package allowing customers to opt for an insured lease vehicle. The package includes contract hire with third party insurance, own damage protection, glass damage protection, maintenance management, breakdown assistance and accident management. The company also offers a fleet insurance policy that allows customers to insure their entire vehicle fleet simply and cost effectively, including those cars and vans that are not funded by Arval.
Elliott Woodhead, director of SME and partnerships said: “At a time when the premiums on a whole range of insurances are likely to increase, we are keen to give our customers some respite and certainty in relation to their company vehicle costs. As a result of this announcement we expect to see increased demand for our products as we get closer to the 1st November implementation date.