Commercial Vehicle - Working Vehicle Insurance

Target market:

The target market statement reflects the customers, their needs and characteristics that MISL are prepared to cover under this range of products.

We have compared these statements with the broader statements of the co-manufacturer to confirm their compatibility.

Characteristics of target market:

• Customers who are resident of England, Scotland, Wales and Northern Ireland, and where the vehicle is registered in the UK.
• Customers who want annual (12 months) insurance cover.
• Customers who require Comprehensive, Third-Party Fire and Theft cover.
• Customers whose vehicles are individually or company owned, with the prime use being used for business with personal use allowed.
• Customers who own catering vans, including ice cream vans, coffee van and mobile shop vehicle.
• Customers who are home help/carers.
• Customers who are showmen with HGV, Pick up van cover available.
• Customers who have single or multi vehicles.

Objectives, needs and interests of the target market. This Product:

• Provides cover for up to the market value of the vehicle at the time of accident, loss or theft and liability to others.
• Accepts various uses such as: Social Domestic & Pleasure (SD&P) SDP+ Commuting, Class 1 and Class 2.
• Provides cover against third party claims that arise from the use of the vehicle for accidental damage and damage caused by fire and theft.
• Provides cover when the vehicle is being driven in the EU or any other country which has agreed to follow the EU Directive or Insurance of Civil Liabilities for up to 30 days per year.

Customers for whom the product would not provide the intended value:

• Drivers living outside of the EU.
• Drivers looking to gain insurance without a fixed abode.
• Drivers who are looking for a policy on a short-term basis.
• Drivers who hold a provisional licence.
• Drivers who are looking for driving other car cover.
• Drivers looking to use the vehicle for hire and reward.
• Drivers under the age of 23 years old.
• Drivers who have not held a full UK driving licence for at least 24 months.
• Drivers who have an occupation of Couriers.