Unicom Insurance

April 12, 2013 01:00 ET

Insurance Brokers: 2013 Budget Could Transform UK Motor Trade

LONDON, UNITED KINGDOM--(Marketwired - April 12, 2013) - Unicom Insurance goes down a gear in its assessment of the 2013 Budget and explains how the motor trading industry could change over the next 12 months.

George Osborne delivered his Budget speech for 2013 in March and Unicom Insurance has been digesting the information since. The brokering authority has now revealed it is optimistic about the future of UK motor trade and believes Osborne's plan to be 'promising' for dealerships.

A spokesperson for Unicom Insurance commented:

"We've been looking at what the Budget means on a granular level, for our clients and more importantly - their clients.

"Lower corporation tax means more cash is freed up for dealerships to invest, which is promising. On top of that, the income tax bracket extends in April and fuel duty freezes in September, meaning more potential spend for drivers."

Three key points Unicom Insurance has taken from the Budget:

  1. Corporation tax has just dropped from 28 per cent to 24 per cent, it will drop again to 20 per cent in 2015.
  2. Income tax allowance has risen from £8,105 to £9,440 in April this year. It will increase again in 2014 to £10,000.
  3. The freeze on fuel duty comes into place in September this year, meaning a once-proposed 3 pence per litre increase has been put on hold.

Unicom brokers work with a variety of motoring businesses, securing motor trade insurance on their behalf. Though the experts are taking a positive standpoint on the Budget, they're not getting too carried away with point number 3:

"Freezing fuel duty is good news but it is still very costly to fill up. So, we're taking the Budget as a positive step forward by the Chancellor - not an outright solution to expensive driving.

"Hopefully, with the introduction of more fuel-efficient cars over the next few years, the future of motoring will start to become even brighter. It's our job to protect UK dealerships throughout the industry's peaks and valleys."

To find out more about Unicom Insurance and how the FSA regulated brokers operate, visit www.unicominsurance.com.

About Unicom Insurance

Unicom Insurance was established in January 1992 specialising in the insurance needs of the motor trader. Due to its success by 1994, Unicom was approached by a large motor insurer to manage a delegated authority scheme on their behalf.

Since then, Unicom has continued to grow and has built good solid relationships with many other insurers, dealing in multiple niche areas of commercial insurance.

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