Calculate — Credit Hire An accurate and consistent way to validate and value credit hire claims — and optimise outcomes

When assessing credit higher cases handlers have numerous issues to consider, be that enforceability, need, rate or duration. Those issues are the same whether the value of the claim is 500 pounds or £50,000. Indeed, we are seeing more and more cases in excess of £100,000. Insurers have always faced challenges in dealing with these claims pre litigation, often because of adversarial opponents or because there has been limited disclosure of documents to enable insurers to assess the value and provenance of the claim. However, insurers do want to be subtle in these cases, and it is even more important that they are assessing cases as quickly as possible. Those fresh challenges include rampant inflation and the disruption to the supply chain that has seen an increase in prices and claims generally through labor costs, through the second hand car market and those repair parts that are required to put vehicles back on the road after they have been involved in an accident. We know that the average time to repair a vehicle now is 40 days and we have even seen from some credit hire companies a rise of 20% to 25% in the daily rate of higher. The rollout has also introduced new challenges removing claimant solicitors entitlement to costs. But of course, those standard costs are still available to claimant solicitors, where the value of a non P case exceeds £10,000. And of course, raging inflation has had a significant effect on the cost of living. And we all know that as the cost of living increases, so does the rate of fraud. Though it is now even more important than ever that insurers are validating and validating their claims as quickly as possible. And we hope that through this credit calculator you will be able to do that. We have built a cloud based decision support tool to help handlers in assessing credit hire cases. This is not the silver bullet to resolving the credit hire cases. Neither is it going to help insurers win the race to £10,000. What it is going to do is help your handlers validate and evaluate credit hire claims as quickly as possible. Most of the issues to be considered in a credit hire claim are objective. There are added bonuses with the credit hire calculator. For example, a key fraud indicator checklist to flag cases that you may need to refer to your special investigation unit. But this is a tool that will complement your handlers, not replace them. It will walk them through the assessment of a credit hire claim, considering all the relevant issues and ultimately providing them with a valuation to make offers for early settlement of the cases or to make part of 36 offers that may protect you on costs. It is a living, breathing tool that can be adapted at any stage for market changes. So for example, the recent increase in the GTA rates has now been incorporated into the calculator. It is ultimately a tool that will help improve your efficiencies and drive settlement of claims and hopefully reduce your indemnity spend.