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High cost drives premium

Monika Singh
Friday, October 13, 2017

THE high cost of maintenance for Prius vehicles in Fiji has pushed up the insurance premiums making it hard for the hybrid vehicle owners to find an affordable cover.

Marsh Ltd branch manager, Wayne Wong, made the comment at the submission by the Insurance Brokers of Fiji on the Reserve Bank of Fiji 2016 Insurance Annual Report to the Parliamentary Standing Committee on Economic Affairs yesterday.

His response was to a question by the chairperson of the committee Vijay Nath on how insurance brokers mainly dealt with big businesses and how there were some people who were finding it hard to find affordable vehicle insurance for their hybrid vehicles.

Mr Wong said when hybrid vehicles first entered the Fiji market the insurance companies that had vehicle insurance were providing insurance for the Prius vehicles at $600 per year insurance covers.

However, Mr Wong said the high maintenance cost of Prius vehicles had led to insurance companies paying out as much as $6000 for maintenance cost compared with the $600 insurance cover.

He said the cost of maintenance had driven up the insurance covers for Prius vehicles.

Meanwhile, Aon (Fiji) Ltd associate director Christopher Campbell said their records showed there were 800 hybrid vehicles on the roads with 10,000 waiting for clearance.

Mr Campbell said stakeholders such as the Land Transport Authority and vehicle importers should have been brought together to look at the overall impact of the hybrid vehicles in Fiji.

He said it would have been more prudent to bring in brand new hybrid vehicles.

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