LV= General Insurance has introduced a new Energy and Inflation Support fee to help under-pressure bodyshops absorb rising inflation.
From 1 October and for a period of six months each shop in its network will receive £75 plus VAT for every repair it carries out for the insurer.
The fee has been introduced after careful consultation with its network, which revealed the extent of steepling costs to help LV= gain a deeper understanding of current challenges around energy costs, salary demands, courtesy car costs, material costs and energy prices.
LV= said, “We have consulted with a number of our network repairers who agreed to share cost and bill information through ECA Business Energy. They also shared some of the other escalating costs within their business, and have used this to calculate a balanced Energy and Inflation Support fee.
“The scheme will be in place for six months and during this period we shall monitor the market while working with our network of repairers to ensure the right support package is given.
“We hope this additional cost goes some way towards alleviating the inflation pressures and continues to help support the LV= own network.”
The new scheme was announced following discussions at the recent LV= Sole Site Forum, held at the Wantage home of Williams Racings, and will be reviewed after six months and adjusted according to market conditions.
