A specialist insurance brokerage that provides motorbike dealerships with a dedicated service has been set up after securing backing from Yorkshire Bank.
Principal Insurance Ltd has been established by Dave Bowcock and Paul Ingram to assist motorcycle and scooter dealerships in the sale process by offering their customers access to a wide range of insurers.
Prior to setting up the business, Dave spent 14 years at motorbike insurance specialist Carole Nash, while Paul has 22 years’ experience in the industry, including time running a major dealership, and most recently consulting for a motorcycle insurance aggregator.
The business, which has six employees and is based in Sale, has received support from Yorkshire Bank’s Preston Financial Solutions Centre (FSC) to assist in its start-up.
Kevin Hughes, managing partner at Yorkshire Bank’s Preston FSC, said “Dave and Paul have a vast amount of industry experience and knowledge between them, both in terms of motorbikes and insurance. They also have a strong business model and a clear strategy for taking the service to the marketplace.”
Paul Ingram, director of Principal Insurance Ltd, said: “I know from my own experience of running a bike dealership that insurance is often an afterthought for many riders and some sales can fall through because the buyer is unable to get insurance for the bike they want.
“We plan to offer dealerships a dedicated and personal service, so that we can offer their customers access to the widest range of insurers and the best possible prices. There aren’t many brokers offering services in this way and we want to give a better level of service than the industry standard, helping dealerships to talk their customers through the insurance process.”
As well as assisting dealerships, customers can also go direct from the Principal Insurance website where they can get instant quotes for superbikes, enduro bikes, scooters, mopeds, and large cruisers. The company will also arrange cover for young riders and those with motoring convictions.
Paul added: “The response to the service so far has been very positive and our plan is to expand the business with staff and customer numbers expected to grow at a healthy rate over the coming months. We want to make sure that our growth is organic and is achieved while maintaining both client and dealer service standards at the highest level.”