Bennetts

Bennetts is a specialist insurance broker for motorcycles headquartered in Peterborough, with a contact centre in Coventry owned by Saga.[1]

For the surname, see Bennetts (surname).
Bennetts Motorcycling Services Limited
TypePrivate company
IndustryFinance and Insurance
Founded1930
HeadquartersPeterborough, United Kingdom
Key people
Gordon Bennett, founder
Vincent Chaney, Managing Director
ProductsFinancial services
Parentwww.lucidagroup.com
Websitewww.bennetts.co.uk

On 17 February 2020, it was announced that The Ardonagh Group had agreed to purchase Bennetts from Saga for £26 million.[2] However, it was subsequently reported that: "The sale of Bennetts motorcycle insurance to the Ardonagh Group has been reversed by the Competition and Markets Authority".[3]

History

Bennetts was founded by Frederick J Bennett in 1930 in Coventry and initially provided general insurance services for customers in the West Midlands. By the early 1980s it focussed solely on providing insurance to motorcyclists.[4] Additionally, The Times newspaper noted: "It also offers Travel Insurance provided by Aspen Syndicate which underwrites for Lloyds Insurance."[5] In the autumn of 2022, the company began offering car insurance, too.

In 2000, Bennetts launched a quote and buy on-line facility.[6] It was acquired by the BGL Group in 2001.[7] In 2009, Bennetts was one of “more than a dozen” insurance companies criticised for only offering insurance to people with an existing motorcycle licence.[8]

In 2011, the company launched acommercial portal dedicated to motorcycling,[9] followed in 2012 by a social networking group, Bike Social.[10][11]

On 28 January 2015, it was announced that Saga Group was to purchase Bennetts from BGL Group for a reported £26.26m,[12] completed on 1 July 2015.[13] On 1 December 2019, Bennetts stopped trading through Saga Services Limited, changing to Bennetts Motorcycling Services Limited, remaining part of the Saga group of companies. The Guardian newspaper described Saga's acquisition as: "Saga roars into middle-aged biker market with new acquisition."[14] In a related article, the newspaper noted Saga had paid: "£26m to snap up the motorbike insurer Bennetts, which specialises in providing cover for trophy rides such as Harley Davidsons, Triumphs and Ducatis."[15]

Administration fees

Bennetts is a broker. As a broker fees act as a way to maintain business, without this the company could not function. A full explanation of their fees can be found in the policy documents on the website www.Bennetts.co.uk

Sponsorships

Bennetts is very active in sponsorship of motorcycle championships, race teams, events and individual racers, being the title sponsor of the British Superbike Championship for the 2005-2008, 2018-2020 and 2023[16] seasons.

Bennetts is also the official insurance partner to the Isle of Man TT[17] races,[18] along with being title sponsor of the Isle of Man Classic TT races,[19] and the headline sponsor of the Isle of Man Lightweight TT race. The company is also a personal sponsor of Isle of Man TT racer John McGuinness.

Previously, Bennetts has been title sponsor of the Suzuki team in the British Superbike Championship,[20] a personal sponsor of rider Scott Redding,[21] and young rider Rory Skinner.[22]

Bennetts Travel backed long-distance motorcyclist and author Nick Sanders in his 'Final Ride', which Motorcycle News described as: "Nick’s circumnavigation of the world on his Yamaha Ténéré 700, which began in 2019 and was interrupted by the Covid lockdowns when he reached Australia the following year. Sanders resumed his trip in March 2022, finally returning to the UK this January."[23]

See also

References
  1. "Bennetts". Times Money Mentor. Retrieved 2023-07-06.
  2. "Ardonagh snaps up motorbike broker for £26m". Insurance Times. Retrieved 2023-07-06.
  3. Hancocks, Simon (October 6, 2020). "Bennetts insurance sale to be reversed following CMA concerns". Visordown. Retrieved 2023-07-06.
  4. "About Us - Bennetts". Retrieved 19 October 2018.
  5. "Bennetts". Times Money Mentor. Retrieved 2023-07-06.
  6. "Bennetts goes live with online facility". Insurance Age. 2000-05-02. Retrieved 2023-07-06.
  7. History of BGL Group Archived November 26, 2012, at the Wayback Machine
  8. "Insurers give motorcycle owners a rough ride". The Observer. 2009-05-23. ISSN 0029-7712. Retrieved 2023-07-06.
  9. Bennetts launches free bike classifieds Peterborough Today (2012)
  10. Baker, Rosie (2012-06-21). "Bennetts claims first brand-owned social network". Marketing Week. Retrieved 2023-07-06.
  11. "Bennetts launches dedicated social network for bikers". The Drum. Retrieved 2023-07-06.
  12. Bachelor, Lisa (2015-01-28). "Saga roars into middle-aged biker market with new acquisition". The Guardian. ISSN 0261-3077. Retrieved 2023-07-06.
  13. "Saga buys motorcycle insurance firm". HeraldScotland. 2015-07-01. Retrieved 2023-07-06.
  14. Bachelor, Lisa (2015-01-28). "Saga roars into middle-aged biker market with new acquisition". The Guardian. ISSN 0261-3077. Retrieved 2023-07-06.
  15. Bachelor, Lisa (2015-01-28). "Get your motor running: the retirement crowd going for motorcycle burn-ups". The Guardian. ISSN 0261-3077. Retrieved 2023-07-06.
  16. "BSB Knockhill: Glenn Irwin leads BeerMonster Ducati one-two in race three". www.motorcyclenews.com. Retrieved 2023-07-06.
  17. "Isle of Man TT: The sights, sounds and stars of the world's most dangerous race". The Independent. 2023-06-06. Retrieved 2023-07-06.
  18. link to IOMTT.com article on sponsors
  19. Article on Bennetts Sponsor Classic TT Races
  20. "Bennetts back Halsall Suzuki in BSB for two years". Bikesport News. 31 March 2015. Retrieved 19 October 2018.
  21. "Scott Redding 45 — Partners". Archived from the original on 2015-09-16.
  22. "Sponsors - Rory Skinner Racing". Retrieved 19 October 2018.
  23. "Adventure biker to premiere latest film in Bristol". www.motorcyclenews.com. Retrieved 2023-07-06.
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