Insurance renewal.

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VVC-Geeza
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Insurance renewal.

Post by VVC-Geeza » Wed Jun 20, 2018 9:24 am

I's there any advantage to putting the coupe on a classic policy?

I have just had my renewal in and thought I would get a quote for a classic policy to compare the two.Both quotes are within £3 of each other.Apparently the classic policy would have been a fair bit cheaper but the mod's on the car have increased it to a similar price as the standard policy I currently have.I can get an agreed value with my current insurer so no difference there.
It would seem I may as well stay put.

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Davva
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Re: Insurance renewal.

Post by Davva » Wed Jun 20, 2018 10:01 am

I would say the major advantage would be agreed value, so if the car is beyond repair in an accident you get the value agreed in advance not the book price or someone's best guess at a 20 year old Rover.
Do you have to provide 7 photo's and state annual mileage and give a list of upgrades with costs ?
Usually any mods are included in the value, there's also 'Salvage rights' or similar, so any mods/upgrades can be removed if needed. Mine is agreed at £3.5k.

I was told by one company as long as I don't drastically increase the cc of the engine any mods won't increase the premium. Your classed as an enthusiast rather than a boy racer.

Some companies allow you to drive any other car fully comp up to £20k in value not owed by yourself as they know we all drive each others occasionally.

This is something I'm looking into for full members but as yet no company has come forward with a reasonable package for insurance for individual members.
Dave

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Jimm
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Re: Insurance renewal.

Post by Jimm » Wed Jun 20, 2018 11:21 am

It doesn't sound like you have much to gain Mick. I would imagine your a low risk driver so the policy price will be about as low as it will go. All of my cars are insured with different companies as they all seem to have particular favorites for low costs. A lot of the classic companies say my VVC is still to new but are happy with the Cerbera which is 6 months older or the Elise which is a year newer. Its all a racket really!
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stew
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Re: Insurance renewal.

Post by stew » Wed Jun 20, 2018 2:01 pm

Some classic policies have additional benefits like cover for events / shows, salvage benefits and cover for spare parts.

Managed to get mine on a classic policy this year, significantly cheaper than a standard policy in my case and covers events, but doesn't offer much else. Still no agreed value, maybe next year - it looks like they are starting to take the coupe more seriously. When it's a bit borderline sometimes a specialist / classic broker can help as they sometimes negotiate with the actual underwriters on the conditions.

Classic policies do tend to be much more restrictive and stricter on mileage, not that many of us are affected by that!
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VVC-Geeza
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Re: Insurance renewal.

Post by VVC-Geeza » Wed Jun 20, 2018 2:24 pm

Dave

I can get an agreed value on the standard policy currently running,just didn't bother last year.

Jimm

I agree,not really enough in it to make it worth changing.I looked into a classic policy with Chris Knott last year but the car was one year too young so it's eligable this time round,as would yours be.The guy at CK did a quote last year based on the car being 20 years old and it came out at £97 :o .But as soon as you start adding serious mod's like ECU's it knocks the premium up.The quote this year for a classic policy was with CK again.

Stew

As above,f your car is standard then there are savings to be made with a classic policy.

Worth remembering too that any NCB accumulated disappear after 2 years on a classic policy.I might just give flux a ring to see what they come up with as well.

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Re: Insurance renewal.

Post by Stagalfa » Wed Jun 20, 2018 3:42 pm

In my experience the biggest saver on insurance is agreeing not to use for commuting to work. Keeps you off the road when they are really busy.
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VVC-Geeza
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Re: Insurance renewal.

Post by VVC-Geeza » Wed Jun 20, 2018 5:51 pm

It's always been insured on limited mileage and just for social domestic and pleasure Carl.Don't get me wrong,the premium is still very reasonable at £173 but it would have been less than £100 on a classic policy had the car been standard.

VVC-Geeza
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Re: Insurance renewal.

Post by VVC-Geeza » Wed Jun 20, 2018 5:56 pm

Perhaps I should give Tim a ring and see what he can do.What do you think H? :D

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Re: Insurance renewal.

Post by Jinxy » Thu Jun 21, 2018 12:03 am

I looked into classic insurance this year and found it to be just too restrictive. Can't do this, can't do that. Can't use it to go to work, which I shouldn't need to do, but should Chris' car be off the road for any reason, he'll be using either my company car or Jinxy until it's sorted. Just can't have those sorts of restrictions.
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Re: Insurance renewal.

Post by kevinwillis » Thu Jun 21, 2018 7:04 am

With a agreed value if you are setting that value o you have the money to fix the car make shore you have salvage retention as well otherwise 25% to 30% off the money you might need to fix the car will be lost buying your car back off the insurance company.

My classic policy in unlimited mileage, travel to work and own business use. and for a small extra fee I could add cover to drive any other classic.

last year I put one off my younger 75,s with them and if did not cost any extra and indeed it reduced the cost :?

Maybe I just got a good deal due to the number off cars that I have covered :roll:

VVC-Geeza
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Re: Insurance renewal.

Post by VVC-Geeza » Sat Jun 23, 2018 11:46 am

I decided to stick with a standard policy.I received a quote almost £30 cheaper with Adrian Flux so decided to give them my business.
£145 for the year, all in,I'm quite happy with that.This also includes an agreed value at no extra cost,just got to send them some pic's.Conditions include limited to 4K a year,garaged at night,protected NCB and £100K legal cover.Pretty good deal I would say.

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