A7 Insurance

[Austin Nippy]

Good evening everyone,
I've just re insured the Nippy with RH after 30+ years with them claim free. The lady I spoke with quoted me £146.91 including the legal cover which had gone up as had the tax apparently.
I queried this and explained I had been a customer for this length of time and was a member of PWA7C. "Who are they?" was the reply at first. "They're not on our list."
In the end, she rang me back and confirmed that this was the best price as I already had a 25% discount for "good behaviour" and should actually be paying substantially more than the quoted figure. It also had to do with where I live (outskirts of Sheffield / Rotherham) which is a "high risk" area and the fact I only had 1 car on the policy - it would be 10% cheaper per car if I had several.
In the end, I accepted this as other places were either more expensive or had several restrictions in place as to use of the car etc - mine is used all year round and does quite a high mileage each year including commuting and occasional business use.
Don't know if any of that helps in the general discussion or not?
Best wishes,
Nick

[Ivor Hawkins]

Considering your location, the unlimited mileage and the legal cover, I wouldn’t complain about that...plus of course it IS a sports car!

[John Mason]

My renewal is not due until July so I don’t know how much it will be. Bearing in mind that most of us did not use our Sevens a lot if at all last year because of the lockdown and hence very little claims I am hoping for a not to big an increase. I don believe in contacting them in order to reduce the premium they quoted to a price they should have stated originally. I just move company. I do this with everything insurance related car including modern, breakdown and house insurance. If they can’t quote a reasonable price first time bye.

John Mason

[Hugh Barnes]

In all these posts regarding Insurance premiums, the one thing that must be taken into account is the valuation the owner puts on the car. I think anything above £8-9000 starts to make quite a difference in the premium. Hardly surprising.. That will vary from car to car, owner to owner, of course...

[Robert Leigh]

With reference to Ivor's post, I remember getting a Fiat 500C two seater with a roll down roof in the mid 1960s. The insurers insisted on a 50% loading for it as a Sports Car, mechanically identical to the estate or the other models in the range, but two seats and an opening roof seemed to make it high risk.

[Ruairidh Dunford]

How your insurance rates are set, the definitive answer from RH's head of bespoke underwriting:


“In terms of rate increase, the overall loss ratio on classic car for RH is above prior years at the same point.

This, coupled with an increasing frequency of claims and the expectation that more vehicles will be on the road in the coming months, suggests it is prudent to maintain rates.

We expect the same insurers offering reductions now will make changes later once they see an increase in claims frequency.

By taking this approach, it means that RH would not need to take such actions by being pre-prepared for the increase in claims we expect to see.

Clients were encouraged to reduce cover during the pandemic to laid up to recognise the lack of use in 2020”.

Myself and others are preparing a comparison grid so the level of cover, limitations and costings can be compared on a like for like basis - the smae person and car used for all gathered quotes. Watch this space...

[robert regan]

I have just taken two cars off my ins with R.H and added my xk120 and I valued it at a modest amount and that was £145 + tax my two 7s have a value of around £6.000 and they are under £50 each with all the extra offerings of rescue etc its a bloody marvel, the AA wanted £165 for rescue this year so I knocked that on the head regards to all Rob.

[Tony Betts]

robert,

either the AA sore you coming.

or they had you on an extreamly high cover.

recovery is around £65.00 and its on your name, not your vehicle. so can be driving anything. they will recover you.

tony

[Stuart Giles]

How your insurance rates are set, the definitive answer from RH's head of bespoke underwriting:


“In terms of rate increase, the overall loss ratio on classic car for RH is above prior years at the same point.

This, coupled with an increasing frequency of claims and the expectation that more vehicles will be on the road in the coming months, suggests it is prudent to maintain rates.

We expect the same insurers offering reductions now will make changes later once they see an increase in claims frequency.

By taking this approach, it means that RH would not need to take such actions by being pre-prepared for the increase in claims we expect to see.

Clients were encouraged to reduce cover during the pandemic to laid up to recognise the lack of use in 2020”.

Myself and others are preparing a comparison grid so the level of cover, limitations and costings can be compared on a like for like basis - the smae person and car used for all gathered quotes.  Watch this space...

Ruairidh,
              That will be a useful reference; from previous posts in this thread it's clear that not all classic policies are created equal. 

Another initiative which should stop the yearly poker game of getting a reasonable insurance quote is this from the FCA (Financial Conduct Authority) https://www.fca.org.uk/news/press-releas...ce-markets In essence, the FCA is to mandate that insurance companies offer the same prices to existing customers as new customers which should do away with the "loyalty penalty" which seems to be the current business model across most if not all of the industry.

[robert regan]

roadside recovery will only take you I think up to 10 miles or the nearest garage that can carry out repairs the full rescue package to get you home from anywhere in the country is a lot more expensive regards to all Rob.