Insurance for Minors

[sixdogsisback]

Hi , I have just received my renewal schedule from Footman James and was annoyed to find it has increased by 20% from last year. OK it still is not a huge sum of money, but is typical of what I have found with insurance companies in that once you have renewed with them for a number of years, they think you are an easy touch and crank up the premiums. This is annoying when most people are now working for less than a year or two ago, if they are working at all. I owe it to myself to check for a better quote if only to keep Footman James on his toes as well.

Does anyone know any alternative companies which I could try and what are other peoples experiences with these. I only do about 1,000 miles a year and don't use the car every day .

Thanks, Clive[frame][/frame]

[faversham999]

Peter James Insurance the anwser the phone as well

[Jefftav]

Assuming you are over 25yrs old RH Classic usually give very competitive quotes.

http://www.rhclassicinsurance.co.uk/index.html

[sixdogsisback]

Thanks for these. I will see what they can offer. Even if they are the same price as Footman James it might be an idea to change just to Keep them on their toes.

Cheers, Clive

[moggiethouable]

Some years ago I got a real good deal Anually on a kit car I built through the insurer Footman James.
Things may have changed, but worth a go.
20% is a hell of a hike, I cant believe classic car owners are suddenly dunching their vehicles at such a rate that that a hike of that magnitude is necessary.
It wasnt the V8 you shoe horned in was it?

[LouiseM]

There's been an average 20% increase in insurance pemiuims across the board, not just for classic owners. This is due to the huge increases in claims for whiplash and fraudulent claims and the subsequent cost in legal fees. Insurance companies are paying out more than they are taking in, hence the increase in premiums. Unfortunately honest drivers also have to pay for the dishonest ones: http://www.telegraph.co.uk/finance/pers ... -high.html

[moggiethouable]

There's been an average 20% increase in insurance pemiuims across the board, not just for classic owners. This is due to the huge increases in claims for whiplash and fraudulent claims and the subsequent cost in legal fees. Insurance companies are paying out more than they are taking in, hence the increase in premiums. Unfortunately honest drivers also have to pay for the dishonest ones: http://www.telegraph.co.uk/finance/pers ... -high.html

And publicity of this type sadly gives all insurers (including those who have not seen such fiddles on their books) an opportunity to make more money, you should demand they should spend more nailing fraudsters, not penalising you and I.
We really should never lie down and accept increases of this magnitude without at the very least kicking up stink.
I would want to see the stats for the specialist companies costs vs profits, (their books) before I shed tears for their supposed debacle, we should all get the minimum 3 quotes, I am with Footman James, but if such cost increases apply when I renew, I owe it to my fellow motorists to get the best deal possible and crow loudly about the best deals around.
In their industry a 20% hike helps keep them afloat, we are legally bound to pay, in any other industry it means that companies rapid collapse, because we have a choice to buy or not.
The word Cartel comes to mind.

[sixdogsisback]

Yes I fully agree with the last comments. It's not just insurance companies who, seeing that we have inflation back again, are wringing their hands with glee and jumping on the bandwagon to cash in on the trend. Whilst it is a sad reflection on the state of this country that every cheat and his dog can come here and get in on the handouts and scams for making illegal money, I cannot see how insurers of classic cars are suddenly being cheated by their customers or suddenly having to pay out a large number of claims for third parties and cheats.

Footman James wanted £145 to renew my cover. I live in a low risk area and I am 66 years old with a claim free record and no driving offenses. My car is kept in a locked garage and I am limited to 1000 miles a year. I have got a quote from Peter James for £92 which includes comprehensive breakdown cover and gives me 1.500 miles a year. I am going to vote with my feet and switch over to Peter James. I have no doubt that Footman James will contact me and when they learn I have deserted them, they will say that if i had contacted them, they could have matched the offer from Peter James. But too blooming late! The insurance companies, like all financial institutions are blood sucking cheats, licensed by the government. I have no respect for them whatsoever.

Clive

[LouiseM]

I owe it to my fellow motorists to get the best deal possible and crow loudly about the best deals around.

You owe it to yourself to get the best deal possible for you but the best deal for you won’t necessarily be the best deal for other people.

Cheapest isn’t always best, whether it’s Minor panels & parts or insurance. There are lots of insurance companies/brokers out there so if you’re shopping around for insurance, whether it's car, home or holiday insurance, make sure that you find out exactly what is and isn’t covered by the policy as it’s only by comparing identical ‘like for like’ quotes that you’ll know whether you’ve found a better deal or not. Make sure that you read the small print so you know exactly what you are getting for your money before buying. Also, you never really know how good an insurance company is until you need to make a claim so do some research to find out the type of service that has been provided to people who have made claims with the company. If finding the cheapest quote is your main priority bear in mind that insurance companies are desperate for your custom so may offer a very good rate to prospective new customers to attract their custom but it doesn’t necessarily follow that they will still be offering the best rates 2 or 3 years down the line. A lot of people post up messages which refer only to the prices of their current insurance and a cheaper quote they have been offered by a different company but don't actually confirm whether they have got identical 'like for like' cover or not so it's impossible for anyone else to know whether it really is a "better deal" or just a cheaper policy offering different cover.

I cannot see how insurers of classic cars are suddenly being cheated by their customers or suddenly having to pay out a large number of claims for third parties and cheats.

FJ, RH, Adrian Flux etc are all insurance brokers, not insurance companies. They act as intermediaries between the insurance provider and the customer but don’t set the prices of the policies. The insurance companies tend to insure a wide variety of vehicles, not just classic cars, so their overall costs for legal fees etc are likely to be spread ‘across the board’ rather than added to a specific type of vehicle insurance. I’m not sure that there are any insurance providers out there who only insure classic cars and nothing else.

[moggiethouable]

The difficulty for insurers as I see it is they offer what is termed a product, perhaps in order to embellish what is in essence a fundamental, basic and terribly bland service.
The shifts in bells and whistles offered are usually only the small add ons, excess may alter, or windscreen cover may or may not be included for instance.
As its also something thats offered on an annual basis, we are only interested in that 12 mths cost, not least because no claims bonus is transferable, there is no advantage in viewing a car insurance policy in the longer term.
An example of their insistence on squeezing every last drop from us is the additional year they add on if you have a speeding offence on your licence,they all now add a full additional years penalty over and above the statutory time it takes to get said penalty points off your licence.
Then there is the scam that says you are penalised even if it is proven that during a shunt wether you are to blame or not there are still penalties, unless you kick up, and even then in some cases kicking up doesnt help.
Here I speak from experience not here say.
Every opportunity is taken in an avaricious system to get as much as possible at every given opportunity, Im sorry Louise but there is no case here for insurers/brokers to penalise people who utilise the kind of transport we do, especially with limited mileage that most morris owners clock up.
See youve got me all riled up now, Im going for a lie down

[rayofleamington]

FJ, RH, Adrian Flux etc are all insurance brokers, not insurance companies. They act as intermediaries between the insurance provider and the customer but don’t set the prices of the policies.

Brokers do set the prices to the customer, but yes they also have to cover the underwriter's costs, so it's a bit of both.

A good specialist broker will make sure the cover they are offering is suitable, and reputable. On the other end of the spectrum, a broker can also offer policies based on fairly flimsy cover.

Most folks will find it hard to judge an insurance company until/unless they need to claim on it - at that point it may be too late. If your claim takes 12 months to settle or they find a technical oversight and refuse to pay, then you can be left high and dry..

The company I use was chosen by reputation, based on feedback from a few unfortunate folks who had to claim, and were treated reasonably well. When my budget was very tight I would only insure with the best price, but my cars were fairly tatty anyway so it was less of a gamble. If you have a show car, you would be best advised to make sure the cover is really fit for purpose.
e.g. Do you need a professional inspection report before they will accept agreed value / can you self certify and will your certification stand up. do they make it easy for you to choose who repairs the car and do they pay towards costs if you prefer to DIY the repairs??

[chickenjohn]

I've been with RH for years and have never been able to beat their quote with another insurance company.

Paying £70 odd quid agreed value for each of my roadworthy Minors is difficult to beat. Plus they do wedding cover for £10 a time and I have made a claim via RH when a polo hit my traveller in 2008 and RH were brilliant about it, although the accident was not my fault.

Got a quote recently for my Porsche 944 S2 for when it goes back on the road, £140 for 5,000 miles for a 150MPH group 20 car!

Phone RH! You won't regret it!!!! Need to be over 25 or 30 and have a great driving and accident record though...

[irmscher]

I agree with John RH best company around and very fair

[sixdogsisback]

After asking around, I've now taken out cover with Peter James, who seems to have a good reputation. The transaction was all done on line and I have to say I am quite impressed. The certificate and all paperwork were downloaded very quickly and it's nice not having a mountain of written material posted to me and having to file it all. The terms and conditions were all easy to read and I have read them all, whereas I normally give up half way through with most. The cover is very comprehensive and I've got 1500 miles as standard, as opposed to 1000 miles with Footman James. The renewal price is £92 and Footman James was wanting £145, quite a difference.

Also what greatly impressed me was that when I telephoned their office to query a point on the on line form, the phone was answered very quickly by a native English speaking operator who was immediately able to give me the information I wanted and discuss my requirements. No irritating automated answering service and being routed to goodness knows where. This makes a very pleasant change.

I daresay that when I come to renew next year, they will increase the premium, but as someone has pointed out, insurance tends to be a one year term thing, as you can renew with another broker next year without losing no claims bonus. i think they all have access to a data base with all peoples previous records on it, so they can see what you paid with which company. Maybe I'm wrong and the data base does not go this far.

Another advantage with on line transactions is that you can print several copies of the certificate and keep one in the car and another to keep in the house or office.

Obviously, I will never know just how good the service is until I need to make a claim. One can only base an judgment on the experiences of others. But big is certainly not always best either. A few years ago I had a tipper truck stolen and I was with the (then) Norwich Union. It took over half a day to get through to an operator and report the theft. It took 3 months to get a settlement and then this was abysmal and only after making an appeal and showing then adverts for several similar trucks for sale did they increase the offer.

In my case with the Minor, it is not worth more than £1200 pounds or so and I could easily afford to write it off if need be. It's not my main car and I'm more concerned with third party claims as far as the insurance goes. Time will tell.

Clive

[faversham999]

so if you do 1400 miles you will have to learn how to run the speedo back

[sixdogsisback]

Actually, I don't do 1000 miles in the Minor and less than 2000 miles in my main car. I walk about 5000 miles a year and wear out more boots than car tyres. I prefer to walk than drive in todays rat race.

Clive