Insurance

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Grumpy21
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Insurance

Post by Grumpy21 »

I know this is an old chestnut but I’m wondering if there’s some fundamental change that’s taken place in the last year effecting classic premiums?

I’m an old retired geezer, no claims, no convictions, live in a low risk area and have in total 5 cars with all the toys garaged.

Premium last year was £75 this year £125, that’s a 66% jump. Only on my traveller premium. Both dailies are under £200, toy 1 is £130 and toy 2 ( much faster and much much more valuable) is £220.

Not expensive but just a significant increase that runs in the face of my other insurances.

Ta
gtt1951
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Re: Insurance

Post by gtt1951 »

Hello Grumpy,
I've just renewed my classic car insurance (with Footman James) for 4 moggies. Three are agreed values and the latest project is market value. I have salvage retention rights (additional £15/annum) and full roadside & recovery (also unlimited mileage). Last year the premium for all 4 was £373.79 and renewal was £414.84 (not counting the admin fee and the "Nil deduction Salvage Retention cover), so an increase of £41.05.

They are not garaged, but off-road and all are fitted with wheel-clamps.

Classic Car insurance normally doesn't earn any NCD - does your insurer give you a discount on your moggy if you are a member of the MMOC?

George.
Image
'50 Low-light with 918 Side-valve engine,
'51 High-light with Side-valve 918 engine,
'55 4-dr with 803 engine,
'56 Traveller with 1098 engine.
Grumpy21
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Re: Insurance

Post by Grumpy21 »

Well a few hours on the phone has been most beneficial.

Rang around several insurers and got quotes from £112 to £149. Still nowhere near as cheap as last year. So want back to each and started playing them off against each other. All were reluctant to budge on the premium and tax but unpicking the overall quote revealed ‘extras’ like agreed value, service charge and legal protection at varying amounts. By bargaining on these extras I managed to get all thrown in by my current insurer at no addition cost and a total price under £90

It pays to be persistent.
MorrisJohn
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Re: Insurance

Post by MorrisJohn »

I thought insurers weren’t allowed to hike prices at renewal time and more. It seems they still do. My daily driver renewal went up by £110 a year.

Switched provider and got the same cover as last year for the same price as last year. They’re still at it!
A bad day with my Volksie still beats a good day at work!

https://www.glasgowmoggies.com
Grumpy21
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Re: Insurance

Post by Grumpy21 »

It would seem from my experience that this is partly true.

In all cases I requested a breakdown of the overall cost. In each case the 'premium' was low at around £65 with 5% tax added as expected. But then there were 'extras', like agreed value, legal protection, breakdown cover etc, and a mysterious 'service charge' . In most cases these were equal to the premium and tax, it was negotiating on these that reduced to overall cost.

I managed to keep agreed value free and get the service charge and legal protection for under £20. Some scoff at legal protection but I had to use it once many years ago and found it to be invaluable.
kevin s
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Re: Insurance

Post by kevin s »

I've just renewed my lotus elan at just under £100, virtualy the same as last year, wouldn't expect a minor to be much more.
gtt1951
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Re: Insurance

Post by gtt1951 »

Grumpy21 wrote: Wed Aug 03, 2022 8:17 am and a mysterious 'service charge' .
Most Brokers charge for their services and often this is shown as "administrative charges" - you can't expect them to do all this stuff for you for free, do you?

G.
Grumpy21
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Re: Insurance

Post by Grumpy21 »

Actually yes I do.

I buy Heinz bean from Tesco’s, they don’t charge a service charge. Stanley tools from screw fix, they don’t. Sony TV from curry’s, nope.

I don’t see why I should pay some one for the privilege of letting them sell me something.

£35 for a 10 minute phone call so someone can press some buttons on a keyboard and tell me what the screen says is a bit cheeky

No problem with them making a profit but charge the seller not the buyer.

Mini rant over.
Castle Rock
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Re: Insurance

Post by Castle Rock »

All.

I just insured the new Moggie with Footman James.

Didn't know who to choose.. but I'm the other side of 50, still working, have another daily car, 3000 miles a year, agreed value, £148.

I thought that was OK for good insurance.

:)
gtt1951
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Re: Insurance

Post by gtt1951 »

Hello Castle Rock,
Are you an MMOC member? If so, did you tell FJ that you are, as they apply discounts to members.
All mine are unlimited mileage, additional named driver, UK and European Recovery, agreed values, salvage retention rights, shows & events etc. etc.
If the total renewal cost is divided by 4 (the number of cars insured), then it works out at £113.71 each.
There is probably an element of discount for "multi-car" insurance.
Apart from my first year of insurance (with Lancaster), which was mileage restricted, I've been with FJ ever since (i.e. since 2014).
Hope you enjoy your "new" car,

George.
Image
'50 Low-light with 918 Side-valve engine,
'51 High-light with Side-valve 918 engine,
'55 4-dr with 803 engine,
'56 Traveller with 1098 engine.
Castle Rock
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Re: Insurance

Post by Castle Rock »

Hi, George.

Thanks for the heads-up. Am not a member yet, not sure I will be... have done all the Minor Matters tech tip 'how to change the brake master with a G clamp' 30 years ago :D Not saying there's never anything new to learn though..!

If I keep the car I might invest to make the insurance cheaper.

I note your lowlight has a Canterbury reg! Lovely!
gtt1951
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Re: Insurance

Post by gtt1951 »

Thank you, re the lowlight. That is the number it was given when re-imported back from Belgium, in March 1960 (on my 9th birthday!).
It was then converted to RHD, but not that well - it is still a running project.
George.
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Mr Spigot
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Re: Insurance

Post by Mr Spigot »

I insured mine last year with Lancaster as it came off SORN and the premium was £141.95 insuring me and my wife as named driver, agreed value and 3,000 miles limit. This year the quote was £164.92! I got a quote with Footman James as the recommended MMOC insurer and they quoted £180.79. I then got a quote from Hagerty on the phone and they were £114.57. No prizes for guessing who I have gone with! It pays to shop around.
1960 2 door with 1275 Midget engine - WOI 577
1952 MM convertible with original engine - MWD 305
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