Classic Insurance?

[Iknowyouall2]

Hello all. I'm sure this must have been covered before, but please be patient, I only joined yesterday. I own a 1995 E320 Coupe which is in mint condition and my wife runs a 1998 C280 Elegance which is also in excellent shape. I presently insure both on a multi-car policy, but I'm worried that if some lunatic writes my car off, the insurers will pay out very little. Would I be better with a classic car insurance for my E class (or both cars)? If so, how do I go about that please? Thanks in advance.

 

[Bolide]

Would I be better with a classic car insurance for my E class?

Yes

(or both cars)?

Don't know - but most classic policies require the car to be >=15 years old

If so, how do I go about that please?

Phone a broker and tell him you have an everyday car (C280) and want to cover the E class on a classic policy. Arrange an agreed value. Pay the tiny premium

Nick Froome
www.w124.co.uk

 

[davidsl500]

Try http://www.lancasterinsurance.co.uk/ as a starting point. I think the agreed valuation fee was around £15 for the year - you take 6 photos inside and out to show the condition and send them off. You must own a "main" car as well as the classic to qualify (the main car cannot be a van..).

I think they normally regard vehicles over 10 years old as "classic". There are plenty more out there like Adrian Flux http://www.adrianflux.co.uk
and others that I will remember shortly..

 

[sr-performancelive..]

Another point to remember with classic insurance is you dont earn no-claims discount either..

 

[davidsl500]

Another point to remember with classic insurance is you dont earn no-claims discount either..

True, but my SL500 Classic Car insurance is only £188.00 fully comp per year for social,domestic,pleasure and commuting with a 5000 mile limit. So NCB isn't really a problem.

 

[Alex M Grieve]

True, but my SL500 Classic Car insurance is only £188.00 fully comp per year for social,domestic,pleasure and commuting with a 5000 mile limit. So NCB isn't really a problem.

Hi David,

The classic/cherished insurance I had for several years cost much more than that (over £400 latterly).

It did however insure the car at an agreed value, and it is my understanding they would have paid that in the event of a write off - so that would be as good as having permanent "gap insurance".

These policies also often include other extras, such as European cover and breakdown cover, so they can represent phenomenal value for money - especially if you could get all that for such a price as you have.

 

[davidsl500]

Hi David,

The classic/cherished insurance I had for several years cost much more than that (over £400 latterly).

It did however insure the car at an agreed value, and it is my understanding they would have paid that in the event of a write off - so that would be as good as having permanent "gap insurance".

These policies also often include other extras, such as European cover and breakdown cover, so they can represent phenomenal value for money - especially if you could get all that for such a price as you have.

Well , if you want to check yours they do have an online quote system (lancaster insurance) so a few clicks and you can find out - they have an express, really basic details guarranteed quote system which is cheaper than their full details one ! I think it also included breakdown / recovery for the UK as well - havent used it though ! Try it for your SL and let me know what you get !

 

[Alex M Grieve]

Well , if you want to check yours they do have an online quote system (lancaster insurance) so a few clicks and you can find out - they have an express, really basic details guarranteed quote system which is cheaper than their full details one ! I think it also included breakdown / recovery for the UK as well - havent used it though ! Try it for your SL and let me know what you get !

Hi David,

It was Lancaster I was with before - had lots of excellent features but had become very expensive.

Perhaps they have lost customers and moved to a "stripped down" proposition at lower cost?

I will give it a spin and report back.

 

[Alex M Grieve]

Well , if you want to check yours they do have an online quote system (lancaster insurance) so a few clicks and you can find out - they have an express, really basic details guarranteed quote system which is cheaper than their full details one ! I think it also included breakdown / recovery for the UK as well - havent used it though ! Try it for your SL and let me know what you get !

Hi David,

As promised, I tried this. As the sole driver, it quoted £900.84p!

I telephoned them to discuss and ask if there was any way in which I could reduce that. The man I was speaking to obviously new all about me (quoted wife's name in the conversation, which I had not mentioned, or entered on the website for a quote). He was obviously using a search engine and came up with a quote for £350 or thereabouts. This was not with Lancaster, and was not for Classic Car insurance, and did not include an agreed value. I asked if there was any way I could have these things, or any way I could reduce the premium. I cited your experience and the premium you mentioned.

He waffled about a few things - the other man's car must be more classic (paradoxical as your premium is miles cheaper!), and a variety of comments about abode, driving habits etc.

I conclude that the whole thing is a lottery and worry about the product knowledge and the sanity of those purveying these things.

My situation is as follows: age 63, licence since 1965, no convictions, no points, no claims in the past 5 years (last hit by a moving vehicle in March 1983 and he paid all the costs), IAM test passed in 1971, various driver awareness and improvement courses since, car locked in a garage in mid Warwickshire 99% of the time, insured only driving, max 4,000 per year.

Now retired, I do not belong to any of the occupational risk groups listed.

I am at a loss to understand how my risk could be reduced?

 

[davidsl500]

Alex,

I cant understand how it can vary that much ! There must be a "trigger" in your details that loads the insurance premium. I wouldnt have thought there was that much difference -its just finding what is! My details are different but not that dissimilar. Age 51yrs, No accidents or claims (ever!), no convictions apart from an SP30 in 1992..., same car but 3yrs older, locked garage, managing director but not on the occupational hazard list, 5000 miles Social Dosmestic Pleasure AND commuting. I do name the "better half" on the policy as, strangely, that reduces it a little. South Derbyshire address. Full licence since 1976. (passed first time at 17yrs and 4 months !)

The only real differences I can see are age and employment. Okay my car is 3 years older but I use it to commute sometimes which must bump the premium up ! I wonder whether it is worth trying it again with some detail changes - maybe they dont like retired people ! I also have use to 2 other cars as well - I wonder if that affects things - unless of course they are ageist !!

 

[television]

I see that they only take people between 21 and 70

 

[Axcontrols]

900 quid !! sounds like they just don't want to insure you so have quoted a really stupid price expecting you to just go away.

 

[Alex M Grieve]

900 quid !! sounds like they just don't want to insure you so have quoted a really stupid price expecting you to just go away.

Can't help but agree. That is why I phoned the guy. I wondered if he might spot a flaw and come up with a more sensible answer.

Thing is, in spite of my explanation that I was looking for classic insurance with an agreed value for the car (which I had previously), he was specifically quoting for ordinary insurance and asking about transfers of NCD (which would not apply with classic insurance).

Like David, I have the use of 2 other cars and the SL is strictly for recreational use.

I guess if this proves anything it is that we should all question the credibility of what we are offered. When I said that Admiral do all 3 cars for a lot less than the £900 quote from Lancaster, he seemed not to understand the point of the comment.

 

[davidsl500]

The first quote I got from Lancaster was £188.00 guarranteed on their "short" questionnaire and then you have the option to complete the full form to "refine" your quote to get the best deal - these gave me £900 and £1600! - but these were "normal" policies with people like Sabre.

I would be curious to know what the trigger is for yours Alex - maybe, if you have the time (or inclination!) you should drop your age 10 years and see if that changes it - and also try it with some employment and see what effect that has. If getting a job helps reduces the premium dramatically then apply for a job as a newsjournal distribution agent (paperboy!)

 

[Alex M Grieve]

The first quote I got from Lancaster was £188.00 guarranteed on their "short" questionnaire and then you have the option to complete the full form to "refine" your quote to get the best deal - these gave me £900 and £1600! - but these were "normal" policies with people like Sabre.

I would be curious to know what the trigger is for yours Alex - maybe, if you have the time (or inclination!) you should drop your age 10 years and see if that changes it - and also try it with some employment and see what effect that has. If getting a job helps reduces the premium dramatically then apply for a job as a newsjournal distribution agent (paperboy!)

Hi David,

Thanks for that, and for your concern. I am really well suited with my current arrangements, but the idea of getting back to an agreed value for <£200 (which I used to have), was attractive.

Add this to my call to the insurers helpdesk the other day, in which I asked about their views on engine mapping and they did not understand the question, and you will realize why I think that there are Muppets out there.

But motor insurance is a business on which each of us will spend lots of money in a lifetime. The sorts of people I have been speaking to are judge and jury when it comes to the integrity of your NCD when you were not liable.

What chance to we have? Do they care? How would we know?