Sorry...insurance question!

Martin F · October 7, 2017

I use Higos Insurance with agreed value for my Supra. Is always less than £500 each year with all mods declared.

Definitely worth a try.

BUG4LIFE · October 9, 2017

Damn, just got a quote from Adrian Flux...a bunch higher than I thought it would be really :(

Including 'no-claims protection' [which was a massive £99.15 extra], the quote was £883. Making it worse, the excess is £550! Adding 'agreed valuation' was only an additional £42 - but that's over £900 for the lot.

I didn't think I'd be paying what I do for my E36 but that figure is triple. At 38 I'm not exactly a youngster and I live in a pretty decent area so was hoping for something a little less?!

She did mention that after a year of owning the car the price would decrease quite a bit. I'm not sure about this as in my experience insurance only goes one way...up, up, up! Anyone else had a big first year cost that reduced the second year?

Think I better try some other places?!

Britprius · October 9, 2017

5 minutes ago, BUG4LIFE said:

Damn, just got a quote from Adrian Flux...a bunch higher than I thought it would be really :(

Including 'no-claims protection' [which was a massive £99.15 extra], the quote was £883. Making it worse, the excess is £550! Adding 'agreed valuation' was only an additional £42 - but that's over £900 for the lot.

I didn't think I'd be paying what I do for my E36 but that figure is triple. At 38 I'm not exactly a youngster and I live in a pretty decent area so was hoping for something a little less?!

She did mention that after a year of owning the car the price would decrease quite a bit. I'm not sure about this as in my experience insurance only goes one way...up, up, up! Anyone else had a big first year cost that reduced the second year?

Think I better try some other places?!

I also found Adrian Flux pricing unrealistic. I am in my 70's with clean licence long no claims history, and live in a rural very low crime area. I was quoted similar figures for my GS450H with nothing in the way of extras added to the policy. No NCP, no brake down cover, and a high excess.

Going through Admiral I got full cover all inclusive with a voluntary excess of £100 for £280. I have not tried going the agreed value route, but might try next year to see what they come up with.

John

BUG4LIFE · October 9, 2017

I was disappointed they could only offer 1 policy as the others were in the thousands!

I'd class myself as pretty standard so why are the quotes so high?

Reading the issues Martin F had with Admiral does put me off them, and it could be they don't offer agreed value policies on a car of this age anyway.

BUG4LIFE · October 9, 2017

So, I called an insurance company I used for many years to get a quote. £510, £300 excess. Much better. The only problem is they don't do agreed value on such a car.

The next part of the conversation makes it hard to think car insurance quotes are nothing more than just numbers pulled out of a hat. The guy said the policy is with Ageas...hang on, that's the same company as the Adrian Flux quote!

So one broker can do me a good price but no agreed value, the other a crazy price but can include agreed value - both products through the same company. Why? Why can't I just have the good bits from both policies, tell me Adrian Flux Dan?!

BUG4LIFE · October 12, 2017

Update [if anyone is bothered]!!

I've spoke to a company who offer GAP, and although they do offer cover on a private sale, if you wrote-off your ISF they'd only pay up to the figure that matches the Glass/Parker guides at the time you take out the policy - so using an 2008 ISF as an example [good condition, 50k miles]; Glass guide says £15,590. So you'd still be way short on what you'd need to replace like for like!

If you buy the cover now, in 3 or 4 years time it might be useful, as Glass would say your ISF is worth say £10k but you'd get £15.5k [insurance payout and GAP combined]. Not really helpful in the present though!

An agreed value policy seems to be a better bet, if the agreed figure was a more realistic price though of course!

Womble72 · October 12, 2017

My insurance was renewed on 5/10/17, price had increased to £306 and pennies, mine is 9/10k a year and an accumulated excess of £350, my insurance is with esure, although I only do about 3500 a year but not worth changing mileage figures as it has sod all difference when u want to reduce it, so just left it as it’s always been, renwal search was £500+ so stayed where I’ve been for the last 10yrs

BUG4LIFE · October 12, 2017

Hey mate. £306 is a good price but I imagine Esure don't offer agreed value policies (I'll check).

Just been reading a thread on Pistonheads. A guys low-mile BMW E36 328 Sport got written-off (not his fault, it was parked up and someone crashed into it). Insurance say it's worth £1300 but there's no way in hell you can buy like for like for £1300 - you'd need triple that at least. The car price guides don't take rarity, or how desirable a car can become, into account.

An ISF is obviously worth a lot more than an E36 BM so the difference in what your insurance would pay out if the car was written-off and what you'd need to buy a replacement ISF could be quite large.

I did start a thread on PH to see if anyone has got a competitively priced agreeed value policy but no replies ;(

Womble72 · October 13, 2017

7 hours ago, BUG4LIFE said:

Hey mate. £306 is a good price but I imagine Esure don't offer agreed value policies (I'll check).

Just been reading a thread on Pistonheads. A guys low-mile BMW E36 328 Sport got written-off (not his fault, it was parked up and someone crashed into it). Insurance say it's worth £1300 but there's no way in hell you can buy like for like for £1300 - you'd need triple that at least. The car price guides don't take rarity, or how desirable a car can become, into account.

An ISF is obviously worth a lot more than an E36 BM so the difference in what your insurance would pay out if the car was written-off and what you'd need to buy a replacement ISF could be quite large.

I did start a thread on PH to see if anyone has got a competitively priced agreeed value policy but no replies ;(

Hello mate,

my views on insurance is ...... no matter what other add on you’ve purchased they WILL always try to pay minimum costs, replacement values on rare cars are above premium book price BUT if you prove purchase cost/replacement value they have to up their costs to a “near” replacement cost, 86% of cars today are pcp or financed, I hate dealers and mark up costs but when looking to replace my F with a more suitable car for our needs I’m struggling to find a private seller as all are on forecourts, these are the ones that’ll have a larger value issue (as all dealers want it their way)........luckily the F doesn’t seem to be a car of thieves choice, I’ve no letter box, alarm key pad on show through the door panel and a substantial safe that would require two to lift and in the most awkward place to get to, I can’t do anymore than that, but one thing I can assure u is an insurance company will NEVER loose out 😡

Jgtcracer · October 13, 2017

On 09/10/2017 at 8:12 PM, BUG4LIFE said:

So, I called an insurance company I used for many years to get a quote. £510, £300 excess. Much better. The only problem is they don't do agreed value on such a car.

The next part of the conversation makes it hard to think car insurance quotes are nothing more than just numbers pulled out of a hat. The guy said the policy is with Ageas...hang on, that's the same company as the Adrian Flux quote!

So one broker can do me a good price but no agreed value, the other a crazy price but can include agreed value - both products through the same company. Why? Why can't I just have the good bits from both policies, tell me Adrian Flux Dan?!

Yea, it does seem strange what's going on! I'm with Adrian flux and they were the cheapest for me by quite a way. I'm 31 and live in the TD postcode area. Loads of no claims and I'm approx £380 with £400 excess. Makes you wonder where the pricing strategy comes from

Big Rat · October 13, 2017

Well as I mentioned earlier in the thread I'm with Adrian Flux took up with them a few eeeks ago, I messaged Dan and one of his members of staff contacted me the next working day.

I had all the necessary documents from them within 24 hours.

So I fill out the descriptive forms take 7 pictures and then a decision is made on the agreed value, the extra refundable cost if we agree /disagree is £65.00.

i will keep you posted on the outcome.

Big Rat

DAN@ADRIAN FLUX · October 13, 2017

On 09/10/2017 at 1:57 PM, BUG4LIFE said:

I didn't think I'd be paying what I do for my E36 but that figure is triple. At 38 I'm not exactly a youngster and I live in a pretty decent area so was hoping for something a little less?!

She did mention that after a year of owning the car the price would decrease quite a bit. I'm not sure about this as in my experience insurance only goes one way...up, up, up! Anyone else had a big first year cost that reduced the second year?

The next part of the conversation makes it hard to think car insurance quotes are nothing more than just numbers pulled out of a hat. The guy said the policy is with Ageas...hang on, that's the same company as the Adrian Flux quote!

So one broker can do me a good price but no agreed value, the other a crazy price but can include agreed value - both products through the same company. Why? Why can't I just have the good bits from both policies, tell me Adrian Flux Dan?!

Without knowing the ins and outs of the situation, I cannot comment fully, but it isn't just overall experience that is taken into account, it's being used to a particular car. Statistically you are more likely to have an accident in a vehicle in the first 12 months of owning it. Therefore we find prices are always higher during the first year.

Although different brokers often use the same underwriters, the deals and schemes they have access to will be different for each. For example, we at Adrian flux are a specialist performance and modified broker, therefore the schemes we have with Ageas are geared more towards this rather than standard vehicles. We can still insure standard cars but are sometimes not as competitive as some of our rivals.

Regards

Dan

Womble72 · October 13, 2017

1 hour ago, DAN@ADRIAN FLUX said:

Without knowing the ins and outs of the situation, I cannot comment fully, but it isn't just overall experience that is taken into account, it's being used to a particular car. Statistically you are more likely to have an accident in a vehicle in the first 12 months of owning it. Therefore we find prices are always higher during the first year.

Although different brokers often use the same underwriters, the deals and schemes they have access to will be different for each. For example, we at Adrian flux are a specialist performance and modified broker, therefore the schemes we have with Ageas are geared more towards this rather than standard vehicles. We can still insure standard cars but are sometimes not as competitive as some of our rivals.

Regards

Dan

My insurance has risen year after year which amazes me as I’ve not hit anything or been hit, it’s the only industry that insures on risk then puts up everyone’s premiums to cover any payouts 🤔......so technically not a risky business to be in as it’s profitable by any means 🙄

BUG4LIFE · October 13, 2017

2 hours ago, DAN@ADRIAN FLUX said:

Without knowing the ins and outs of the situation, I cannot comment fully, but it isn't just overall experience that is taken into account, it's being used to a particular car. Statistically you are more likely to have an accident in a vehicle in the first 12 months of owning it. Therefore we find prices are always higher during the first year.

Although different brokers often use the same underwriters, the deals and schemes they have access to will be different for each. For example, we at Adrian flux are a specialist performance and modified broker, therefore the schemes we have with Ageas are geared more towards this rather than standard vehicles. We can still insure standard cars but are sometimes not as competitive as some of our rivals.

Regards

Dan

Hi Dan,

Thanks for your reply. Just regarding those 2 quotes I've had from different brokers but the same underwriter, surely AF would be pretty miffed that a competitor [who also specialise in performance and modified car] can offer me a product that is far more competitive? Surely AF would want that same product from the underwriter, or you could lose business of exactly the kind of people you cater for - an ISF is a specialist performance car after all!

Your colleague did mention that you could maybe be more competitive after the first year of ownership [as you mention above]. Fingers crossed that is true as I'd happily try you again next year. I guess AF is willing to take that risk that customers will try again in the future?

Thanks again.

BUG4LIFE · October 13, 2017

Just noticed that Yorkie740 recommends Greenlight Insurance in the 'Recommend a discount' section. I might as well give them a go.

As mentioned, I got a good quote from one broker but they don't offer Agreed Value - hence why I'm still searching :)

DAN@ADRIAN FLUX · October 13, 2017

2 hours ago, Womble72 said:

My insurance has risen year after year which amazes me as I’ve not hit anything or been hit, it’s the only industry that insures on risk then puts up everyone’s premiums to cover any payouts 🤔......so technically not a risky business to be in as it’s profitable by any means 🙄

It is certainly not for no reason that insurance prices are rising. This can be attributed to a number of factors, such as increases in insurance premium tax, and the more recent changes to the Ogden rate, which is used to calculate future losses in personal Injury accident cases.

Many insurers, including those we work with, are therefore passing on added costs on to customers in the shape of higher premiums. Unfortunately as the broker we have no input in this.

Dan

Jgtcracer · October 13, 2017

Dan, as the only insurance company that we ever see on this forum, just a quick thank you for at least replying and engaging with us.

Your presence on here was what prompted me to request a quote in the first instance and I'm happy with my service personally so far so thanks again.

Marcus

Womble72 · October 13, 2017

5 hours ago, DAN@ADRIAN FLUX said:

It is certainly not for no reason that insurance prices are rising. This can be attributed to a number of factors, such as increases in insurance premium tax, and the more recent changes to the Ogden rate, which is used to calculate future losses in personal Injury accident cases.

Many insurers, including those we work with, are therefore passing on added costs on to customers in the shape of higher premiums. Unfortunately as the broker we have no input in this.

Dan

Cheers Dan for the reply, premier tax......yes I suppose so, it’s a government thing, personal claims?? This is exactly my point, I haven’t claimed anything, hit anything or been hit by anything, so like I said it’s a no loss industry, a very lucrative industry too......those that don’t claim means “their” premiums go down, not up to pay insurance companies back for their payouts,

i do appreciate your in put though 👍

Martin F · October 13, 2017

7 hours ago, BUG4LIFE said:

Just noticed that Yorkie740 recommends Greenlight Insurance in the 'Recommend a discount' section. I might as well give them a go.

As mentioned, I got a good quote from one broker but they don't offer Agreed Value - hence why I'm still searching :)

Have you tried Higos?

BUG4LIFE · October 13, 2017

1 hour ago, Martin F said:

Have you tried Higos?

On the job list for tomorrow :)

BUG4LIFE · October 14, 2017

Higos can't help. Too expensive!

Greenlight only do modified cover.

Another question...who here are confident that if you had a bump your insurance company would approve the repairs to be carried out by Lexus, as appose to one of their 'official' repair places? It's a question I'm currently asking Sky insurance(I'm on hold)?!

Jgtcracer · October 14, 2017

1 hour ago, BUG4LIFE said:

Higos can't help. Too expensive!

Greenlight only do modified cover.

Another question...who here are confident that if you had a bump your insurance company would approve the repairs to be carried out by Lexus, as appose to one of their 'official' repair places? It's a question I'm currently asking Sky insurance(I'm on hold)?!

My insurance company let me choose as long as they were an approved dealer on their system and it was within the allowed distance from my home. Lexus Edinburgh don't have a body shop though so would just outsource.

Don't be put off by an independent, mine was done really well and the repair is still gauranteed. I couldn't see a main dealer doing a better job than the service I received

Marcus

Womble72 · October 14, 2017

1 hour ago, Jgtcracer said:

My insurance company let me choose as long as they were an approved dealer on their system and it was within the allowed distance from my home. Lexus Edinburgh don't have a body shop though so would just outsource.

Don't be put off by an independent, mine was done really well and the repair is still gauranteed. I couldn't see a main dealer doing a better job than the service I received

Marcus

My old 2006 SE-L was my mums from new, when 3 years old some spotty little oik pulled out n hit the rear quarter, was replaced after finding him (17 n sped off) it was done by Lexus Southend’s body shop, was a BAD repair and paint was never right, my late mum had cancer and didn’t need the ag that went with it!!......I’d only allow any repair to be carried out by a “lifetime “ repair body shop, they do exist and most insurance companies use them.......that would be my only concern

Paul

Malc · October 14, 2017

I'd be quite amazed if any main dealer had their very own body repair and paint shop ........... wouldn't they just outsource and take a turn for their profit ?

At least when insurance companies arrange the repair there is an understanding that it comes with maybe a 5 year warranty and all parts used are OEM

If you was to use an independent then they might well use secondhand parts and not give that 5 year warranty ..... and of course some secondhand parts are absolutely fine .... from a breakers

This is why some secondhand written -off prior are really good cars, say, using a good secondhand bumper or door or glass, light settings or whatever, that made the car uneconomical to repair for the insurance company with new OEM but well within the financial limits of any other dealer ..... and very good repairs and cars too many of them.

Malc