Insurance - What are people paying?

[redwoodkp 0]

Just renewed my cover £376 with only four years no claims, £200 excess and three mods declared!!

 

With Greenlight insurance.

[kaiserVR6 0]

i just did my insurance this morning,

 

i'm 24 - no points

no no cliams and it is 800 fully comp, but its in a locked garage all night and i have an immobiliser, not bad i thought!

 

through prudential car insurance

[boost monkey 0]

I'm 25, 3yr NCD, no points or prangs and I just put £500 down with Martin @ HIC for a pretty boggo KR powered Raddo :D

[reubenwilliams 0]

My 2.0l valver was £1400 TPFT. standard of course. 1 years NCB, 10k miles (19 years old). I didnt want to know what full comp was! now im paying £1200TPFT on a lowered and exhausted 8v Mk2 GTi (im 20 now). "Yes sir, we'll insure you, just bend over for us we won't keep you a minute! "

[kaiserVR6 0]

"Yes sir, we'll insure you, just bend over for us we won't keep you a minute! "

 

"oh sorry sir it seems we forgot our pot of vaseline......this wont hurt a bit......"

[Jim 1]

Just got a quote back from Greenlight for £372.. best i've ever had! Fully comp with all mods declared!

[Kevin Bacon 5]

It's the same with everything. It's the dodgy bastards that always ruin it for everyone else. Just like the joy riding from the 90s. Honest, hard working people had to sell their hot hatches (at a huge loss) because little pricks were stealing them, which massively hiked the insurance premiums for everybody.

 

I don't like insurance companies. Never have. I used to work for a very well known one an I don't agree with their policies and tactics. I also don't agree with insurance being one big 'pot' that all claims are paid from, because the honest people get screwed over by the dregs of society. The whole shebang needs reforming and brought into the 21st century. Insurance hasn't really changed since it was setup by Royal London in the 1600s to insure highway men from Dick turpin.

 

most companies (particularly aggregators like money supermarket/confused etc) will ask the bare minimum required amount of questions .

 

Yep. I crashed my Confused session when being honest with my answers and trying to include modifications. It didn't want to know.

Confused is primarily for low risk. 50 plus people with standard Honda civic 1.6s.

 

Another gripe I have is with 'specialist' insurers claiming to be 'VW specialist' insurers are also advertising in Performance Ford, Performance BMW etc etc aswell. This means the specialist knowledge about your car you expect them to have, simply isn't there when getting a quote. HIC (no offense), Greenlight, Flux.... they're all the same, they haven't got a clue about modifications and often put them down incorrectly on the policy schedule, or don't include them at all.

 

This is why I insure with Brentacre. John and Kerry there do know VWs extremely well and I didn't have to explain any of my mods to them, they just knew what they were and understood them and the effects they have on the car's performance and safety.

 

For instance, HIC and Flux didn't enquire about other seconday modifications I was likely to have alongside the turbo, such as intercoolers, forged pistons, bigger brakes, bigger injectors, standalone ECUs etc..... Brentacre asked all of it.

 

On my HIC and Flux policies, it just stated "Supercharger" and that was it. No mention of the other stuff I spent 5 minutes explaining to them down the phone.

 

My Brentacre policy is complete, every conceivable part not standard is listed, so I know they can't weedle out a claim with the non-disclosure excuse.

 

My policy is £980 comp, protected bonus, 400hp limit, SDP and to and from work, 10,000 miles a year and agreed value @ £8K.

 

That may sound a lot, but tbh I'm more wary of cheap quotes. You have to be realistic. A 400hp car capable of 160+mph used every day couldn't, and shoudln't cost £400 a year to insure. If it does, question it.

It's essentially a group 20. Try insuring a Grp 20, 400hp Porsche for £400 a year.

[chazrad 0]

Hmm, yes. Let's not get carried away. They are a business at the end of the day, and they employ lots of bright people called loss adjusters to ensure they set the premium in line with the risk. We all know this: if you are a young guy with a fast car, the statistics prove how much more likely you are to have an accident, than say, my mother in her 1.0L Toyota Yaris.

 

Firstly, the insurance industry as a whole subsidises the motor insurance industry to the tune of some ridiculous figure, every year. The premiums we pay are weighted to cover - as has been pointed out - the ejjit drivers who spoil it for the rest of us, but also the rising number of third party compensation claims.

 

To address the 'different pots' idea, Kev, it sounds great but can't work. To illustrate the point I think you are trying to make:

 

'Pot A' is money taken in premiums from us 'good drivers', enthusiasts who look after our cars, don't put in fraudulant claims and seldom have an accident. 'Pot B' is the money from Mr Sideboy Waxo, whose chances of an accident are about double ours. Well, if Mr Waxo had his premium weighted to a point that truly reflected the risk he poses, he probably would not be able to afford it. Great, I hear you cry...gets him off the road! If only that were the case. The number of uninsured drivers on our roads is now something horrific like 1:8 vehicles, and that would simply makes the situation worse. So as far as the industry is concerned, the best way to deal with the problem is to spread the cost across the punters. Either way, the industry will raid our 'Pot A' to pay 'Pot B', because we are all 'careful drivers' and don't claim, so the money is there to pay claims with.

 

As mentioned, even then the money raised from motor insurance premiums does not meet the amount required to pay all the motor claims. So if the insurance industry as a whole decided it no longer wanted to subsidise the motor insurance industry, two things would happen: 1) everyone's motor insurance would go up (que many more uninsured drivers) and 2) everyone's household, contents, travel etc insurance would go down.

 

Its a very emotive subject. I've just renewed my Corrado insurance today. Its alot of money but as Kev says, that goes with the turf when you own a performance car; and like him I would be suspicious of a quote I thought was too low.

 

Finally, let's not forget, they are in business to make money, they are not a charity.

 

BTW, I'm not am not an insurer and don't work for one either. :lol:

[ben_wooduk 0]

i was recommended HIC by a friend, they wanted 1k for a 94 standard valver, 300 quid more expensive than Churchill. and obviously when the sun comes along I'm going to stick some new wheels on and a few extras so i'm pretty worried about my upcoming quote. can anyone tell me why it cheaper for me to insure a G60?!?

[Jim 1]

can anyone tell me why it cheaper for me to insure a G60?!?

 

I don't think there is any logic to the insurance system frankly. I've said before, on some of the countless insurance threads on this forum, that i've gotten quotes on Porsches and performance Merc's that have come out cheaper than the premium for my Corrado. I still don't understand how that works.

[martinb 0]

Another gripe I have is with 'specialist' insurers claiming to be 'VW specialist' insurers are also advertising in Performance Ford, Performance BMW etc etc aswell. This means the specialist knowledge about your car you expect them to have, simply isn't there when getting a quote. HIC (no offense), Greenlight, Flux.... they're all the same, they haven't got a clue about modifications and often put them down incorrectly on the policy schedule, or don't include them at all.

 

This is why I insure with Brentacre. John and Kerry there do know VWs extremely well and I didn't have to explain any of my mods to them, they just knew what they were and understood them and the effects they have on the car's performance and safety.

 

For instance, HIC and Flux didn't enquire about other seconday modifications I was likely to have alongside the turbo, such as intercoolers, forged pistons, bigger brakes, bigger injectors, standalone ECUs etc..... Brentacre asked all of it.

 

On my HIC and Flux policies, it just stated "Supercharger" and that was it. No mention of the other stuff I spent 5 minutes explaining to them down the phone.

 

dont worry, no offense taken everyone is entitled to their opinion its just i can see the viewpoint from both ends of the phone driving a modified Corrado myself and having to deal daily with insuring them for you guys. :wink:

 

In an ideal world yeah at HIC all the staff would be enthusiasts like myself and know their stuff however realistically this is not possible. I dont know a huge amount about Brentacre (i have only called them once for a quote for myself and they certainly knew their stuff and where helpfull right up until they asked where i worked...then said they where going to double it! :lol: ) and how many staff they have but due to the huge amount of calls we get if it was just the "enthusiasts" we had answering the phones you would be holding ages. We do have a high % of enthusiasts working here (not all VW mind...) and every effort is made to help those who are not into cars have a better understanding (encouraged/paid to go to shows, most monthly enthusiast cars mags delivered to the office every month etc).

 

Also, despite whatever i know about the cars (even if i have read your entire build thread), i am not allowed to assume anything - you have to tell me what is done to the car/increases in bhp etc. The calls are recorded to protect both us & you so in the event of a suspected non disclosure the original call can be checked as it has to be covered on the call. This can be as frustrating for me as it is you, but the calls are regularly audited and if i dont stick to the rules then it counts against me come pay review time!

 

With regard to it just stating "Supercharger" on your paperwork, this is something that i can sypathise with when it comes through on your docs. Our computer has a set list of modifications and there is no way of adding to/changing this list (obviously the people that made the computer system were not enthusiasts!) and there are sooooo many different modifications often we have to select the closest option on the system. The premium is based more on the bhp than the mods you have done to get there so as long as this is disclosed correctly then its fine - the call can always be checked for the exact mods and if you choose to do an agreed valuation then you can go into further detail on the valuation.

 

Hope that helps explain it a bit anyway :)

[blue95 0]

It's the same with everything. It's the dodgy bastards that always ruin it for everyone else. Just like the joy riding from the 90s. Honest, hard working people had to sell their hot hatches (at a huge loss) because little pr**ks were stealing them, which massively hiked the insurance premiums for everybody.

 

I don't like insurance companies. Never have. I used to work for a very well known one an I don't agree with their policies and tactics. I also don't agree with insurance being one big 'pot' that all claims are paid from, because the honest people get screwed over by the dregs of society. The whole shebang needs reforming and brought into the 21st century. Insurance hasn't really changed since it was setup by Royal London in the 1600s to insure highway men from Dick turpin.

 

most companies (particularly aggregators like money supermarket/confused etc) will ask the bare minimum required amount of questions .

 

Yep. I crashed my Confused session when being honest with my answers and trying to include modifications. It didn't want to know.

Confused is primarily for low risk. 50 plus people with standard Honda civic 1.6s.

 

Another gripe I have is with 'specialist' insurers claiming to be 'VW specialist' insurers are also advertising in Performance Ford, Performance BMW etc etc aswell. This means the specialist knowledge about your car you expect them to have, simply isn't there when getting a quote. HIC (no offense), Greenlight, Flux.... they're all the same, they haven't got a clue about modifications and often put them down incorrectly on the policy schedule, or don't include them at all.

 

This is why I insure with Brentacre. John and Kerry there do know VWs extremely well and I didn't have to explain any of my mods to them, they just knew what they were and understood them and the effects they have on the car's performance and safety.

 

For instance, HIC and Flux didn't enquire about other seconday modifications I was likely to have alongside the turbo, such as intercoolers, forged pistons, bigger brakes, bigger injectors, standalone ECUs etc..... Brentacre asked all of it.

 

On my HIC and Flux policies, it just stated "Supercharger" and that was it. No mention of the other stuff I spent 5 minutes explaining to them down the phone.

 

My Brentacre policy is complete, every conceivable part not standard is listed, so I know they can't weedle out a claim with the non-disclosure excuse.

 

My policy is £980 comp, protected bonus, 400hp limit, SDP and to and from work, 10,000 miles a year and agreed value @ £8K.

 

That may sound a lot, but tbh I'm more wary of cheap quotes. You have to be realistic. A 400hp car capable of 160+mph used every day couldn't, and shoudln't cost £400 a year to insure. If it does, question it.

It's essentially a group 20. Try insuring a Grp 20, 400hp Porsche for £400 a year.

 

Never really modded any car as much as I have my Raddo. I want to ensure evry single mod is covered, from what you are saying Brentacre is the way to go.

 

Seems like you got a fantastic price, considering all your mods, do you have full no claims etc??

 

I want to insure mine very soon (within 3 weeks) for road use and I would rather just go direclt to 1 insurer for a quote.

 

Cheers

[Kevin Bacon 5]

If only all the staff were as efficient and knowledgable as you :-)

 

Unfortunately I have had to hold for quite a while at HIC and Mr Flux, but as you say, you get a lot of calls because of the competetive pricing.

 

Brentacre are more expensive, but they only have 2 or 3 underwriters and their policies are more or less 100% accurate and complete when you get the paperwork through to sign. Their market knowledge of modified VWs is very extensive too. It just saves a lot of time. As a modded (very heavily) car owner, it's a chore every year to have to explain all the changes and if a company like Brentacre take it all on board the first time, it just saves a lot of grief and time.

 

I have also experienced their claims service when I had a spate of dingbats driving into me. They called me and kept me in the loop regularly. Other insurers I've dealt with in the past certainly did not!! I had to ring them and there wasn't much information to be extracted from them when I did.

 

Never mind. It's the way it is!

 

I agree about your list of standard modifications being incomplete and vague. It's like when you fill any form in and you have to describe your job for example, as a "Systems management engineer" and the standard choices are "Doctor, Computers, Civil Engineer, etc", so you have to pick one which best describes your role. Which technically could lead to a problem with a claim if your job description isn't accurate?

 

Chazrad, agree with what you're saying because if a Chav drives his Paxo 1.6 off a bridge, the costs are more than just to replace his car..... Police, divers, river rescue, fire service, ambulance, bridge repair, coroner costs (hopefully) all need to be covered......by US. :roll: Unfair, but as you say, unavoidable. Taxpayers support the non taxpayers and useless tossers of society....as per usual.

 

Insurance companies rely on premium income being massively higher than claim payouts, and most of the time that is very much the case. They like to exaggerate how much they pay out in order to make us feel better about shouldering the costs for other people's mistakes.... but people like Norwich Union and RoyalSun make MASSIVE profits every year. I know, cause I've worked for both of them ;-)

 

Blue95 - Yeah, full NCD. I'm 34 :lol: I think for the performance and the mileage I do, that is a very reasonable quote. They have an excellent claims service too.

[blue95 0]

 

Blue95 - Yeah, full NCD. I'm 34 :lol: I think for the performance and the mileage I do, that is a very reasonable quote. They have an excellent claims service too.

 

Cheers,

 

Just tried to go to there site...seems to be having probs LOL:

 

The hosting account for this website has expired.

 

If you are the owner of this website, please login to your 123-reg control panel and renew your hosting package by visiting http://www.123-reg.co.uk

[chazrad 0]

 

 

Insurance companies rely on premium income being massively higher than claim payouts, and most of the time that is very much the case. They like to exaggerate how much they pay out in order to make us feel better about shouldering the costs for other people's mistakes.... but people like Norwich Union and RoyalSun make MASSIVE profits every year. I know, cause I've worked for both of them ;-)

 

Kev, you're right. Insurers do make profits (they are a business after all), but the point is they still have to subsidise their motor insurance arms come claims time, because the income from motor insurance premiums just doesn't cover the outgoings.

 

 

Blue95 - Yeah, full NCD. I'm 34 :lol: I think for the performance and the mileage I do, that is a very reasonable quote. They have an excellent claims service too.

 

Besides Brentacre, I would give Chris Knott a try as well. I had never heard good things about them, but tried them recently and they beat Brentacre (by miles!) and my current insurer, HIC, by over £100. They offer a 'Future Classic' policy for cars driven less than 5000 miles a year. They do agreed value, make a note of things like IAM, and offer discounts for the likes of car club membership (ie CCGB). The guy who I spoke to (called Paul) was also really knowledgeable, very helpful, and even phoned me last Saturday morning to tell me the progress on organising the policy. All this is no reflection of what they might be like to deal with come claim time, but nevertheless, so far I'm very impressed. They are worth a phonecall, I reckon.

 

One more thing fellas, and something that I did not know about Agreed Value: Your agreed valuation is something that you arrange with your insurer, not the insurance industry. Therefore it only comes into play if you cause the accident which writes your car off. If a third party crashes into you, their insurer is only obliged to refer to the market value of your car, not your agreed value. :? The irony is you would get a better deal if you caused the accident. The bottom line: If you're going to have an accidient, make sure you cause it!! :lol:

[davidwort 0]

fell off my chair this morning...

 

16v

full no claims

36yrs old

fully comp

S,D,P and commuting

 

... Post Office just quoted me £133 :shock:

[blue95 0]

fell off my chair this morning...

 

16v

full no claims

36yrs old

fully comp

S,D,P and commuting

 

... Post Office just quoted me £133 :shock:

 

 

:shock: Have you decalred your mods??? :D

[Kevin Bacon 5]

One more thing fellas, and something that I did not know about Agreed Value: Your agreed valuation is something that you arrange with your insurer, not the insurance industry. Therefore it only comes into play if you cause the accident which writes your car off. If a third party crashes into you, their insurer is only obliged to refer to the market value of your car, not your agreed value. :? The irony is you would get a better deal if you caused the accident. The bottom line: If you're going to have an accidient, make sure you cause it!! :lol:

 

Well that's a bit schitt! Cheers for the heads up, I never knew that either! How many insurers offer than information at the policy inception? I'll wager VERY few!

[blue95 0]

Right just had a qoute from brentacre which I was very pleased with (£534.70) with all mods declared.

 

Untill they told me max total value........£3500!!!! :shock: :shock: also £350 excess

 

Reason being my engine is pretty much standard and they see my other mods as being purely cosmetic only, mods that include:

 

17" bbs RX

Braided hoses all round

poly bushes all round

upgrade callipers, discs all round

strut braces

coilover suspension

VT engine mounts

custom made manifold

S/S exhaust system

and not forgetting the 4x4 conversion :shock:

and also some cosmetic chaanges lights, grille etc

 

:cuckoo: :cuckoo:

 

Basically if there car gets smacked it will be an instant write off :(

 

 

*** Update ***

 

Just got a more sensible quote from HIC, same underwriters, better deal in terms of price and max value :)