Discussion
If you are getting a brand new GT4 there is a huge difference in levels of cover between the online insurers and specialist schemes.such as Aviva private clients who give a 3 year new car replacment as long as you are the first owner and it is not contact hire....noneed for the porsche GAP cover which helps with the extra cost of a high newtorht policy.
SpyderMatt said:
But how do they calculate market value?
You'd have to check the exact policy wording to see how market value has been defined. Aviva Private Clients has the definition below, which is fairly generous as they don't go for the more common "lower of declared value or market value".Policy Booket said:
The cost of replacing your car with one of the same make, model, specification and condition.
Just a heads up.
Just had my multi car policy renewal quote from NFU Mutual.
The GT4 has gone up from circa £500 to £2800
I’ve been I discussion with them for 2 days and it appears the reason is the reclassification of the car by the underwriters at the start of the year. Class has changed from SR to SS.
NFU are a fantastic company and their customer service is excellent. But very disappointed that they have made such a drastic change in the classification which means I’ll obviously have to remove that car from the policy.
Just had my multi car policy renewal quote from NFU Mutual.
The GT4 has gone up from circa £500 to £2800
I’ve been I discussion with them for 2 days and it appears the reason is the reclassification of the car by the underwriters at the start of the year. Class has changed from SR to SS.
NFU are a fantastic company and their customer service is excellent. But very disappointed that they have made such a drastic change in the classification which means I’ll obviously have to remove that car from the policy.
I just had my renewal from Manning on my 718 GT4 having recently switched from a 981, my premiums have increased over the last 2 years from £665 to £1215 for next year's renewal. In addition the renewal does not include track day cover as they have withdrawn this as a result of a large claim at Anglesey.
M44KSP said:
I just had my renewal from Manning on my 718 GT4 having recently switched from a 981, my premiums have increased over the last 2 years from £665 to £1215 for next year's renewal. In addition the renewal does not include track day cover as they have withdrawn this as a result of a large claim at Anglesey.
£1215, is that just for the GT4? Earth-shattering if it is, mine was £630 no track days, mind you, I am probably one of the oldest regular posters on PH!I have been looking for a suitable car insurance company for a very long time because most of these companies provide too high prices, apparently because they have a high power of attorney and clients. However, I decided to take a chance and came across Motor trade insurance, which I had not heard of before. Having taken out insurance on one of my cars, I decided to determine what would happen if I got into an accident. Would this company be able to pay for all my repairs? And as it turned out, literally a year later, I got into an accident in which I almost died. And oddly enough, I was lucky that my insurance company fully paid for the repair of my car.
Edited by WayneCavanaugh on Thursday 17th March 10:06
Something has certainly changed with the risk profile to specialist underwriters for GT4. Getting mine added on to my policy earlier this month worked out to an annualised rate of just under £2k inc track cover extensions but zero free days. 12yrs NCD. The guidance I’d had from my broker last summer suggested that the annualised policy rate would be circa £900 inc track coverage.
It is IMHO the track coverage element that seems to be the problem not the car for road use.
Will be looking for a different broker or underwriter come renewal time.
It is IMHO the track coverage element that seems to be the problem not the car for road use.
Will be looking for a different broker or underwriter come renewal time.
jackwood said:
The GT4 has gone up from circa £500 to £2800
I’ve been I discussion with them for 2 days and it appears the reason is the reclassification of the car by the underwriters at the start of the year. Class has changed from SR to SS.
I’ve seen this a few times over the years with both cars and houses, insurers move in and out of certain market segments based their latest perceived risk rating, be it the car, post code or house, and the price suddenly changes significantly. I’ve been I discussion with them for 2 days and it appears the reason is the reclassification of the car by the underwriters at the start of the year. Class has changed from SR to SS.
GRD_72 said:
I’ve seen this a few times over the years with both cars and houses, insurers move in and out of certain market segments based their latest perceived risk rating, be it the car, post code or house, and the price suddenly changes significantly.
Yes very strange. I questioned it and the team elevated it to head office. They said the SS class is reserved for ultra high performance cars that do 0-60 in sub-3 sec. I pointed out the listed time is only 4.4sec, but they said there was nothing else they could do.
On comparison sites the premium is more like what I was expecting from NFU, at around £450-550. Classicline has a better policy, doesn’t require any no-claims discount (so I can use it on other cars) and obviously includes track cover. Premium was £1050 which seems reasonable for the level of cover, to me.
jackwood said:
Yes very strange. I questioned it and the team elevated it to head office. They said the SS class is reserved for ultra high performance cars that do 0-60 in sub-3 sec.
I pointed out the listed time is only 4.4sec, but they said there was nothing else they could do.
On comparison sites the premium is more like what I was expecting from NFU, at around £450-550. Classicline has a better policy, doesn’t require any no-claims discount (so I can use it on other cars) and obviously includes track cover. Premium was £1050 which seems reasonable for the level of cover, to me.
I have a few cars insured with NFU which include one which does actually do 0-60 in sub 3 sec(Ferrari 812). Its a group policy so the Insurance premium Tax is billed as a whole policy charge so the figures exclude this tax. The 812 with a replacement value of £250k costs me £957ex IPT which makes a mockery of the quote you received. This was only last November.I pointed out the listed time is only 4.4sec, but they said there was nothing else they could do.
On comparison sites the premium is more like what I was expecting from NFU, at around £450-550. Classicline has a better policy, doesn’t require any no-claims discount (so I can use it on other cars) and obviously includes track cover. Premium was £1050 which seems reasonable for the level of cover, to me.
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