Supercar Insurance
Discussion
Hello all! New poster here! I am soon to become proud owner of my first supercar and in preparation for this I have started considering insurance options. Over the years I have noted various conversations on here regarding the merits of specialist insurers rather than your usual "highstreet" variety when it comes to supercars and the like, but having never needed to insure anything of this caliber the majority of it just passed me by.
Using Compare the Market etc I have received some apparently fantastic quotes of around £650pa (Admiral/Bell) against £140k's worth of car, and this compares to quotes from specialists around the £1500pa mark. Now the instant reaction is "no brainer - just go for the cheap one" but before I do so, are there any hints and tips the more experienced supercar insurers can offer in terms of potential pitfalls? I appreciate each insurance offer will be different but even just a pointer as to regular rookie errors or the like would be helpful.
Thanks in advance for any help you can give me!
Using Compare the Market etc I have received some apparently fantastic quotes of around £650pa (Admiral/Bell) against £140k's worth of car, and this compares to quotes from specialists around the £1500pa mark. Now the instant reaction is "no brainer - just go for the cheap one" but before I do so, are there any hints and tips the more experienced supercar insurers can offer in terms of potential pitfalls? I appreciate each insurance offer will be different but even just a pointer as to regular rookie errors or the like would be helpful.
Thanks in advance for any help you can give me!
Edited by P13MCX on Tuesday 9th February 15:09
P13MCX said:
Over the years I have noted various conversations on here regarding the merits of specialist insurers rather than your usual "highstreet" variety when it comes to supercars and the like, but having never needed to insure anything of this caliber the majority of it just passed me by. Thanks in advance for any help you can give me!
If you cannot remember the advice you read before re-read them ! Every few weeks this is asked so just scrolling down ought to yield threads with good advice
PS what are you getting ?
johnnyreggae said:
I have done a fair bit of scrolling but not really come across much in the way of actual case in hand advice/pitfalls to watch out for. I might be being stupid but I can't manage the search system for love nor money! I'll keep looking but keen to avoid an absolute zoomer for the sake of not asking!Perhaps a better question would have been - what are considered the "must-haves" of supercar insurance? For example I remember someone getting done about £3k for a windscreen on a Lambo because their policy had a limit of £750 for a new screen. Also certain insurers insist on you using their approved bodyshops or you have to top up any cost difference, regardless of the quality of the bodyshops they have approved.
Its a 540c I'm going for. Itching with excitement!
Edited by P13MCX on Tuesday 9th February 15:00
The main difference would be down to the service you get if anything happens. No quibbling or deflecting when you come to claiming so peace of mind I suppose. Not saying that cheaper quotes will give you poor service necessarily but I've heard stories of certain insurance companies giving customers the run around on significantly cheaper cars
Some coverage level items you may wish to consider when comparing quotes:
Track day/non public road/Nurburgring (very difficult to obtain any useful cover) cover, if relevant to you;
If purchasing a new car, is it 'new for old' if a total loss occurs in year 1, (consider, to enable a like for like comparison, adding the cost of a comparable GAP policy if it's not);
Windscreen cover excess and cap;
Windscreen cover as pattern parts only or also manufacturer branded parts and effect on excess and cap;
Windscreen cover, must you use their preferred provider or your choice of a suitable fitter and effect on excess and cap;
Does a windscreen claim count as a "claim" on renewal (particularly if you change insurers) even if it doesn't impact a 'no claims bonus';
Damage repairs only at their preferred provider (which may impact any manufacturer warranty on paint, corrosion resistance generally and of course the actual repaired parts) or at a manufacturer approved body shop;
Damage Repairs using manufacturer branded parts or generics (which may impact on your ability to extend the manufacturer warranty, and of course the repaired parts won't be covered by manufacturer warranty);
Guaranteed / protected no claims;
Limited / hard cap mileage;
Third party coverage if driving with consent non owned, separately insured by their user, vehicles;
Any person driving your car any time with consent coverage;
'Market value' total loss payout or 'agreed price';
Tracking device requirements in excess of any manufacturer fitted device;
Obligation to fit a 'black box' driving style recorder with variable premiums depending on driving style (most Bell, certain Admiral policies, someone must buy these policies and they have their place for new drivers, but otherwise....)
Manufacturer fitted optional extras coverage;
Aftermarket fitted optional extras coverage (both in terms of not voiding policy for non disclosure of fitment and payout value to include those options);
Modifications and impact on premium;
Do you keep the right to display a Personalised registration mark in the event of a total loss of a vehicle carrying that mark;
Some of these you may consider important, most probably not. They can all be insured, but at a cost, and you would need to subjectively determine what their value is to you.
Track day/non public road/Nurburgring (very difficult to obtain any useful cover) cover, if relevant to you;
If purchasing a new car, is it 'new for old' if a total loss occurs in year 1, (consider, to enable a like for like comparison, adding the cost of a comparable GAP policy if it's not);
Windscreen cover excess and cap;
Windscreen cover as pattern parts only or also manufacturer branded parts and effect on excess and cap;
Windscreen cover, must you use their preferred provider or your choice of a suitable fitter and effect on excess and cap;
Does a windscreen claim count as a "claim" on renewal (particularly if you change insurers) even if it doesn't impact a 'no claims bonus';
Damage repairs only at their preferred provider (which may impact any manufacturer warranty on paint, corrosion resistance generally and of course the actual repaired parts) or at a manufacturer approved body shop;
Damage Repairs using manufacturer branded parts or generics (which may impact on your ability to extend the manufacturer warranty, and of course the repaired parts won't be covered by manufacturer warranty);
Guaranteed / protected no claims;
Limited / hard cap mileage;
Third party coverage if driving with consent non owned, separately insured by their user, vehicles;
Any person driving your car any time with consent coverage;
'Market value' total loss payout or 'agreed price';
Tracking device requirements in excess of any manufacturer fitted device;
Obligation to fit a 'black box' driving style recorder with variable premiums depending on driving style (most Bell, certain Admiral policies, someone must buy these policies and they have their place for new drivers, but otherwise....)
Manufacturer fitted optional extras coverage;
Aftermarket fitted optional extras coverage (both in terms of not voiding policy for non disclosure of fitment and payout value to include those options);
Modifications and impact on premium;
Do you keep the right to display a Personalised registration mark in the event of a total loss of a vehicle carrying that mark;
Some of these you may consider important, most probably not. They can all be insured, but at a cost, and you would need to subjectively determine what their value is to you.
Edited by rjn21 on Wednesday 10th February 06:10
I'm with Aviva (multi car policy with the wife) the cost to add the 12c spider was about £450 (full year)
Excess is £2,250 , if I want to use my choice of repairer this increases by only an extra £250.
If I have an accident, it will likely to be an expensive one - so whether the excess is £500 or £2.5 will probably matter little.
Excess is £2,250 , if I want to use my choice of repairer this increases by only an extra £250.
If I have an accident, it will likely to be an expensive one - so whether the excess is £500 or £2.5 will probably matter little.
Wilmslowboy said:
I'm with Aviva (multi car policy with the wife) the cost to add the 12c spider was about £450 (full year)
Excess is £2,250 , if I want to use my choice of repairer this increases by only an extra £250.
If I have an accident, it will likely to be an expensive one - so whether the excess is £500 or £2.5 will probably matter little.
Similar to me, multicar with Aviva. Just been quoted an additional £186 to add a LP560-4 mirroring cover and no-claims on our other cars. This is only to Aug so it co-terminates but means a full year policy will be around £380-400 with a £2k excess. I've used them for the last three years now after having been with Adrian Flux for many years. Seem very professional, cover suits me and is actually better than some specialist policies I've had in the past. Excess is £2,250 , if I want to use my choice of repairer this increases by only an extra £250.
If I have an accident, it will likely to be an expensive one - so whether the excess is £500 or £2.5 will probably matter little.
Interesting
I had my 1st Aston with Locktons/Chubb which was very good
I saved a bit swapping to a multicar with Admiral - BIG mistake
My 2nd Aston I went to Classic Line on recommendation from a few people, they were OK
They were BLOODY expensive when I changed to the 650S
When that's due I'll look at Locktons and Avivia
I had my 1st Aston with Locktons/Chubb which was very good
I saved a bit swapping to a multicar with Admiral - BIG mistake
My 2nd Aston I went to Classic Line on recommendation from a few people, they were OK
They were BLOODY expensive when I changed to the 650S
When that's due I'll look at Locktons and Avivia
red_duke said:
mikey k said:
I saved a bit swapping to a multicar with Admiral - BIG mistake
I'm with Admiral. How did they let you down if I may ask?As each car came on to the policy I paid the change in premium.
Once all three were on it was way more expensive than the 3 separate policies
I have used Aplan for over 10 years, they have great customer care. When you call the phone is answered straight away, if you need any changes, number plates, mileage changes, adding points :-( it's all done without any admin charges or fees. Most importantly their polices allow for no-quibble repair by official McLaren (or Porsche or whatever you have). This is very important as if you do have a prang you don't want it repaired by Shelia's Wheels authorised repairer dodgy Dave. For me they were 20% more than Admiral but Admiral would not guarantee manufacturer approved repair.
With a McLaren you can get insured for track use but you should also bear in mind that the McLaren warranty excludes ALL track use unless you have a pre and post track check by an authorised dealer at £200 a go. So that's £400 and 2 wasted days to add to every track day. Or use an MX5 like I do.....
With a McLaren you can get insured for track use but you should also bear in mind that the McLaren warranty excludes ALL track use unless you have a pre and post track check by an authorised dealer at £200 a go. So that's £400 and 2 wasted days to add to every track day. Or use an MX5 like I do.....
Bispal said:
I have used Aplan for over 10 years, they have great customer care. When you call the phone is answered straight away, if you need any changes, number plates, mileage changes, adding points :-( it's all done without any admin charges or fees. Most importantly their polices allow for no-quibble repair by official McLaren (or Porsche or whatever you have). This is very important as if you do have a prang you don't want it repaired by Shelia's Wheels authorised repairer dodgy Dave. For me they were 20% more than Admiral but Admiral would not guarantee manufacturer approved repair.
With a McLaren you can get insured for track use but you should also bear in mind that the McLaren warranty excludes ALL track use unless you have a pre and post track check by an authorised dealer at £200 a go. So that's £400 and 2 wasted days to add to every track day. Or use an MX5 like I do.....
I'll give A Plan a call when my 3 are dueWith a McLaren you can get insured for track use but you should also bear in mind that the McLaren warranty excludes ALL track use unless you have a pre and post track check by an authorised dealer at £200 a go. So that's £400 and 2 wasted days to add to every track day. Or use an MX5 like I do.....
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