Insurance issue

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Hi all,

Last week I took out a new policy for my Celica.

This policy was sold to me as having 'free' track day cover for as many track days as I liked in a year. I was told on the phone that the excess for this part of the policy was £1000 or £500 if I could prove that I was an experienced track day driver (which I am, and I can).

This, and the other features of the policy sounded good to me (it is a classic policy), so I took out the quote.

When the documentation arrived, it said that the track day excess was £2000, or £1000 if experienced. I rang the insurance company this morning, who agreed that they had quoted me £1000/£500, but said that they had got it wrong and there is nothing they can do. I told them I didn't have time to argue as I was at work, that I was seriously considering cancelling the policy and I would let them know.

My problem is that I think that this company might be the only one that offers this sort of insurance with track cover included, so am I right in saying that there is nothing I can do about the increased excesses?

Thanks,

Adam

[splitter / judas]

If they have mis-quoted you then you can cancel the policy if you so wish and report them to the insurance ombudsman. You might also want to complain to a senior person in the company to see if they can sort something out for you.

[Noger]

You have a 14 day cooling off period anyway, so shouldnt lose money.

Was this a broker who sold the policy ? There can often be the situation where the broker sells a policy that the carrier simply won't underwrite. There was a big case last year with Hastings and Highway, where they sold a load of policies that they had to cancel.

To go to the Omburdsman or the FSA, you would have to prove unfair inducement. This differs from human error, which this sounds like it is.

Not certain you will get much out of this. Worth a complain, but I wouldn't hold out for them re-writing the policy just for you. Sorry.

[BertBert]

Been here before. You will be able to cancel if you don't want to carry on with it. You can't force them to do it under the terms agreed in the phone call unfortunately. They might be able to find another underwriter to do it though. You should ask them to look into that. That's what happened to me, my ins co found another underwriter's policy that they could use. It was slightly more expensive but they swallowed the extra cost (under duress).

It wasn't AF by any chance was it?

Bert

Edited by BertBert on Thursday 31st January 11:00

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Nope, not AF. Google for 'insurance free trackday cover' to find out who it is.

I think the problem is that they used to offer the track day cover with the £1000 / £500 excess, but the underwriter (who share a name with the guy who wrote the Canterbury tales put the prices up at some point recently.

I think I am going to just have to accept the higher excess, unless anyone knows of someone that offers the following:

- Classic policy (i.e. no NCB is needed - I use my NCB on my daily driver) - limited to 5000 miles, but with the option of 7500 if I need it.

- Agreed value

- 90 days european cover

- Track day cover

- Mod friendly - car is pretty heavily modified - need like for like on mods

- Roll cage friendly - I am planning to add one in the near future.

Adam

[Noger]

Aha, Broker not knowing what the insurer is doing. A Pain.

Is there an Owners Club that has a scheme ?

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I used to be with the GT4OC club insurer, but they don't do classic policies and they don't do track cover.

Adam

[supermono]

BertBert said:

You can't force them to do it under the terms agreed in the phone call unfortunately.

Well this is excellent news indeed:

(presale)
Proposer: "No, I have no points and have had no accidents or convictions"
Insurer: "Great, we can do it cheap"

(postsale at claim time)
Insurer: "You didn't tell us about the points and accidents"
Proposer: "Ahh well that was only agreed on the phone so it doesn't count"

SM

[Noger]

In reality...

(presale)
Proposer: "No, I have no points and have had no accidents or convictions"
Insurer: "Great, we can do it cheap"

Insurer sends you a Statement of Facts, detailing your lack of points and accidents, and tells you that if it is wrong you are to tell them.

(postsale at claim time)
Insurer: "You didn't tell us about the points and accidents"
Proposer: "Oh dear"

So if you make a mistake at quote time, you have a written opportunity to make amends. Same for the insurer.

[JackHolroyde]

You have a duty to read your documents. Demand a full refund or pay the extra excess if you have a viable alternative.
The company involved doesn't have any major issues with the FSA or FOS at the moment.
The insurer is reputable, so it looks like the broker has acted outside of their binding agreement, and therefore in the event of a claim, they would have to pay it, at the reduced excess, but I wouldn't bank on them accepting that.
The broker would have to pay the other £500 quid of the excess