Insurance (Again)
Discussion
Sorry to resurrect this old chestnut again, but my insurance company nearly gave me a heart attack this morning. Sunninghill, who I have to say I've always found to be most obliging, sent me my renewal today. Last year I paid about £700 for the pleasure of keeping my 4L 97R Chimaera on the road. This year they wanted £1,526.83 
There have been absolutely no changes in circumstance other than the recent acquisition of 3 unpleasant little points for a bog standard speeding offence. Other than that, I have a clean 20 years driving record (touch wood)! I rang them and queried the figure - I thought they must have made a mistake, but they said the only way they can get the number down (to £893) is by having limited mileage and registering it as my second car. In practical terms this is ok but, since nothing material has changed, how on earth can they come up with this sort of increase (also bearing in mind that the car is garaged and we live in the middle of rural England). I've been phoning around this morning and my best quote so far is £535 with Classic Line, they also allow TVRCC track days, but unfortunately, not other ones which was the advantage of Sunninghill. Sorry to bore everyone with yet another insurance thread (I know there's been stuff on Sunninghill before) but has anyone else experienced quite this sort of premium hike?
GillyW & the now very expensive Burble!
There have been absolutely no changes in circumstance other than the recent acquisition of 3 unpleasant little points for a bog standard speeding offence. Other than that, I have a clean 20 years driving record (touch wood)! I rang them and queried the figure - I thought they must have made a mistake, but they said the only way they can get the number down (to £893) is by having limited mileage and registering it as my second car. In practical terms this is ok but, since nothing material has changed, how on earth can they come up with this sort of increase (also bearing in mind that the car is garaged and we live in the middle of rural England). I've been phoning around this morning and my best quote so far is £535 with Classic Line, they also allow TVRCC track days, but unfortunately, not other ones which was the advantage of Sunninghill. Sorry to bore everyone with yet another insurance thread (I know there's been stuff on Sunninghill before) but has anyone else experienced quite this sort of premium hike? GillyW & the now very expensive Burble!
Sad but true. 
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Graham
TCR - The Cerbera Register
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www.pistonheads.com/gassing/topic.asp?f=6&h=&t=43096
Graham
TCR - The Cerbera Register
www.aauk.biz/Cerbera/index.htm
I discussed this with Sunninghill. I know they read this, so will probably correct me if I've got the facts wrong. TVR drivers have always been a good risk, but this year there have been a rake of claims, a large proportion of which have been from first-time performance car owners, and Tuscans in particular. They now have a sizeable deficit which they need to manage.
As I understand it, Sunninghill have not changed their attitude to providing good reasonably priced cover to performance car drivers. However they are running a business and have temporarily adjusted their policy with regard to who they can/can't cover and who represents a higher risk. I'm certain that we'll see things return to normal once they have cleared their deficit.
I have heard that Mannings have a similar situation and are taking similar measures, but this is purely hearsay.
As I understand it, Sunninghill have not changed their attitude to providing good reasonably priced cover to performance car drivers. However they are running a business and have temporarily adjusted their policy with regard to who they can/can't cover and who represents a higher risk. I'm certain that we'll see things return to normal once they have cleared their deficit.
I have heard that Mannings have a similar situation and are taking similar measures, but this is purely hearsay.
I understand that they have to clear their deficit but it seems a bit harsh on those of us who have long,clean records - I would have thought that they'd lose a lot of business. It's a shame because I found their admin side pretty good although I have to admit my renewal date is the 8th and the notice only arrived this morning so that's only two working days to find something else! If anyone has any other ideas for insurers who include track days other than just TVRCC ones I'd be grateful - I do a lot of Bookatrack stuff -they're cheaper and very well organised.
G
G
Hi Matt
Not sure, probably not - Andrew's down provisionally so if he gets in I might go with him (dog sitters permitting). Also, my car's not feeling well at the moment (deposited me unceremoniously by the M1 yesterday morning)I suspect that he's coming up for his annual bout of wanting expensive new shiny bits! Are you going?
Not sure, probably not - Andrew's down provisionally so if he gets in I might go with him (dog sitters permitting). Also, my car's not feeling well at the moment (deposited me unceremoniously by the M1 yesterday morning)I suspect that he's coming up for his annual bout of wanting expensive new shiny bits! Are you going?
Hi Gilly,
Sorry to hear about the M1 incident..
I am indeed going.. There is a rumour that the trackday is full now though, although I'm sure some people will drop out, if you wanted to join the day you could let Jonny know and he might get you both in
Cheers
Matt.
Edited to add: Andrews booked now, so find a Dogsitter
>> Edited by M@H on Friday 4th July 16:53
Sorry to hear about the M1 incident..
I am indeed going.. There is a rumour that the trackday is full now though, although I'm sure some people will drop out, if you wanted to join the day you could let Jonny know and he might get you both in
Cheers
Matt.
Edited to add: Andrews booked now, so find a Dogsitter
>> Edited by M@H on Friday 4th July 16:53
Every year I've found Cheam Insurance to be far cheaper (for me and my Chim 5.0) than any of the other favoured brokers. Every year I look hard elsewhere and every year Cheam manage to come up with a better price than anyone else.
Just renewed last week and if I recall, Sunninghill were well over £1k where as Cheam quoted just over £700. That is with Grouparma who let you take additional track day cover for only £35 per day, rather than building in the cost to the policy.
Tescos were pretty close (£750 ish) and Bell Direct were about £730. Neither of these cover track days though.
Just renewed last week and if I recall, Sunninghill were well over £1k where as Cheam quoted just over £700. That is with Grouparma who let you take additional track day cover for only £35 per day, rather than building in the cost to the policy.
Tescos were pretty close (£750 ish) and Bell Direct were about £730. Neither of these cover track days though.
It's not just a case of calculating premiums to match cover losses - they have to ensure that premiums cover future expected losses - ie. reserves. Premiums have to come prior to expected losses from a cash flow point of view. Insurer reserves are governed and are not through choice. Insurer premiums don't reflect past losses as such, they reflect the future patterns BASED on past losses. It's a complex science, and the people who set reserves generally earn a lot for that reason. Normally, a new underwriter to the business will be the cheapest - but they tend to arrive when the rates are up.
Well I'm going to end up asking Sunninghill to pay me an agency fee!
Last time I spoke to them was to add my blokey on to the insurance for Le Mans, and there have been a few horror stories on here since, so I called them today and asked for a quote for mine, which comes up in about 8 weeks.
The quote I got was £200 less than last year!
So the lesson is don't assume that because someone else's went up, yours will too. Ring them anyway.
Last time I spoke to them was to add my blokey on to the insurance for Le Mans, and there have been a few horror stories on here since, so I called them today and asked for a quote for mine, which comes up in about 8 weeks.
The quote I got was £200 less than last year!
So the lesson is don't assume that because someone else's went up, yours will too. Ring them anyway.
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