Classic car insurance

[EXKAY120]

Any of you guys out there had dealings with either Towergate or KGM insurers, i've had a couple of quotes on the Jags (1950 and 1962) from these companies and wondered if they were any good ?
Its my first time for years i've changed from going with a local broker to going online blindly, so all a bit new to this, any thoughts or advice would be welcome.

Edited by EXKAY120 on Thursday 14th September 09:24

Edited by EXKAY120 on Thursday 14th September 09:50

[Allan L]

I can't fault KGM which, via a broker, has insured my old cars for several decades at what can only be described as an acceptable price.
As for relatively modern old cars such as Jaguars I can't say, but as I've recently added the day-to-day modern car to my KGM policy there can't be any age-related cut-off (for the cars, that is - I'll hope that's true for people too!).

Edited by Allan L on Thursday 14th September 09:15

Edited by Allan L on Thursday 14th September 09:17

[tapkaJohnD]

Towergate used to be the 'approved' broker with the TR Register, but they were sacked and the Register now uses "A-Plan Holdings" (No, nor me, either)

John

[Roy C]

Towergate also own Footman James, which they bought from Aon at the end of 2013.

[lowdrag]

Be very careful about club schemes, since commission is often paid to the introducing club. Or certainly was to my certain knowledge. Better quotes can usually be found elsewhere.

[aardvark64]

Was surprised to discover that the club discounted rate with their new partner insurer was vastly more expensive than my current insurer. So I declined to take part in the advertised scheme. It still pays to shop around.

[EXKAY120]

Many thanks for your help guys, i've spent a couple of hours getting quotes today, the price difference with the different companies is quite extraordinary ! not tens or twenty pounds, but hundreds !

[NDA]

aardvark64 said:

Was surprised to discover that the club discounted rate with their new partner insurer was vastly more expensive than my current insurer. So I declined to take part in the advertised scheme. It still pays to shop around.

This whole 'partner' insurance thing is such a rip off.... it's the same across several marques which I probably shouldn't name.

The money-go-round on these schemes includes a pay back to the club.

On one of my cars the club's partner quoted well over £1k, my regular insurer was £460.

[EXKAY120]

Is it usual for these companies to add on a "set up" fee on top of the quote, i've been quoted £30 extra most of them.

[lowdrag]

I think they all do it now. May I say (and no connection I hasten to add) that a few friends have found Peter Best to be very good on both price and service.

[EXKAY120]

Thanks Tony, i'l give them a shout....

[Horsetan]

EXKAY120 said:

Many thanks for your help guys, i've spent a couple of hours getting quotes today, the price difference with the different companies is quite extraordinary ! not tens or twenty pounds, but hundreds !

I've just had a similar spread of quotes for my Citroen CX:

Footman James £395 p.a.
Hagerty: £287.56
Lancaster: £253.31

Can't understand why Footman James wants over a hundred more than the other two....

[TooMany2cvs]

lowdrag said:

Be very careful about club schemes, since commission is often paid to the introducing club. Or certainly was to my certain knowledge. Better quotes can usually be found elsewhere.

Yes, commission is paid - and it often makes a big contribution to club finances. But if their quotes weren't competitive, they'd not be paying ANY commission... because they'd not have sold any policies...

[NDA]

TooMany2cvs said:

lowdrag said:

Be very careful about club schemes, since commission is often paid to the introducing club. Or certainly was to my certain knowledge. Better quotes can usually be found elsewhere.

Yes, commission is paid - and it often makes a big contribution to club finances. But if their quotes weren't competitive, they'd not be paying ANY commission... because they'd not have sold any policies...

I don't think everyone shops around. I've been a member of a few clubs, AMOC, Aston, Bentley, Morgan - none of the schemes were competitive. Perhaps it's my postcode.

[Old Merc]

I was with Towergate for years with a previous classic. Good premium, terms and service. The thing is you never know how good,or bad, an insurer is until you make a claim,thankfully I never have.

I`m now with a new broker who arranges all my business and private policies,they have also arranged a classic agreed value policy for my Mercedes R129 with Equity Red Star (at Lloyds) for £298.56. I`ve researched the net and consider this to be a good premium.

[Mikebentley]

You never know till you have to claim. On that note I insure my XK140, Vitesse and GMC Apache with Peter James underwritten by KGM. Unfortunately in the first week of September I crashed the GMC and it was written off. I didn't have agreed value as it happened within 4 days of renewal and they didn't have time to get a condition report in the post. I skidded on spilled diesel at 25 mph and hit a lamppost. No other vehicles involved and we walked away bloodied but able. Within 4 weeks I was paid out at market value which was generous and cannot praise them highly enough.