Ask an insurance industry bore anything
Discussion
A decade's experience in the motor insurance industry has filled my head with mostly useless but occasional interesting and helpful knowledge.
No longer working in that field so happy to answer any serious questions. In particular anything relating to sales, brokerage, claims and underwriting.
Any other insurance suits, please feel free to contribute.
EDIT 4th June
A poster in this thread asked for any input on 'tricks of the trade' to help the average Joe. My reply is buried a couple of pages in, so for the benefit of those who haven't seen it or are reading this thread for the first time, I've pasted it below:
No longer working in that field so happy to answer any serious questions. In particular anything relating to sales, brokerage, claims and underwriting.
Any other insurance suits, please feel free to contribute.
EDIT 4th June
A poster in this thread asked for any input on 'tricks of the trade' to help the average Joe. My reply is buried a couple of pages in, so for the benefit of those who haven't seen it or are reading this thread for the first time, I've pasted it below:
McFist said:
Ok chaps, chapettes. Here's a few tips to get you started.
Claims
- In the event of a non-fault incident where the third party insurer has accepted liability, I would advise claiming for your vehicle damage and replacement car through the third party insurer directly. If you have a genuine injury claim, or any other uninsured losses, I would usually claim through the third party insurer for these also. Not through your own insurer, not through any accident management company. It may still be wise to inform your own insurer of the incident for notification purposes only.
Why? If you claim through any company other than the third party insurer, the costs of the claim will be inflated signifcantly. Unless you get a courtesy car from the repairing garage directly (rare), you will be placed in credit hire (Google it for further info) if you need a replacement car. In short, credit hire means the daily rate of hire is far higher than the actual cost. This increases premiums for everyone.
There are agreed daily rates that credit hire providers can charge, found here: http://www.gtacredithire.com/
Two examples - to replace a BMW 118i/d on credit hire will cost £90.63 + VAT per day. To replace a BMW 530i/d will cost £203.32 + VAT per day.
"So what?" you might think. "This doesn't directly affect me." Actually, it could.
If the third party insurer has offered to deal with your claim and provide an equivalent hire vehicle, and you later accept a credit hire vehicle, you as the policyholder have clearly failed to mitigate your losses and therefore could directly be liable for the shortfall in cost between the credit hire rates, and the cost of an equivalent hire vehicle provided by the third party insurer directly.
In addition to this, any firm acting on your behalf aside from the third party insurer clearly has an interest to make as much money as possible, which means your claim may not be dealt with as efficiently or quickly as it could. This could be by delaying vehicle inspection, estimates, or putting your car straight into storage if it's suspected to be a total loss.
TL,DR:Most importantly, the reason I advise claiming through the third party insurer directly is this: In light of the above and the potential for an expensive claim, they will usually bend over backwards to look after you, by dealing with your claim swiftly and to your satisfaction. If there are any problems, you are not bound into an agreement with them and can always seek help from your own insurer or an accident management firm later down the line.
I used to manage a 'third party intervention' team (a team that acts on behalf of the at-fault insurer to deal with the third party claim directly) so have a lot of experience in this area.
Optional extras
Insurers and brokers have a much higher mark-up on optional products than they do on the insurance policy itself. This may not be the case if the optional product is sold, underwritten and managed by the insurer directly.
The optional products that have the highest mark-up are generally legal cover (detailed below) and key cover. Generally speaking, most optional extras are provided at a 30%+ mark-up.
- Motor legal cover
Without legal cover, if you need to claim for a non-fault incident, and don't claim through the third party insurer directly, you will enter a conditional fee arrangement (no win, no fee), which usually means 25% of your compensation goes to the solicitors dealing.
If you have motor legal cover, the advantage is you don't need to pay the solicitors' fee (usually up to £100,000 of legal costs). They sometimes will also fight motoring convictions on your behalf is chances of success are reasonable.
In most cases, out of all optional extras, legal cover has the highest mark-up. Usually you'll see legal cover is sold at £25-£30 per year. The cost of providing the product by the insurance provider is likely less than £5.
Comparison websites
In my experience Money Supermarket is the best comparison website. Other top comparison websites are sometimes owned by one insurer or group of companies. Please note I have never worked for or been affiliated with any comparison website.
Saving money and the information you provide
- Overnight vehicle location:
Usually, in order of cheapest to most expensive would be garaged, driveway, public road. In a minority of cases declaring your car as garaged will actually increase your premium over being on the driveway. I can only assume this is due to the amount of people claiming for damage when they've crashed into their own garage.
- Vehicle value
Cheaper vehicle doesn't mean cheaper insurer. On a very broad scale, the sweet spot for vehicle value across the board is £4000 - £8000.
- Insured and spouse
The majority of insurers provide a discount for insured and spouse policies (policyholder + 1 named driver who is their spouse/civil partner). As long as the spouse has a driving licence give it a go, they don't need to have any intention of driving the vehicle.
- Additional drivers
Sometimes they increase the premium, sometimes they decrease it. Case-by-case basis.
Under 30? Try adding parents to policy
Over 70? Expect to pay more for your insurance. Often, if the policyholder is over 70, having another driver on the policy of a similar age will actually reduce the premium. Even if they're your neighbour and will never likely drive the car.
- Having access to another vehicle will either a) reduce your premium; or b) do nothing to the premium at all.
Brokers
Most of the time brokers won't actually negotiate prices with their insurer panel for each policy. Some insurers will provide brokers with discounts they can use subject to certain criteria - these will usually be applied by the broker before they come back to you with their quote.
In the interest of saving you money, here's probably the most useful information I can give in this entire thread:
Brokers make a commission from the insurer when they sell you a policy. Typically this is percentage based and will be between 10-20% (usually towards the lower-middle end) of the insurance premium, before tax, other fees and optional products.
When a broker presents you with a written quote, they must give a breakdown of costs, which will look something like this:
Insurance premium: £350.00
Administration fee: £25.00
Optional legal cover: £30.00
Optional key cover: £15.00
Total annual insurance premium: £420.00
(assume the above all includes insurance premium tax)
So now you know that out of the £350.00 insurance premium quoted, the broker is probably making £35-70. And as discussed earlier in this post, they'll be making a good amount on the optional legal and key cover too. They will usually negotiate on their fee if they need to.
Now you have some proper knowledge in order to barter the best possible price. Get your quote, examine the breakdown, and go back to the broker saying "I'll take the policy if you can do it at £xxx."
Classic cars
Got a classic car? Adrian Flux will often be your best choice. Amazing levels of cover and good prices. Please note I have never worked for, been insured by or been affiliated with them.
That's all for know folks, please note I do accept tips =)
Claims
- In the event of a non-fault incident where the third party insurer has accepted liability, I would advise claiming for your vehicle damage and replacement car through the third party insurer directly. If you have a genuine injury claim, or any other uninsured losses, I would usually claim through the third party insurer for these also. Not through your own insurer, not through any accident management company. It may still be wise to inform your own insurer of the incident for notification purposes only.
Why? If you claim through any company other than the third party insurer, the costs of the claim will be inflated signifcantly. Unless you get a courtesy car from the repairing garage directly (rare), you will be placed in credit hire (Google it for further info) if you need a replacement car. In short, credit hire means the daily rate of hire is far higher than the actual cost. This increases premiums for everyone.
There are agreed daily rates that credit hire providers can charge, found here: http://www.gtacredithire.com/
Two examples - to replace a BMW 118i/d on credit hire will cost £90.63 + VAT per day. To replace a BMW 530i/d will cost £203.32 + VAT per day.
"So what?" you might think. "This doesn't directly affect me." Actually, it could.
If the third party insurer has offered to deal with your claim and provide an equivalent hire vehicle, and you later accept a credit hire vehicle, you as the policyholder have clearly failed to mitigate your losses and therefore could directly be liable for the shortfall in cost between the credit hire rates, and the cost of an equivalent hire vehicle provided by the third party insurer directly.
In addition to this, any firm acting on your behalf aside from the third party insurer clearly has an interest to make as much money as possible, which means your claim may not be dealt with as efficiently or quickly as it could. This could be by delaying vehicle inspection, estimates, or putting your car straight into storage if it's suspected to be a total loss.
TL,DR:Most importantly, the reason I advise claiming through the third party insurer directly is this: In light of the above and the potential for an expensive claim, they will usually bend over backwards to look after you, by dealing with your claim swiftly and to your satisfaction. If there are any problems, you are not bound into an agreement with them and can always seek help from your own insurer or an accident management firm later down the line.
I used to manage a 'third party intervention' team (a team that acts on behalf of the at-fault insurer to deal with the third party claim directly) so have a lot of experience in this area.
Optional extras
Insurers and brokers have a much higher mark-up on optional products than they do on the insurance policy itself. This may not be the case if the optional product is sold, underwritten and managed by the insurer directly.
The optional products that have the highest mark-up are generally legal cover (detailed below) and key cover. Generally speaking, most optional extras are provided at a 30%+ mark-up.
- Motor legal cover
Without legal cover, if you need to claim for a non-fault incident, and don't claim through the third party insurer directly, you will enter a conditional fee arrangement (no win, no fee), which usually means 25% of your compensation goes to the solicitors dealing.
If you have motor legal cover, the advantage is you don't need to pay the solicitors' fee (usually up to £100,000 of legal costs). They sometimes will also fight motoring convictions on your behalf is chances of success are reasonable.
In most cases, out of all optional extras, legal cover has the highest mark-up. Usually you'll see legal cover is sold at £25-£30 per year. The cost of providing the product by the insurance provider is likely less than £5.
Comparison websites
In my experience Money Supermarket is the best comparison website. Other top comparison websites are sometimes owned by one insurer or group of companies. Please note I have never worked for or been affiliated with any comparison website.
Saving money and the information you provide
- Overnight vehicle location:
Usually, in order of cheapest to most expensive would be garaged, driveway, public road. In a minority of cases declaring your car as garaged will actually increase your premium over being on the driveway. I can only assume this is due to the amount of people claiming for damage when they've crashed into their own garage.
- Vehicle value
Cheaper vehicle doesn't mean cheaper insurer. On a very broad scale, the sweet spot for vehicle value across the board is £4000 - £8000.
- Insured and spouse
The majority of insurers provide a discount for insured and spouse policies (policyholder + 1 named driver who is their spouse/civil partner). As long as the spouse has a driving licence give it a go, they don't need to have any intention of driving the vehicle.
- Additional drivers
Sometimes they increase the premium, sometimes they decrease it. Case-by-case basis.
Under 30? Try adding parents to policy
Over 70? Expect to pay more for your insurance. Often, if the policyholder is over 70, having another driver on the policy of a similar age will actually reduce the premium. Even if they're your neighbour and will never likely drive the car.
- Having access to another vehicle will either a) reduce your premium; or b) do nothing to the premium at all.
Brokers
Most of the time brokers won't actually negotiate prices with their insurer panel for each policy. Some insurers will provide brokers with discounts they can use subject to certain criteria - these will usually be applied by the broker before they come back to you with their quote.
In the interest of saving you money, here's probably the most useful information I can give in this entire thread:
Brokers make a commission from the insurer when they sell you a policy. Typically this is percentage based and will be between 10-20% (usually towards the lower-middle end) of the insurance premium, before tax, other fees and optional products.
When a broker presents you with a written quote, they must give a breakdown of costs, which will look something like this:
Insurance premium: £350.00
Administration fee: £25.00
Optional legal cover: £30.00
Optional key cover: £15.00
Total annual insurance premium: £420.00
(assume the above all includes insurance premium tax)
So now you know that out of the £350.00 insurance premium quoted, the broker is probably making £35-70. And as discussed earlier in this post, they'll be making a good amount on the optional legal and key cover too. They will usually negotiate on their fee if they need to.
Now you have some proper knowledge in order to barter the best possible price. Get your quote, examine the breakdown, and go back to the broker saying "I'll take the policy if you can do it at £xxx."
Classic cars
Got a classic car? Adrian Flux will often be your best choice. Amazing levels of cover and good prices. Please note I have never worked for, been insured by or been affiliated with them.
That's all for know folks, please note I do accept tips =)
Edited by McFist on Monday 4th June 14:01
McFist said:
A decade's experience in the motor insurance industry has filled my head with mostly useless but occasional interesting and helpful knowledge.
No longer working in that field so happy to answer any serious questions. In particular anything relating to sales, brokerage, claims and underwriting.
Any other insurance suits, please feel free to contribute.
I have owned for the last 4 years a Scirocco.No longer working in that field so happy to answer any serious questions. In particular anything relating to sales, brokerage, claims and underwriting.
Any other insurance suits, please feel free to contribute.
Which is fully insured with modifications and agreed value of £20k, It is insured to 400hp with all the mods , wheels, suspension, big spoiler, racing seats, harnesses etc - Last year it cost me £600 to insure.
I have just bought a m135i - standard for now, value approx £17k
To insure with a specialist (mod friendly) insurer was either £unquotable or £1500+ (apparently once I've had a "years experience" it would drop).
I am 27, no claims, no convictions, 8year NCB.
Interesting, on my policy I did take out (with a normal insurance company), with Protected NCB it was £660, when I took away the protected NCB it rose to £730!
Another thing, at the time the car was on a private plate but it had just been taken off. When you check on DVLA the normal reg came up but on insurance databases the old private reg was the one that would get the details.
When you enter the registration manually and selected the details of the car the price was significantly higher! For the same car!!
So my questions are
1) why is a less powerful, slower , less valuable car that is standard and not at all attention seeking more to insure than my race-car which is more powerful and faster?
2) why are "normal" insurers so keen to give me reasonable prices but specialist insurers (who I have used for the last 7 years) not?
3) why did having protected NCD lower my quote (I would have thought it would have been cheaper NOT to)
4) why did having the registration number lower the quote (despite trying using the exact same car and data)
Edit: sorted a few typos
Edited by xjay1337 on Wednesday 30th May 19:49
V8 FOU said:
Why is it that if you have insurance cancelled you have to declare it for ever more?
Go to prison for assault / robbery /rape etc. And you don't have to declare it after 7 years......
Declaration of a criminal conviction covered by law.Go to prison for assault / robbery /rape etc. And you don't have to declare it after 7 years......
Declaration of insurance cancellation not.
I'd be interested to know if the OP thinks different insurance companies could ever find out if a policy was cancelled.
bingybongy said:
Do you know R1loon?
I don't think so?xjay1337 said:
I have owned for the last 4 years a Scirocco.
Which is fully insured with modifications and agreed value of £20k, It is insured to 400hp with all the mods , wheels, suspension, big spoiler, racing seats, harnesses etc - Last year it cost me £600 to insure.
I have just bought a m135i - standard for now, value approx £17k
To insure with a specialist (mod friendly) insurer was either £unquotable or £1500+ (apparently once I've had a "years experience" it would drop).
I am 27, no claims, no convictions, 8year NCB.
Interesting, on my policy I did take out (with a normal insurance company), with Protected NCB it was £660, when I took away the protected NCB it rose to £730!
Another thing, at the time the car was on a private plate but it had just been taken off. When you check on DVLA the normal reg came up but on insurance databases the old private reg was the one that would get the details.
When you enter the registration manually and selected the details of the car the price was significantly higher! For the same car!!
So my questions are
1) why is a less powerful, slower , less valuable car that is standard and not at all attention seeking more to insure than my race-car which is more powerful and faster?
2) why are "normal" insurers so keen to give me reasonable prices but specialist insurers (who I have used for the last 7 years) not?
3) why did having protected NCD lower my quote (I would have thought it would have been cheaper NOT to)
4) why did having the registration number lower the quote (despite trying using the exact same car and data)
Is your Scirocco an older car on a classic policy - what year is it? Have you swapped the Scirocco for the BMW or is the BMW a second vehicle?Which is fully insured with modifications and agreed value of £20k, It is insured to 400hp with all the mods , wheels, suspension, big spoiler, racing seats, harnesses etc - Last year it cost me £600 to insure.
I have just bought a m135i - standard for now, value approx £17k
To insure with a specialist (mod friendly) insurer was either £unquotable or £1500+ (apparently once I've had a "years experience" it would drop).
I am 27, no claims, no convictions, 8year NCB.
Interesting, on my policy I did take out (with a normal insurance company), with Protected NCB it was £660, when I took away the protected NCB it rose to £730!
Another thing, at the time the car was on a private plate but it had just been taken off. When you check on DVLA the normal reg came up but on insurance databases the old private reg was the one that would get the details.
When you enter the registration manually and selected the details of the car the price was significantly higher! For the same car!!
So my questions are
1) why is a less powerful, slower , less valuable car that is standard and not at all attention seeking more to insure than my race-car which is more powerful and faster?
2) why are "normal" insurers so keen to give me reasonable prices but specialist insurers (who I have used for the last 7 years) not?
3) why did having protected NCD lower my quote (I would have thought it would have been cheaper NOT to)
4) why did having the registration number lower the quote (despite trying using the exact same car and data)
Also, when you refer to an 'insurer' do you mean a broker or an insurance company?
Can help more when the above is clarified. For now, best answers would be:
1) why is a less powerful, slower , less valuable car that is standard and not at all attention seeking more to insure than my race-car which is more powerful and faster?
Pretty much everything an insurer asks you (aside from name & tel number) is a rating factor. Claim stats may show that across the board the VW presents less risk (i.e., chance of a claim & cost of that claim) than the BMW. So many different reasons - one example: the insurer may view your VW as a more favourable risk as it is clearly enthusiast owned, therefore chances of a claim may be lower.
2) why are "normal" insurers so keen to give me reasonable prices but specialist insurers (who I have used for the last 7 years) not?
Please clarify above questions - a general answer would be that different insurers have different risk appetites. An insurer who specialises in modified/peformance vehicles may just not have the appetite for a stock vehicle
3) why did having protected NCD lower my quote (I would have thought it would have been cheaper NOT to)
Not something I've come across before. If the company you're describing is a broker, it's possible that their cheapest insurer only offers protected NCB, therefore when you don't protect it, they have to go with the second best option. Having said that I've never come across an insurer that will insist on including protected NCB. Bit of a mystery without knowing the situation further.
4) why did having the registration number lower the quote (despite trying using the exact same car and data)
Again a bit of a mystery - were you manually selecting the model online or doing this over the phone? If over the phone it's possible the insurance provider selected a slightly different trim level?
V8 FOU said:
Why is it that if you have insurance cancelled you have to declare it for ever more?
Go to prison for assault / robbery /rape etc. And you don't have to declare it after 7 years......
Go to prison for assault / robbery /rape etc. And you don't have to declare it after 7 years......
desolate said:
Declaration of a criminal conviction covered by law.
Declaration of insurance cancellation not.
I'd be interested to know if the OP thinks different insurance companies could ever find out if a policy was cancelled.
The way insurance providers ask if you have ever had a policy cancelled is a bit misleading.Declaration of insurance cancellation not.
I'd be interested to know if the OP thinks different insurance companies could ever find out if a policy was cancelled.
If your policy was cancelled voluntarily, for non-payment on direct debit, because the insurer wouldn't quote after a mid-term adjustment (i.e., change of vehicle), then any future insurer generally doesn't need to know.
If you have had a policy cancelled due to non-disclosure (for example of previous claims or convictions) or fraud - this is what they need to know and essentially what they're asking.
RE whether an insurer can find out if you have had a previous policy cancelled for non-disclosure or fraud - it depends. On the circumstances of cancellation, what details have been submitted to various databases and how rigorously any new insurer checks new policies. Virtually all reputable insurers will perform some checks on new policies, however others will be more thorough than others. CUE, MIAFTR, CIFAS are all databases used by insurers for different purposes.
McFist said:
RE whether an insurer can find out if you have had a previous policy cancelled for non-disclosure or fraud - it depends. On the circumstances of cancellation, what details have been submitted to various databases and how rigorously any new insurer checks new policies. Virtually all reputable insurers will perform some checks on new policies, however others will be more thorough than others. CUE, MIAFTR, CIFAS are all databases used by insurers for different purposes.
I can agree with your comments but they wouldn't record a cancelled policy on MIAFTR or CIFAS absent a fraud would they?Insurance groups would have there own databases but I am not aware of any industry wide database for such information.
I'm currently insured on a multicar policy with Admiral (2016 Skoda Octavia Scout, 2011 Skoda Superb).
We are replacing the leased Octavia in a few weeks, with a brand new private purchase Skoda Kodiaq.
If the new car is written off in the first year I understand that the more reputable insurance companies simply replace the car with a brand new one, however I've also heard that Admiral don't offer this, instead they'd treat it as a normal claim i.e. offer market value.
My question is what is market value? Is it the cars value prior to being written-off, or is the amount of money needed to replace the car? Two very different amounts I'd imagine.
I've read up a bit on GAP insurance, but was hoping if I changed insurance company I might not need it?
I'll ring Admiral tomorrow but would be interested to hear your thoughts.
Help
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I rang them yesterday after this thread and they said there was no block on me running quotes :/
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I rang them yesterday after this thread and they said there was no block on me running quotes :/
Shiv_P said:
Help
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I rang them yesterday after this thread and they said there was no block on me running quotes :/
Who did you ring?https://www.pistonheads.com/gassing/topic.asp?h=0&...
I rang them yesterday after this thread and they said there was no block on me running quotes :/
silver1011 said:
I'm currently insured on a multicar policy with Admiral (2016 Skoda Octavia Scout, 2011 Skoda Superb).
We are replacing the leased Octavia in a few weeks, with a brand new private purchase Skoda Kodiaq.
If the new car is written off in the first year I understand that the more reputable insurance companies simply replace the car with a brand new one, however I've also heard that Admiral don't offer this, instead they'd treat it as a normal claim i.e. offer market value.
My question is what is market value? Is it the cars value prior to being written-off, or is the amount of money needed to replace the car? Two very different amounts I'd imagine.
I've read up a bit on GAP insurance, but was hoping if I changed insurance company I might not need it?
I'll ring Admiral tomorrow but would be interested to hear your thoughts.
My experience of this is quite recent, because I bought my partner a new SEAT Ibiza, delivered on the 2nd March, crashed on May 17th and written off by LV on May 18th!We are replacing the leased Octavia in a few weeks, with a brand new private purchase Skoda Kodiaq.
If the new car is written off in the first year I understand that the more reputable insurance companies simply replace the car with a brand new one, however I've also heard that Admiral don't offer this, instead they'd treat it as a normal claim i.e. offer market value.
My question is what is market value? Is it the cars value prior to being written-off, or is the amount of money needed to replace the car? Two very different amounts I'd imagine.
I've read up a bit on GAP insurance, but was hoping if I changed insurance company I might not need it?
I'll ring Admiral tomorrow but would be interested to hear your thoughts.
It was insured fully comp obviously, and I didn’t bother with GAP.
A chap from LV called me the day the engineer wrote it offf (the day after the accident) and offered to source a replacement car to the same spec. But the lead time was almost 6 months, so they also offered a cash settlement, equivalent to what it would cost, after discount, to buy the same again
The value they came back with was more than I’d paid new, and they’d had a copy of the invoice!! So they paid the market cost of a new one. The difference might have been because i took out SEAT finance for a few weeks to get the £1,500 deposit contribution. The list price was just over £21k (yes, for an Ibiza!). After discount it was around £19k. Less deposit contribution was £17.5k. Less £250 goodwill cheque as they delisted the Alcantara seats between order and build. Net cost to me was £17,300ish. LV paid out £18,575 minus the excess (£250).
As an aside, LV were absolutely fantastic. My partner had been taken from the scene to hospital in an ambulance. I had no idea where the car had been taken, but I did call them to let them know about the accident. They found the car, had it assessed and paid out before he was discharged from hospital!! It’s all been done over the phone - no accident forms, nothing. Amazing
Edited by PSRG on Wednesday 30th May 21:31
silver1011 said:
Thanks PSRG,
I hope your partner was OK.
Sounds like LV will be high on the list then, especially if what I've heard about Admiral is correct!
Thanks, yes, he was basically fine...the accident caused an existing stress fracture in the leg to turn into a break, and there was some internal bleeding that they operated on same day as the accident. I always said he sings too close to the wheel I hope your partner was OK.
Sounds like LV will be high on the list then, especially if what I've heard about Admiral is correct!
They’ve pinned the leg as well; if it wasn’t for other pre-existing health problems he’d be out by now The little SEAT did pretty well given it seems to have been driven straight into a stone wall on a bend...
I’ve no recent experience of Direct Line, but I’d do remember a very silly conversation with them years ago when I had an E61 535d with the optional visibility pack (basically xenon from memory). In the event of an accident the call centre was insistent that the options weren’t covered and they’d fit a standard headlight... I’m sure the MOt would be fine with one halagien and one xenon...
Peter
My classic 911 was stolen in earlier this year. The car was not recovered. The insurers have just passed the file to the settlement department.
The 'engineer's report' is now ready which suggests a value of 31k (the stated cost of the car in 2015). I declined their first offer.
I have an independent valuation from a specialist Porsche valued from February this year suggesting a market value of 44k. The policy is a market value policy.
What price do you think we'll settle at?
The 'engineer's report' is now ready which suggests a value of 31k (the stated cost of the car in 2015). I declined their first offer.
I have an independent valuation from a specialist Porsche valued from February this year suggesting a market value of 44k. The policy is a market value policy.
What price do you think we'll settle at?
How do you deal with people who move around a lot?
For example,
I insure my car at my parents address, which is where I spend one or two nights a week on average due to it being a lot closer to my place of work.
I work away Mon-Fri and stay in hotels for the 4 weeknights.
When not working or visiting parents I stay with my girlfriend in a house which I share the rent.
Am I doing something wrong by keeping the insurance registered to my parents address? This is where the vehicle is registered to and where my driving license and banking details are kept registered. It's significantly cheaper at my parents postcode so I'm worried that this would be perceived as me being dishonest with the insurer if the vehicle were to get stolen from an address other than my declared "home"
For example,
I insure my car at my parents address, which is where I spend one or two nights a week on average due to it being a lot closer to my place of work.
I work away Mon-Fri and stay in hotels for the 4 weeknights.
When not working or visiting parents I stay with my girlfriend in a house which I share the rent.
Am I doing something wrong by keeping the insurance registered to my parents address? This is where the vehicle is registered to and where my driving license and banking details are kept registered. It's significantly cheaper at my parents postcode so I'm worried that this would be perceived as me being dishonest with the insurer if the vehicle were to get stolen from an address other than my declared "home"
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