High St Insurance vs Private Client alternatives
Discussion
I've had several supercars insured with private client brokers (e.g. RK Harrison underwritten by Aurum/Aqua, and there are many others users here will be familiar with) where you get benefits like protected excess, and very good customer service. Unfortunately I have 3 fault claims on my insurance within the last 3 years (all of which are over a year ago - one was someone who hit me but fled the scene with a cloned plate, one was only a tap and I should have paid to repair rather than claiming for, and one was me driving too late when I'd been overworked... all not ideal nevertheless).
I've been in a position since where I havent been able to get anything since apart from silly £3k excess policies and the private client firms arent able to help now but have suggested they can in 1 year. However recently several high street firms have come up with quotes and one reputable insurer has offered me a quote I am willing to pay with a reasonable excess on a Scud. My only concern is I'm dealing with someone at the call centre and theyre working off their basic questions and settings (e.g. tracker is yes/no, its not like private client where you get 7 days to put one on and they sound far more reasonable with their terms) and they can only put down "value" for the car without any discussion or reassurance I'll still be covered if it appreciates slightly, etc, etc.
My question for all of you is - apart from the extra customer service, protected excess, agreed valuation and better prices (!) you get from a private client firm (that I'd go for now if I could now) am I losing out on anything else or in any way mad to go for a high street insurer? I hope if the worse came to it theyd look after me (and "market value" for these cars is reasonably firm anyway), but without scouring the policy document my only concern is I may be covered for a lot less than a policy underwritten by a private client firm (or is level of cover underneath the added perks going to be similar?)
I've been in a position since where I havent been able to get anything since apart from silly £3k excess policies and the private client firms arent able to help now but have suggested they can in 1 year. However recently several high street firms have come up with quotes and one reputable insurer has offered me a quote I am willing to pay with a reasonable excess on a Scud. My only concern is I'm dealing with someone at the call centre and theyre working off their basic questions and settings (e.g. tracker is yes/no, its not like private client where you get 7 days to put one on and they sound far more reasonable with their terms) and they can only put down "value" for the car without any discussion or reassurance I'll still be covered if it appreciates slightly, etc, etc.
My question for all of you is - apart from the extra customer service, protected excess, agreed valuation and better prices (!) you get from a private client firm (that I'd go for now if I could now) am I losing out on anything else or in any way mad to go for a high street insurer? I hope if the worse came to it theyd look after me (and "market value" for these cars is reasonably firm anyway), but without scouring the policy document my only concern is I may be covered for a lot less than a policy underwritten by a private client firm (or is level of cover underneath the added perks going to be similar?)
I recently purchased a LP570-4 Superleggera. I insured it with a well known provider of multi car policies with a nautical theme to their name, as part of my existing multi car policy. It cost £320.00 for the period July to Jan, with a £500 excess. I have a Cat5 Tracker, it is kept in a locked garage and I live in the Essex Countryside. I am also a member of IAM.
It is insured for "market value", but in my experience (and I have some), all you have to do in the event of a total loss claim is provide examples of prices that other similar cars are being sold for at that time, along with some photos to prove condition (before it is broken) and service history details. This is especially the case with more exotic metal than say a Ford Mondeo. I also took out RTI GAP Insurance (purchased on the open market as far less expensive than buying from a Dealer) which means I will either get what i paid for it or whatever the "market value" is if they are going for a bit more than I paid for it at the time of the claim. I also got Excess Cover for £30.00 to reimburse me the £500 excess on my policy.
Private Client firms didn't want to quote me. My last accident was a single vehicle total loss claim back in 2012, when I had the audacity to try to take my Supercharged Ford Mustang around a corner. Still, I am not sure I want to pay the pricey premiums to be a "special" Customer with a "tailored" cover, when I can build my own for a considerably lower premium.
It is insured for "market value", but in my experience (and I have some), all you have to do in the event of a total loss claim is provide examples of prices that other similar cars are being sold for at that time, along with some photos to prove condition (before it is broken) and service history details. This is especially the case with more exotic metal than say a Ford Mondeo. I also took out RTI GAP Insurance (purchased on the open market as far less expensive than buying from a Dealer) which means I will either get what i paid for it or whatever the "market value" is if they are going for a bit more than I paid for it at the time of the claim. I also got Excess Cover for £30.00 to reimburse me the £500 excess on my policy.
Private Client firms didn't want to quote me. My last accident was a single vehicle total loss claim back in 2012, when I had the audacity to try to take my Supercharged Ford Mustang around a corner. Still, I am not sure I want to pay the pricey premiums to be a "special" Customer with a "tailored" cover, when I can build my own for a considerably lower premium.
Superleg48 said:
I recently purchased a LP570-4 Superleggera. I insured it with a well known provider of multi car policies with a nautical theme to their name, as part of my existing multi car policy. It cost £320.00 for the period July to Jan, with a £500 excess. I have a Cat5 Tracker, it is kept in a locked garage and I live in the Essex Countryside. I am also a member of IAM.
It is insured for "market value", but in my experience (and I have some), all you have to do in the event of a total loss claim is provide examples of prices that other similar cars are being sold for at that time, along with some photos to prove condition (before it is broken) and service history details. This is especially the case with more exotic metal than say a Ford Mondeo. I also took out RTI GAP Insurance (purchased on the open market as far less expensive than buying from a Dealer) which means I will either get what i paid for it or whatever the "market value" is if they are going for a bit more than I paid for it at the time of the claim. I also got Excess Cover for £30.00 to reimburse me the £500 excess on my policy.
Private Client firms didn't want to quote me. My last accident was a single vehicle total loss claim back in 2012, when I had the audacity to try to take my Supercharged Ford Mustang around a corner. Still, I am not sure I want to pay the pricey premiums to be a "special" Customer with a "tailored" cover, when I can build my own for a considerably lower premium.
Thanks for the long reply and nice choice of car (black one that just sold from Gloucester?) Still doing a lot of research but would appreciate any other replies to add to this as well.It is insured for "market value", but in my experience (and I have some), all you have to do in the event of a total loss claim is provide examples of prices that other similar cars are being sold for at that time, along with some photos to prove condition (before it is broken) and service history details. This is especially the case with more exotic metal than say a Ford Mondeo. I also took out RTI GAP Insurance (purchased on the open market as far less expensive than buying from a Dealer) which means I will either get what i paid for it or whatever the "market value" is if they are going for a bit more than I paid for it at the time of the claim. I also got Excess Cover for £30.00 to reimburse me the £500 excess on my policy.
Private Client firms didn't want to quote me. My last accident was a single vehicle total loss claim back in 2012, when I had the audacity to try to take my Supercharged Ford Mustang around a corner. Still, I am not sure I want to pay the pricey premiums to be a "special" Customer with a "tailored" cover, when I can build my own for a considerably lower premium.
Edited by suigeneris on Wednesday 3rd August 11:18
Whilst it's not the area I work in within insurance I do have knowledge of the relevant department, at that value of vehicle examples on the market are looked at and independant valuations by prestige dealers are taken into account.
You're quite right when you state they'll only cover "Market value" as it's a mainstream insurer and 95% of the business is your average day to day car, typically to value these cars they will use glasses guide however at this level of value that isn't always accurate so a more individual valuation is provided.
That's with a nautical themed insurer, it's surprising at how many high value vehicles are covered.
You're quite right when you state they'll only cover "Market value" as it's a mainstream insurer and 95% of the business is your average day to day car, typically to value these cars they will use glasses guide however at this level of value that isn't always accurate so a more individual valuation is provided.
That's with a nautical themed insurer, it's surprising at how many high value vehicles are covered.
In the event of the worst happening you are much more likely to get an acceptable valuation i.e. more realistic from a reputable insurer than a more 'generic' insurer. A specialist is also more likely to be aware of market increases and specification nuances of your model that may affect its value relative to others for sale.
fwiw, we used to have our 360 on a multi car policy along with a Boxster & MX5, all in for 800 squids. After a while, we realised we couldn't stomach the fact that in the event of repair being required, we'd have to wave goodbye to the car as it disappeared off to Random Repairs Ltd and the value of the car would be all but destroyed. We don't mind the risk with the other two but we simply couldn't risk the Ferrari. It's now insured properly - our choice of repairer and agreed value…
Hi , I do actually work within that arena and I'm surprised to learn if your last claim was over 12 months ago you are unable to acquire suitable terms . Generic Insurers tend to be led by the common market approach and are less subjective at that most important time - A Claim . The Prestige Insurers are more inclined and more reasonable in ensuring you suffer the least inconvenience as possible . I know I'm bias but in my view you've paid a lot of money for a desirable asset surely it's worthwhile spending a little more knowing that you'll receive the right settlement , in fact most of the Prestige Insurers currently provide 24-36 months new car replacement thereby removing the need for GAP cover .
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