Discussion
Hi guys - had my renewal quote from mannings - 397 - I then mentioned to them the current market value of the Tuscan had increased and the insurance premium jumped up to 470.
This is not even agreed value.
Given that in the event of an accident the insurance company has to pay out fair market value I do not understand how my own estimate of value should impact my insurance so dramatically - being that whether or not I guess high or low they will still have to pay out the same amount.
Anyone able to explain please?
This is not even agreed value.
Given that in the event of an accident the insurance company has to pay out fair market value I do not understand how my own estimate of value should impact my insurance so dramatically - being that whether or not I guess high or low they will still have to pay out the same amount.
Anyone able to explain please?
They have probably re-factored the quote based on new information. You've made them aware of the increased market value, the change of which has resulted in an increased premium.
Pretty much the same for the majority of insurances.. increased insured value means increased risk for the underwriter, which is then accounted for in an adjusted premium.
Call Classic Line, I was with mannings and they were quite matter of fact that the deal with Classic line (under written by equity red star) was far better than they can currently do. It goes cycles so mannings could be cheaper next year...
Pretty much the same for the majority of insurances.. increased insured value means increased risk for the underwriter, which is then accounted for in an adjusted premium.
Call Classic Line, I was with mannings and they were quite matter of fact that the deal with Classic line (under written by equity red star) was far better than they can currently do. It goes cycles so mannings could be cheaper next year...
I can second Footman James.. Top notch and definitely worth a call. Charged me £112 to add the Tuscan to my classic policy for 11 months. I actually thought they were joking or had made a mistake.
The original policy with a Mk1 MX5 (Heavily Modified) which was around £150 by itself. Both cars have agreed values and share a 7k mileage limit. To top it off I'm 27 with two non-fault claims in the last 5 years too.
The original policy with a Mk1 MX5 (Heavily Modified) which was around £150 by itself. Both cars have agreed values and share a 7k mileage limit. To top it off I'm 27 with two non-fault claims in the last 5 years too.
Urgh - because Mannings don't give any No Claims Discount each year it's making a massive difference to the quotes I'm getting - if I could use my NCD it save me over £200. =( At the moment Admiral still the best option with £420 to insure both my Yaris and the Tuscan.
Edited by Dischordant on Saturday 19th August 12:34
I recently had a similar issue insuring my Jag. I had it on a classic policy hence didn't accrue any NCB. They recently put up my premium as they view it as my everyday car. Without NCB, premiums were silly. I contacted Aviva who insure the Tuscan, they mirrored my 14 years NCB and insured it for £180. The TVR costs £203. Both fully comp with protected NCB.
UncleDave said:
I can second Footman James.. Top notch and definitely worth a call. Charged me £112 to add the Tuscan to my classic policy for 11 months. I actually thought they were joking or had made a mistake.
The original policy with a Mk1 MX5 (Heavily Modified) which was around £150 by itself. Both cars have agreed values and share a 7k mileage limit. To top it off I'm 27 with two non-fault claims in the last 5 years too.
I'm definitely getting ripped off... £501 to insure my Tuscan with Footman James this week. Second car with 5k mileage limit, minor mod ('S' front splitter and rear spoiler), I'm 47 with no claims, no penalty points or convictions etc, in Chapel en le Frith, Derbyshire. Classic line were £524 and Mannings £514 so no sight of any gains from shopping around - I'm beginning to think I must be on a blacklist!The original policy with a Mk1 MX5 (Heavily Modified) which was around £150 by itself. Both cars have agreed values and share a 7k mileage limit. To top it off I'm 27 with two non-fault claims in the last 5 years too.
I only get a decent quote if insure my wife on the car Steve - you may want to do the same if you have that option (worth checking quotes now for you both via confused.com or similar as you are probably within your cooling off period so might save you money to cancel and change).
Edited by Dischordant on Monday 21st August 15:41
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