Insurance Premiums and Prices

[SilverWT]

Just renewed my insurance, decided to stay with Lockton.

They keep the premium the same as last year at £612.40, which is for both 911s (SC agreed value £50K and £3.2 agreed value £46K).

Mark

[ALEX P]

I've got my insurance due in the next few weeks so have had my valuation renewed by the Sherriff (top job) and need to do the trawl.

I used to be with RH who were very good and mod friendly but didn't do track days so I changed to Henderson Taylor who were fine albeit a bit more expensive but did do tracks. I wasn't really using the track cover so then switched to Locktons as they were highly recommended by a friend in the biz. They seem very fussy about the track cover they do offer like PCGB only events but that hasn't really bothered me.

I've stayed with them for the past few years but thought I'd have another sniff around this year. I see that we are offered 15% discount with Classicline through here but no idea if they are ok with heavily modified cars? 

Basically, I want a policy which has a good rep, has AV, is competitively priced and if they throw in track cover as a freebeee then that's a bonus. Even if I doubt I'll use it. Asking too much?

I've never tried Manning or anyone else as historically lots of companies I tried were not mod friendly. Am I missing a trick or anyone have any other recommendations?

[Henry]

I am with Classicline have been since building my car  my car , goes up about £20 a year  so not complaining and they seem reasonable to deal with  ,though no claims yet thankfully . Paid  £340 last time , 5000 miles , AV  and think a couple of track days included or at least they were 2-3 yrs ago .

[rich73]

Thanks for the Classicline recommendation, just renewed with them this evening and saved £215, now have unlimited miles and breakdown cover included too.

[ALEX P]

I didn't have quite so much luck. Did the usual ringaround and it came out as:

Locktons £550ish, RH £615ish & Classicline £765ish so looks like I'll stick with Locktons.

[SurlySurdi]

I went with Classic Line in August, previously I was with Manning. I found that with the forum discount Classic Line were by far the most competitive. They gave a good solid agreed value (thanks to the Sherriff) and offered cover on 3 track days per annum which is enough for my needs.

In addition I was able to take advantage of the forum offer of the membership discount because of the valuation so it was a win - win.

Oh, Classic Line quote was £278.

[Nige]

Classicline here too, for 1 classic and 2 moderns.  Renewals seem to little change little so have stuck with them for the past few years.

[Beaky]

I'm with AXA XL, when my daily got written off on Xmas day they set about the process immediately and have been very good.

[Wingnonut]

Renewal time again and with the Premium nearly £300 I thought I would look back at last years.  That led me to look over the past 9 years and I thought it may be of interest.  Car has always been insured through Classicline but they have changed underwriters in this time.  Always 5kmiles a year, garaged in a low risk postcode. No track days but Euro Breakdown Cover.  Only one no fault claim in 2012 (hit by a car that was also covered on their Classic Policy under the same UW and fully recovered costs).  I have added the Agreed value when it has changed or been renewed.

2012 - £253 agreed value £16k

2013 - £274

2014 - £291

2015 - £251 agreed value £30k

2016 - £260 agreed value £50k

2017 - £262 

2018 - £276 agreed value £50k

2019 - £280

2020 - £283 agreed value £50k

2021 - £291

Interesting thing is that I am paying today what I paid 7 years ago on a £16k value!

Never felt the need to move from ClassicLine but maybe next year if it breaks the mental barrier that is £300.

[Chris_911]

Been with Locktons for a few years but seeing a BIG jump in my renewal premium this year.

Renewal premium is £450 on a £65k valuation, 3k miles.

Classicline looks as though it will be £358 on the same valuation and 5k miles.

[Ian Comerford]

£50k agreed value, 5k miles per year, Euro recovery.  £240 with Carole Nash and been with them for a few years

[njpcarrera32]

£55k agreed value, 2k miles p.a. £250 excess. £269 with Carole Nash, £10 up on last year.

[Chris_911]

Have just renewed with Lockton.

AV £65k, 3k miles.

Initial renewal premium was £450. I challenged this, based on competitor quotes, and had the renewal premium reduced to £345.

It's a good policy so I've stuck with them.

[Beaky]

4 hours ago, Chris_911 said:

Have just renewed with Lockton.

AV £65k, 3k miles.

Initial renewal premium was £450. I challenged this, based on competitor quotes, and had the renewal premium reduced to £345.

It's a good policy so I've stuck with them.

That's over a  20% reduction on the original renewal quote!...........look job

[MarkJ]

23 hours ago, Chris_911 said:

Have just renewed with Lockton.

AV £65k, 3k miles.

Initial renewal premium was £450. I challenged this, based on competitor quotes, and had the renewal premium reduced to £345.

It's a good policy so I've stuck with them.

They did that for me initially after I had been with them for a couple years. They had issued a big premium hike for renewal and I produced quotes from competitors which they matched. Following year they tried their luck again but this time they wouldn't budge on price so I binned them. They got greedy once official pcgb insurers imo. They were competitive before that.

[Roy M]

18 hours ago, Beaky said:

That's over a  20% reduction on the original renewal quote!...........look job

Actually a bit worrying - I'm with them and if they're inflating premiums by that amount then there's a dishonesty issue there!

[Chris_911]

1 hour ago, Roy M said:

Actually a bit worrying - I'm with them and if they're inflating premiums by that amount then there's a dishonesty issue there!

The initial renewal premium from them was around what I have paid, but based on a 2 year old valuation by JG. They hiked the premium by circa £100 based on the new valuation (+£9k on the AV), which seemed to me to be very greedy.

It's easy for me to stick with them than move, it's a good policy, and the ultimate premium I've paid is competitive.

I'll see what next year's renewal brings.

[Mondrian]

Apparently they have switched underwriters from chubbs to axa and according to them new policies have more bells and whistles. They used to be good but feel that they have slipped up a bit so will need to shop around upon my next renewal. A bit of an interesting read ....

https://www.ft.com/content/2b8b2f0b-f5a3-4117-80ea-50f26783d934

 

[Richot1989]

I've got my three 'old' cars ( 911, XK120 and E Type - agreed values of £55k, £90K and £90k) and have just had my renewal notice  for £905 which I think is pretty reasonable (approx £300 each).  Current mileage limitation for each is low (1,000) at the moment but will be upped once the covid restrictions are eased - and thus the premium will go up as well!

[sopor]

So, what am I missing? I have a BMW Z1 and the 911 (ex @SP72) on a classic policy through Hagerty. Renewal was just under £900. Agreed values are £30K and £65K respectively. Garaged etc. No claims/convictions. Low annual miles, I think 1500 and 300o respectively.

Got a quote from Manning - about the same.

Couldn't speak to anyone at Lockton's and they never returned my calls. Same as 2020!

Got a quote from Classicline - came in at under £400. Agreed value after providing photos.

How can these quotes be so different? What am I missing?!

[longman]

Insurance is bonkers innit ! 
 Mines up on the SL and the new quote from Classicline was £240 which is a fiver up from last year , for giggles I stuck the details into a comparison site and that came back at £165 through Admiral on a normaL policy .. go figure 

[DavidH]

£50k AV, 3k miles per year, Euro recovery, £150 excess - £240 with Carole Nash.

£35 lower that last year 

[craigt]

Classicline with AV £52,000

£156 for 3000 miles (which I'll never use) 

£175 excess and breakdown cover (which I may use😁) 

[Wingnonut]

2 hours ago, craigt said:

Classicline with AV £52,000

£156 for 3000 miles (which I'll never use) 

£175 excess and breakdown cover (which I may use😁) 

that is incredibly cheap! OK only 3kmiles rather than 5km but that is nearly half my premium with the same broker!  Haven't done over 3kmiles p.a. for probably 5 years now maybe worth a shot next year. 👍

[craigt]

29 minutes ago, Wingnonut said:

that is incredibly cheap! OK only 3kmiles rather than 5km but that is nearly half my premium with the same broker!  Haven't done over 3kmiles p.a. for probably 5 years now maybe worth a shot next year. 👍

My renewal with Markerstudy through Carole Nash was £171 with only 2k miles. Updating the valuation pushed the premium to £217.

Classicline beat that hands down and I even queried the price. I think they've made a mistake but I've queried it, read the docs and definately have agreed valuation.