The 'E' Type Forum

Morning all

I know this is a topic that comes up fairly regularly but I was shocked to get a quote from Lancaster this week.

I'm currently with Heritage, have a guaranteed value of £125k and a £100 excess. My renewal has just come in at £430, a reduction of £40 over last year. Most of the premium is due to the guaranteed value and living in London doesn't help. I also have European recovery included.

Lancaster quoted me online £708 with a £2000 excess! I believe there's no recovery included, and we didn't even get to the guaranteed value. They then rang me every hour. I told them to forget it as they were double what I was paying. They then said they would see what they could do to match it. I told them to forget it as, if they could reduce it by 50%, they were ripping me off in the first place. They stil rang me to offer to do this until I made it quite clear I wasn't interested.

I can only assume they think we are stupid. If you can quote half then do it first time. I won't ever approach them again.

John

So your 'guaranteed value has gone down with Heritage? This may well be correct but how do you feel about it?

Do we have an insurance broker on board? I have a question about market value versus agreed value policies

Peter

No, my guaranteed value hasn't changed, only my premium went down. I'm very happy with a lower quote I have a certificate from them and confirmation that I will get paid. It may be higher than the market value, but it repesents my investment plus a buggeration factor if I have to find an equivalent replacement. I know I pay more for the premium but it gives me a lot of peace of mind and I based it on what Angus told me it would cost to replace in it's current state.

I only wanted to point out the money grabbing disparity of Lancaster, versus a lower premium. That in itself is remarkable.

John

I'm with RH

About £300 premium with £105k agreed value, salvage, European cover, unlimited mileage. I do live in the sticks though

It is like that with most insurance companies from my experience. They pluck a number out of thin air they hope you like. When you don't all of a sudden it can be less....often a LOT less. I phone around every year. Same car. Same details. Same everything....the quotes last year were from around the £330 Mark (£100k agreed value) to over a grand!!!!!

Jerome

Your quote seems roughly in line with mine, given location and value, but I only get 5,000 miles/yr. This is enough right now but in the future who knows? Which insurer is RH, excuse my ignorance.

John

Herzeg wrote: ↑

Sun Feb 24, 2019 6:39 pm

Jerome

Your quote seems roughly in line with mine, given location and value, but I only get 5,000 miles/yr. This is enough right now but in the future who knows? Which insurer is RH, excuse my ignorance.

John

RH is RH and you should find them in the classic car magazines, but in common with most they are a broker and the actual insurer in my case is a Lloyds syndicate: Equity Red Star which I have used in the past as my car insurer. Costs for limited mileages vary marginally but the increase from 10k to unlimited is peanuts.

Julian - that's pretty much what I found but I found RH the best (least cost/most benefit) and I've been using now for a few years. Premiums don't increase excessively.

I had an interesting conversation with Hagerty UK last year about my mileage.

Are you sure you’ll do over 3,000 miles? they asked me. Most classic cars do less than 1,500.

I never do less, I said in reply.

They would not quote a sensible premium for 6,000 miles.
I’ll renew my insurance in May. Making notes of listers experiences before hand.

JerryL770 wrote: ↑

Mon Feb 25, 2019 7:06 pm

I found RH the best (least cost/most benefit) and I've been using now for a few years. Premiums don't increase excessively.

I recently switched to RH and found them better value than one of the large names that provides JEC discount. They are owned by Hiscox.