Insurance Renewal

[Rissy]

Just been sorting out my insurance for the year, to start September 5th. Because of the work i've done to the car, and the increase in the market value, i'm wishing to increase the agreed insurance valuation of the car (as you would)

I've always had the car insured for the buying price, 3 years ago (£17,500) and now i'm wanting it to be insured for £22,000.

My insurance company (Towergate - underwritten by the AA) have told me that this will have to be agreed, but if it is, then because the value of the car is now breaching the £20,000 mark, that the car will NOT be insured for theft if it is stolen when it's not in the garage. Meaning if I am parked in a Premier Inn during car show season, and someone takes the car, then i get NOTHING! whereas, if i left it insured for £19,999.99 or less, then under the same scenario, i'd get the amount in full!

I see this to be pretty shocking! Anyone else had this at all? Immediately i'm thinking about you guys who don't have a garage for your car to stay in, as another stipulation of the new over £20,000 agreed insured amount is that the car MUST be kept in a garage. (normally not a problem, but of course, IS a problem the moment I park it up ANYWHERE, at ANY TIME, outside of my parents garage! i.e. Tesco, B&Q, Premier Inn, Another persons address including my own driveway at home in Rugby!)

The stated increase in the Premium from insuring at £17,500 to a new valuation of £22,000 (agreed by underwriters) is only another £20.68. If I wanted to insure it to the value of £24,000 and this was again agreed by the underwriters of course, then the premium for me would increase by £29.87.

[MikeWard]

I need to read my policy in a little more detail, but from the quick scan I just did, I found this.

Quote:25. Garage Clause: You have agreed that you will keep your vehicle in a locked garage, the address of which you gave us, when it is not being used. We will not pay a clain under Section 2 for any theft or malicious damage that happens between 10pm and 6am if your vehicle is parked at or near your home or the garage address and is not in a locked garage.

To me that reads that the car isn't covered between those times only when parked at or near the home/garage address. I'll have a more detailed read through tonight.

Incidentally, I have my policy with Footman James.

I do like this note under the policy (which is something I think only Footman James offer).

Quote:Mileage: Unlimited

I'd get it insured at £24,000 if it was me.

[JamesRGUK]

MikeWard Wrote:I need to read my policy in a little more detail, but from the quick scan I just did, I found this.

Quote:25. Garage Clause: You have agreed that you will keep your vehicle in a locked garage, the address of which you gave us, when it is not being used. We will not pay a clain under Section 2 for any theft or malicious damage that happens between 10pm and 6am if your vehicle is parked at or near your home or the garage address and is not in a locked garage.

Only if it were stolen whilst parked near or at the home/garage address if not locked in your garage.
other wise you'd never be able to drive it anywhere you couldn't get back from before nighttime lol


J

[Rissy]

I wont give you it all, but I sent in by email, the updated photos the insurance company wants, and a list of updates i've done to the car (to be considered in hand with increase in market value for increasing the insurance valuation of the car). Within the email, after sorting out the incidentals, I carried on with the following:

"On the note of being advised of the changes to my policy as a result of my vehicle crossing over the £20,000 mark, I deem it completely unfair that I will not be covered for theft at ANY TIME the vehicle is NOT stored in the garage at the specified address.
I do not see how the insurers/underwriters can realistically expect for the vehicle to never be used to make any sort of a journey whereby it would be required to keep the vehicle elsewhere for the duration of the journey away from the specified address.
This sort of journey is most uncommon, and does not reflect the storage circumstances for 80-90% of the insurance year for the vehicle.
In order to remain insured, I'm being advised by Towergate that I CANNOT at ANY TIME park my vehicle ANYWHERE ELSE other than the garage at the specified address!
This is ridiculous, and completely unfair and unrealistic!
I'm basically being told I can leave the garage, and go on a short enough journey whereby it is possible for me to get the vehicle back into storage in the garage at the specified address, before the end of the day, and not leave it parked anywhere else whilst on this journey either.
This, to my mind means that i'm basically being told that I can take the car out to be refuelled, and then take it back to the garage again, and that's it!
Although even getting out the vehicle to pay for fuel on this journey, it could be considered that the vehicle is parked somewhere else other than the garage at the specified address!
So even if I just go for fuel for a vehicle which is now completely pointless to own for anything else other than for having a garage ornament, then I could consider myself to be uninsured the moment I get out of the vehicle and leave it to pay for my fuel.

It seems to me that insurance companies need a good shake up. They are commanding ridiculous demands and expectations, whereby the slightest deviation, which of course would be just about anything that might reflect a "risk" for them means they will not pay out.
They are basically giving themselves a way of weaseling out of any responsibility to recover the costs to the owner on the occurrence that any unthinkable situation may occur even though the customer has paid quite honestly for this guarantee of service.
I think because it is a legal requirement for a vehicle to be insured for use, the insurance companies think they can then make up any rules they wish, tightening the conditions more and more so that the chance of ever having to pay out, reduces to the point where nothing will ever be paid to anyone, but they will still continue to take people's money for a service they are not really actually providing any more simply because the honest owners are forced legally to pay for this service, legitimate or not.

My current policy states that I can use the vehicle for "Social Domestic and Pleasure including to and from permanent place of work, including competitions, rallies and trials but excluding racing, speed testing, events timed against the clock and all driving on any motor track. The Policy does not cover for hiring or any business purposes."

Can you confirm that because my vehicle is now valued at more than £20,000, that the above limitations will now remove the possibility/right for me to use my vehicle for "Social Domestic and Pleasure including to and from permanent place of work, including competitions, rallies and trials but excluding racing, speed testing, events timed against the clock and all driving on any motor track. The Policy does not cover for hiring or any business purposes." If this is the case, then can you please advise of what I WILL be able to use my classic vehicle for?...other than for it sitting in the locked garage looking pretty, for only myself to ever see, and not be able to use at all if I wish to remain insured.

I don't mean to take my frustration out on you George, but hopefully you can see my point, and give my concerns to someone where it might be viewed by someone with a realistic view on life, and of course, confirm to me what I WILL be able to do with my vehicle, and WHERE I will be able to take it (and leave it, if possible) AND remain with the insurance intact for which I'm paying for."

I'll be curious to see if there is any feedback to this. Unbelievable that I feel that I have to go to such lengths to show how ridiculous their terms are!

[Chris Williams]

All seems a bit odd. I do loads of agreed valuations for club members and am often contacted by insurance companies for valuations on damage/accidents to DeLoreans before work starts and they never query valuations above 20k. Be intersting to see the reply you get.

Chris

[andyd]

So change company... Just don't give them your money if you're not happy with the cover provided. Simples.

I have found RH to be pretty good.

a

[MikeWard]

andyd Wrote:So change company... Just don't give them your money if you're not happy with the cover provided. Simples.

+1

[Rissy]

I've put in my details for the RH website, and requested a call back from Adrian Flux. We'll see what comes from those. I may call Footman James later this evening too.

I take it that even though I've paid my current insurer (to renew the current valuation of £17,500 only until approval comes from the photo submission etc) I'm still under a 14 day cooling off period, and could expect to get a refund again if I change to another insurer?

[Rissy]

...I've just had a phone call from my insurers after receiving and reading my email this morning.

Seems there has been a miscommunication at their end. I would be insured at ALL times the car is in the garage, and I WOULD be insured at all other places between the hours of 6am and 10pm as long as more than 1/2 mile away from the garage when parked up. Not insured for theft through the night except at times where the car is being taken to shows/rallies etc. Then it IS insured at all times for attending those, meaning no problem for a field, or a Premier Inn, as an example, even over night. At least that's the understanding I got from them.

My insurance is underwritten by the AA, so I would think they are the same as everyone else.

The guy I was talking to, "George", completely understood where I was coming from in my email, and this forced him to check again with the underwriters to clarify. He agreed with me that if it had been the way it was originally expressed, then there would be no point in owning the car.

...I'll still go through with talking to these other insurers, out of curiosity I think.

I'm going for the £24,000 mark (as advised), but not accepting anything less than £22,000 I said, but leaving it to the underwriters to come to a figure themselves.

[Rissy]

Got a call back from Adrian Flux last night, and after discussing my personal situation and requirements, they offered me a quote 14% lower than that of my current insurer estimate (still awaiting feedback from the underwriters). Was very surprised with that. I've got a reference number to get in touch with them if I decide to go ahead with it. All normal conditions apply.

This morning, I then got a call back from RH. They are offering me a quote with all the same as before, 27% lower than my current insurer estimate. BUT, in order to have an agreed valuation (what you REALLY want, so that if you lose your car through whatever unfortunate circumstance, then you get THAT amount, GUARANTEED, and not whatever they decide is the current market value for the car before the whatever, meaning they could look up Ebay and see a couple of unusual cheap sales, and deem that to be the same for your car beforehand) they want an independent 3rd party recommendation, i.e. this club, or other classic car valuation authority or body.

Adrian Flux would certainly be competitive next to my current insurer, and its only £15 to get the agreed valuation done, by way of photographs etc, same as my current insurer. So it's easy too.

RH, once again, the most competitive overall, except for the added hassle of the agreed valuation not done through themselves. They want in writing from some other party, that the car is worth what I'm claiming its worth, which means I guess, If I was ever to make a claim, and want that amount, then whoever gave me the certificate of worth, would have to be able to substantiate this. (I'm guessing it would simply be accepted at the time of taking out the new policy)

So....for the RH requirement, has anyone any idea WHO does this sort of valuation? I was mentioned by them over the phone that normally the club themselves can provide this service, but I'm guessing our club doesn't!?? Has anyone ever had to have this done themselves for the likes of RH for an agreed valuation?

[Guinney1971]

yes, we do do agreed valuations Rissy, Chris Williams worked very hard on this when he
became Secretary a few years ago, and we are led to believe, that DeLorean valuations
done by the DeLorean Owners Club UK are the only 'club' valuations that are recognised
by UK insurers for claims purposes. 8)

If you get in touch with Chris and give him the details, and some up to date pics of your
car, I'm sure he will be able to organise a valuation notice for your vehicle to satisfy your
insurance company.

[Rissy]

Guinney1971 Wrote:yes, we do do agreed valuations Rissy, Chris Williams worked very hard on this when he
became Secretary a few years ago, and we are led to believe, that DeLorean valuations
done by the DeLorean Owners Club UK are the only 'club' valuations that are recognised
by UK insurers for claims purposes. 8)

If you get in touch with Chris and give him the details, and some up to date pics of your
car, I'm sure he will be able to organise a valuation notice for your vehicle to satisfy your
insurance company.

cool cool. 8)

I'll send Chris the same email I sent to my current insurer. Do you think Chris will sign his name/life / Club's name away on the suggested £24,000 which I'm obviously receiving quotes of insurance for?

[Guinney1971]

Rissy Wrote:

Guinney1971 Wrote:yes, we do do agreed valuations Rissy, Chris Williams worked very hard on this when he
became Secretary a few years ago, and we are led to believe, that DeLorean valuations
done by the DeLorean Owners Club UK are the only 'club' valuations that are recognised
by UK insurers for claims purposes. 8)

If you get in touch with Chris and give him the details, and some up to date pics of your
car, I'm sure he will be able to organise a valuation notice for your vehicle to satisfy your
insurance company.

cool cool. 8)

I'll send Chris the same email I sent to my current insurer. Do you think Chris will sign his name/life / Club's name away on the suggested £24,000 which I'm obviously receiving quotes of insurance for?

You'll have to ask him that, I can't speak for him - only his wife can do that

[MikeWard]

Did you get a quote from Footman James? They didn't charge me for the agreed value on my car.

Rissy Wrote:...away on the suggested £24,000

Oh yes /churchill_dog

[Rissy]

MikeWard Wrote:Did you get a quote from Footman James? They didn't charge me for the agreed value on my car.

Rissy Wrote:...away on the suggested £24,000

Oh yes /churchill_dog

I haven't....yet. Only dealt with RH and Adrian, simply cause it was easy to arrange talking to them last night. I'll still get in touch with FJ too.

MikeWard Wrote:

Rissy Wrote:...away on the suggested £24,000

??? (What do you mean? You think £24,000 is too high?)