Big increases in premiums?

[tscaptain]

I have just enquired about the insurance for the new car. When I the other one went in November I got a quote for the turbo so that I would have some idea of what to expect and was quoted £630 with Porsche Insurance (with Aviva). Given the value of the car, two track days included, 10,000 miles/year and compared to the previous year's premium that seemed pretty reasonable. I have today gone through the same process with PIS with a view to setting up the insurance as the car's arrival is getting close ([8D]) only to find out that the premium will now be £890!! The reason being that as of last week (damn) most premiums have taken a big hit, apparently, and with Aviva the main issue is that their MAXIMUM NCD (which I have) is now only 47%.
It would appear that we are paying for a) the bad weather and b) all the uninsured drivers.

Time to shop around again, I fear.

 

[Mark_Bennett]

I just renewed through A Manning (on the club's scheme)
Last year the premium actually went down, even though I had a claim the previous year. This year it was up significantly.
Still get 55% NCB though.

 

[adrian996]

Tip of the day: Axa. 90% NCD for the over 45's. (Not sure if this applies to you)

Couldn't tell you whether they bother with track days though.

Adrian.

 

[tscaptain]

Sadly Adrian it does! Will check it out. Cheers.

 

[adrian996]

No probs. I'd be interested to hear how you get on. They've just quoted me (+wife) £287 for my MY2003 996 with the all important NCD protection. There's a compulsory £500 excess and I've agreed an extra £250.

Try adding your spouse - if you have one - it brought mine down quite a bit but she won't go near the car!

Here you go: http://www.guardian.co.uk/money/2010/jan/30/axa-car-insurance-site-no-claims

Adrian.

 

[tscaptain]

Just checked and they won't insure a turbo - or a GT3 for that matter! Back to the drawing board but thanks anyway.

 

[jbm]

Thanks, Alan, that will save me a phone call!!

 

[Robin M]

I have heard via an Accountant friend of mine that the big insurers have all agreed that as they are taking a hit in thier profits on other insurances and products as well as the small profits they get from motor insurance that they have unilaterally decided to up all premiums and in some cases lower levels of NCB to make more from Motor insurance. We will all pay more at renewal I guess.

 

[adrian996]

We will all pay more at renewal I guess.

My two other cars have gone up slightly - but the 911 has dropped!

 

[pwebb]

Alan
Give Peart a call, they are Performance Marque as well, I think. Have found that A Manning and Peart are both tied to different insurers (Sun Alliance and Aviva from memory) and depending on the car/driver combo, one or other will be competitive. I'm currently with Manning, and my son with Peart. The reverse was true last year.

 

[berty987]

I rang around all the " porsche post" insurers and ones listed in the porsche magazines. Ultimately the best quote was with admiral under a multi car policy. I think the premium for my 987S last year was about 400.

All the "so called" specialists (manning / Peart/ hyperformance/ Flux/ classic marques etc) were asking over 700 , with porsche insurance / Aviva the next lowest at about 600.

 

[spyderman]

Admiral were by far and away the cheapest quote I've ever had too - especially when you're looking into their multi-car policy. But I just have to wonder how good the insurance is if, when you ask "what about track day insurance" they answer "sorry, we don't insure tractors".

 

[tscaptain]

After some hours on the phone I have now decided to stick with PIS for this year at least. I get a couple of track days with them and they are a known quantity and also very helpful and polite.
Of course, as we know, the problem is comparing apples with pears with oranges etc. The quotes I had ranged widely from Aon (the cheapest) at £460 - new car for first 2 years if written off or nicked, £1000 excess and 10,000 miles to Manning who were £1350 for unlimited miles and one year new car. No track days included with either of those. Adrian Flux were same as PIS and Heritage were £1300. Those are all with maximum NCD, protected no claims but different excesses. But, as I say, the small print varies by as much as the premiums and then there is the small matter, heaven forbid, that you have to make a claim......One thing they all agreed on was that in general premiums are on the way up big time and, as I've noted earlier, some companies are reducing the maximum NCD. While we all want to feel we are getting a "good deal" on insurance, against the other annual running costs (in my case) £900 is still fairly reasonable so long as they will be there when I need them! (Hopefully never!)

 

[Lancerlot]

Aon Private Clients seem to be very competitive ATM.

I paid £1,200 with Chubb for the Scud last year and have just received a quote from Aon at £550 for a £150K car, 6K pa mileage and £1,100 excess.

They seem keen to take on Porsches, particularly high-end models, such as Turbos.

So it's certainly worth a call for anyone looking to place motor insurance at present. []

Regards,

Clive

 

[spook]

It's a mine field this insurance job.My 997TT currently costs £441 with £430 excess , two trackdays and 5000 miles pa with porsche insurance. Problem is I've used both my track day slots and they aren't interested in covering any more, although they will cover the udrive VBH next week for £120! And I've got till August until renewal.Manning have just quoted me £708 with £550 excess and unlimited trackday cover. So before I spent £120 , I'm minded to cash in and go with Manning next week , unless any of you guys out there have any other ideas?

 

[lowndes]

The insurance market seems both opaque and arcane to me and although there are big premiums (premia?) out there there also seems to be good value. I spent time yesterday phoning round the usual suspects for insurance for the new car which is due for collection on 1 March. Although brokers all offered the same insurance companies (either RSA or Aviva) the premiums for the same basic package varied wildly.

Requirement was for comprehensive insurance for a car value of £120k for me and Mrs Lowndes to drive, 5k miles, new car replacement, legals, euro travel. We are Home Counties based, car garaged and a not too shabby claims and points history.

Figures including IPT from main players were £1135; £980; £710 and £375.

As Clive has pointed out already Aon seem keen for business. They were lowest at £375. Their insurance is with Aviva. 8k miles, 2 years new replacement, £600 xs, like for like courtesy car 90 days european cover. Track days not included but subject to referal to insurer for each event.

To be honest at that price it seemed rude not to.

Regards

 

[Peely]

A £120k car insured fully comp for £375 ?.......................are you serious ?!!!

 

[lowndes]

Well the proof of the pudding will be the receipt of a cover note and insurance docs from Aviva but if that arrives I will be inclined to think proper insurance is in place. As far as I am aware Aviva are the largest insurer in UK so if they go down we will have more to worry about than insurance on a motor car.

Cheers

Nick

 

[blueSL]

Another vote for Aon - I paid £530 for my 997.2 turbo, similar profile except I didn't want the requirement for overnight garaging - it's out there in the snow at the moment. I think it also pays to have your wife as a named driver, the assumption being she will do some of the miles and won't get out of first gear...

 

[Peely]

I pay more than those two prices for a 2008 Nissan X-trail valued at less than £20k !!

The turbo I have just had to put on a 'classic' policy (yes, I questioned it too ?) with 3k per annum ,40 something, ahem yrs old, full no claims, 9yrs protected, no accidents, and 3 points from 4 yrs ago, and premium was well over £1000.

Think I must live at the wrong end of town ?!! []