ELEPHANT INSURANCE!
- Thread starter Delbox
- Start date
Delbox
New member
Most will be aware that Carole Nash is a well-respected provider of Porsche insurance. However, when presented with the problem that I described at the outset of this thread, the following was their reply:
'Dear Mr Preston,
Thank you for your query regarding insurance on your Porsche 987 Boxster S
Unfortunately, all the insurers we have on our panel take exactly the same view as your current insurer. You will find that most other standard car insurers will too.
The best advice I can give is to contact a specialist insurer who might be able to cover the £14,000 of options for you - a good starting point is to run a search on MSN for 'specialist sports car insurance' and many companies come up who claim to cover high value, modified sports cars
Thanks again for you request and good luck with your search
Yours sincerely
Paul Greenwood
New Business Team Leader
Carole Nash Insurance
X 2397'
So, if you are insured through Carole Nash, I suggest that you check what you are covered for!
In my case, the search for cover continues!
'Dear Mr Preston,
Thank you for your query regarding insurance on your Porsche 987 Boxster S
Unfortunately, all the insurers we have on our panel take exactly the same view as your current insurer. You will find that most other standard car insurers will too.
The best advice I can give is to contact a specialist insurer who might be able to cover the £14,000 of options for you - a good starting point is to run a search on MSN for 'specialist sports car insurance' and many companies come up who claim to cover high value, modified sports cars
Thanks again for you request and good luck with your search
Yours sincerely
Paul Greenwood
New Business Team Leader
Carole Nash Insurance
X 2397'
So, if you are insured through Carole Nash, I suggest that you check what you are covered for!
In my case, the search for cover continues!
jac in a box
New member
It's a lousy situation.
I found this out last year when I asked my insurer about factory fit options, initially they said it was no problem. However the situation rapidly changed when I asked them to confirm this in a letter from the underwriters...eventually I found myself in a situation were they declined to insure me on the basis of £14k's worth of factory fit options which in their eyes (the insurers) are modifications.
The disturbing thing about this is that I could have found myself with voided insurance in the event of a claim - had I not questioned the need to declare the fitted options - or should that be "mods"?
I'd urge anyone acepting a verbal assurance from their insurers that the options are included on the policy, to have this confirmed in writing from the underwriters...not by some call centre erk or the broker.
For just a little extra, Peart Associates provided me an excellent policy, and asked the underwriters of the policy to confirm all was well my "mods". No charge for a non standard exhaust, which was rather nice!
Jackie
I found this out last year when I asked my insurer about factory fit options, initially they said it was no problem. However the situation rapidly changed when I asked them to confirm this in a letter from the underwriters...eventually I found myself in a situation were they declined to insure me on the basis of £14k's worth of factory fit options which in their eyes (the insurers) are modifications.
The disturbing thing about this is that I could have found myself with voided insurance in the event of a claim - had I not questioned the need to declare the fitted options - or should that be "mods"?
I'd urge anyone acepting a verbal assurance from their insurers that the options are included on the policy, to have this confirmed in writing from the underwriters...not by some call centre erk or the broker.
For just a little extra, Peart Associates provided me an excellent policy, and asked the underwriters of the policy to confirm all was well my "mods". No charge for a non standard exhaust, which was rather nice!
Jackie
Andrew Killington
New member
Admiral confirmed that any factory fitted options would be considered as modifications and would result in a premium hike [
] despite earlier verbal assurances otherwise
looks like I'll be shopping around before 1st May.
could we perhaps have a list of those companies who do not view factory fitted options as modifications??
Andrew
PS thanks Mark and others for alerting me to this situation; I was tootling along in blissful ignorance having taken the insurer at face value[&o]
] despite earlier verbal assurances otherwiselooks like I'll be shopping around before 1st May.
could we perhaps have a list of those companies who do not view factory fitted options as modifications??
Andrew
PS thanks Mark and others for alerting me to this situation; I was tootling along in blissful ignorance having taken the insurer at face value[&o]
jac in a box
New member
Peart offered me the R&SA policy cheaper than anyone else could, though some have said other specialist brokers have been able to offer the same at a better price than Peart.
Insurance is subject to so many personal variables, it could prove worthwhile shopping around for this policy.
Jackie
Insurance is subject to so many personal variables, it could prove worthwhile shopping around for this policy.
Jackie
JCB..
Non-member
(a) Aren't you confusing brokers with underwriters?
(b) I wouldn't expect a mainstream call centre operator to be able to discern the options issue on prestige cars. The script they read from doesn't cater for it. You don't go to your local back street garage to buy or maintain your Porsche, for obvious reasons, so why expect to be able to insure it properly at the equivalent broker?
(c) The reason why premiums are high is because so many people can't drive - I find it very hard to go anywhere these days without seeing an accident repair centre courtesy car!
(d) http://www.porscheclubgbforum.com/tm.asp?m=70284
JCB..
Has anyone tried this question on A Manning yet?
(In PP - fairly new to the club)
(In PP - fairly new to the club)
Correct me if I'm wrong......
I have Tesco insurance, and they do the same thing, charge you a higher premium but don't cover for replacement.
Now having read this post........If I have not declared all my options, for example Porsche over-mats, does that mean that in the event of my car ever being stolen.....
A) They would replace the car but not the mats (this I am confident of)
B) Not having mentioned the existence of mats, means that I didn't disclose the car's full risk liability to them (in terms of increased probability that a thief will steal my car). That in turn is fraudulent, in that I was paying a lower premium than I should have based on witholding information (akin to not informing them of previous accidents etc?) Which in turn means, they do not have to pay out at all on my stolen car?
Any thoughts?
I have Tesco insurance, and they do the same thing, charge you a higher premium but don't cover for replacement.
Now having read this post........If I have not declared all my options, for example Porsche over-mats, does that mean that in the event of my car ever being stolen.....
A) They would replace the car but not the mats (this I am confident of)
B) Not having mentioned the existence of mats, means that I didn't disclose the car's full risk liability to them (in terms of increased probability that a thief will steal my car). That in turn is fraudulent, in that I was paying a lower premium than I should have based on witholding information (akin to not informing them of previous accidents etc?) Which in turn means, they do not have to pay out at all on my stolen car?
Any thoughts?
Delbox
New member
Rodney,
Who knows? Unless you declare everything - and gain formal written acknowledgement - then it'll always be your word against theirs (and they hold the trump cards)! What constitutes a material fact is for them to decide; but it gives them a complete get out in the event of a claim. I wish that we had a forum contributor who was a motor insurance broker and could provide us with advise - and a product that meets our needs!
Del
Who knows? Unless you declare everything - and gain formal written acknowledgement - then it'll always be your word against theirs (and they hold the trump cards)! What constitutes a material fact is for them to decide; but it gives them a complete get out in the event of a claim. I wish that we had a forum contributor who was a motor insurance broker and could provide us with advise - and a product that meets our needs!
Del
Delbox
New member
I'm surprised that this thread hasn't raised more comments; either some people are 'burying their heads in the sand' hoping that they never need to test the extent of their cover - and others still haven't realised that they may be under-insured, or (perhaps) not insured at all as they haven't disclosed material facts - or you're all insured for the full specification of your cars (and that I doubt)! Am I the only one who really thinks that there is a problem?
Permission to quake in boots sir....?
Delbox
New member
Just had a formal response from Elephant:
'Hi Derek
Thanks for your email. My name is David and I will be dealing with your query.
Im sorry to hear you are not happy with our policy on modifications.
Under our standard parts clause in the event of an incident or claim we would return your vehicle to the standard specification of a Boxster s.
Your modifications and optional extras would not be covered, the charge for adding the modifications is to reflect the increased risk as a result of these being added to your vehicle.
Perhaps our insurance policy is not the most suitable for your particular vehicle and maybe a more specialist insurer may suit you better.
If you need to cancel you policy with us please call our customer service department on the number below.'
Clearly, I'll not be staying with Elephant!
'Hi Derek
Thanks for your email. My name is David and I will be dealing with your query.
Im sorry to hear you are not happy with our policy on modifications.
Under our standard parts clause in the event of an incident or claim we would return your vehicle to the standard specification of a Boxster s.
Your modifications and optional extras would not be covered, the charge for adding the modifications is to reflect the increased risk as a result of these being added to your vehicle.
Perhaps our insurance policy is not the most suitable for your particular vehicle and maybe a more specialist insurer may suit you better.
If you need to cancel you policy with us please call our customer service department on the number below.'
Clearly, I'll not be staying with Elephant!
Your fears have been realised.....no suprise there then.....but what I'd like to know is if you forget to mention an item to them, would they replace your car at all? I don't really want to call my insurers and ask them that. The phone calls are recorded, and it might raise unwarranted suspicions if I ask that kind of question.
Brian Halling
New member
After all this scary stuff about my car insurance possibly invalidated by undeclared extras, I called the broker who has arranged all my insurance since the sixties. His answer was reassuring - choose a reputable company and declare the full total value of the vehicle and you have no problems. []
He recommends Norwich Union for Porsches, an unbiased selection since he has recommended seven other companies for me over the years. He cautioned that some 'cut price' insurers may limit non-factory fitted extras, like ICE and Nav, to £500-£750 with a significant excess, but quibbling over such losses is rare in his experience.
I did learn, however, that if your car is stolen and not recovered then you lose any personal number plate too. A separate policy is available, but at a price. []
As the man said - you pays your money and you takes your choice.
]He recommends Norwich Union for Porsches, an unbiased selection since he has recommended seven other companies for me over the years. He cautioned that some 'cut price' insurers may limit non-factory fitted extras, like ICE and Nav, to £500-£750 with a significant excess, but quibbling over such losses is rare in his experience.
I did learn, however, that if your car is stolen and not recovered then you lose any personal number plate too. A separate policy is available, but at a price. [
]As the man said - you pays your money and you takes your choice.
vitesse
Active member
I have changed to Allianz Cornhill arranged with Mannings from R&SA,Performance Marque and saved nearly £100.Cover includes trackdays(with enhanced excess)Had to confirm that the retrofit Porsche immobiliser is Thatcham approved,this is of course for the 964 with a value of 20K.
Have not asked the question about extra's,originally I presume the sunroof would be classified as such.
Have not asked the question about extra's,originally I presume the sunroof would be classified as such.
Delbox
New member
Thanks Brian; of interest, I e-mailed NU a couple of days ago to ask about their 'policy' on factory-fitted options. Unfortunately, I haven't had the courtesy of reply yet!
From the tone of your comment, I get the impression that you think that I am scaremongering; I can assure you and other forum contributors that my motives are completely honest. I have a problem that I consider may be one that affects other Porsche owners; hence, I've opened the debate!
From the tone of your comment, I get the impression that you think that I am scaremongering; I can assure you and other forum contributors that my motives are completely honest. I have a problem that I consider may be one that affects other Porsche owners; hence, I've opened the debate!
I called Norwich Union the first year I got my Boxster in 2003.
They asked me what my best quote was so far....I said £1,700, they said ok hold on, lets see if we can beat that.
2 minutes later......ok we can do £8,500 how's that sir?
Yeah, totally useless in all honesty, why even bother asking me?
So, do you want to take up that offer sir?
NO! It is not a good offer, £1,700 is a lower number than £8,500.
So gormless its unreal.
They asked me what my best quote was so far....I said £1,700, they said ok hold on, lets see if we can beat that.
2 minutes later......ok we can do £8,500 how's that sir?
Yeah, totally useless in all honesty, why even bother asking me?
So, do you want to take up that offer sir?
NO! It is not a good offer, £1,700 is a lower number than £8,500.
So gormless its unreal.
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