Insurance Dilemma!

[Lancerlot]

I been having so much fun with my car that I stupidly forgot to tell my insurers that I had exceeded the 5K pa mileage allowance on my policy by 4K - until yesterday. The policy only has just over a month more to run,

I was shocked when they told me today that I owed an additional £750 premium until renewal!!! [&:]

It was explained that mileage is calculated on an annual basis and that no pro rata arrangement is available.

This was my own silly mistake but there was no intention to deceive and the extra risk was probably all mine anyway, since insurers would be unlikely to accept liability for any incident due to the breach in terms of the policy.

Does anyone have any advice please? [8|]

Regards,

Clive

 

[tscaptain]

Oo er Missus. Just the 4k over then! Don't know a way out of that Clive. Suddenly makes the premium on my soon-to-be next car seem very reasonable! I suppose that limited mileage makes such a difference to policies on cars like these that the insurance companies may turn a blind eye to the odd 1k here and there but will have their own line on what is too much over? []

 

[okellyt]

Clive

Its simple I am afraid

Either don't drive it until it renews or pay the premium.

If you have an accident there is a risk that the insurance company not only fails to pay out but also reports you to the Police for not having adequate insurance cover, which could be a driving ban plus a heavy fine or your car being clamped. towed and a heavy fine to recover it.

 

[stevehoenes]

Hi Clive

They now how to grab you by the short & curlys. Put the car in the garage and insure it for fire & theft only untill the policy runs out or take it the main dealer and let them hold it for 4 weeks under there policy if you can sweet talk them, maybe they might want to show what that is used really looks like!!

Hope you get it resolved painlessly.

The other option is to loose the one months insurance remaining and re-insure it now with a different company as I guess you are quids in anyway, but increase the mileage usage to 10,000

Good luck

Steve

 

[Mark_Bennett]

No help for this year, but next time you might want to give A Manning a go. I've just renewed my car under a limited milage policy (they have various milages available) and if I decide I need to go over I can pay the difference between the limited milage and the normal unlimited milage premium.

 

[spyderman]

Makes you wonder how much insurance companies talk to each other. I know they ask you to obtain and post proof of no claims entitlement if you move companies, but you can bet that if there's anything "serious" about a driver, there is some kind of back channel!

 

[tscaptain]

These limited mileage policies must have a starting mileage? Has anyone ever had a person round to verify the mileage in the car when you take the policy out? Although I suppose if you fibbed and told them it was more than actual and then had an accident between then and actually reaching that mileage, you would still be in the poo! No help in as in Clive's case when you have the car from new and only good for the first year![] But if you then change to another company...........?

 

[spyderman]

The insurance company could call the DVLA for the last reported mileage.

 

[lowndes]

Clive

Normally wouldn't dare risk making this post for fear of being drummed out of the Brownies for offensive posts on a Porsche forum but as you are a big cheese on here I'll take a chance.

Sorry to hear of the problem. My thoughts:

I think you can rest assured that with the current level of interconnection of computer data bases all insurance info is capable of being shared and whilst fudging the issue now probably wouldn't affect renewal it would be a different story if you subsequently had to make a claim. I'm pretty sure a loss adjuster would use it (exceeding 5k miles) as a material fact not declared at the time of inception to invalidate the policy. So I would pay up and clear the slate.

If it helps with the figures, my premium for the cooking 430 for last year with max NCB was £734 including 5% IPT. That was for 5k miles and with £1100 xs. So call it £150 per 1k miles. I would take the view that if you had known at the outset your total mileage for the year you would have paid whatever insurance premium was needed for the 10k miles and driven rather than reducing to 5K miles and saving the £750 in premium, which in the greater scheme of things is a small % of your total cost of motoring in 2009!

So to me the additional £750 seems fair enough...just think of the cash flow benefit of paying the premium in arrears!

Nick

 

[Lancerlot]

Good News Guys,

I've just taken out new insurance with my previous insurers, Aon Private Clients - earlier they had covered my 997 GT2.

Premium is an extremely competitive £550 with £1,100 excess and 6K pa mileage - Seems to solve the problem, providing I can get NCB proof from existing! []

They mentioned they were keen to take on Porsches - Turbo in particular- so might be worth a call, Alan. [8|]

I am quite happy to pay for my excesses - but that was taking the pi$$ a bit!

Thanks for all the comments and suggestions, guys - even Tom for his cheerful summation! []

Regards,

Clive

 

[tscaptain]

Thanks Clive. Yes, had a very good quote from Aon. As I said on the other thread I've decided to stick with Porsche Insurance for this year, for an assortment of reasons, but may well change next.
I guess you just have to be grateful that you didn't have a prang because, no doubt, they would have argued till blue in the face that you were uninsured once you went significantly over the 5k. I bet that is in the small print somewhere?[&:]

 

[okellyt]

ORIGINAL: Lancerlot

Good News Guys,

I've just taken out new insurance with my previous insurers, Aon Private Clients - earlier they had covered my 997 GT2.

Premium is an extremely competitive £550 with £1,100 excess and 6K pa mileage - Seems to solve the problem, providing I can get NCB proof from existing! []

They mentioned they were keen to take on Porsches - Turbo in particular- so might be worth a call, Alan. [8|]

I am quite happy to pay for my excesses - but that was taking the pi$$ a bit!

Thanks for all the comments and suggestions, guys - even Tom for his cheerful summation! []

Regards,

Clive

You know me Clive - ever the optimist.......[8|]. I just didn't want you getting into any trouble there.

Good news on the insurance. I might have to try them out on my renewal, my current lot are good guys but it is expensive.