Insurance hike!

[Richard_Hamilton]

I was astonished to get my renewal through from Lockton's this morning, to find they have DOUBLED the premium - from £248 to £496! No change of cover, no claims, nothing. I increased the valuation back in April from £25k to £35k which resulted in an additional premium of £22, but this is ridiculous.

Anyone else experienced this, and can suggest an alternative?

 

[tscaptain]

Marsh, aka Porsche Insurance Services. Very good with the modern cars[]

 

[Richard_Hamilton]

Marsh, aka Porsche Insurance Services. Very good with the modern cars[]

I'll give them a try, but it is for my 3.2, not the Cayman.

 

[pauljmcnulty]

Talk to them? And raise it direct with the board as it's a Club partner.

I get this every year with all my insurances: home, car, van, public liability. They send you the "we've searched the market for the best price" letter. You then ring them and say "I can get it for half that". After a while they nearly always match like-for-like. They're just trying it on, and some people are too lazy to challenge them.

Locktons, though, aren't a broker. That's always been my concern: a broker searches whole-of-market for the best product, not just the best price. They were no use to me as their one-size policy included too many extras I'd never need, but I'd have to pay for. There's no "like-for-like" price you can quote them as they will always come back with "our policy is unique". Seems a circular argument to me: I want to be treated as an individual (number 6, lol), but their business model is all Porsche owners fit one product.

 

[Motorhead]

Have a word with Classicline Richard. I'm sure they'll give you a competitive quote.

Jeff

 

[Richard_Hamilton]

Paul - I've emailed Locktons asking them to justify the 100% increase. It is much more than the typical 20-30% "try it on" factor. Like you, I do shop around.

Jeff - Cheers. They are first on my list. I've heard good things about them.

 

[pauljmcnulty]

Hi Richard,

Definitely need to keep Locktons up to speed if they are making mistakes, it's good for them to know. It might be worth mentioning it to Richard Watling: he deals with the commercial side.

I've been with Classicline for 12 years, and can't fault them. Still have to do the boring haggling every flippin' year though! []

 

[LindyLou]

Hi Richard,
For years I used Peter James, as many classic car policies would not underwrite my 3.2 is the only vehicle.
Recently changed to Lockton with a £45k agreed value and halved my premium to £295.
Your quote seems wrong. I spoke with David Lovell at Lockton.
Unlikely that gender and age should account for the difference!!!!!!!
Melinda

 

[Richard_Hamilton]

Thanks everyone. I just received this from Locktons:

Thank you for bringing the below to our attention. This does appear to be an error, the incorrect model year has pulled through into the insurer’s rating. Whilst the value of your vehicle has risen since last year this by no means should equate to an increase so high.

I have chased up a corrected premium at a total payable of £262.60 inclusive of insurance premium tax. This excludes our £30 administration fee which has been removed due to the confusion caused.

I don't quite know how this sort of thing can happen after being insured with them for 4 years, but I'll give them the benefit of the doubt. I'll still get a quote from Classicline though.....

 

[Richard_Hamilton]

Classicline: £229, but it also includes breakdown, relay, home start, and a higher agreed valuation of £40k. Seemed like a 'no-brainer', so I've gone for it. Thanks Paul for the reassurance, which is always valuable when using a new insurer.

 

[pauljmcnulty]

Good result!

I've had a claim through them which had a few issues and they couldn't have done more to sort it out for me.

 

[ChrisSeaward]

Hi Richard,

Sorry to hear about the problem.

As Paul says, please don't hesitate to contact the Clubhouse team in the future if something doesn't seem quite right with a business partner offering.

Thanks,

Chris

 

[911 targa]

I insured my 3.2targa sport with factory fitted M30 race package after my 9mth renovation for £215 with all
the usual bolt on goodies and an agreed value of £42000 .They seem to know our cars
Paul