insurance, young driver ?

[proenca]

Hi there,

Im on the prowl to buy a Porsche 944 S2 but Im facing steep premiums from insurance companies. The reasons are ( sometimes all combined ) :

I have my driving license for onyl 5 months ( although im 29, long story )
I m a resident in the UK for only 6 months

The best quote so far for a 944 S2 is around 1800 pounds per year, 944 lux around 1500 and a 944 TURBO is around 2100. Im 29 years old, hotel worker ( in management ), EU nationality ( Portugal ), resident in the UK for the last 6 months ( previous Switzerland for 1.1 years ) and live and work in London, docklands area E14. Car will be parked in a secure residents only permiter or maybe a garage ( if we can throw away the stuff on it . No convictions whatsoever...

anyone has a brilliant idea how to get the premium of the 944 S2 to acceptable levels ( i would be happy for something in the 1k region ) ? Problem is i cannot get classic insurance due to my "only" 6 months stay in the UK ( usually 1/2 years required ), plus only having my driving license for 5 months ( usually 5 or more required ).

 

[Fen]

Probably not what you want to hear, but I think that's probably a pretty good quote.

Let me explain:

I imagine a 29 year old even with 12 years driving experience, a clean licence and a demonstrable 5 years plus of claim-free motoring would be paying £600 or so for an S2 in an E14 postcode, and they would qualify for a 65% discount on their premium through having no claims. In other words they pay 35% of the premium and that's still £600, so 100% of a premium (which you will have to pay) is not far off £1,800.

All you can do is try the specialist insurers (search the forum for names). You are unusual and you want to insure an unusual car, and insurers are scared of unusual so they tend to err on the side of caution with a premium.

 

[Logie]

Im 23 with 2 NCB and 2 Convictions in a high risk post code. Fully comp on a 2.5 LUX agreed valuation at 3k £853

Thats with Lancaster Insurance who speicalise in Classic Cars. I will gain further NCB aswell

 

[Mark_Bennett]

ORIGINAL: Fen

Probably not what you want to hear, but I think that's probably a pretty good quote.

I agree, that sounds pretty damn good for a driver with very little experience, and without several years no-claims.
In fact, I'm amazed it's so cheap [8D] Who is it with?

 

[dlknight]

I must have a pretty good deal then ? I have 1 years NCB due to an accident in January which luckily didn't write the car off

I am 28 paying around £500 fully comp, 10k miles with Direct Line although my post code WR (Worcestershire) is probably quite low risk.

Have you tried Direct Line they are usually very competitive..

Cheers

Dave K.

 

[Diver944]

I hate to say it but that's a pretty good quote for a London postcode [:-]

Any inner city location will have the premium loaded to the hilt compared with a rural area. Insurance is very much like the gambling industry, the brokers (or bookmakers) know the exact odds of a claim being made on a car like yours, in your location with your profile.

Through the 80's and 90's I worked in insurance and back then motor insurance did not make any money. Claims always far exceeded the premiums, but motor was a lost leader for the real money spinners - life, home, reinsurance etc.

At least thats what they told me at pay review time [&:]

 

[John Sims]

You're lucky! We were evicted from our 'ole in road and 'ad t' live in septic tank.... (probably means nothing to someone from Portugal or, indeed, anyone under 40 [8|])

As the boys have said - it sounds like a pretty good quote to me. You want to get yourself a modified Turbo and try to get anyone to quote you at all.

 

[Justin85]

I am 27 and live in rural Oxfordshire, but even so am currently paying 376 for a fully comp. classic policy through Firebond, 10k pa and an agreed value of 5000.00, which I felt was very good and miles better than anyone else. Massive difference between online quotes and speaking to a friendly advisor though. Not sure what their service is like - fingers crossed I won't have the opportunity to find out.

Justin.

 

[944Turbo]

ORIGINAL: Diver944

Through the 80's and 90's I worked in insurance and back then motor insurance did not make any money. Claims always far exceeded the premiums, but motor was a lost leader for the real money spinners - life, home, reinsurance etc.

At least thats what they told me at pay review time [&:]

Thats what they say about all compulsory insurance - IMHO just clever accounting - they probably lump all the costs (posh city centre building, staff, IT etc.) onto motoring and employers liability then the optional insurances become real money spinners as they have no overheads.

Scum scum scum - with no apologies to anyone who works for/in the insurance industry []

Tony