Insurance

[rob.kellock]

Lockton will have a sensible conversation with you if their initial quote is way out - they provide the dedicated PCGB specialist policy with considerable benefits over other companies and value their relationship with the Club and its members highly.

As ever, the devil is in the detail but having had to have a new windscreen fitted to my car last week, there was absolutely no issue about this being fitted by my local Porsche Centre so I got to swan around in a brand new Cayman whilst my car was repaired to the highest standard with a genuine part. My premium is remarkably close to what I pay LV to insure my old 5 series worth less than 10% of my 997!

I have been really pleased with them.

 

[Lancerlot]

Perhaps in view of your position, they make a special effort for you then, Rob .

I try each year since our Club tied up with Locktons. We have a pleasant chat, then an admission they cannot provide a competitive premium quotation for me. It has regularly worked out to be up to 3 times the price of current insurers with indistinguishable cover differences. Many of our members have suffered similarly. I have had 3 windscreen claims, each replaced swiftly with a genuine part supplied by my PC and a courtesy car too.

I would respectfully suggest, judging from my own experience, there is some work still to be done to provide the dedicated PCGB specialist policy with considerable member benefits you refer to.
Regards,
Clive

 

[rob.kellock]

Ha! If there is a Chairman's discount I look forward to renewal time!!

I'm not saying other insurers can't offer the same benefits (although most don't) but last time I made a windscreen claim with one of the firms listed above I couldn't use my Porsche Centre and the job was unsatisfactory. Locktons give choice of repairer with no quibble.

I would be genuinely pleased to learn feedback from any member dissatisfied with their quote (email me at chairman@porscheclubgb.com) and would be happy to feed back to our Commercial Director too. There is no point the Club promoting a policy that doesn't suit its members - but that said, the conversion rate from quote to policy is exceptionally good.

I suspect that high mileage is the problem although whatever criteria is used for insurance companies to come up with premiums has always been one of life's great mysteries to me...

 

[BigCat]

I second what Clive and others have said now and in the past, Locktons are just not competitive. Porsche Insurance (Marsh) was significantly lower cost for my 991 Carrera, which was superseded by my 991 Carrera GTS and when I added the Macan GTS in March it was the same story.

For my 991 GTS the quotation was absurd at nearly double the £533 premium Marsh offered for a £110K car and 10K annual mileage
Rob have you actually considered running a competition to be the preferred Club Insurance Supplier?
Why is it that so many people on this forum with 997s and 991s are unable to get a competitive price out of Locktons and yet the club keeps promoting them as competitive which they are not.
Porsche parts, Porsche approved repairer, courtesy car, Porsche OEM windscreen, track days cover, it's all there with Porsche Insurance so what's so great about Locktons apart for a great big price?
Adrian

 

[Lancerlot]

So how much are you paying then? Maybe there's been a recent change of heart. []

There are plenty of case studies to be found on the running forum thread here https://www.porscheclubgb.com/forum/tm.aspx?m=714611

We buy Porsches to drive them and if average mileage is a reason for inflating premiums, the scheme is not really fit for purpose, is it?
Regards,
Clive

 

[stokey]

Unfortunately my experience with Locktons mirrors the previous posts, I have given them three chances now to
quote, 991 4S and my current 991 tts.
I have spoken to them at club events and it's the same old story, of give us the chance next time
"We are getting more competitive with modern cars etc,etc", but just too expensive.
Nothing special 6000mpa ,over 60 driver ,9 years no claims and outside city postcode.
On my last renewal I did not even bother just saved the phone calls and renewed with Marsh/Aviva.

 

[rob.kellock]

Can't remember what my premium was, somewhere around the £700 mark I think - despite 5PP on my licence following a brush with an unmarked police car on a deserted road in Scotland...

The difficulty is going from the particular to the general - statistically, many many members ring Lockton for a quote and go on to buy cover from them. We are pleased with the product that is on offer and are aware than when claims have been made, they have been settled profesionally and efficiently.

I suppose with 16000 members now, no one insurance broker is going to have the best solution for every single member but on a national level, the Club is really pleased with Locktons and efforts have successfully been made by them to be more price competitive for more members.

Thanks for the feedback though, I will liaise with Richard Watling accordingly.

 

[Lancerlot]

I suppose with 16000 members now, no one insurance broker is going to have the best solution for every single member but on a national level, the Club is really pleased with Locktons and efforts have successfully been made by them to be more price competitive for more members.

You may well be right since you have access to more data than me, but Lockton, who use Chubb Insurance, are consistently uncompetitive for late-model Porsches, in spite of continually telling us for many years now they are aware of the problem and are working on it.
Perhaps you could tell us how you faired with quotations from other companies (Marsh, Manning etc). that drew you to your conclusion Lockton were the best.
Regards,
Clive

 

[rob.kellock]

Without wishing to name and shame, I had 2 serious problems with my last insurance broker, purportedly a premium supplier. The last was a failure to renew my policy - brought to my attention by a friendly local traffic officer who somehow managed to persuade his colleagues that there must have been an error with the insurance database. I was very lucky not to be prosecuted which would have led to a very embarrassing special reasons application (I had email confirmation erroneously stating that the policy had been renewed).

The Porsche policy only allows 2 X track days with a £25 admin fee each time. I want at least the option to be able to do more.

I could have saved with LV and others but when factoring in excess / benefits / track day cover I was happy to pay for the premium product.

Cheap insurance can be great if you don't make a claim...

As above, the content of this thread is being fed back.

 

[Lancerlot]

Thanks Rob, I understand your reasoning. You will see from earlier posts the outcome of OP's approach to Lockton. He was an existing client too! This is yet another adverse case for you to use. Low annual mileage ownership is not what Porsche is generally about. So I say again, is this scheme really fit for purpose?

To summarise, if you are a trackday enthusiast give Lockton a try, otherwise as a late-model Porsche owner intending to drive regularly, it's worth your while contacting other insurers where trackday cost does not figure greatly in the annual premium.
Regards,
Clive

 

[rob.kellock]

Thanks Clive,

I don't think that summary is entirely fair though.

My mileage allowance on the policy is 10,000 - I think the average modern Porsche does around 8000?

 

[EmGee]

Hi - Hopefully not a thread hijack, got a query on insurance - coming round to renewal, had my 997.1 C2S for almost a year and just amended our AXA policy last time around. Got to wondering about a standard insurer's value of the car should the worst happen and it get's pinched, is there any need to go to a specialist? When I called AXA to find out about their valuation they blanked me.

Paid £27k, 40k miles, probably have to pay £30k now for same, but if you look at comparison tools online they put the car at anything between £16k & £23k, hence the mild concern...

Cheers

 

[terry993]

Hi I'd get a valuation done by PCGB (it's free to members) and get a price with that as an agreed valuation. That is what I am doing with all my Porsches

Terry

 

[EmGee]

Thanks Terry, I'll look into it.

 

[Lancerlot]

Thanks Clive,
I don't think that summary is entirely fair though.
My mileage allowance on the policy is 10,000 - I think the average modern Porsche does around 8000?

Rob,
There's a risk of prolonging this discussion as nauseam, although I believe it is of some interest to others.

You are of course paying for those miles within your premium (around £700) and that's my point. My annual premium for a 2011 Turbo S valued at £80K and with 12K miles pa was £350 - but then again I only got 2 track days! []
Regards,
Clive

 

[BigCat]

Thanks Clive,

I don't think that summary is entirely fair though.

My mileage allowance on the policy is 10,000 - I think the average modern Porsche does around 8000?

Rob, no matter how hard you try you simply cannot justify that Lockton are competitive because they are not.
When I bought my 991 GTS in December 2014 it cost £110K, with 10K annual miles protected no claims discount, legal expenses, repairs at Porsche including Porsche OEM windscreen, Lockton wanted a premium of £1300, so I went with Porsche Insurance (Marsh) for £544 and when I renewed it last December 2015 it was £533, I never bothered going to Lockton again as it was a waste of time.
If Porsche GB endorse Marsh why doesn't the Club?

(sorry to prolong the thread Clive but it really gets me going that this has run and run and run yet nothing changes, the Club continues to endorse and promote an insurance provider that simply doesn't offer a competitive product or service for the modern Porsche cars and yet the manufacturer does so why is that?)

Re the 2 track days, it's £20 each time to invoke it with a 10% excess but when I asked Marsh to use one of these for a recent (June) corporate event at Prescott where I took my 911 up the hill several times, i was told I didn't need the track day cover and my policy would cover my car without any additional premium or excess.

 

[garyw]

the Club continues to endorse and promote an insurance provider that simply doesn't offer a competitive product or service for the modern Porsche cars and yet the manufacturer does so why is that?)

But it is making a nice little earner from them !

 

[Boxstercol]

I've insured through Locktons for the past 2 years & found the service to be very good. Admittedly I haven't had to claim for anything (touch wood), however in the event that there might be a claim I am confident it will not be as bad an experience as other insurance companies.

This is based on previous experience with another insurance company when my previous 986 Boxster was written off in a non fault accident. The fall out from this was horrendous & the experience shocking as I had no support from my insurance company. As soon as i could move from them i did.

Price wise Locktons are not too bad for me, furthermore i think the benefits that come with the policy are worth the slight extra in premium.

 

[rob.kellock]

But it is making a nice little earner from them !

Keeps your subs down!

Clearly, it will be impossible for one insurance company to be the most price competitive for all members.

Premiums are calculated upon the benefits the policy offers and the perceived risk - car model, driving record, claims record, nature of employment, postcode, garaging, shoe size, hair colour etc. It's a dark art.

BigCat, the Club policy is very successful for many, many people - you are arguing from the particular to the general and the overall data does not support your experience. That is not to say that you don't have a valid point. I can justify that it is competitive because it is for lots of people. Clearly not you though!

As above (ad nauseum) the contents of this thread are being fed back. I have emailed Richard and Chris Seaward, and the contents of this thread will be discussed at our next meeting with Lockton. Not sure what else I can do.

Irrespective of my (discount free) Chairman's role, I do speak as a happy customer - the product genuinely works for me and has for some time.

 

[peterlightbown]

Rob sent you an email re; Lockton's. Has anyone had a 'good' quote from a company where the car is a daily driver. I want cover for about 12K per annum (C2S). Hate this process, yesterday spent 25 mins getting a quote from LV which ended up being 15 quid less than Lockton's so still well over £900!