Report on the 25th November meeting
Peter McIlvenny, Director of Cherished Cars at Carole Nash Insurance, gave us a very interesting and informative talk on specialist insurance for performance and classic cars at our November meeting. A PCGB member and owner of a Porsche 928 and an Alfa Romeo GTV, Peter joined Carole Nash two and a half years ago to expand their cherished cars division. Started in 1985, Carole Nash originally specialized in motor bike insurance, before later including cover for cars as well. Since joining them, Peter has built a small, dedicated team to handle insurance for all types of cherished cars, be they modern sports cars and performance cars, or classics. Bespoke schemes have also been devised for various types of vehicles, the latest being for classic VW camper vans.
As a broker, Carole Nash provides cover via a number of insurers, so Peter was able to be very candid when answering the many questions that we asked. He explained the merits of agreed value insurance, where in the event of a total loss claim the value of the car has already been agreed at the time of taking out the policy (or at renewal), so removing the risk that the insurer offers a settlement that is less than the vehicle would cost to replace. However one pitfall of agreed value is that long term owners may lose track of just how much a car is worth, particularly with classic vehicles who's value has rapidly increased in recent years, as is the case with early Porsche 911. So his advice to the owners of such cars is to discuss the agreed value with the insurer at renewal, to avoid being underinsured. One interesting statistic is that 34% of all classic cars known to the DVLA are on a SORN, that is, they are not on the road.
Many owners of performance cars are interested in track day cover. Peter explained that insurers tend to be happier if track days that are organised by a club, rather than those that are open to all comers, as club members tend to be more respectful of each others cars! But typically the excess would be raised to around 10% of the value of the car. Interestingly, cover for hill climbs and sprints should be included in most specialist policies, but it is best to discuss it with your insurer first. Please note all those members who are joining us at Curborough sprint circuit in June.
There was much discussion about modified cars, Peter's view was that a good insurer will accept modifications with only a small increase in premium, but most dislike the addition of a roll cage as this sets off alarm bells. And nitrous kits are a no-no!
The chips, nibbles and mince pies provided by The Whittington as a Christmas gift were much enjoyed by all present for the evening, and the Carole Nash insulated drinks mugs and USB phone chargers that Peter provided were also greatly appreciated. Carole Nash plan to hold an informal lunch time pub meet in our region this year and will notify us of the details nearer the time.
