Lotus Elan

insurance renewal - defies (my) logic

PostPost by: martinbrowning » Tue Oct 09, 2018 9:11 am

Hi there, Just had my insurance renewal quote in from one of the major specialists in the classic field - a four figure sum but only up a few pounds from last year. Policy is:
- fully comp
- for three cars
- all on agreed values
- salvage clause
- unlimited mileage

Thought that I could reduce the premium by restricting mileage. (Did less than 200 miles last year in the Sprint). Happy to restrict it to less than 1000 miles across all three cars. Premium only reduced by 50 pounds so didn't change in the end.
The logic defies me - less mileage surely equates to lass risk of accident and premium reduction?

Martin B
Time flies like an arrow; fruit flies like a banana.
72 Europa Special, 72 Sprint, 72 Plus 2
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PostPost by: rgh0 » Tue Oct 09, 2018 10:33 am

Logical insurance cost, especially with your existing company at policy renewal time, is an oxymoron.

Just think about the case with a normal market value policy for your everyday car. each year the cost goes up a little but each year the car value and amount the insurance company will pay in event of a major accident decreases a lot.!! why is it so?

cheers
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PostPost by: deryck » Tue Oct 09, 2018 2:04 pm

Hi Martin

try charlie at Hagertys

01327810607

excellent
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PostPost by: RichC » Tue Oct 09, 2018 4:19 pm

folk who use their car really infrequently are statistically more likely to have an accident.... it's all evidence based apparently .... just a question of where these stats come from!
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PostPost by: Spyder fan » Tue Oct 09, 2018 4:49 pm

Mine is under £300 for 2 cars unlimited mileage, 3 named drivers, salvage clause without retention combined value £75k

RH Specialist insurance https://www.rhspecialistinsurance.co.uk/car-insurance
Kindest regards

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PostPost by: jonsered 11 » Tue Oct 09, 2018 9:33 pm

Hi Martin,

I have a multi car policy with Routen Chaplin, give them a try!

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PostPost by: Grizzly » Wed Oct 10, 2018 11:48 am

I have three Classic cars insured with Routen Chaplin and can't fault them tbh (but not had the misfortune of needing to make a claim though)

From past experience you get the min deal they can get away with if your already with that company, ideally you need to get a fresh set of quotes then approach your broker to get the best deal.
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PostPost by: denicholls2 » Wed Oct 10, 2018 1:42 pm

rgh0 wrote:Just think about the case with a normal market value policy for your everyday car. each year the cost goes up a little but each year the car value and amount the insurance company will pay in event of a major accident decreases a lot.!! why is it so?


The obvious answer is that politicians can easily be bought. :evil: I still haven't gotten over a decades-ago example where the insurance rates in the state of Massachusetts were raised dramatically, and RETROACTIVELY. So even though you had no claims and therefore needed no insurance that year, the coercive power of the state was brought to bear to force you to pay more than the already-high rates in effect for the policy duration.

In our case, the root problem is one-party government.
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