fully comp insurance for classics

[shirt]

this tends to pop up from time to time so thought i'd give you a heads up.

i put a quote request in last year to gulf classics but never heard back and eventually had no option but to go 3rd party on the elise.

anyway, GC contacted me this week as they have now got 99% of the way to solving the problem of providing FC cover for classic cars. their product will be offered via a UAE insurance company, reinsured via a US firm [clements] and underwritten by Lloyds. bit convoluted, but i guess it has to be.

anyway, sounds promising and means your car will be appraised and insured for an agreed value. they're going through a testing phase at the moment to see how robust these appraisals will be and how the valuation will be performed [i.e. is it UAE value or an average of UK/US/UAE values, how to get a quote if you don't already own the car, etc.]. following that the scheme will go live.

my current insurance isn't due for renewal until november but i'm going through the appraisal/quote process anyway. i'll let you know how i get on. i have no interest in the business other than as a potential customer.

if you need any more info. the guy i've been emailing is called Bob Bhowmik: [e-mail]

[James72911]

Thanks for this, good to know. Will email to see what they can do for my car

[K50 DEL]

Would AIG not do fully comp on the Lotus Phil.... they did the Ferrari and the Cayenne for me with no issues

[Fats25]

K50 DEL said:

Would AIG not do fully comp on the Lotus Phil.... they did the Ferrari and the Cayenne for me with no issues

I can put you in touch with the correct people at AIG in the PCG (private client group) if you want.

I have no idea on specific cover or cost, as I am not on the business side.

Just message me if interested.

[K50 DEL]

Fats25 said:

K50 DEL said:

Would AIG not do fully comp on the Lotus Phil.... they did the Ferrari and the Cayenne for me with no issues

I can put you in touch with the correct people at AIG in the PCG (private client group) if you want.

I have no idea on specific cover or cost, as I am not on the business side.

Just message me if interested.

Private clients is who I deal with, very good. Would recommend them with no issues.

[Jules360]

AIG PCG refused to insure the Stradale for current market value as they couldn't see how it could possibly have increased in value over the year. Odd for a company that claims to serve HNW individuals and should know market values of unusual stuff.

[shirt]

i spoke to the contact at AIG. they were helpful but require either car or your total insured assets with them to be over 300k. whilst my record collection is indeed awesome, i don't think it's worth that much

jules. on another forum jase was saying that because all insurance companies here see depreciation as linear and a one way street, his 1994 caterham is valued at a whopping twelve dirhams.

[lamby]

Hey,

new to the middle east PH, but just in the process of buying a Vantage, its registered in 2008 so its at this 7 year point. Do you think its best to go with AIG and just put house insurance with them as well to tip it over the 300k? not that I have my own house yet, im living with a friend but all of my stuff from previous house is there!

Are there any other insurers around other than AIG who deal with this stuff, Shirt do you have any further info on the method you stated earlier?

[shirt]

just email bob for details, address at the end of my OP.

if you can do it via AIG that would be the better option. i have only heard good things about their service and claims procedure. i don't have the guy's contact details though, del or luke may be able to provide that.

[lamby]

Fyi,

I got a quote from Zurich today.. Was pretty simple, although not as cheap as the guy was claiming for last years. Gonna try AIG tomorrow and a few others to see what I can come up with, so will let you know! I found out also RSA. Won't do it other than 3rd party!

[Jules360]

shirt said:

i spoke to the contact at AIG. they were helpful but require either car or your total insured assets with them to be over 300k. whilst my record collection is indeed awesome, i don't think it's worth that much

jules. on another forum jase was saying that because all insurance companies here see depreciation as linear and a one way street, his 1994 caterham is valued at a whopping twelve dirhams.

I'll give him thirteen for it if he's interested. ?? 😀

[K50 DEL]

Not sure where this 300k of assets has come from, I originally insured just the donkey with them with a value of 250k and that was fine... anyway, the new guy I'm dealing with there is Khalil Zein... nowhere near as switched on as John Waldron was but unfortunately John has moved to a different part of the business.

Khalil is on [e-mail]