Insurance dilemma

[Mr Noble]

The two best quotes I've had are as follows, don't know which to go for.......

V8 Vantage 4.7 Sport Pack Coupe
35 yo. 5 yrs NCD. 6 points.


Locktons

Agreed Value of £55k , 30 days eu cover, legal, track day cover at no extra cost

Excess £1000

Cost £920

• * * *

Competition Car Insurance (have been with them for 4 years on my 2nd car and race cars)


NO agreed value, 90 days EU cover, legal, 5 trackdays inc

Excess £850

Cost £830

• * * *

Its a tricky one. Is the agreed value thing worth paying the extra £100 and £150 excess for with Locktons?



Any tips appreciated. Thanks :-)

[mikey k]

Locktons agreed value looks low to me
They also seem to discount new business hard then hit you in the second year (mine nearly doubled )

[krisdelta]

I think I would try and get the prices down a little (use confused or gocompare?) , but they don't seem a million miles from what I'd expect - I've got one year on you, but 10 yrs no claims and no points and I'm paying @£700 with a £700 excess (currently with Bell until renewal time).

[Jockman]

Friday pm is the best time to get people to come down on price - epecially a sunny one.

In answer to your question...if you intend crashing then Locktons is the best price. If you have no intention of crahing then go for the other one

[mikey k]

Jockman said:

Friday pm is the best time to get people to come down on price - epecially a sunny one.

In answer to your question...if you intend crashing then Locktons is the best price. If you have no intention of crahing then go for the other one

Can't argue with any of that logic even if it is Friday 13th

ETA you've nicked my keyboard haven't you

Edited by mikey k on Friday 13th January 16:14

[krisdelta]

Jockman said:

.if you intend crashing then Locktons is the best price. If you have no intention of crahing then go for the other one

Sir Jockman - a genuine lol from me

[cayman-black]

Jockman said:

Friday pm is the best time to get people to come down on price - epecially a sunny one.

In answer to your question...if you intend crashing then Locktons is the best price. If you have no intention of crahing then go for the other one

Spot on always think positively!

[Mr Noble]

I did think that myself about how crashing with Locktons would be better!!

I didn't mention that I have a rather horrible MS90 which is a faliure to provide driver info.


Basically........I had my scooter pinched from a building site 3 years ago whilst I was there chatting to builders, some young site lad took it for a spin, and 2 weeks later I got the 3 point speeding offence through the door. Told them it wasn't me and kept insisting it wasnt me, but I honestly didn't know who it was or how to get hold of them, and the judge gave me 6 points and a £750 fine.


It's doubled all my premiums ever since and 70% of insurers won't even give me a quote! Very bad luck


The agreed value figure was chosen by me! It's quite a bit more than I've paid for the car! (I got a blinding deal)




Just need to decide if the agreed value thing is worth the extra money and extra excess.


If I insure with CCI and write off the car in 11 months, I assume CCI would try to give me something like £45k saying that's the market value right now............whereas Locktons would "have" to pay me £55k, right?

[cayman-black]

I doubt it. They will say you over priced it.

[Mr Noble]

cayman-black said:

I doubt it. They will say you over priced it.

How would I have overpriced it? A dealer would have it up at about £58k right now.

[JohnG1]

cayman-black said:

I doubt it. They will say you over priced it.

No. It's an agreed value. In event of total loss you get a cheque for the agreed value. That's the whole point!

[woolders]

Not if you haven't given your insurers the full information requested. If you have a claim on a policy, when you effectively lied on the proposal form, they will pay for any RTA/Third Party liabilities but you will probably be on your own for your car. If it is on your record, don't do it.

Your friendly insurance underwriter etc.

Woolders

[woolders]

Mr Noble, I have just re-read your post, which I read one way and you meant another way.

Sorry if the foul bug clouding my brain caused confusion.

[REM2112]

Yes, Nick (Woolders), this insurance lark is quite tricky. Pop by if you want any pointers!

[JohnG1]

woolders said:

Not if you haven't given your insurers the full information requested. If you have a claim on a policy, when you effectively lied on the proposal form, they will pay for any RTA/Third Party liabilities but you will probably be on your own for your car. If it is on your record, don't do it.

Your friendly insurance underwriter etc.

Woolders

Any policy is invalidated if you don't act in good faith. Indeed, in common law any contract founded on lies is built on sand.

And I don't need to be an insurance underwriter to know that!!!

[REM2112]

Utmost good faith!

[woolders]

You are an accountant - what on earth would you know about it. I thought that caveats and fees ruled your world!

[REM2112]

Nothing better than an open goal. More than you (obviously).

[ShortTimers]

I must admit I rang around a lot of companies during the past few weeks once I picked the car and the guaranteed price I believed was a real benefit. I just sent them a copy of the Invoice and it was in place 100% of Invoice value. I also liked the fact that they covered business use and extra named drivers without a second thought. The breakdown cover was a real touch and the track day coverage was a bonus. But it might just be that the policy suits my circumstances. If it goes up in a year I’ll look to move it.