Insurance Dilemma

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survivalist
Joined: Tue 19 May, 2009 11:41
Posts: 21

  Z1 roadster
Location: London

Insurance Dilemma

Post by survivalist » Thu 01 Nov, 2018 12:51

Seems it’s time to insure my Z1 again. It’s been insured with a Specialist Classic Car Insurer since 2009 and the policy has increased slightly each year. As far as I can see the only real advantage of the classic insurer is the agreed value element of the policy.

Just realised that renewal day is Saturday. As my modern cars are now under a multi car policy I thought I’d check how much it would cost me to add the Z1 and to my surprise it’s about 75% cheaper than the specialist.

Now it’s not 100% like for like as the specialist includes breakdown cover, but I get this from my bank anyway (and for any car, not just 1). On the agreed value piece, my ‘normal’ insurer has a value range and I put the value in as £45k (at £30k the policy was cheaper still)

I guess the risk would be arguing about the value if the Z1 was written off.

On that topic, my agreed value is currently £24k. Given the recent appreciation of classic cars should this be a bit higher?

Not sure what to do, any comments feedback would be welcome.




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Gazza
Site Admin
Joined: Tue 04 Oct, 2005 21:58
Posts: 9343

  M roadster S54
Location: Romford Essex

Re: Insurance Dilemma

Post by Gazza » Thu 01 Nov, 2018 22:44

I have two policies, multicar and classic.

My Z1 is at present on classic/limited mileage/special restrictions at £190 with market value, which seems to be a minimum of £30k at present checking various sales sites.

My M3CSL was on classic/limited mileage/special restrictions at £580 with market value up to £40k, changed to multicar/no restrictions and it came down to £302 market value.
Market value is minimum £35k at present checking various sales sites.

The difference between policies is that I retain the salvage on the classic policy.
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Z4M Coupe
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blue_and_white
Joined: Sat 29 Jul, 2017 00:19
Posts: 5

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Re: Insurance Dilemma

Post by blue_and_white » Thu 01 Nov, 2018 23:22

I have my z1 on my Admiral multi-car policy. They have a classic department and have given it an agreed valuation of £40k. It’s limited to 1000 miles a year and cost £95 (42 year old living in Leicestershire) No one else came close, I’d definitely recommend trying them !


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survivalist
Joined: Tue 19 May, 2009 11:41
Posts: 21

  Z1 roadster
Location: London

Re: Insurance Dilemma

Post by survivalist » Sat 03 Nov, 2018 13:32

Thanks for the reply’s. On closer investigation the option of adding to my multicar policy was only calculating the additional premium until my renewal date, so the cost was really 3 x the quote.

I managed to find a well priced classic policy with both guaranteed value and salvage retention at about half of last years premium,
So happy with that for now.

Thanks for the suggestions, phoned Admiral but they took my details and said they would phone/email me back. Then didn’t (yet). Will try and get a quote next year as this year was pretty rushed.


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Gazza
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Joined: Tue 04 Oct, 2005 21:58
Posts: 9343

  M roadster S54
Location: Romford Essex

Re: Insurance Dilemma

Post by Gazza » Sat 03 Nov, 2018 20:45

My classic policy is with RH Classics
Gazza

"Understeer is when you hit the wall with the front of the car, oversteer is when you hit the wall with the rear of the car. Horsepower is how fast you hit the wall and torque is how far you take the wall with you"

S54 M roadster Image, BMW Z1, BMW M3 CSL, Z4M Coupe
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