faithless Posted February 9, 2004 Report Share Posted February 9, 2004 Just got my insurance renewal today and with is is a sheet explaining changes1. We will not pay legal costs if the case in question relates to charges connected with speeding, alcohol, drugs or parking.this means fighting my own speeding convictions (which is fair enough) but I will have to pay my own fees if im involved in an accident where I may have been speeding?2. We have redefined market value and added a new definition of track day.Track day means the vehicle is being driven on a motor racing trac, airfield, derestricted toll road or an off road event/ reading this will include a training days 3. They will pay out the market value upto the price I paid As im getting a 550 with loads of extras standard, I will not get a car of the same spec My question is are all policies the same? Obviously it is possible if Im in an accident I may have been speeding do other policys cover this (mine obviously did last year) do others alow driver training days and finally will the 550 be a nightmare to insure as it simply will not be replaceable? Link to comment Share on other sites More sharing options...
Adam Posted February 9, 2004 Report Share Posted February 9, 2004 on point 3 - surely after a year a similar spec car would have depreciated to less than a new 550therefore you could claim the full cost of a new 550 which would be the equivalent of a similar spec used carI agree you aren't fully covered intitally though Link to comment Share on other sites More sharing options...
mattwarner Posted February 9, 2004 Report Share Posted February 9, 2004 Regarding the legal costs, this basically means that should you be charged with speeding, careless driving, drink driving etc your motoring legal expenses cover wont come into effect.Having said that if you have had an accident and are later summonded in respect of a driving charge usually it is in the insurers interest to make sure you are properly represented.E.G as i handle motorcycle claims a lot of the time it is alleged that the policyholder was speeding, therefore should they be convicted of speeding / careless driving etc this was inevitably have a bearing on the way the claim in settled.Regarding the replacement costs, you will be fine basically what it safeguards the insurers from possible fraud, e.g mr Bloggs has a mate at a dealership, who gets him £5k off a new car, Mr Bloggs then writes the car off and claims for the full replacement cost effectively making £5k (subject to the excess).In other words you cant come off "better" than you were before making the claim.Track days is another tricky one, ive had all kinds of trouble with people at the IOM TT, technically is a de-restricted track, though its also a public road hmmmm, I think you would need to refer a training day to your insurers and GET IT IN WRITING BEFORE YOU DO IT!!!!Hope this helps. Link to comment Share on other sites More sharing options...
faithless Posted February 9, 2004 Author Report Share Posted February 9, 2004 mattwarner, thanks most helpful. The policy book says 'Legal costs and expenses incurred with our prior written consent will be paid but not if they are related to driving offences involving speeding, alcohol, drugs or parking' which seems to tie in with what you say. Does it mean in the event of an accident if speeding they won't pay up? I have a complete mistrust of insurance companies.They charge me £100 a year to protect my no claims jet if I claim the premium still goes up? Link to comment Share on other sites More sharing options...
GreigM Posted February 9, 2004 Report Share Posted February 9, 2004 They charge me £100 a year to protect my no claims jet if I claim the premium still goes up? Unfortunately all that means is that at the end of the year they will give you a piece of paper with your full no claims amount on it....you will still have a recorded claim which you will have to declare to any other insurance companies, and they will shaft you accrdingly.I always thought insurance companies should send you a free bar of soap, since they want you to pick it up fairly regularly. Link to comment Share on other sites More sharing options...
faithless Posted February 9, 2004 Author Report Share Posted February 9, 2004 It gets worse!! Yust phoned them and they will allow driver training on a track but....I asked them to give me a price for my 550 when it comes and they want to butt f*ck me They want to treat it as a modified car, because its not a standard s. My 225 TT costs £705 (500 excess) for the box they want £1380 with a £850 excess Guess I need to do some phoning! Link to comment Share on other sites More sharing options...
GreigM Posted February 9, 2004 Report Share Posted February 9, 2004 It gets worse!! Yust phoned them and they will allow driver training on a track but....I asked them to give me a price for my 550 when it comes and they want to butt f*ck me They want to treat it as a modified car, because its not a standard s. My 225 TT costs £705 (500 excess) for the box they want £1380 with a £850 excess Guess I need to do some phoning! Yup, was speaking to a guy with a GT3 RS last week (brand new!!) and he got the same, because it is a limited edition and the insurance co basically don't know what it is, they want to pull his trousers down. Fortunately (for him) he's not short of a quid, so didn't really faze him, just annoyed him. Link to comment Share on other sites More sharing options...
mattwarner Posted February 9, 2004 Report Share Posted February 9, 2004 Yep should be covered if its accident related, if not then the insurance company arent doing there job properly, as I said its as much about covering their own ar$e as giving you assistance! therefore it the legal expenses wont cover it you will probably find your insurer will.People do tend to have a lack of trust in the insurance industry but generally speaking if youve read your policy booklet properly you should know what is covered and whats not, if you dont understand something get clarification from the insurer / broker first and if necessary get something in writing.With regards to the protected NCB I dont have it and think its a waste of money, you WILL pay more if you have an accident regardless to whether its protected or not, you may have noticed in a certain AD they have changed the wording as it was misleading.If I was you I would probably wait nearer to the delivery date of the 550 as this sounds like a typical underwriter decision, if it aint on the system LOAD THE PREMIUM! you will probably find that when people start taking delivery and consequently insuring them, it will get rated and you will probably get a better quote. Link to comment Share on other sites More sharing options...
Adam Posted February 9, 2004 Report Share Posted February 9, 2004 They charge me £100 a year to protect my no claims jet if I claim the premium still goes up? trouble is they protect your discount not your premium - if you have a prang the pre-discount premium jumps so you get the same % of a bigger figuremy insurance costs approx £1100 and I have 8 years of no claims (until a recent no fault claim whcih doesn't affect NCB) and so get 65% discountworking backwards w/o my NCB discount, I would pay £3142 paso matt - surely the £100 I pay each year is worht it - if I had a prang which was down to me my insurance would increase by £2,402 in year 1, and say approx £1,500 in year 2, approx £1,000 in year 3 and something like £1,000 and £500 in years 4 and 5 too. a cumulative hit of £6,402always seemed worht it to me - please correct me if I am misunderstanding something Link to comment Share on other sites More sharing options...
mattwarner Posted February 9, 2004 Report Share Posted February 9, 2004 You do realise that you dont loose ALL your NCD if you have an accident? it will drop back 2 years or approx 20%. Link to comment Share on other sites More sharing options...
djstooz Posted February 9, 2004 Report Share Posted February 9, 2004 Direct Line has had the Boxster Anniversary Edition on their system since late last year even though you couldn't say you bought it in 2004 it gave me a quote for buying a 2004 car in 2003 (hypothetically) for about 800 quid: Max NCB obviously.I have it saved until mid-March so I can't see why i won't get it for that.By the way I am 30 and live in Aberdeen. Not a bad age and good post code for insurance purposes.I can't quite say at this time what the details of the policy would be... but you can be assured that I will be paying close attention... Link to comment Share on other sites More sharing options...
Adam Posted February 9, 2004 Report Share Posted February 9, 2004 You do realise that you dont loose ALL your NCD if you have an accident? it will drop back 2 years or approx 20%. no I didn't Matt - how does the NCD climb bakc ie lose 20% yr 1, what are losses for years 2-5? does this differ much between insurers?thanksI'll redo my maths and see how it works out Link to comment Share on other sites More sharing options...
alanm_3 Posted February 9, 2004 Report Share Posted February 9, 2004 I had a conversation with DirectLine about my protected no-claims bonus. From memory it was costing me ~£300 for it. When I discovered, as some folks just here seem to, that a claim does not mean a return to a ZERO NCB, but a loss of 2 years. I asked them to quote me with 2 years less NCB than I do at present and it was ~£200 more! So I pocket the £300 and save it for a rainy, or in Geordies' case, an icy day!! Link to comment Share on other sites More sharing options...
T2DAV Posted February 10, 2004 Report Share Posted February 10, 2004 this has all been discussed in detail before:1. you have to inform insurance company of all non-standard spec (this is for new cars) as they treat everything as modifications2. tracker only really needed where insurance company requires it or unless you want back your nicked car3. protected no claims do seem to make no sense as you have to declare any accidents anyway - which results in a premium hike4. you only lose 2 years no claims (20%) for a fault claim - I believe this has always been the case Link to comment Share on other sites More sharing options...
faithless Posted February 10, 2004 Author Report Share Posted February 10, 2004 Another question, as I still have the TT until I sell it (probably 1 month) if i re-insure with my current company and pay monthly, when the car can i cancel the policy and have nothing more to pay if I get a better quote elsewhere for the box? My insurance runs out this month. Link to comment Share on other sites More sharing options...
T2DAV Posted February 10, 2004 Report Share Posted February 10, 2004 Another question, as I still have the TT until I sell it (probably 1 month) if i re-insure with my current company and pay monthly, when the car can i cancel the policy and have nothing more to pay if I get a better quote elsewhere for the box? My insurance runs out this month. don't see why not as you pay month by month Link to comment Share on other sites More sharing options...
Lar Posted February 13, 2004 Report Share Posted February 13, 2004 you may pay monthly but most insurance policies run for a min of 10 months, therefore the will try to do u for breach of contract / or charge u a cancellation fee. Link to comment Share on other sites More sharing options...
mattwarner Posted February 13, 2004 Report Share Posted February 13, 2004 This is true, though it depends a lot of insurers will usually just charge you till the end of the month but speak to them first and see what they say. Link to comment Share on other sites More sharing options...
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