Check
your renewal premium quote
Some motor insurance renewal quotes do
not always seem to recognise customer loyalty so motorists need to keep a keen
eye on their renewal quotes. But many classic car enthusiasts tend to be loyal
customers and stay with an insurer or broker for years as they feel the quality
of the policy and service - and for a few any personal experience of good claims
experience - is important. But a V8 member has sent in a report of his renewal
quote experience which raises concerns and a need for fellow members to check
their renewal quotes carefully. If any premium increase seems high check with
the broker or insurer and press for a convincing explanation.
Posted:
150821 |  | Unexpectedly
high renewal premium
On opening a letter from his broker and seeing the
renewal quote for his classic car, a V8 member noticed the renewal premium
was 34% higher than the current year which was about to run out, so he called
the broker to find out why. On asking them why it had gone up 34% he was told
it was simply a reflection of the insurance market.
What was discovered
on investigating why the premium had increased so much?
As the V8 member
was not prepared to accept that explanation he asked to speak to a senior member
of staff whom he had met at a classic car event. From that discussion it transpired
the premium increase should have been 3.4% and not 34%! A simple but potentially
business losing mistake by the broker. It pays to check. | Check
the agreed value reflects increased values seen in the market
The other
matter you will need to check on renewing your insurance is the agreed value -
it's very likely you will need to review the valuation and quite probably apply
for an increased agreed value. Our MGV8 Price Guides were updated in May 2016
and provide a well researched and useful basis for ensuring you arrange for any
revision to the agreed value to reflect increased values seen in the market over
the last few years and particularly the last 18 months. |
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