The quotes obtained for an MGBGTV8 were heavily influenced by the presence of Chaucer, an insurer reported to have been making a major effort to secure business in the classic car sector. The four lowest quotes were from brokers offering Chaucer policies. The two highest quotes were from Footman James and Peter Best Insurance Services. In the case of PBIS, the lower claims excess and the absence of a windscreen excess were noteworthy features. The quotes for limited mileage, agreed value MGBGTV8 cover (2,500 miles and £10,500) for a male age 63, retired, no claims in the last five years, with 60% NCB and a co-insured spouse with no claims in the last five years and a clean licence living in London SW14 ranged from £113 to £143.
The brokers' quotes obtained for the more modern MG RV8 were from a broader range of insurers, with only two offering Chaucer policies. For limited mileage, agreed value MG RV8 cover (3,000 miles, £13,500) for a male age 69, retired, no claims in the last five years, a clean licence, with 60% NCB and a co-insured spouse with no claims in the last five years and a clean licence living in the Berkshire SL4 area ranged from £245 to £391. Again the absence of a windscreen excess in the quote from Peter Best Insurance Services was noteworthy.
Future trends
Over recent years the motor insurance market has become increasingly competitive with a distinct change in consumer behaviour. Many motorists have become far more active in hunting down the best
annual renewal quote with the consequence there has been a considerable churning in the provision of cover, although a significant proportion of consumers have continued to be loyal to their broker and insurer. This has of course had an effect on the classic car insurance sector providing specialised limited mileage, agreed value cover.
As we run into a recessionary period, classic car enthusiasts will inevitably make a closer examination of their discretionary expenses and want to obtain competitive quotes for their MGV8 motor insurance cover. So there will be an additional pressure on brokers and insurers to offer keen quotes which provide good value for money. But in their search for good quality insurance business - in terms of risk and the personal integrity of the insured - some providers of classic car insurance cover may once again identify their loyal policyholders as good quality business and seek to reward proven loyalty by introducing loyalty schemes with useful benefits. We shall have to see. 081207
Additional points. More & Comments from PBIS. More
| Comparative
quotes for an MGBGTV8 Vehicle: standard Factory MGBGTV8 with no material modifications Cover: comprehensive cover (social and domestic use only) with limited mileage of 2,500 miles pa, an agreed value of £10,500 and a requirement that the car is garaged overnight at the insured's address. Insured: male age 63, retired, no claims in the last five years, clean licence, 60%/9 years NCB and co-insured spouse with no claims in the last five years and a clean licence. Risk area: London SW14. See the MGBGTV8 comparative quotes  | Comparative
quotes for an MG RV8 aVehicle: standard Factory MG RV8 with no material modifications Cover: comprehensive cover (social and domestic use only) with limited mileage of 3,000 miles pa, agreed value of £13,500 and a requirement that the car is garaged overnight at the insured's address. Insured: male age 69, retired, no claims in the last five years, clean licence, 60%/9 years NCB and co-insured spouse with no claims in the last five years and a clean licence. Risk area: SL4 Windsor, Berkshire. See the MG RV8 comparative quotes  | |
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V8
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