7 replies to this topic

[Cooperman]

I sold my Innocenti Cooper 1300 Export, which was insured with KGM Classic via Adrian Flux, and replaced it on the policy with a 1997 Cooper MPI. I was very surprised to be charged about £50 more despite the fact that the Innocenti was valued at £11000 whilst the MPI is valued at only £5000, had a factory-fitted security system, around 10 bhp less power and has bigger brakes. Both cars are standard and there were no changes to allowed mileage or excess.

One must wonder where the underwriters get their risk figures from. How can a 1997 MPI be a higher risk than a 1973 Innocenti 1300?

Also it appears that KGM don't do a 'laid-up' cover during restoration which for a classic car is not good.

[lewBlew]

Insurers are a law unto themselves. Though it depends on crash statistics and stuff - I doubt many Innos have been crashed or written off recently whereas MPIs the stats are probably quite high in comparison.

[alex-95]

Could it be that mpi's have been in more collisions / written off on there database than the innocenti's. so they think the mpi is more likely to be written off sort of thing.

[Tamworthbay]

It could just be an 'admin' charge. How they can get away with charging £50 for twenty seconds computer input and a letter is beyond me.

[Bungle]

i guess they charged you £50 more as they could

 

for you to cancel that policy and start a new one would of cost you more and they knew it

[6joshh6]

Sometimes additional security can add to the premium; alarming my mini and putting it in a garage would have increased my premium by £150! I can only guess that its because most cars worth anything these days have alarms, meaning that one without is less likely to be stolen.

[lewBlew]

Lancaster told me garaging my car increased the premium due to thieves inside garages 'not being easy to see' compared to thieves on the roadside. Adrian Flux sensibly reduced my premium because the car is usually garaged.

 

(Lancaster also failed to tell me until the last minute that they wouldn't renew my policy because they didn't have an insurer who could meet my 'risk'. Not entirely sure what's so risky about a bog standard Mini Mayfair, living in Hampshire, being 28 with no recent accidents or points etc etc....)

[Cooperman]

I can't tell you what I think of insurers, but I'll give you a clue. It's one word and it begins with a 'W' and ends with 'Anchors'!