Insurance

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SimonB
Posts: 2
Joined: Tue Dec 29, 2020 6:48 pm

Insurance

Post by SimonB »

Afternoon,

I currently have a triumph stag and some classic motorcycles but now wish to purchase a jensen interceptor. I have a bit of an odd situation and i do not know if any club members can offer any advice:

Whilst i have my cars and bikes i have been blind for some years so for the obvious reason do not drive or ride my vehicles. My wife and eldest son (19) are insured to drive my stag which means that we get good use from our classic as although i like them to be clean and correct, cars in my opinion should be driven.

My stag is currently insured under a normal comprehensive car insurance policy with my wife as the policy holder and my son as a named driver. This is not ideal as there is no agreed value against the vehicle but as my son is 19 it allowed insurance cover.

I have identified a couple of jensens to potentially purchase but as the value is significantly higher i would need agreed value classic insurance that would cover my wife and 19 year old son.

The vehicle use is only for pleasure generally at weekends and as previously mentioned i would appreciate any potential contacts that may assist me for gaining cover.

I am a brand new member to the jensen owners club so if this request appears rediculous then i apologise in advance.

Happy new year

SimonB
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Kevin Birch
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Joined: Thu May 22, 2014 10:07 pm
Location: UK

Re: Insurance

Post by Kevin Birch »

Hi Simon,

Welcome to the club.

I have tried in the past to get insurance that would cover my son to drive my Interceptor, even on the basis of him driving only when I am with him, so that he could do some of the driving on some of the long trips abroad. Alas I couldn't find anybody to do it under a classic policy, as all drivers needed to be 25 and over. The classic cover is good but cheap for a reason as there are usually a number of caveats, no commuting, limited mileage, although this is not always the case and with a high valued car it must be garaged when at the home address between certain hours. But you do get agreed value and cheap premium, mine was £145 last year agreed value of £40,000, including breakdown cover.
I fear a normal policy would be cost prohibitive due to your son's age, but as you have unusual circumstances it may be worth going to a High St insurance broker, rather than going on line or phoning insurance companies direct, as the people on the end doing the quote are only filling details in on a predetermined set computer program.
There are policies out there for young drivers, Footman James do one, but usually limited to the vehicles such as Morris Minors and minis etc, not powerful cars like the Jensen.

Good luck with your quest
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Krusty
Posts: 166
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Location: Sandbach

Re: Insurance

Post by Krusty »

Get quotes on the last wednedsay of the month
Mid week is always cheeper
End of the month targets
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Chris_R
JOC General Secretary
Posts: 6576
Joined: Sun Feb 10, 2008 9:19 am
Location: South West London

Re: Insurance

Post by Chris_R »

Hello Simon, welcome to the Forum. A couple of points on your post. It is not a necessity to get agreed value. The underlying fundamental principle of car insurance is that in the event of a loss the insurer must put you back into the position you were in before the loss. This is a principle defined by the Financial Ombudsman and is binding on insurance companies. What this means is that if you have a (for example) 2015 BMW 520D 2.0 SE Auto and suffer a total loss the insurance payout should enable you to go out and buy the identical model car of the same condition and mileage as the one you lost. In the case of your Stag, the insurance company must consult specialist lists (such as classic car price lists or the Hagerty Insurance valuation tool) to determine the value of your car. Detailed photographic records and documented sales (e.g. on ebay or hammer price in auctions) of cars in equivalent condition to yours would demonstrate the monetary loss and set the amount required to be paid out to enable you to go out and buy an equivalent Stag. The onus would be on you to collect and maintain this sort of information up to date. Agreed value simply bypasses this requirement and simplifies matters in the event of a loss. However, unless it is regularly updated, which is all too often overlooked by owners, agreed value can act against you. I would suggest you talk to the company insuring the Stag to see if they will cover a Jensen in a similar way.
Secondly, consider asking your son to pass his advanced driving test. Some insurance companies will take that into account when deciding cover as it demonstrates a higher level of driving proficiency and a known reduction in accident risk (for all ages). You could ask your current insurance company if they would take this into account.
Chris
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Peter Heywood
Posts: 513
Joined: Thu Mar 22, 2007 9:39 pm
Location: Suffolk

Re: Insurance

Post by Peter Heywood »

Going back to getting your kids on the classic car policy.
There is an opportunity for the classic car clubs and classic car insurance companies to do something to promote the survival of the hobby and themselves. If we go on like this, young people will feel excluded and will reject the idea of preserving old cars and their history. It would have suited me to have chosen from a sort of hierarchy of add-ons, such as:
  • The named young person could drive the car in the presence of the policy holder, with basic road traffic act cover and limited use
  • the above with full cover
  • the above but can take the car by themselves
I have spoken to insurance companies about this but they do nothing.
Peter
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johnw
Posts: 2013
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Re: Insurance

Post by johnw »

I just went to hagarty.co.uk, typed in 1974, £44,000, 3000 miles a year, and got a reply of £322.78 It didn't ask where I lived, how old I was, or even the make of the car. I tried again with an incognito window, and a made up email address, in case it knew my details from there, same result. I wonder what is going on there?
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Jon H
Posts: 311
Joined: Fri Apr 04, 2014 10:29 am
Location: Knutsford, Cheshire, UK

Re: Insurance

Post by Jon H »

Kevin Birch wrote: Wed Dec 30, 2020 5:08 pm Hi Simon,

Welcome to the club.

I have tried in the past to get insurance that would cover my son to drive my Interceptor, even on the basis of him driving only when I am with him, so that he could do some of the driving on some of the long trips abroad. Alas I couldn't find anybody to do it under a classic policy, as all drivers needed to be 25 and over. The classic cover is good but cheap for a reason as there are usually a number of caveats, no commuting, limited mileage, although this is not always the case and with a high valued car it must be garaged when at the home address between certain hours. But you do get agreed value and cheap premium, mine was £145 last year agreed value of £40,000, including breakdown cover.
I fear a normal policy would be cost prohibitive due to your son's age, but as you have unusual circumstances it may be worth going to a High St insurance broker, rather than going on line or phoning insurance companies direct, as the people on the end doing the quote are only filling details in on a predetermined set computer program.
There are policies out there for young drivers, Footman James do one, but usually limited to the vehicles such as Morris Minors and minis etc, not powerful cars like the Jensen.

Good luck with your quest
Hi Kevin,

Firstly, Simon, sorry to go away from your original post slightly.
Kevin, your quote of £145 sounds very competitive, which company was that with. Mine is over £200 on a similar value but with only 1000 miles per year.

Cheers,

Jon
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VFK44
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Re: Insurance

Post by VFK44 »

Hi Simon,
Try giving Hagerty's a ring. I can't say if they are the best or cheapest insurers, but the phone always seems to be answered by young classic car enthusiasts who are happy to chat with you while doing business. I'm sure they'll take the time to understand your query, even if they can't solve it.
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