As I own two Triple-M cars in addition to TC0750 I occasionally read the Triple-M Bulletin when I remember to download it from the Triple-M website. One comment which I took careful note of was the following from the April, 2011 editorial of the then Editor, Phil Bayne-Powell:
In the current climate of escalating insurance premiums it is even more important to shop around. Footman James had the audacity to try and charge me 50% more, when I advised them that I wanted to reduce the number of cars insured from four to two – i.e. a 50% reduction in car numbers. I shopped around and got a quote at 43% less from Hagerty (0844 8241134), who seem to be run by classic car enthusiasts.
When I received my insurance renewal from Footman James (FJ) for the PB this year I noted that it had increased from £181.10 to £216.08, an increase of just over 19%. Recalling Phil’s comments in his editorial, I decided to shop around. Peter Best Insurance (PBIS) quoted £226.62 – the quote being based on me stating that the car is above average condition and being a member of the Octagon Car Club. When I asked if the quote would be lower if I joined the MGCC I was told that it would make no difference as the rate quoted was the rate for members of car clubs.
I then tried RH Classic Car Insurance (01277 206911) who quoted me £169.50. As the quotes were getting better I tried Hagerty (01327 810600) and Heritage (0845 330 0660). Hagerty quoted £136.48 and Heritage £132.90.
I decided to go with Hagerty because I like their set up and I valued their customer interface. Having said this, Oliver Saunt, who dealt with my quotation from Heritage was very good.
When I received my renewal from FJ it was based on my valuation of £18,500. This was what I paid for the car 13 years ago so I decided to go back and ask for agreed valuation of £30,000. They came back with a revised premium of £288.16.
As with all insurance quotations it is important to read the small print. All the quotations from the companies mentioned above were on the basis of an agreed valuation of £30,000, only me driving and being a member of the Octagon Car Club. The only exception to this was that I have always kept my 33 year old son on the policy with Footman James and the FJ quote was on this basis. However, he does not feel comfortable driving the car so there is no point in including him in the policy. I doubt if removing him from the policy would have significantly lowered FJ’s quote.
On the basis of my experience this time around, I doubt if I will seek quotes from FJ and PBIS again.
Very imformative, excellent bit of information, J D Fay
I read your experiences with insurers with interest.
Every year or two, I research prices from specialist insurers such as you mention – but I always end up staying with Lancaster Insurance for the cover on my 1925 M.G. Super Sports.
Their cover provides me with fully comp. insurance, with a 4000 miles per annum limit, £100 accident damage excess, £100 fire & theft excess, and an agreed value of £70,000 (their valuation) for an annual premium of £178.76.
I am not a member of the M.G. Owners Club, nor of the M.G. Car Club.
Regards,
Chris keevill – Chairman, The Early M.G. Society.
The article was very interesting as I am in the process of getting a quote to renew my classic car policy, combining my TD & Model A Ford.
I changed last year to RH with a combined policy, when previously I had had two separate policies. TD with FJ & Model A with RH.
FJ wanted considerably more for the TD then RH wanted on a separate policy. But when I found I could save even more on a combined policy I put the two together with RH.
Currently FJ want £80 more then RH for the combined policy and this is following a flyer from FJ suggesting they could be more competitive !
I have yet to look elsewhere for alternative quotes.
I can provide another piece of jigsaw to the wonders of classic car insurance following my recent experience. I have 3 MMM cars now but until only recently I did have a TC and then a YB but hopefully its all relevant. All 3 need layed-up cover as under restoration, but also agreed valuation which is a subjective one as the value (hopefully) changes as the investment progresses. The needed cover is fire & theft so renewal premiums came in from Adrian Flux … wow a 28% rise (even at the as-is valuations). Rang them to see if any flexibility on premium, no chance, not prepared to discuss. However, just have a look at there advertising piece in the glossy mags, ‘passionate about cars’ … this coming the ‘Client retention manager’ !! … Starngely enough I then moved to Peter Best which worked out 26% cheaper and similar to my previous years premium.
Again what this told me was, dont beleive the blurb, shop around, question the premium etc you know the stuff
When I received the insurance renewal from Footman James in February for my Y Saloon, Y Tourer and MGB Roadster the new premium quoted was £427.02, which represented an increase of 22.5% from the previous year! I telephoned and asked why such an increase and was informed that all insurance costs has risen, usual story of uninsured drivers, injury claims etc.
We have our RV8 insured with Hagerty and so I gave them a call in relation to the cars above; their quote was £245.66, a saving of £181.36 or 42.47%. The comparison wasn’t completely ‘Apples versus Apples’ as like John, I removed my two daughters, both under 30, from the policy, but as they never drive the Y types and rarely, if ever drive the MGB this wasn’t a problem. Equally the total value insured when with FJ was £40,000 and this was increased with Hagerty to £45,000.
FJ’s insurances costs seem to have ‘rocketed’ since their acquisition by AON. Hagerty appear to not only ‘ring fence’ the classic car market but are still specialists in that area. In my case it was a ‘no brainer’.
I have just one further suggestion to John’s review: the 0844 given for Hagerty is a premium rate number, save even more if you call them on their normal number 01327 810600.
I have just received a renewal quote for my MGA and YT from FJ.
Last year it was a very reasonable £208 for both cars valued at £19,500. This included my three daughters – two over 30 and the other 27. It had the usual unlimited mileage, cover in Europe etc.
The new quote was £360. When I was at MG Silverstone I trecked round the insurance tents who, probably because it was raining, were quite busy. Two took my details and then asked me by e-mail to complete a form, the other Peter Best quoted £306 with limited mileage (3000) and included my daughters.
I phone Hagerty yesterday abd their customer care was excellent and Phil, whom I spoke to was a knowledeable and helpful chap. He provided the same cover as both FH and PB and totting my annual mileage up I dont cover 3000 miles in each vehicle, I increased the value of each to £20k and they too could cover my daughters. The price £224 which I thought was very good and accepted.
Like John (J) Hagerty’s awareness and obvious love of classics easily swung it for me.