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.