car insurance for V8 enthusiasts
It is an essential service product for a V8 enthusiast but how do you know whether the cover you have is providing good comparative value? So we set about obtaining not only comparative quotes but also members' claims experience from the relatively few members who have needed to make a claim as a consequence of an accident or other insurable event.
This limited review of classic car insurance looked at two sets of quotes obtained by two volunteer members - one set was obtained for an MGBGTV8 and another for an MG RV8, both standard, unmodified Factory cars. The results are interesting and underline the importance of the quality of the policy and the broker's service, not just the premium amount. So for each of the quotes obtained during telephone calls to six of the leading brokers, there are detailed notes on the scope and terms of the cover offered along with the premium quotes.
The quotes have been sought on the basis of a broadly similar scope of cover and terms including in particular limited mileage, an agreed value and modest claims and windscreen excess conditions. The premium is set by an insurer based on the insurer's assessment of the insured risk in terms of the occupation and age of the driver or drivers covered by the policy, their licence, claims record, the declared use of the vehicle, the location of the insured's home address, whether the car is garaged overnight and any excess terms. So what we have done for this review is get our volunteer members to obtain personal comparative quotes from six leading brokers who are providers of classic car insurance. (8.12.08)
Comparative quotes review
It's a truism that you only know how good an insurance policy is when you have to make a claim. Then two key features become important - the quality of the support and service from the broker and insurer and then the sufficiency of the payout under the policy. Fortunately most V8 enthusiasts rarely have to make claims so direct experience of these qualitative features of their classic car policy is usually very limited.
As part of our product review of classic car insurance cover for V8s, we have sought feedback from V8 members who have experience of a claim. To encourage feedback, all the responses reported here will have no mention of the member's name.
Two reports highlight Footman James and Peter Best Insurance Services as providing very good claims service and support. (7.12.08)
Members' claims experience
Comments on our classic car insurance review from Peter Best Insurance Services (10.12.08) More
Some further points have come up on our classic car insurance review in correspondence with members. (10.12.08) More
V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net