Honda-SOHC
Other Stuff => Misc / Open => Topic started by: Orcade-Ian on July 26, 2020, 04:02:40 PM
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When I got my renewal for the bikes I remarked on an earlier post that they now have agreed value until 2099. Might appear a good deal so we don't have to keep filling in forms and taking endless pics every 2 years. BUT I've never known insurance brokers or companies do anything which benefitted me in the past. The way classic bike prices have been rising in the recent times (including during lockdown!) means that it could be a ploy to catch the folk who just can't be bothered asking for a higher valuation and you can bet your boots the payout will be the max stated on the policy.
When my classic Mini estate renewal came through this week, it seems the cars are still needing pics and info every 2 years as before.
When I renewed the policy earlier this year on our MG RV8 which is quite a rare car with only 300 UK spec cars made, I didn't bother with agreed value as the 'market value' is higher than I had asked for last year. There are no British spec cars with similar mileage to be had anywhere for what my agreed value was last year - averaging about £4k more in fact.
I might be eating my words one day but I think for anything other than a special, then so called agreed value should be the same as market value, so what's the point in jumping through hoops and paying a '£15 fee' every 2 years?
Any unbiased insurance experts out there willing to comment?
Ian
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A real, 1 off, rare, special with a very high value is probably best inspected and insured at the agreed value. All the other 'normal bikes' should be at market value for a bike in that condition (whatever the condition is, ie, perfect or a dog) should only be insured for the market value and that is what you should expect to get paid out in the event of a claim. Insurance assessors can be nit picky but they can see from a 100 paces that a bike is worth the value you put on the annual insurance renewal, or not as the case may be.
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It can be hard to know what the value is. When I insure mine, out of habit I say £1500, which a few years ago was very generous, but now, sometimes I've seen non runners going for that. I'm never sure what is reasonable.
I do know that when my car was written off recently, the insurance company looked at similar ones for sale and guessed a price. Sadly, that did not take into account all the money I had spent at the garage getting it really good.
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So today was the start of my annual insurance telephone challange.
I received my insurance renewal quote from Carole Nash this morning and due at the end of October. As usual the price has gone up, this year by a staggering 21.6%, or put another way, an increase of £126.70 on my policy :o
Normally I start the merry-go-round of getting alternative quotes resulting in hours on the phone to various alternative insurance companies. When I receive a cheaper quote from someone else I go back to Carole Nash to advise I'll be leaving them. This is when the fun begins; CN will then beat the cheaper quote by a big margin and I stay another year, this was my 29th year with them, that's how good their quotes have been in the past. This annual song and dance goes on every single year without fail. This year however I called CN after receiving and advised unless they give me a best, new policy holder quote I'll leave anyway. Their new quote was £79 cheaper @£631, still not cheap enough so I’ve shopped around. Bennett’s quoted an eye watering £800 and this didn’t include my VFR, which would be subject to an additional quote :-\. Bikesure wouldn't even provide a quote and Swinton didn’t answer the phone!
I tried Peter James after reading some great reviews on here, well to say I'm shocked would be an understatement! Peter James came in at £369, unbelievable! The quote includes unlimited mileage, breakdown and recovery, full Europe cover, helmet and leather cover up to £750, personal injury and only a £50 excess on each bike. They were unbelievably helpful and it only took 12 minutes on the phone from start to finish. Highly recommended for anyone who is about to renew their insurance.
Oh, and when asked by PJ how I heard about them I of course said via the Honda SOHC Forum. Who knows, they may become a site sponsor if enough of us take out insurance with them ;D.
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Crickey!!!! over 600 quid. How old are you 17?
No seriously. My 1200 GT fully comp over 7 years ncd is only 200. and last year I had the k100 and the R1150 it was still only around 280.
I'm with Bennetts Multibike and that includes declaration of De-ABSing. I was with a preferred insurer with the IAM and was even cheaper but they disowned me when I declared the ABS-Ecomy.
And Swinton wouldn't / couldn't cover the K100
It all down to covered value and mileage though.
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HOW MUCH ! I draw the line at £60 for a CB750 ;)
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I wish I was 17 Jonny! I'm 58 but as I live on the outskirts of London I have to pay a heavy premium due no doubt to some of the dodgy people, and uninsured, drugged-up, crap drivers around here.
The VFR really pushes up the premium with it being a modern (21 years old!) bike. That's the reason I got rid of the Blackbird, the premium doubled!
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You should move up here. You could pay the mortgage on the insurance savings alone.
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So today was the start of my annual insurance telephone challange.
I received my insurance renewal quote from Carole Nash this morning and due at the end of October. As usual the price has gone up, this year by a staggering 21.6%, or put another way, an increase of £126.70 on my policy :o
Normally I start the merry-go-round of getting alternative quotes resulting in hours on the phone to various alternative insurance companies. When I receive a cheaper quote from someone else I go back to Carole Nash to advise I'll be leaving them. This is when the fun begins; CN will then beat the cheaper quote by a big margin and I stay another year, this was my 29th year with them, that's how good their quotes have been in the past. This annual song and dance goes on every single year without fail. This year however I called CN after receiving and advised unless they give me a best, new policy holder quote I'll leave anyway. Their new quote was £79 cheaper @£631, still not cheap enough so I’ve shopped around. Bennett’s quoted an eye watering £800 and this didn’t include my VFR, which would be subject to an additional quote :-\. Bikesure wouldn't even provide a quote and Swinton didn’t answer the phone!
I tried Peter James after reading some great reviews on here, well to say I'm shocked would be an understatement! Peter James came in at £369, unbelievable! The quote includes unlimited mileage, breakdown and recovery, full Europe cover, helmet and leather cover up to £750, personal injury and only a £50 excess on each bike. They were unbelievably helpful and it only took 12 minutes on the phone from start to finish. Highly recommended for anyone who is about to renew their insurance.
Oh, and when asked by PJ how I heard about them I of course said via the Honda SOHC Forum. Who knows, they may become a site sponsor if enough of us take out insurance with them ;D.
How many bikes did you insure for the £369?
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Both of my bikes are with P James, when I had my CB750K1 they did agreed value at £12k I think, they sent me a valuation form which a mate in the trade certified for me, I had to provide photos. I guess when my Z1 project is ready for the road I'll have to go down the same route. The difference between a top dollar bike and a low value shed is hard to argue once its gone missing!
I have an oldish Merc diesel as a day to day 'runabout' car, a few years back LV put the premium up by a mile, out of the blue at renewal, I think just to see if I'd pay it. I rang up and got them to match a much cheaper quote which I'd got online via the Meerkats - from LV!!!
My 911 has always been insured, at agreed value, via Locktons and the owners club policy. It is relatively cheap, around £300, for £45k agreed value, fully comp, PCGB trackday cover (!) plus European breakdown cover on a car that must be in anyone's 'high risk' group - the 911 was known as 'The Widowmaker' back in the day. I talked to one of the Lockton guys at the Silverstone Classic, they were promoting the Ferrari owners scheme. They do policies for all the classic owners clubs, apparently, and the reason they are cheap is that almost noone ever claims, the owners look after their cars, tend to be in the older age group, and save the odd joyrider, noone nicks them, as where would you get rid of it?
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I'm with Lyndbrook - about £300 a year for 750k2, CR750 and ZZR1100 - limited mileage 3000 miles per bike, breakdown cover with £50 excess - bikes garaged - Wigan postcode. It didn't go up this year.
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Insurance is a scam at the end of the day, just gambling with your premium. I'm a software developer and used to work in the Insurance industry and we were constantly being tasked with tweaks and new ways to load a premium.
I guess You're paying to put 12k on public display in the middle of London with no one watching out for it.
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Yes Jonny but, I can have a bike that is insured at a small village in Lincolnshire and park it on a street in central London and my premium is the same :o
I did have a Thundercat with the insurance costing £58 and a little CD250 with the same company that they wanted £85 a year to insure but, when i asked why the CD with a top speed of 70mph was so much compared to the Cat with a top speed of 154 mph and pointed out that is was like putting a lada up against a Ferrari they soon dropped the CD right down ;)
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LOL. I never said it made sense. ;D
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I've just done mine again this year with PJ,
Still unsure about how they work it all out, even though they use actuaries. A few years ago I wanted Christine to use the C50 LAC but She couldn't insure it as She didn't own it. BUT they allowed me to name her on the policy at no extra cost. This allowed her to ride all of the 'Classics' including my GL1500SE but She was barred from riding the so called 'modern' 2008 CBF 600SA - no problem anyway.
When I got the new C125 Super Cub in March I asked specifically if I could include Christine for that bike and paid an 'adjustment' from March to October renewal.
When the new invitation came, the policy had nearly doubled, so I obviously contacted them - I've sold the 93 C90 so asked them to delete that and saved £21 but the biggest sting was having Christine riding the new C125 - deleting her from that bike reduced the policy a further £105! So She can still ride the classics including the 'Wing, which She would have difficulty just keeping upright.
This new policy also includes both of us riding other bikes - so someone else's CBF 600 or Super Cub then?
A friend down in Lancashire is also with PJ - due for renewal and has a modern Triumph Speed Triple as well as classics and the Trumpet now has a 5years plus 'introductory' NCB, my policy doesn't list that. Also riding other bikes on his policy is listed as 'not granted'
Confused of Orkney!
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are these individual policies for each bike. Benettes don't allow named riders on a multibike policy. I would not be supprised if they have a bucket full of exclusions that they apply as a whim.
I work on a insurance platform for Jet skis and they have a minimum policy value .
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This is a PJ 'multi vehicle' policy with a CB prefix to the policy number but strangely enough the mate down in Lancashire tells me his policy number starts with MB??
CB classic bike??
MB multi bike??
Both of us have predominantly classics on agreed values with a modern (2 in my case) thrown in - no agreed value on those though.
Ian
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Adespin, I have nine bikes on the policy. The policy starts with a CB so despite the number of bikes it's a classic bike policy and not a multi bike policy.
The other unsavoury fact about the CN insurance was the 'unlimited' mileage as stated on the policy being anything but, I was limited to 5k a year on the VFR and in order to reduce the premium by £60 I had to agree to a reduction to 4k a year on the VFR. Do they think I'm going to go crazy on a VFR so limit the mileage but not a Laverda Jota with unlimited mileage? The fact my age and 40 years riding experience has given me a better sense of self preservation should be the main factor in determining a premium and not a bike's perceived performance.
I don't know if my PJ premium is low because I'm a new customer, time will tell but I do know I won't be using CN in future. Maybe CN should spend less money on placing ads before SBK rounds on Eurosport and huge stands at shows and reward customer loyalty.
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They may have to soon.
Recent press coverage of treatment of new vs existing customers
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I have 4 seperate policies as it works out cheaper to do it that way. My CB750 cost me £78 with zero no claims and is my most expensive policy. 2 others (Harley Sportster and ST1100) are low 70's and my BSA is 60 odd. All fully comp. I'm 61. With the Beezer and CB being 'eff all tax, it's a relatively inexpensive hobby. It's great being an old fart!
Paul
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I have 4 seperate policies as it works out cheaper to do it that way. My CB750 cost me £78 with zero no claims and is my most expensive policy. 2 others (Harley Sportster and ST1100) are low 70's and my BSA is 60 odd. All fully comp. I'm 61. With the Beezer and CB being 'eff all tax, it's a relatively inexpensive hobby. It's great being an old fart!
Paul
That's the way we do it. Individual policies for all bikes. As we have so many bikes that we both ride, half of them insured in my name, the other half in Grahams name but on each policy you can ride any bike belonging to someone else as long as its insured. Our dearest policy is £68, the majority come in at less than £53. I think they are all with Carol Nash now on their no frills Select Policy, which is what suits us.
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Today I rang Carole Nash insurers for a quote for my motorhome but they won't insure me because I do not have a car. My girlfriend has a car I'm a named driver on her insurance.
I'm insured with Carole Nash for 8 classic bikes, which are my main transport.
Other insurers I have asked for quotes from are more than happy with my motorhome not being my main vehicle. I will be leaving CN next year.
NOT HAPPY with CN!
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I gave up with CN last November after 30 years of being with them. When Carole Nash herself owned the company it was great but when she sold it a few years ago it went rapidly downhill and became like all the rest of them, money grabbing. The final straw was last year when they tried to hike up my premium without giving a reason why, it was take it or leave it so I left it! I went to Peter James, great service and half the cost.
CN sent me a 'why are you leaving us' questionnaire. I completed it and added a final comment of I don't expect to receive any feedback from CN as to the reasons why I left as the truth hurts. Funnily enough I heard nothing 🙄. CN contracted me about six weeks ago asking if I'd like to take out home insurance as mine was due. I called them for a laugh and they were £100 more expensive than my current insurance company and offered less cover to boot!
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Peter James for me too.. at the moment they seem to have the best classic multi bike premiums. Before them I was with Footman James but their premiums started to rise....
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I was talking to Principle Insurers when getting a quote, I told them my main vehicle was a bike, he told me Principle was started by CN employees when CN was sold to a US company a few years ago, and that they did bike insurance, and they were cheapest for my camper so I will try them next year.
I'll definitely be trying peter James too, thanks. I had the same with Footman James when using them, prices started to unexpectedly rise out of line with inflation. Having said that my girlfriend is with Footman James who have been brilliant with her and the cheapest, maybe I'll give them another go.
Now I'm unemployed I have time but no money so shopping around will happen.
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Okay its House Buildings & Contents with More Than but the experience is the same. As we had an expensive house fire in Nov 2017 caused by a distant neighbours firework I've seen the combined premium rise from £125 in 2017 to £294 for this years renewal. We stayed with More than after the fire as we could not get online quotes due to the size of our fire claim. (over £190k conbined).
So on Monday as the claim is now 3 years old I went onto Compare the Meercat for prices with full claims history declaration prices ranged between £98 to over £500. Sat there was More Than with extra contents cover etc for £163.64. I've renewed with More Than directly as I have experience of their cover - we appointed our own Loss Assesor so after the first phone call to More Than I never had to ring them again - all handled by our Loss Assessor who were paid on a commission basis via the rebuild contractors.
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I have 3 bikes insured with Peter James,
happy with his way of dealing,
he used to be the JAMES in Footman James,they were takenover and he went independant .
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AN UPDATE
Today I rang Carole Nash insurers for a quote for my motorhome but they won't insure me because I do not have a car. My girlfriend has a car I'm a named driver on her insurance.
I'm insured with Carole Nash for 8 classic bikes, which are my main transport.
Other insurers I have asked for quotes from are more than happy with my motorhome not being my main vehicle. I will be leaving CN next year.
NOT HAPPY with CN!
I logged a complaint with CN citing discrimination against motorcyclists, a lady phoned me asking the details, I explained and she said she'd look into my complaint and call back, yesterday she rang back saying my complaint was upheld, apologised on behalf of CN, awarded me £100 compensation, and an extra £50 to cover the cost of extra I had to pay for alternative insurance.
During our conversations I pointed out that a lot of forums and FB pages had complaints about CN and that people were leaving them, she said they wanted to know all this as feedback. I'd have thought low sales would have pointed that out to them.
Conclusion - It pays to complain, rather than moan.
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That's a good result. I gave CN feedback when they contacted me after I left after 30 years. I heard nothing and that's why I wouldn't use them again.
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PJ for me modern & classic s in one policy
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Went with CN this morning after blitzing CtM. Got it for 66 of your english pounds. That was based on 2 years NCB and not on a classic policy. I was going with Express yesterday for £72 but they do not man the phones on a Sunday. That'll do!
Paul
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Went with CN this morning after blitzing CtM. Got it for 66 of your english pounds. That was based on 2 years NCB and not on a classic policy. I was going with Express yesterday for £72 but they do not man the phones on a Sunday. That'll do!
Paul
Sorry I don't know what Insurance Company you are talking about is it Carol Nash?
I'm interested as I will be insuring my 400 soon.
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It is Carole Nash Ted. I have 2 policies with them. £66 and £70 (for a Harley Sportster).
Paul