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Classic Car Cover Conundrum!

Technical issues not related to a DLOC car marque, eg tyres, ethanol, other car makes, etc. and legal, political and insurance
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Stan Thomas
Posts: 534
Joined: Sat Feb 13, 2016 2:14 pm
Location: Penkridge. Staffs.

Classic Car Cover Conundrum!

Post by Stan Thomas » Tue Oct 22, 2019 11:20 am

Although actual vehicle age varies between insurers, generally speaking cars over 21 years old old attain "classic" status, for which specialist insurance policies are available, usually at comparatively lower premiums - so for someone who runs an older car as normal day-to-day transport, this ostensibly provides a financial advantage.

However, such policies do not attract any year-on-year no claim bonus (or in current parlance, a no claim discount) , and it is at this point where a conundrum appears.

Given you have (say) a 12 year no claim discount on a "modern" car, but decide to change it for a classic car for every day transport - the policy of which is bereft of any on-going NCB - where do you stand if at some time in the future you wish to revert back to a "modern" car? Is your previous NCB still recognised or extinguished, even though you have continuous driving experience?

One insurance company I've approached say a NCB ceases to be effective after 12 months without continuous insurance, for which a "classic" policy would not qualify, whilst other insurers say it will be recognised.

Does anyone have experience of this situation - and should it be put to your broker etc. at the time of insuring a classic in the circimstances outlined - if for no other purpose than to avoid a smack in the gob with a wet fish by suddenly being confronted with having to pay the full premium if you decide to revert back to a more modern vehicle at a later stage?

Chris_R
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Joined: Wed Feb 10, 2016 12:48 pm
Location: Twickenham

Re: Classic Car Cover Conundrum!

Post by Chris_R » Tue Oct 22, 2019 3:25 pm

Admiral do a normal policy that attracts and maintains an NCB and applies a classic car discount for cars over 21 years old. Best of both worlds. You can even do multi-car and get business use cover on it!

Sydsmith
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Location: Aberystwyth Wales

Re: Classic Car Cover Conundrum!

Post by Sydsmith » Tue Oct 22, 2019 5:34 pm

Stan. For years I had both a company car and a personal car for Madam insured in her name. We owned the company which had a fleet policy so technically I did not earn any NCB for over forty years.

Madam retired, came to work for our company and we gave her a company car.

After seven years, we sold the company and that left us looking for insurance. Brokers were dead keen to help us find new insurance and we had several quotes all with both an introductory 10% and some NCB.

Turned out the best quote came from our old fleet insurers who offered us 20% straight off, I have since moved us to one of the club brokers and we have a very good deal.

Point is, we did not have any problem getting some NCB all be it a bit lower than we might of earned given our years without a claim. Syd

Stan Thomas
Posts: 534
Joined: Sat Feb 13, 2016 2:14 pm
Location: Penkridge. Staffs.

Re: Classic Car Cover Conundrum!

Post by Stan Thomas » Wed Oct 23, 2019 9:17 am

Thanks for your replies Chris and Syd - useful information, and a demonstation of what our Club is really all about.

Regards,

Stan.

Stan Thomas
Posts: 534
Joined: Sat Feb 13, 2016 2:14 pm
Location: Penkridge. Staffs.

Re: Classic Car Cover Conundrum!

Post by Stan Thomas » Thu Oct 24, 2019 12:08 pm

By way of a follow up - I telephoned Admiral and "listened to the music" for seven minutes, then in response to my query regarding a classic car policy for my pre-war Daimler, the chap said "we don't do "old" cars!

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keef
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Location: Sussex

Re: Classic Car Cover Conundrum!

Post by keef » Thu Oct 24, 2019 5:24 pm

NCB is a complete con.

I recently had a change around of cars and decided to keep the car that used to be my daily driver as a spare car as it had little resale value.

When I insured it through a comparison site, I obviously had no NCB but to my surprise it was CHEAPER to insure with no NCB than it was with 9 years NCB!! £160 fully comp with one claim, no convictions and no NCB

I've just re-insured my van when the policy expired with 9 years NCB and it was £10 cheper with NCB but £12 to protect the NCB so I've now abandoned my NCB. Just a bit sad at what I've paid over the years to protect it.

Sydsmith
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Joined: Sun Feb 14, 2016 11:15 pm
Location: Aberystwyth Wales

Re: Classic Car Cover Conundrum!

Post by Sydsmith » Fri Oct 25, 2019 11:45 pm

No help with the subject but we just got back from a live Lulu concert, reminiscing about the 60's when I had a Morris 10 which cost me £7 to buy and £10 to insure. Happy days.

By the way when last did you see a day on this forum that did not have a post. I have put that right too. Syd

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John-B
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Re: Classic Car Cover Conundrum!

Post by John-B » Sat Oct 26, 2019 6:24 am

Sydsmith wrote:
Fri Oct 25, 2019 11:45 pm
By the way when last did you see a day on this forum that did not have a post. I have put that right too. Syd
Off topic, I was also surprised about the lack of posts over the last few days as I thought the rainy weather would have driven you guys into your workshops and found problems to ask about. :o

Stan Thomas
Posts: 534
Joined: Sat Feb 13, 2016 2:14 pm
Location: Penkridge. Staffs.

Re: Classic Car Cover Conundrum!

Post by Stan Thomas » Tue Nov 12, 2019 10:47 am

How about this!!!

I applied for a classic car policy from a company who quoted £236. Great! I thought.

However, having 12 years NCB, and realising classic car policies do not attract a NCB - I contacted then again, and they emailed me to say their policy would recognise my NCB as such. Why I did this - and note carefully - if you drive on a classic car policy, any accrued NCB will be deemed lapsed after one or two years - so if you later wish to revert to a "current" standard car policy, you could be hit with a massive hike in premium.

So I then inquired how I could protect my 12 year NCB (which normally is either automatic on some policies or an extra £20 or so) and the premium went up to exactly £1000!

If they are right, I'm glad I'm barmy.

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