The future of car insurance for older cars.

[Lancpudn]

Has anyone else been following this story from a insurance whistleblower over the past week or so? It's very scary indeed if true.

[torque2me]

Well, I have no doubt that the "commercial" aims will be adopted by governments by legislation sooner rather than later. Which bits and how much will be the question unless mass disobedience is undertaken.

They won't allow a segment of the motoring population to sidestep all this onerous nastiness and thus classic owners will at the minimum be forced into "black box" adoption.

Some items will be be by-passed either crudely or sophisticated. One could adopt and train a chimpanze to do the alcohol test to enable the car to start. The only trouble with that is they never buy a round. ;-)

Kev

[Gelen]

Interesting topic and a good video.
I know that some people in the USA are already concerned about it.
I even looked for the explanation online.
From what I read, the older a car gets, the harder it may be to source the parts for repair, which can drive up the cost of car insurance. Also, older cars may not have as many safety features as newer cars, which might increase the cost of auto insurance and reduce available discounts.
I don't know what people with classic and retro cars are supposed to do.
Maybe it's time to contact direct line customer service and find out about the possible changes in prices as I'll need to buy the insurance in three months.

[torque2me]

Originally Posted by Gelen

Interesting topic and a good video.
I know that some people in the USA are already concerned about it.
I even looked for the explanation online.
From what I read, the older a car gets, the harder it may be to source the parts for repair, which can drive up the cost of car insurance. Also, older cars may not have as many safety features as newer cars, which might increase the cost of auto insurance and reduce available discounts.
I don't know what people with classic and retro cars are supposed to do.

It's not just classic vehicles that might be stuck for a part or two. Some present vehicles are. A friend in the body trade had to wait six months for front bumpers for a couple of upmarket Italian cars. Cost? Astronomical. £2.7k for the cheap one and £7.5k for the other. However, I don't see why awaiting parts would drive insurance costs up.
Kev

[daveo138]

Originally Posted by torque2me

However, I don't see why awaiting parts would drive insurance costs up.
Kev

It’s down to the cost of providing a hire car while it’s off the road. Some of the hire costs can be astronomical.

[torque2me]

Originally Posted by daveo138

It’s down to the cost of providing a hire car while it’s off the road. Some of the hire costs can be astronomical.

If that is the case, then the insurance companies need to either drive that cost down or bring in a limited time scheme, say two weeks.
Kev

[wraymond]

Insurance, especially Motor, is a moveable feast.

As ‘The Man from The Pru’ for 25years I canvassed, sold, administered claims and often negotiated settlements. I retired from the betting game some 30 years ago and there hasn’t been much change in principle since then. Other that is than premium racking, obviously. The premium with today’s online preference is a variable of the first order and there is always a variable base from company to company. And within the same company.

The cost of replacement and/or repairs in the event damage for ‘our’ cars is yet another variable! If presented with an exorbitant price rise at renewal time, get an independent valuation (but don’t hoover or clean the car beforehand). If you are not happy with the renewal premium, brandish that valuation.

Mine is covered for 3PF&T and it’s a rather nice one, with unusually low mileage having previously been owned from new by a lady solicitor. No, not that kind of solicitor!

Start searching a month before renewal for quotes and remember, whatever we think our cars are worth, think again. We are only paying for the insurance, not doing it.

[aponte]

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