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1st car, classic car insurance pitfalls. Bewear!!
Author Name: PB
Advantages: Quick and pleasant on initial contact
Disadvantages: Very ambiguious wording, both on the phone and in the documents
We came across Footman James just over a year ago, when after a long period of research into insurance for a 17 year old male, we discovered that we could insure certain classic cars for under £1000. This seemed to be the best way out of the 1st car insurance rip off trap that exists in the world today.
We were given a list of cars that could be insured and set about finding something that would be suitable. The car we ended up with was a rather nice 1978 1500cc MG Midget. Once we had the car and the lad had passed his test we took out the insurance with Footman James on a third party fire and theft basis at the cost of £895, with a limit of 4500 miles that could be increased later if need be for a nominal sum.
All was good and eleven months passed without insident. One month from the renewal date we recieved a letter from Footman James informing us that they would not be able to renew the policy due to changes in underwrighting. Initially this didnt seem to much of a problem as we were looking to upgrade the lad into a newer car using a different insurance company, one that would be more competetive with normal car policies, taking into account that with a years no claims behind him prices had tumbled considerably.
This is where the Pitfall apeared! When we took out the policy we were asked if the lad had any No Claims Bonus, the answer was,of course, No, to which the reply was " thats ok as the policy is a flat rate policy and does not take NCB into account". Now I took that to mean that even if he had some bonus it would not affect the price of the policy as it is done on a flat rate. I have since then taken out a similar policy for a classic i have and the same conversation was had.
What they acctualy mean is this, The policy will not accrue any bonus what so ever!!!!!!
This is not made clear so be warned.
After a year of carfull driving my son is back at square one. Yes Footman James have given us a piece of paper stating that there have been no accidents or claims on the policy but this means nothing to other companies! Also be aware that most normal insurers will not count NCB build on classic car policies as they dont consider that a classic will be used as an everyday car. Therefore the driver will not have had the benefit of doing enough mileage to qualify for a real bonus.
So we are now left with a car that is going to cost thousands to insure, a company who will no longer insure it and a young driver with a full years experience that is worth nothing to other companies, we have no choice but to join the insurance rip off and pay an extortionate amount and start from scratch.
I saw a piece on the box not long ago where a young lad had insured a tractor for something like £24 on an agricultural policy. I thought "brilliant!" some one else who has found a way around the criminal insurance companies, but unfortunatly I fear that the insurance criminals will close that loop hole as well and I am sure the poor lad will pay the price in the long run. Even reading the small print it is not always clear what is meant, so be warned!!
Summary: As with all insurance companies, you might not be getting what you think you are! be carefull
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