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Discussion Starter · #1 ·
Got this years car insurance sorted this evening for the next 12 months, I have always found the premium to be quite low for my F however, this years premium is £72 through Halifax which I couldn’t believe.

I am the best part of 60, 2000 miles per year, good NCB and £225 excess so that helps....

The car is not a daily driver (averages 550 miles per year) so I am pleased with this and it fits what I need.

I just wish the DVLA were a bit more value for money with the tax for these cars though £280 is a bit steep and works out about 50p a mile for my usage 🙁
 

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MGF's x 5 MGTF's x 6, Rover 620Ti & Cortina Mk3
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Damn good price that for a renwal ! I've got close to that once, was £76, but that was going through one of the cashback websites with a new insurer and got £60 cashback! non these days seem to give cashback like that any more :(
 

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Guys, how old are you and how old are the cars please? My insurance has come out at £180, full no claims, car is 17 years old. I could not get it cheaper, is it Fully Comp guys?
 

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Discussion Starter · #4 ·
Guys, how old are you and how old are the cars please? My insurance has come out at £180, full no claims, car is 17 years old. I could not get it cheaper, is it Fully Comp guys?
Hi Richardhb, I am 57 and the car is 25 years old, full NCD and is fully comp with a courtesy car if required.

Hope this helps...
 

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I could not get any cheaper than £190, its not a classic yet? So I added it onto my existing car insurance at that price. I'll go for that a if I have to, the classic car knocks a bit off, but multi car for me is £40 off. I'm told you cannot use a NCD more than once, so mine is with no claim discount?
 

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Hi Richardhb, I am 57 and the car is 25 years old, full NCD and is fully comp with a courtesy car if required.

Hope this helps...
Are you claiming your NCD twice buddy? I've used mine on the family car, and you can only used it the once. I cannot get close to your claim with the Halifax £164 if I lie and use the NCD twice?
 

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mg_tf
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One fundamental question to ask here is, are any of these quotes against an agreed value insurance?
If not, then in the event of even minor damage, the car will be classed as beyond economical repair, and the policy holder will be paid out with 3/4 of very little ( being polite) and barely covering the policy excess. Not much of an insurance, unless the only important factor is minimum cost for road legal cover. It also sounds as if a ‘spare’ NCB will be necessary to gain the cheapest premium.
I have mine covered for an agreed value, with the mileage limited to 3K/a, and the premium does not depend upon - or earn - any NCB. For this type of cover for the under 20 year old TF, I am also paying around £180 - mature (very?!) and a good driving record.
I too would be interested in any insurers who would better such a quote for this level of cover.
 

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One fundamental question to ask here is, are any of these quotes against an agreed value insurance?
If not, then in the event of even minor damage, the car will be classed as beyond economical repair, and the policy holder will be paid out with 3/4 of very little ( being polite) and barely covering the policy excess. Not much of an insurance, unless the only important factor is minimum cost for road legal cover. It also sounds as if a ‘spare’ NCB will be necessary to gain the cheapest premium.
I have mine covered for an agreed value, with the mileage limited to 3K/a, and the premium does not depend upon - or earn - any NCB. For this type of cover for the under 20 year old TF, I am also paying around £180 - mature (very?!) and a good driving record.
I too would be interested in any insurers who would better such a quote for this level of cover.
So yours and mine are about the same Austin. I wonder how many are actually claiming the NCD twice not knowing they are not insured correctly? Mine is covered for the cars price, as I've always done, so your is an "insured value" it sounds a not very good idea if your right about a pay out mate! I've really searched about in the last few weeks and a second car (multi car) is the best I can find for myself, not declaring a NCD. If I say I do have one either drops dramatically, but not below £160, so how others are getting quotes of £70 I really don't understand to be honest?
 

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mg_tf
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‘…insured value.. it sounds a not very good idea..’
Sorry, but I’m not following your logic here.
Mine is insured (as most classic car policies are) on an Agreed Value - as I said. You choose a reasonable value which will be paid out in full, in the event of the car being declared a total loss. To obtain this cover, you have to fill in a valuation form, accompanied by a set of photos. The brokers then accepts that valuation - if reasonable - and you are then fully insured for that agreed value. What’s not to like about that?
Under you policy, you insure the car for what you paid for it. So, let’s say - for example - you bought it for £1000, but spent a further £750 to improve it, so you policy pays out £1000. That would not be what I would want, in preference to the level of cover I have.
 

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‘…insured value.. it sounds a not very good idea..’
Sorry, but I’m not following your logic here.
Mine is insured (as most classic car policies are) on an Agreed Value - as I said. You choose a reasonable value which will be paid out in full, in the event of the car being declared a total loss. To obtain this cover, you have to fill in a valuation form, accompanied by a set of photos. The brokers then accepts that valuation - if reasonable - and you are then fully insured for that agreed value. What’s not to like about that?
Under you policy, you insure the car for what you paid for it. So, let’s say - for example - you bought it for £1000, but spent a further £750 to improve it, so you policy pays out £1000. That would not be what I would want, in preference to the level of cover I have.
But that's fine if as time goes by and you do make modifications, but if not, surly the valuation will go down as all cars do? I can see the benefit if you make mods, but not really otherwise, or I'm I still in the dark? You will only get that extra £750 if you have told the insurance company about the modifications (and then pay more, because it's now worth £1750 and not £1000) , because you have still only insured the car for £1000, right?
 

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mg_tf
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Since you ask - yes, you are still in the dark Richard!
With agreed value, it’s is indeed agreed for the year the insurance policy runs. The following year, you can reassess the car’s value, which is highly unlikely to have depreciated unless it’s been abused - if you have (but why would you ?) you simply agree a different value at renewal.
If, as is now happening with nice examples of these cars, they are appreciating in value, then you agree a reasonably-increased agreed value at that renewal.
I really don’t think I can explain it any clearer Richard, so apologies if you are still unclear.
Kind regards,
Austin.
 

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Since you ask - yes, you are still in the dark Richard!
With agreed value, it’s is indeed agreed for the year the insurance policy runs. The following year, you can reassess the car’s value, which is highly unlikely to have depreciated unless it’s been abused - if you have (but why would you ?) you simply agree a different value at renewal.
If, as is now happening with nice examples of these cars, they are appreciating in value, then you agree a reasonably-increased agreed value at that renewal.
I really don’t think I can explain it any clearer Richard, so apologies if you are still unclear.
Kind regards,
Austin.
No need for rudeness, I'm just a novice asking that's all? So if I'd agreed a price, and the added a few hundreds pounds of extra's they would still pay out in that year the total car price, even if was worth much more now, and I'd paid for a lower value, is that right?
 

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mg_tf
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Apologies if you thought I was being rude - no intention meant. I have done my best to explain Agreed Value insurance, and I will unfortunately have to leave it to others to better explain it, if it’s still unclear.
Your cover - Adding ‘extras’ which would increase the value - sorry to ask question, but would adding £500 of extras add £500 to the value of your car, and if I did, would your policy automatically pay out the full (unlimited?) amount you had spent on ‘extras’ after you had paid your premium for that year?

To try to answer your question - I’m into uncharted waters under an agreed value policy, since I’ve never tested the water by altering that value during the year. I would anticipate that if anyone wanted to increase the agreed value at any time during the year of cover, then evidence of that increase in value would need to be substantiated by the insurer, and a new additional premium calculated at that inter-stage of the policy. Never had need to try it, and I don’t have any knowledge of how your cover would be more beneficial under those circumstances.

As I said earlier, values are generally increasing annually, and the simple way to ensure you are not disadvantaged in the event of a total loss, is to re-evaluate the agreed value at the next renewal.
Kind regards,
Austin.
 

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Discussion Starter · #16 ·
Are you claiming your NCD twice buddy? I've used mine on the family car, and you can only used it the once. I cannot get close to your claim with the Halifax £164 if I lie and use the NCD twice?
Hi there, the F is insured for £2k (if they pay out at this is another story I suppose and one which I will never know unless I make a claim which I hope I never have to do).

In terms of the NCD I am only claiming this once as this is the only car I insure myself, our main car (Audi Q5) is insured by my wife with me as a named driver.

I stay away from classic car insurance as you do not accrue NCD and I nearly lost all my NCD as I went down the classic route for a couple of years not knowing that your NCD can expire after 2 years! Luckily enough my old insurance Company (Aviva) honoured my historical bonus as I went back with them. 🙏

Hope this is a bit clearer 👍
 
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