Big project insurance (thoughts)

M@dds · Post by **M@dds** » Tue Nov 20, 2012 6:04 am

Hi fellow luders, been thinking the last few days and had a thought.

I know there's many of us building nice tasty ludes bud I wondered if anyone got as far as thinking about insurance :/ and just wondered what people's thoughts were on how they were going to insure their beasts.

I've got 8 years no claims and I'm 26 but still feel ill run into trouble insuring the beast when it's eventually done

A1ex · Post by **A1ex** » Tue Nov 20, 2012 7:24 am

I'm 27 with 6yrs no claims and my insurance is 600 with mods declared (of which there are many)

mercutio · Post by **mercutio** » Tue Nov 20, 2012 8:13 am

if you declare all your mods from the start its not so painful in the end

Shiny · Post by **Shiny** » Tue Nov 20, 2012 8:58 am

- Declare all your mods, no matter how trivial you may think they are, down to washer jets and stereo equipment. Let the insurers decide what is relevant, not you. Confirm all your mods in writing for the Insurer's file

- if you are concerned about the value of your mods, look for a "like for like" cover on the mods. However, this hasn't been classified as to what it actually covers by anyone yet, despite a few requests here and on PUK. My take is that if you have a car worth £2k and you fit £10k of mods, you won't get £12k. You will get the value of the car with the mods fitted, which could be in reality something like £3.5k. Get it confirmed in writing. Also wear & tear will probably apply to mods, so your wheels that cost you a grand a year ago may only be worth £400 now, so you won't get a grand to buy a new set, despite it being like for like, i doubt it will be new for old!

- some insurers may offer an agreed value or show car policy with an agreed value. This will cost more, but will avoid arguments in the event of a claim. They are few and far between though.

- check your cover carefully. Cheap premiums are usually cheap for a reason, you may find that you are missing windscreen cover of have a "voluntary" excess which you never asked for, which applies in addition to any compulsory policy excesses

- avoid "all sections" excesses like the plague. These are excesses not only to your damage but also to anyone you may hit!

- watch out for admin fees, last thing you want is a broker/agent/insurer that will try and charge you £50 every time you notify a minor modification.

- choose carefully, complete any online applications carefully and don't be tempted to lie about your circumstances. Check all quotes carefully and check they suit your needs. Don't forget to include business use if you use your car to go to different offices or the bank etc. Don't forget to put in any accidents, claims or convictions accurately, usually in the last 5 years.

M@dds · Post by **M@dds** » Tue Nov 20, 2012 12:42 pm

Thanks a lot all I feel a lot better about the insurance side of things. Shiny nice informative write up!!! Helped a lot ta! I shall solder on with my lude project (when/if cash picks up) with a clearer head on this subject :/

What kind of mods have people got on there ludes? Up rated camshafts, engine rebuilds etc? I'm going this way with my lude slowly ie engine rebuild, after market wheels, suspension etc?

skyinsurance · Post by **skyinsurance** » Tue Nov 20, 2012 4:59 pm

M@dds wrote:Hi fellow luders, been thinking the last few days and had a thought.

I know there's many of us building nice tasty ludes bud I wondered if anyone got as far as thinking about insurance :/ and just wondered what people's thoughts were on how they were going to insure their beasts.

I've got 8 years no claims and I'm 26 but still feel ill run into trouble insuring the beast when it's eventually done

Feel free to get in touch.

We offer a discount to lukegeneration members and specialise in modified car insurance

http://www.skyinsurance.co.uk/car-club-insurance.html

Shiny · Post by **Shiny** » Tue Nov 20, 2012 6:30 pm

Sky, are you able to finally put a definition up for "like for like" cover on mods?

Is it in your policy wordings or endorsed on the schedule? If so, can you please post up the full definition?

It would be nice to put and end to the confusion that keeps arising when this cover is mentioned. It is all somewhat ambiguous at present and everyone avoids giving an answer.

It would be nice to see some contract certainty so the members can fully understand what they will getting if they pay for a policy that includes this cover.

And before you bark on at me, this is a genuine query for the benefit of potential customers and not me just having a dig

bucks420 · Post by **bucks420** » Wed Nov 21, 2012 3:52 am

I wouldn't worry too much, as Shiny said tho i would make sure you know exactly what you get with each policy. im in a similar boat to Alex and for a modded up 4th with all mods included, 27 with 8 years NCB parked on the drive works out at 700 notes with low excess, windscreen cover etc.

mercutio · Post by **mercutio** » Wed Nov 21, 2012 8:10 am

its not so much the mods that affect your price its more likely to be the postcode

Shiny · Post by **Shiny** » Wed Nov 21, 2012 9:09 am

mercutio wrote:its not so much the mods that affect your price its more likely to be the postcode

Mods, postcode, age, occupation, accident/conviction history, use etc... they all affect your quote. The thing with modifications is that most insurers just don't accept them at all.

Oh and having mods covered, is not the same as noting modifications. Most insurers will note that you have mods (as they affect the moral rating, the theft rating and potentially the performance) but will only replace on an OEM basis.