Insurance on High Performance Cars

JHet

I'd like to discuss insurance for young drivers looking for high performance cars. I recently put up a post on here after i thought i had exhausted all the possibilities for getting insurance on an MAZDA RX-8. 24, 1yr NCB, Full License....etc

Some nice fellows on here pointed me in the direction of XS direct, Britton and ARB insurance. Here are some of the results i got:

XS Direct: €2250 with €1000 excess
€1630 with €4000 excess

Britton: €2015 with €4000 excess
€2304 with €1000 excess

I haven't tried ARB yet as they don't have an online quotation system but will probably ring them next week.

I was just wondering what are peoples opinion/experiences with these type of companies and what should i be watching out for. Also if anyone has suggestions for other companies please post em. I suppose the big disadvantage is the excess, i could live with a €1000 but wouldn't really be willing to entertain a €4000 excess

Thanks

bitemybanger

4K excess:eek:
My policy has a 300 euro excess, smart move by insurance companies, give a cheap quote but when it comes to a claim, you have to pay the first 4K whats the point?

TheBazman

I used to drive a 350Z when I was 27 (full NCB). I had it insured through a broker with St Pauls. IIRC it was around €1700

MarkN

I think your only option may be to get someone else to take out a policy and put you on as a named driver. If its any consolation I have nearly 8 years no claims and at 26 I'm still paying 1500 on my car which would fall into both the high performance and 'expensive to buy the prick a replacement one' categories

Jimbo

How does a €4k excess make sense?
What if you had a serious accident and had no way of paying the €4000? Surely it negates the whole point of insurance. There should be a cap on insurance excesses

JHet

Well, tbh at this stage I'm happy enough with that there are companies that provide a viable option.

I'm just wondering if these type of companies employ the same type of tactics as the likes of Quinn Direct. For example my car was in the garage getting fixed for the day last month. Quinn charged €51 substitution charge. In other words you get cheap insurance but pay for every other little thing. What if you did have an accident......is it hard getting money out of them and so forth. I'm changing from Quinn for exactly this kind of crap.

Also could someone point me with a link to the St Pauls site.

Thanks

TheBazman

JHet wrote: »

Well, tbh at this stage I'm happy enough with that there are companies that provide a viable option.

I'm just wondering if these type of companies employ the same type of tactics as the likes of Quinn Direct. For example my car was in the garage getting fixed for the day last month. Quinn charged €51 substitution charge. In other words you get cheap insurance but pay for every other little thing. What if you did have an accident......is it hard getting money out of them and so forth. I'm changing from Quinn for exactly this kind of crap.

Also could someone point me with a link to the St Pauls site.

Thanks

The full name of the company is St Paul Travelers - I was insured with them through Glennon Brokers in Dublin

Atomic Pineapple

st pauls do have a websire but its pointless contacting them through it, I did and they just told me that they only deal with brokers so you have to go through a broker to get a quote.

with companies like xs direct they dont give you no claims bonues either

galwaytt

bitemybanger wrote: »

4K excess:eek:
My policy has a 300 euro excess, smart move by insurance companies, give a cheap quote but when it comes to a claim, you have to pay the first 4K whats the point?

because most people have insurance because the Road Traffic Act says so, not because they want to.

And, if you're driving a hi-po car, or valuable one, a 300 yo-yo excess is ridiculous, some people are charging that for a quote. Price a bonnet, bumper & two wings and a front lights for an RX-8 and you'll wish you did have a 4k excess, because it'll be cheaper to pay for it, rather than claim. If you think the ins co's aren't going to recoup any claim from you in future premia, you're mistaken....that, and the fact that no other co would take you on if you've had a claim inside the last 3/4/5 years.

I always, always, elect to bump up my excess to the max - it makes a big difference to the quote.

That, and passing your IAM test (30%), btw.........

DaveD

TheBazman wrote: »

The full name of the company is St Paul Travelers - I was insured with them through Glennon Brokers in Dublin

Just called Travelers Insurance now

They're target market was always the High Performance cars and high risk drivers, those with points, convictions etc. As said you have to go through a broker though.

lester76

well im 31 7yrs ncb bought a 02 scobby cost me 1200 alot of comps wouldnt touch me they dont wana no about hpc really they see it as huge risk:rolleyes: i couldnt beleive it when axa of all comps gave me the best quote. i had been with quinn on a silvia s15 & a honda dc5 but they gave me a scandaless quote on the scobby so had to move on:eek:

unkel

lester76 wrote: »

well im 31 7yrs ncb bought a 02 scobby cost me 1200 alot of comps wouldnt touch me they dont wana no about hpc really they see it as huge risk:rolleyes: i couldnt beleive it when axa of all comps gave me the best quote. i had been with quinn on a silvia s15 & a honda dc5 but they gave me a scandaless quote on the scobby so had to move on:eek:

Happy days you got yourself sorted!

I've a bit of a migraine now after reading all that. Have you any advice for me, lester76, to get rid of the pain?

MarkN

draffodx wrote: »

with companies like xs direct they dont give you no claims bonues either

Not true, they don't take bonuses into account but if you stay with them two years for example and leave without claiming, you'll have two years ncb.

princess-lala

4000 excess???:eek: mine is 250

Im insured with Quinn Direct, no NCB (crash last year) full licence only 2 months and its on a 1.8celica and its only 1800:)

msg11

4000 euro .

As someone stated, most people will sort of money between the partys and say nothing to the insurance companys. (mostly fear)

And the fact that you have to have insurance not cause you want too.

The only fear I have on the road is some tick running out in front of my car and getting a smack, and trying to get 50 grand for been an idiot. And trying to make out it was my fault, that they decided to run across the path of a moving car. ( I understand we must be looking for things like this )

bitemybanger

galwaytt wrote: »

because most people have insurance because the Road Traffic Act says so, not because they want to.

And, if you're driving a hi-po car, or valuable one, a 300 yo-yo excess is ridiculous, some people are charging that for a quote. Price a bonnet, bumper & two wings and a front lights for an RX-8 and you'll wish you did have a 4k excess, because it'll be cheaper to pay for it, rather than claim. If you think the ins co's aren't going to recoup any claim from you in future premia, you're mistaken....that, and the fact that no other co would take you on if you've had a claim inside the last 3/4/5 years.

I always, always, elect to bump up my excess to the max - it makes a big difference to the quote.

That, and passing your IAM test (30%), btw.........

I dont mean that its pointless to have insurance, i mean your giving insurance companies money for a piece of paper to stick in your window, as for my 300 euro excess, even if i drove an RX8 and had to replace some parts, thats what insurance is there for and why i tick the NCB protection box

S.I.R

hmmm anyone here drive a either a mazda rx-7 or rx-8 because its a 1.3 ( or 700x2 either way ) and when you ring up your normal choice of insurance company will any of you get the same response i did... " so your 17 , live in dublin 4 and want a qoute on a 2.6 twin turbo ??? *laughs out of control "

but yeah performance cars are hard to iinsure i reccomend insuring them under a business that way you can get a half way decent car ( i.e saab llike i was going to ) for about 200-250 pm on a basic full leisense

though you can write off the mileage and fuel used at the end of the year for the tax mans sake even if you never droveforthe company at all !!

as for insuring all these " high performance " JDM's i reccomend waiting till you 25 and driving an old one...

but if you cant wait...

price around but unless you have atleast 2 years ncb you will get robbed driving anything over 1.6

Blitzkrieger

123.ie? Still have 4k excess but the quotes seemed more reasonable when I was looking at an M3.

leahcim

though you can write off the mileage and fuel used at the end of the year for the tax mans sake even if you never droveforthe company at all !!

If you are suggesting people write off personal milage as business milage this is one dodgy piece of advice. If there is one group of people in your life you should try and avoid pissing off it is the revenue. I would guess a shell company set up to do nothing more than avoid tax on a running car would appear on their radar pretty quick.

If you insured a car under a business you would never build any personal NCB.

CyberGhost

What an absolute rip off.

Atomic Pineapple

MarkN wrote: »

Not true, they don't take bonuses into account but if you stay with them two years for example and leave without claiming, you'll have two years ncb.

yeh but if you leave the company you dont leave with any ncb's atleast this is what i was led to believe when i contact them about 2 years ago

Lord Nikon

How are you guys paying so much

I'm 28, 2 litre 150bhp, 5 Series, 9 years ncb, 500 quid.

Atomic Pineapple

neuromancer wrote: »

How are you guys paying so much

I'm 28, 2 litre 150bhp, 5 Series, 9 years ncb, 500 quid.

:rolleyes:

BobTheBeat

Im Paying €1050 third party, fire & theft on a 2003 ep3 civic type-r and thats with Hibernian. I feel your pain regarding getting quotes, I had an awful experience when shopping around (at the time I was 25, 4 years NCB with Full license for 4). In the end, just stuck with my hibernian as they were my existing insurers and would actually field a call from me .

MarkN

neuromancer wrote: »

How are you guys paying so much

I'm 28, 2 litre 150bhp, 5 Series, 9 years ncb, 500 quid.

Most companies will only allow for up to 5 years NCB discount.

You're not driving a high performance car for one thing and two, how old is it?

Value of the car you are insuring really does vary the premium.

mik_da_man

It really does take some shopping around if you are insuring a High Performance car.
Most Insurance Co's I came across class any car that does 0-60 in less than 10 Sec as High Performance.
I Recently got a Focus ST I'm 26 with 3 Yrs NCB - (Although I get the full 5 because of previous Named driving.) I was with FBD and when I rang up to get insured and said 2.5 Turbo Focus there was an errie silence on the other end of the phone They wanted about €1700
I shopped around and got it for €900 with Eagle Star - Cheapest I could find.
Strange though because depending on who I spoke to in Eagle star I got different answers some Agents said that Eagle Star didn't insure the ST while some did.

ArphaRima

'08 2.0T TT.
390 euro fully comp through 123.ie (eaglestar) normal excess

Lord Nikon

MarkN wrote: »

Most companies will only allow for up to 5 years NCB discount.

You're not driving a high performance car for one thing and two, how old is it?

Value of the car you are insuring really does vary the premium.

Well, I have the usual full no claims.
Some companies classify a lot of BMW's as "performance" cars. Mine is year 2000.

The value of the car will reflect the policy, then again, so does where you live/your age/NCB. You never get back what you pay for your car anyway.

MarkN

Yeh some BMWs would be classed as high performance.. there's an M5 and there's a 520i. They'd both be classed insurance wise very differently.

Some polices will allow you a replacement car in the event of a write off within the first 12 months of taking delivery.

Lord Nikon

True.

T J Hooker

fluffer wrote: »

'08 2.0T TT.
390 euro fully comp through 123.ie (eaglestar) normal excess

mind if i ask your age?