02-06-2021, 05:11 PM
(02-06-2021, 10:48 AM)Ruairidh Dunford Wrote: How your insurance rates are set, the definitive answer from RH's head of bespoke underwriting:
“In terms of rate increase, the overall loss ratio on classic car for RH is above prior years at the same point.
This, coupled with an increasing frequency of claims and the expectation that more vehicles will be on the road in the coming months, suggests it is prudent to maintain rates.
We expect the same insurers offering reductions now will make changes later once they see an increase in claims frequency.
By taking this approach, it means that RH would not need to take such actions by being pre-prepared for the increase in claims we expect to see.
Clients were encouraged to reduce cover during the pandemic to laid up to recognise the lack of use in 2020”.
Myself and others are preparing a comparison grid so the level of cover, limitations and costings can be compared on a like for like basis - the smae person and car used for all gathered quotes. Watch this space...
Ruairidh,
That will be a useful reference; from previous posts in this thread it's clear that not all classic policies are created equal.
Another initiative which should stop the yearly poker game of getting a reasonable insurance quote is this from the FCA (Financial Conduct Authority) https://www.fca.org.uk/news/press-releas...ce-markets In essence, the FCA is to mandate that insurance companies offer the same prices to existing customers as new customers which should do away with the "loyalty penalty" which seems to be the current business model across most if not all of the industry.