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car insurance : 10 questions with answers

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1.How does classic car insurance differ from conventional car insurance ?Classic car insurance will give you what the car is actually worth and or what you feel the car is worth. Conventional insurance will not. Let’s say you have a beautiful 1965 split window corvette. Maybe it’s worth a $100,000. Collection insurance will want photos of the car and maybe an inspection of the vehicle. Once they agree on the value your good to go. However there are rules, like limited miles you can drive, garage kept, they can be very picky. Regular insurance last I heard will give you blue book value. Do the research. There are some very good collection companies around.

Insurance companies and having fun with this.

The UK MOT test now has public information data about current and historical mileage.

Thus now we can see/prove/audit that there are many tens of thousands of old cherished cars - that literally do not move for years on end. (Less than 500 miles every 5 years).

Big data analysis will show clearly to insurance companies which classic cars are massively profitable to insure.

A mainstream loved semi-classic car has a market value of £4,000 or less. (eg. 18 year old Mercedes convertible) driven by a busy,, employed, 50 year old with 2+ cars

On fully comprehensive insurance - the risk held by the insurance company is £3.5K for total write off of the car and any 3rd party claims (on a vehicle that hardly moves). The risk to the policy owner is loss of 4 years no claims bonus and a 10+ year claim free profile.

Big data will show to the insurance companies that these are very profitable policies

2.Does the wrong address invalidate car insurance ?

That depends on why it is wrong. If you move, while you should notify your insurance company, but don’t you are more likely to get cancelled because you didn’t pay your mailed bill (assuming that is the option that you selected).

But if say that you live in Miami, Florida (the most expensive place in the state to get auto insurance, and you claim that you live just outside of DeFuniak Springs, Florida and then have an accident in Miami, Florida, the insurance company could say FRAUD and VOID your policy as if it never existed. Because you had an uninsured accident, you would probably lose your driver’s license until you made the other driver whole again! Short of that, it usually wouldn’t be considered Material, and they would back bill you for premium OR give you a refund.

3.Is rental car insurance a rip-off ?

yes and no.

if you are using your insurance and crash the rental car, you can be liable for the complete cost of repairs AND lost revenue while it is being repaired. this can be full price of the rental all the time it is being repaired. this can be a ton of cash. also if you chip the windshield the rental co can charge you for a complete new windshield or repair the that one. your insurance may or may not cover any or all of this. needless to say you will have to deal with it one way or another.

if you buy the EXPENSIVE rental car insurance you are covered for all damages including all the “little scratches”

i was 21 and rented a car to go to a job interview 2 day rental. well i put almost 1600 miles on the car. when i returned the rental agent was mad i had put that many miles on an unlimited rental. so she went out and nitpicked everything …. i just watched as she pointed bugs out as dents and everything else. when we went in she disappeared a returned with a 2400.00 repair dollar bill. and demanded how i was going to pay. i just said i paid the 15.00 for the full insurance and that would cover it , she grabbed the rental agreement and read it, her face turned red. and i left….

4.Is it okay to not have car insurance for a few months ?

Probably expecting a bit of heat for this one but here goes.. lol.

I live in Spain and about 14 years ago or so I was forced under pressure to get rid of the Suzuki jeep… which looked a fair bit like this I suppose. No power steering and the uncanny ability to just spin right around on itself in slightly greasy roads….

which had the widest back tyres I think I have ever seen on a car.., anyway, it had to go, saw an ad for a Mitsubishi Shogun , a lot like this

UK plates and only came with an export certificate from UK. Seems the guy who brought it over was intending to change it over to Spanish plates but never got round to it. Swapped the Suzuki plus 3 grand and off we went. First time I had driven an automatic, was a joy and no mistake…proper built like a tank too.. awesome car.

Drove that car for almost 8 years on that export certificate, no MOT and insurance papers I made my self on the computer by copying a mates documents and changing the pertinent details. Spanish cops had at that time.. and possibly still now, no way of actually checking the veracity of insurance papers, if they looked legit, they were accepted.

I understand that in the last few years DVLA having softened a little and offer a yes or no answer to Spanish enquiries as to whether a UK registered car has a valid MOT or not… no other info is given. I assume thats data protection at work or some such. Its that yes or no that has gotten rid of a load of UK plated cars from Spanish roads, now you actually have to have one, so either you know someone who has an MOT garage and can produce one for you or you drive back to get it done, which isnt usually viable.

So ye, its ok to not have insurance for a few months or even a few years, as long as you can get away with it.

5.Can realtors write off car insurance ?

It depends on the method they choose to use to write off their car expenses. If their car is used less than 50% for business, they must use the mileage method which includes all operating expenses including insurance. If they use it more than 50% they may choose to use the actual expense method or the mileage method. If they use the actual expense method they can deduct the business % of gas, repairs, interest, insurance, depreciation, etc. Either method requires them to keep a mileage log.

6.Does my car insurance cover my friend when they borrow my car for a day?

In the UK read your certifcate of motor insurance.

If it says

“Any person driving on the policyholder’s behalf or with their permission” or WTTE then they will be covered. (There may be age limits in the schedule of insurance but these cannot appear on the certificate). (Also cover will be for pleasure use only unless the wording on the certificate specifically includes business use by your friend).

If it does not say that then, unless your friend is named on the certificate of insurance, they are not covered under your policy.

This does not necessarily mean that they are uninsured when they drive your car, since they may have an insurance policy covereing their own car with the “driving other cars” extension. “The policyholder may drive, with the owner’s permission a car not belonging to the policyholder nor hired to him under a hire-purchase agreement”. If this clause is in effect it only covers their Road Traffic Act Liability and does not cover loss or damage to the car whilst in their control. Note that it is your duty to check this. If your friend doesn’t have such cover then you are ‘aiding and abetting’ a motor offence of driving without insurance - offence code IN12 - which will substantially increase your car insurance premium - despite the FCA announcements today.

7.Can a 19-year-old afford car insurance ?

Driving a car is a privilige, not a right.

Unless you are in gainful employment and living at home, I suspect you will have to rely on the bank of mum and dad. But if you think getting insurance at 19 is hard - imagine trying to get it at 17 and 18.

Many teenagers go with a company that assesses the premium based on information sent to them by a ‘black box’ added to the car. People who drive sensibly and only durting the day pay a lot less than those who drive recklessley and at night - even if the latter have no accidents.

The first year is by far the worst. If you go claim free for a year then no only will you be 20 rather than 19 - but you will have one years no claims discount - which will knock about a third off your premium.

(Oh and don’t try and pretend the car you drive is owned and registered with your parents and that your mother is the main user. Insurance companies are not stupid. People who own a vehicle one or two years old don’t normally decide to buy a second vehcile that is 10 years old for their own use.)

8.What are the worst car insurance companies in America ?

As others have alluded to, the whole insurance cabal and racket is on par with a level or two less integrity than the drug cartels run in Mexico and South America.

Still, some insurance companies make an effort to comply with law and regulation, while others just have a standard operating procedure to act like bad-faith criminals.

One company stands out as the worst of the worst:

Bristol West

If you bought insurance from these scoundrel's, do yourself a favor, and immediately change. But don’t change early, or you’ll pay outrageous cancellation.

If you get hit by someone with this insurance, put in your claim with your own insurance, or you’ll just be wasting your own time.

9.How much do I need to pay for car insurance ?

Without knowing where in the world that you live, nor your age, sex marital status, other drivers in your household, driving records, and car or cars you trying to insure.

You can't save time or money by asking an ambiguous non informational question here. You will have to do it the old fashioned way, calling around to agents or companies. You can also go online to the companies and agents but NOT TO THOSE SITES THAT PROMISE TO TELL YOU THAT THEY'LL TELL YOU EVERY COMPANY'S RATES. That is a LIE plus you are putting yourself at risk for identity theft, and here are the reasons:

None of these sites has ALL of the companies. They only show those companies paying them to be there.

Even if they show an Allstate, a Progressive and/or Geico, these companies all have multiple rating levels for different types of drivers from preferred for the very best risks down to theworst risks out there. Those kinds companies might only have one or two of their rating levels on each of these sites, so if you don't qualify for those that rating tiers you won't be given a rate from those companies. Likewise if the company that truly is cheapest for you didn't pay for that website to show their rates, you won't see them.

They will sell your personal information to multiple agents and/or companies. This means that you will be bombarded by people trying to sell you auto insurance.

And since they don't check that the person indeed buying the leads are insurance agents all of your personal information could end up in the hands of identity thieves.

NOTE: IDENTITY THEFT DOES NOT HAPPEN FROM INSURANCE COMPANY OR AGENT'S WEBSITES!

10.What do

sports

car

lovers need to know about car insurance ?

Find out how buying a sports car impacts on your car insurance, from cost to cover. There’s nothing specific you need to look for in an insurance policy on a sports car, per se, but it’s always a good idea to read the policy wording in advance if you have anything specific you want covered.

Some of us love football. Some of us love cricket. And some of us love motorsport. The sports we like are part of our identity, and if you’re a motorsport fan you might want to express that through your choice of car.

We’ve put together this short guide to help you better understand the implications of owning a sports car from an insurance point of view.

Find out how buying a sports car impacts on your car insurance, from cost to cover.

What to look for in an insurance policy on a sports car

There’s nothing specific you need to look for in an insurance policy on a sports car, per se, but it’s always a good idea to read the policy wording in advance if you have anything specific you want covered.

For instance, you might want to be sure you’re covered against vandalism or other such malicious damage to the tyres, paintwork or (on a cabriolet) the fabric roof.

Even if you’ve found a policy that covers every scenario you can imagine, you must fully disclose all details of the car to avoid having an insurance claim refused. This includes any optional extras or other modifications that have been made by you or a previous owner.

What qualifies as a sports car ?

For the purposes of insurance underwriting, Admiral defines sports cars as cars designed as performance vehicles ‘from the get-go’: things like coupes, roadsters and GTs.

Having said that, your car may be considered a sports car even if it doesn’t fall into one of these categories.

Car manufacturers recognised years ago the demand for high-performance cars which were practical and spacious enough for the real world – cars for people with children and hobbies, essentially.

Traditional sports cars are designed to be lightweight, compact and aerodynamic, but this usually means a cramped interior and little or no luggage space.

So, over the years, and with changing attitudes towards what ‘sporty’ means, we’ve seen the arrival of the hot hatchback (as defined by the iconic VW Golf GTI), the sports saloon (think BMW M5) and, more recently, the performance SUV (such as the Porsche Cayenne).

Why is insurance on sports cars more expensive ?

Every new car is placed into an insurance group based on the risk associated with it, and risk is calculated using statistics about past claims on similar cars. Risk takes into account both how likely you are to make a claim, and how much it could cost to put right if you do.

When it comes to sports cars, the first (and perhaps most obvious) thing insurers look at is their performance. Many sports cars are fitted with engines that provide rapid acceleration and high top speeds.

And they’re engineered to mimic the driving characteristics of racing cars, with responsive handling and potent brakes �� all designed to help you carry as much speed into, through, and out of corners as possible. All of which increases your likelihood of being involved in an accident.

They are also, often, more expensive to repair or replace, because of their high sale prices or because parts are more specialised. And they may present a more irresistible temptation to thieves, making a theft claim more likely.

What are the cheapest sports cars to insure ?

We've compiled a list of the 10 sports cars with the cheapest average premium between January and March 2021.

Of course, the car itself is only one of the factors used in calculating premiums, so the characteristics of the average owner of these cars (including age, driving history and No Claims Bonus) could explain why the premiums are so affordable.

The models listed combine cars of all ages and values, including both hard-top and roadster equivalents sharing the same name.

Porsche Boxster - £404.04

BMW Z4 - £437.52

Polestar 2 - £446.07

Mazda MX-5 - £451.80

Porsche Cayman - £488.42

Porsche 911 - £509.19

Porsche Macan - £518.03

Nissan GT-R - £582.02

Toyota MR2 - £586.39

Ford Mustang - £586.77

After you've finished reading, we hope you've benefited. And we invite you to comment in your opinion. And we're happy with that, and we love reading it.