Until now, I've been insured with Liv Vic, as they didn't load for my long list of mods (something to do with my age )

However, this year, the mod list was just too long for LV, and they've refused to cover me.

Straight onto Adrian Flux

Mods:

Forged pistons
Forged rods
Cams
big turbo
exhaust
flowed head
injectors
intercooler
DV
boost control
fuel pump
clutch
6-speed gearbox
wheels
strut brace x 2
ARB x 2
Eibach springs
uprated shox
seats
bodykit
HIDs

They asked about power - I told them the truth - 400+ bhp. I also requested Class 1 business mileage AND told them I'd be doing 25,000+ per year total (about 5,000 on business)

All that lot, 8 years NCB, plus an MS90 conviction and a £2,000 claim last year

£589

Bargain!

Insured with who though?

Equity red star

bargin!!!mines still 800 quid tpft for 10months on a standard 16vt.well done

Yeah Adrian Flux just did my insurance too, again done through Equity Red Star. Noel Dazely simply couldnt believe the quote.

Mine was £525 for me, limited milage and a far shorter mods list. I was extremely happy.

quality quote

if i remember right equity red star offer a price match or better deal policy

Yup, correct, they do.

They're also well renowned in motor insurance circles for being a real pain, come claim-time....

I'd never use them, for what it's worth. And I work in Lloyds.

Yes, there are lots of companies who quote well, but come claim time, they are anything but helpful.
And the courtesy car suddenly becomes unavailable or limited. And you can only use their chosen repairer. So when getting a quote, ask these questions.

Andy.

First Direct offer insurance through them and they are a real PITA over small things.....Just be careful Nigel.

Ross

Just had close experience of a claim via LV: father-in-law totalled his X-Trail, from accident to cheque arriving, four days!

From the sublime to the ridiculous.....

Despite refusing to insure me with my mods, LV still renewed the policy and sent through the docs.

i called them to inform them of their mistake and they offered to quote me through "their alternative company"

After asking them why they didn't offer this when they refused me, I proceeded to list every mod on my car, while muppet-boy on the other end asked what each of them meant. Go on - you try explaining the features and benefets of a custom-built lower subframe brace to some spotty oik with aspirations to achieve neanderthal-level IQ

Anyway, after about 20 minutes, he came back with his best quote

£3,750

How is it possible for one company to charge that much, when Flux wanted £575?

lol numpties! But there are some 17 year olds who dream of a quote as low as £3750 on their modded 1.2 puntos

reminds me of my insurance talks

your how old 17? you want to insure a group 16 2.0 16v Tipo? £4800 tpft!

found a company down to £1800 in the end though.

my first car at 20 years old (close to 21) was a 1.4 mk4 VW golf, chrome wheels, double exhaust and some other cosmetic bits. came to about £1500 fully comp. some companies were looking for 5k+ ROFL wtf??

2 months later i had a fiat punto grande 1.4 brand new. the quote i went for was £900. some companies wanted over 2k

a month after that i had a 2.0 hyundai coupe se 2002, quote i settled at was something like 800 notes fully comp (100 cheaper than a brand new fist punto grande???)

then i had my 1996 16vt coupe when i had 1 NCB built up and they quote me 850. everywhere else i go either wont insure me for the coupe or expect me to be stupid enough to pay out 4 times as much as the car is worth

i honestly dont understand most companies half the time, all they are after is makin quick £££ because they know insurance is compulsory

There is barely any insurance companies/ Lloyds syndicates making any technical underwriting profit on motor business. They all work on to combined loss ratios that are north of 100% (ie, break even).

Where they make their money is on investment returns. That's it, pretty much. It's a cash rich income stream and you get the money in early (mostly). This then allows them to invest in the securities markets etc.

Hard to believe that this is where the profits come from but it's true.

Work out how much that would be without your no claims

I've been with Adrian Flux for about 4 years now and never had a problem, they always match any quote I get from other insurers.
My policy is with H.I.C who were excellent when I made a claim about 3 years ago when I dented my bonnet, the hire car was waiting for me at the body shop, I only paid £40 excess and when I complained about the standard of work the body shop had done they sent an assessor out to look at the car. He agreed with me about the work and the car was painted again

With this type of insurance (compulsary, personal lines) and with the amount of rife competition, you can definately expect Underwriters to be operating at below a 100% AP/TP ratio, and a combined ratio above 100%, although as you say - investment income saves the day. The thing is, if you are under so much competition, then rates are bound to be fat free. Again, with this type of insurance, there's a lot of capital floating around due to the high numbers, so investment income is bound to be an important stream for a positive underwriting profit.

In other words, insurance companies know what they're doing, and they're most certainly not minting money from unsuspecting motorists like most of the public think. Any market with massive competition, in any industry, especially with a uniform product (like car insurance) will find it difficult to make massive profits. Basic economics.

When i was working at NUD in my first year, they were looking at a 105p cost v 100p income on year one of most policies. So they were making a loss on year one, due to averaging out marketing/claims etc etc. But if a customer renewed with them, it was down to something like 70p cost v 100p income, so thats where there profit was. Retention became a major issue. When i left they had got it down to around 99p cost v 100p income. But their policies were expensive and difficult to sell due to the pricing.

Ross

I had a very competitive quote from them recently on my modded 20vT - fully comp £518 p.a. & a good policy too - they were only beaten by Noel Dazeley (3rd straight year with them now!).