Insurance WARNING

[Hairy Santa]

just cancelled the insurance on the Toniq as it it is now sold
The insurance was through Adrian Flux and has been running for less than 5 months  - the yearly payment was £165 - so you would expect a few bob back minus cancelation fee  - no nothing what ever - all been used to cancel it
somewhat feel like I've been taken
wont be using Adrian Flux again 

['The Gaffer']

I would have expected at least a few bob back as well

[Hairy Santa]

Have just got back on to them again they are saying it is due to the insurance company Equity Red Star retaining 75% of the full premium plus a £20 cancelation fee

not bad for less than 5 months insuranceBE WARNED

will not be going there again in a hurry

Please let everyone know of this setup they have

[Dixie]

Pete.

I use Roadsure and they are exactly the same.  They allow changes to the policy for when you buy a new car and change the details, but the premium is NON refundable and you dont get any "NO claims bonus".

Robbing bas***ds spring to mind.

M

[Daley Down Under]

I get the feeling that all Kit Car policies work like this - they attract no NCB and are non-refundable. 

I'm not a Flux fan either but they offered by the far the best quote for the Spire this year (and they have recovery and they have agreed value).  No one else could get within £100 (supercharged bike engine to blame apparently)  - I paid £251 for the year on an agreed value of £19k.

Adrian

[minijon]

I have been with Flux for near on 19 years with my Hustler kit car and 9 or so years with my Mini 1275GT ......due to personal circumstances I knew I would have to sell these soon , but had no choice coming up to Christmas as both had not found new homes and both needed re-insuring a few weeks apart .......Flux did offer me a reduced renewal on each when I complained politely about the price hike on each from last year .....  I did go thru the lengthy lower mileage request for quote explaining I would hopefully be selling both .   And as above I did ask about cashing in the policy on selling .   Was  not worth the effort on the phone as I was told I would get back just £18 after all the cancellation fees .
So I reluctantly renewed as last year on two cars ...........

Should have taken up finance when I was young instead of messing about on cars .   

[Denzle]

As usual.  Typical insurance company.  Im with Adrian Flux also.
I think the majority do the same, its like trying to get blood out of a stone once you have paid the full premium.

On the other hand they did give me the best quote, far below the others.

I keep mine insured for the year and dont intend to sell...... saying that though I will have to remember this.
Thanks Pete..   

[paintman]

Don't suppose you could pay monthly then cancel it by not paying?? Just the cancellation fee to pay.

['Mendip Wurzel']

For me I have found Sureterm cheaper and this year Frank Pickles even cheaper.

[xr2 stu]

Don't suppose you could pay monthly then cancel it by not paying?? Just the cancellation fee to pay.

can't do that mate if you pay montly and than go to cancel you have to pay the rest of the amount so better off try to pay it all in one go had it happen to me whan i was frist on the road end of the day they got you by the ball's if you dont pay you can't drive what can you do

[paintman]

Yea, i'm with Sureterm..... don't know what the're like at paying out thou!

[Krazyken]

I think you will find that this is common to most if not all kit car insurance companies.  I am currently with Adrian Flux but some years ago when I owned a Westfield I was with Footman James.  I sold the car and did not plan an immeadiate replacement so asked for a surrender value and was told that there was no surrender value on a kit car policy.  Rather than cancel it I transferred it to a friends kit car so that I had my own insurance when I drove it.

[Mark G]

I had a similar problem with my Indy, through Adrian Flux aswell but this time it was Highway insurance.   Cost me £40 to cancel even though I was paying monthly.

[Chris@A-Plan]

Most insurance companies operate on a short term cancellation basis on these types of vehicles. As they are normally cheap premiums, they would make a loss if they offered pro rata. If you have a £7000 kit car insured for £169, you have to hope that the next 42 people dont claim, to cover the cost if one person does!!

It is frustrating, and we as brokers constantly have the same argument, but when you break it down you can sort of understand why.

Regards

Chris

['The Gaffer']

Thank you for summing this one up Chris.