I have to say I was please with the way the claim was handled when my
Roadster caught fire. That was with Hiscox via Headley Insurance. I'm
inclined to stay with them on that basis. Threw the young lady at Hiscox
completely when I said "thank you for the way the claim was handled by
you & your colleague" ! She went all flustered for a minute :-)
Ian
On 06/06/12 15:09, Tim Harris wrote:
All insurers make about the same level of underwriting profit on their
motor book - i.e. none at all. In the good old days this was more than
balanced by the investment income to be made from having everyone's
premiums on deposit. Now, of course, there's naff all money to be made in
the solid investment markets (insurers aren't allowed to make risky
investments).
So an insurer who is cheaper than the others is only really going to be
able to do it through having lower operating costs. This can be achieved in
a number of ways, such as:
1. Running overseas call centres
2. Being extremely resistant to / very slow to pay out on claims
3. Paying their UK-based staff a pittance and making them work long hours
4. Having very few customer relations staff, so it's very difficult to talk
to someone
5. Outsourcing their claims assessor service, where the outsourcer company
is paid on the basis of avoiding claims made to the Insurer
6. Skimping on their excess of loss reinsurance, leaving them potentially
unable to pay out on a really big claim
7. Having lots of small print in the contract with loads of exclusions and
limits to the policy
8. Not bothering to employ people with an understanding of the classic car
world, and just relying on standard valuations
9. Cutting costs by doing automatic knock for knock rather than bothering
to find out the true situation (so you lose your NCB in a no-fault bump)
10. All of the above plus some more I haven't thought of yet.
The choice is of course yours. Me, I'd rather pay a few extra quid and have
my pride and joy properly covered by a decent company.
Tim
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