Insurance

General MGB discussion
Vic Butler
Posts: 591
Joined: Wed Dec 21, 2016 6:07 pm
Forename: Vic
Surname: Butler
Location: North West Hampshire

Re: Insurance

Post by Vic Butler »

I haven't found that the MG premiums have increased except where that insidious creeping upwards premium tax has increased.
When Peter Best was sold I rang the company and was assured that it would remain the same format which, as far as I have experienced, has happened.
1977 Stage 2 MGB GT
1975 SWB Series 3 Land Rover with a later 2.5 petrol engine
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Steven collins
Posts: 73
Joined: Fri Oct 31, 2014 5:20 am
Forename: Steve
Surname: Collins

Re: Insurance

Post by Steven collins »

Have to agree with you there Vic, I have just renewed my MGB insurance with PB, supplied the various photo’s as per agreed valuation requirement, the premium was actually cheaper this year so no complaints from me.
Vic Butler
Posts: 591
Joined: Wed Dec 21, 2016 6:07 pm
Forename: Vic
Surname: Butler
Location: North West Hampshire

Re: Insurance

Post by Vic Butler »

I insured my 1975 Series 3 Land Rover with them for the first time. last October. The policy is with Hiscox and is the same format as the MG one .
The premium for the Land Rover is £97 and a few pence for 3,000 miles and agreed valuation of £6,000, and free breakdown cover.
1977 Stage 2 MGB GT
1975 SWB Series 3 Land Rover with a later 2.5 petrol engine
Jon Snelling
Posts: 3
Joined: Sun Apr 25, 2021 2:04 pm
Forename: Jon
Surname: Snelling

Re: Insurance

Post by Jon Snelling »

Many thanks for all the very helpful replies. I have taken the advice and gone for limited mileage and an agreed valuation.
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Peter Cresswell
Posts: 721
Joined: Fri Oct 31, 2014 10:05 am
Forename: Pete
Surname: Cresswell
Location: Stone, Staffordshire

Re: Insurance

Post by Peter Cresswell »

I attach a copy of a newsletter from my insurers, Heritage, which explains how the Agreed Value works. It might not be how you think it will work!!!!
It is most important that you have the correct Agreed Value, and remember that this is not the value of the car as any work on the car after and accident might be greater than its value on the market (that is what you get if you don't have an Agreed Value). Also remember that if the car becomes a Category A or B write off you will not be able to retain the salvage.
Another issue with classic car insurance which normally would not affect most MGBs unless it was a low mileage and unrestored car in 'as new' condition. In this case the value is much higher than a restored car, but if it is restored after an accident it's value will be less. Classic car insurers are starting to get the message about this and as a consequence offering 'Diminution in Value' cover. This of course will cost you more as the insurers risk is higher. For example if the unrestored car had a value due to its rarity of £50,000 but restoration costs were £25,000 and after returning to the road its value now as a restored car was £30,000, the insurers would be liable to the difference between the unrestored value and teh restored value which is £20,000 on top of the £25,000 they have paid to have the car restored.
Beware if your car is in this exceptional category. Mine isn't!!!!
Pete
1969 MGB Roadster
2020 MG HS Exclusive
2007 Mercedes SLK
Plus 34 other cars since 1965
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