Talk Morgan Forums Community The Malvern Arms Insurance conumdrum

I have recently sold my 2016 ARP4, valued for insurance purposes at around the £60k mark, and have substituted it with a 2009 4/4 worth around £25k and with, literally, half the power, however my insurer, LV have in their wisdom doubled the premium for the balance of the policy. When I asked why they thought the risk was greater, they couldn't tell me, just hiding behind the fact that they thought it was commercially sensitive information. How handy!

I don't suppose anyone on here can hazard a guess as to why an older car with half the power is considered to be more of a risk can they?

Insurance is all about risk, and I'm sure that there are more instances of 4/4 claims than the more rare ARP4 and therefore the increased risk potential for a claim and therefore greater ncrease in premiums.......the same criteria is applied to powerful classic cars which enjoy low premuims where their contemporary cars get hammered by comparison because greater incident of claims. Many insurers may also charge a pretty hefty admin fee for changing cars mid term.

Is it worth just ditching the existing policy and going for a fresh start........??
Insurance is a total con....imho.......!!
I'm sure there'll be more experts along soon, but I've never had any issues with Gott and Wynne.....🤷🏻‍♂️
How much are they proposing to charge you...??

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I tried the NFU as some suggested on here - well for the 2009 4/4 Sport they quoted £1,067 so I drank their coffee and thanked then and promptly left.

I pay £230 with 10k mile limit.

Nowt to do with increased risk, it's because you are a captive customer and like all insurers they know most will just pay up.

Look up the T&C's and claim the refund for cancelling, and ditch for a new policy

Sometimes just telling them you will be cancelling gets a huge reduction in the premium..might be worth a try

Cancel and go elsewere, they are taking the P

Feels to me like they have decided to see if they can get away with it. Their "market changes" is more likely to mean someone has decided that the Classic/Morgan market is not worth their effort and to get out of it they just raise the prices and drive the business elsewhere. Quite a common process in the insurance industry it would seem.

I would exit and go elsewhere as it is likely that whilst the terms for cancellation means you wont get all your % of money back the difference between policy prices will still make it cheaper.

I really cannot see how a less powerful version could be considered a higher risk. A Golf R is not cheaper than a Golf GTE so thats cobblers.

Risk is not just about the relative power of the vehicle but the instances of claims arising from each vehicle type, that is the increased likelihood of the insurers having to entertain a claim on a certain type of car. Happened with the hot hatches, wasn't their relative power and performance, but the high incidence of them being stolen and claims being paid out, hence the premuims were hiked to reflect the payouts, making them at one point almost uninsureable.,

And yet we very rarely hear of a Morgan crash or theft ????

K