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The Cost of Insurance

bruce morgans

Joined: 21-01-05

Topics: 8

Replies: 26

Posted: Thu 23rd Apr 2020, 3:04pm
The Cost of Insurance

I have recently received a reminder that my insurance is due for renewal and that the premium will remain the same.
Bearing in mind the current restrictions and the fact that I fall into the vulnerable category so it is likely my locos will remain locked away in my garage workshop possible until next season surely would be justification to reduce the premium. Indeed is there a case for allowing it to lapse until next year? I suspect many members will be in a similar situation and asking the same question.
A brief email to the broker explaining my thinking met with a negative response.
 

Replies To This Post

Xz

Joined: 1-01-92

Topics: 33

Replies: 397

Posted: Thu 23rd Apr 2020, 4:07pm

I believe that car insurers in the States have done just that, discounted their premiums due to lower expected mileages. No word of that here. I too have just renewed my loco insurance. You must beware that if you don't renew, you may not be covered by your house policy, in which case you could well be under-insured and any claim subsequently reduced. Something to look into, carefully, before deciding.

Keep safe all.
 

johnnicholson

Joined: 1-01-77

Topics: 17

Replies: 95

Posted: Fri 24th Apr 2020, 9:09am

Xz please note e mail sent.
 

BJ

Joined: 1-01-84

Topics: 11

Replies: 22

Posted: Sat 25th Apr 2020, 1:21pm

My insurance is dew next week, I have not seen my loco or rolling
stock for the last 5 weeks, the loco is kept at the club site where
the club insurance does not cover them so i do need insurance
but like you said there should be some discount because we cannot run them.One car insurance company in this country have given a
discount
 

craiggluyas

Joined: 10-01-20

Topics: 0

Replies: 7

Posted: Sat 25th Apr 2020, 6:15pm

Surely the only insurance not being used when not running is public liability? Car insurers have given discounts on that basis because mileage is going to be much lower than on most policies. You only have to play around with the mileage at renewal time to see what a difference it can make to the cost!
The asset still needs to be covered for the same risk of theft. It could probably even be said they are at higher risk now because of reduced visits which could lead to increased premiums....!
Sorry to disagree...
Craig
 

bruce morgans

Joined: 21-01-05

Topics: 8

Replies: 26

Posted: Sat 25th Apr 2020, 6:41pm

The cost should reflect the risk. In my case the asset is secure at home and viewed daily. I accept that assets located at remote sites and viewed infrequently are at higher risk. I do agree that the public liability is the element that is least required if you are not in service. I think this will be the view I will take with the broker. Regards Bruce
 

Xz

Joined: 1-01-92

Topics: 33

Replies: 397

Posted: Sun 26th Apr 2020, 8:38am

Mine are all stored at home, and I'm self-isolating therefore a reduced chance of theft, bourne out by the crime figures, and no transportation risk as they're going nowhere.

Has anyone else noticed the unannounced change of underwriter?
 

frankcooper

Joined: 9-08-09

Topics: 14

Replies: 136

Posted: Wed 29th Apr 2020, 7:26pm

Walker Midgley have been contacted and are looking at ways of a possible solution on costing. Trouble is a new insurer is now involved. The change of actual insurance company was mentioned albeit is the usual "small print".
 

bruce morgans

Joined: 21-01-05

Topics: 8

Replies: 26

Posted: Thu 30th Apr 2020, 10:42am

Frank this is good news WM acknowledge the concerns and lets hope a policy agreement to reduce the premiums can be reached.
I have received a revised quotation for cover without public liability but this has only dropped the overall cost by 10%. I have time to see if any further reductions are forthcoming with a policy change.
 

johnnicholson

Joined: 1-01-77

Topics: 17

Replies: 95

Posted: Fri 1st May 2020, 10:54am

Having my renewed railway insurance starting today it is no longer with Sun Alliance but the Travelers Insurance Company through Walker Midgley. My annual premium has gone up from last year by 5p.
 
 
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