RH Specialist Insurance - an Introduction

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AJL Electronics
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Re: RH Specialist Insurance - an Introduction

Post by AJL Electronics » Wed Sep 03, 2014 5:55 pm

Yes Steve, but if there is no margin because EVERYONE is getting the best rate, it can't be discounted.


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Re: RH Specialist Insurance - an Introduction

Post by RHInsurance » Thu Sep 04, 2014 1:20 pm

Hi all,

I'll try to clarify as best I can the situation regarding agreed and market values.

When a policy is taken out it is done so on the basis of the value declared by the customer. It is in no way a "fixed value" as the valuation can be increased or decreased within the policy term by the customer. If a customer decides to increase this value during the policy term then an additional premium will be due, if a customer reduces the value then we can refund the difference in premium.

In short, if a customer wants to cover more value they pay the difference. If they went to cover less value then we refund the difference.

In the event of a total loss our policies will pay out for a vehicle at the market value at the time of loss, subject to that amount being no greater than the declared value on the policy.

It is also worth pointing out that the customer would retain the salvage/vehicle (if it is over 20 years of age at the time of loss) free of charge and in addition to the insurance pay out.

The customer can elect to cover the vehicle with an agreed valuation. With an agreed valuation the customer would receive the agreed amount even if it is greater than the market value. For agreed valuation cover we require a valuation from a club official or independent valuation specialist.

It's also very easy to increase the agreed value on a policy, or change from market value to agreed value, all you need to do is get in touch with us and make sure you have the valuation documents in hand.

We are not expecting customers to review their vehicle values on a monthly basis and would steer in the direction of common sense here. A more sensible approach would be every 3-6 months if you are genuinely concerned that your vehicle value is rapidly inflating/deflating. We would recommend that values are reviewed annually by the customer in any event.

Whilst we cannot promise that we would consider paying out more than a vehicle has been insured for we are very open minded and take a common sense approach to these situations on a case-by-case basis.

Kind regards,
Scott


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Re: RH Specialist Insurance - an Introduction

Post by Darren C » Thu Sep 04, 2014 8:43 pm

Thank you Scott,

That's clear and informative.

One last question (for the benefit of all)

Are there thresholds on value that prompt a policy increase in premium and what are they? (please don't say case by case) :wink:

Is there any difference at the higher end?
example:
£1000 increase in value definately pushing up a policy premium on a previously valued £1500 car, but maybe NOT an increase in premium on a £200K car rising to £225K ?


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Re: RH Specialist Insurance - an Introduction

Post by RHInsurance » Mon Sep 08, 2014 12:43 pm

Hello Darren,

Regrettably I am not going to be able to give you an answer to this one.

Kind regards,
Scott
Darren C wrote:Thank you Scott,

That's clear and informative.

One last question (for the benefit of all)

Are there thresholds on value that prompt a policy increase in premium and what are they? (please don't say case by case) :wink:

Is there any difference at the higher end?
example:
£1000 increase in value definately pushing up a policy premium on a previously valued £1500 car, but maybe NOT an increase in premium on a £200K car rising to £225K ?


RH Specialist Insurance

Contact the team on 01277 206911 or classicuw@ers.com for a quotation
Visit our website at http://www.rhclassicinsurance.co.uk to learn more
Like us on Facebook: http://www.facebook.com/rhclassicinsurance

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Re: RH Specialist Insurance - an Introduction

Post by zeb » Mon Sep 08, 2014 1:07 pm

AJL Electronics wrote:You can only discount from a high price to start with. If the price is already cut to the bone, you cannot offer a discount to anyone.
I take your point but, if you were a bit on the cynical side, you could easily think that the insurer was artificially loading the premium on to makes in order to facilliate a margin that could be discounted without doing so at a loss, or something. :wink:
Im sure that would be classed as unethical, maybe illegal...



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Re: RH Specialist Insurance - an Introduction

Post by Darren C » Mon Sep 08, 2014 5:53 pm

RHInsurance wrote:Hello Darren,

Regrettably I am not going to be able to give you an answer to this one.

Kind regards,
Scott
Ok, let me put it another way: when do we know when it's time to call you with a decrease in value (to request a refund) or an increase in value (to pay you more)?

Is it a percentage calculation? ie, 5%, 10% or more change in value?


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Re: RH Specialist Insurance - an Introduction

Post by RHInsurance » Tue Sep 09, 2014 2:56 pm

Hello all,

Regarding some of the comments about "club discount" we are aware that some of our competitors advertise "special" or "discounted" rates for club members, however we do not offer a discount to RSSOC members.

We are fully confident in our ability to provide competitive quotes to the club's members and would certainly encourage you to request a quote when your insurance is due.

Kind regards,
Scott


RH Specialist Insurance

Contact the team on 01277 206911 or classicuw@ers.com for a quotation
Visit our website at http://www.rhclassicinsurance.co.uk to learn more
Like us on Facebook: http://www.facebook.com/rhclassicinsurance

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Re: RH Specialist Insurance - an Introduction

Post by scimmy_man » Tue Sep 09, 2014 3:40 pm

some insurers add a premium to discount it after,

its the final price V whats included that matters.

and unless you re value a car every few weeks It cant keep track, if you think its going to increase in value, pay more to start with.


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Re: RH Specialist Insurance - an Introduction

Post by scimjim » Sun Jul 12, 2015 9:59 pm

I see that RH have just been bought by Hiscox - funnily enough I have my business PII/PLI/EI through them, will I now get a multi policy discount? :-)


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