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VEHICLE INSURANCE JAGUAR, STANDARD, CLASSIC & RACING

Motorists waste £9.4bn by sticking and not shopping around!

Motorists are set to waste £141 each or £9.4bn collectively by sticking with their existing insurer and not shopping around for car insurance, according to moneysupermarket.com.

With motor renewals season in full swing, research from the leading price comparison site reveals one in five drivers (20 per cent) automatically renew their motor insurance with their provider rather than shopping around to find a better deal. Of these, one in eight (12 per cent) don't think they can find a better deal, and a further eight per cent or 2.6 million motorists say they will automatically renew their insurance because they can't be bothered to see if they can save money. Motorists in East Anglia and Northern Ireland are the worst culprits, with over one in four (28 per cent) not shopping around when it comes to renewing their policy.

Steve Sweeney, head of motor insurance at moneysupermarket.com said: "In this current climate, it is shocking to see the sheer scale of drivers who won't spend a few minutes to see if they can save money when renewing their car insurance.  Our research has found drivers could save themselves £141 on average by scouring the market - money which could come in useful elsewhere. It is alarming that so many motorists are prepared to waste their hard earned cash."

LOYALTY DOESN'T PAY

The research also reveals drivers stay loyal to their provider for an average 2.7 years, with the over 70s remaining the most faithful of the age groups, sticking with their provider for an average 3.8 years. Likewise, motorists in Northern Ireland take the top spot for the most loyal region, continuing their policy with the same company for an average 3.2 years, followed closely by those in the South West, East Anglia and the North East, all of whom stay for an average 2.9 years.

Steve Sweeney continued: "Providers count on your apathy to reap the profits. While they may lure you in with a competitive deal or special discount on year one of your policy, not ordinarily available to existing policy holders, you can be sure your renewal price will include a hefty premium - hardly the thanks you were expecting for your loyalty.

"Even if you think your quote can't be beaten, it only takes a few minutes to make sure you really do have the best value policy to suit your needs. In addition, if you have not made a claim in the past twelve months, you should normally expect to be paying less than you did the previous year."

CAR INSURANCE ADVICE FOR YOUNG DRIVERS

Finding affordable car insurance can be difficult at the best of times but if you are a young driver it can be a nightmare. Drivers who are under the age of 21 years of age are ten times more likely to be killed or seriously injured in a car accident than drivers over the age of 35. It is estimated that when a male driver under the age of 25 has an accident his claim will be around double what an older male's claim would be. It is easy to see why insurance companies air on the side of caution. All young drivers are tarred with the same brush unfortunately, but there are steps that you can take to lower the costs of your premiums.

One thing that will be looked upon favourably by your insurance company is an advanced driving course. These courses are designed to give you a wider experience of driving such as at night through the countryside and in wet conditions. Insurance companies may offer as much as a 35% off your annual cover if you have completed such a course. The more experienced or qualified you are to drive the more likely your premiums are to be reduced.

It is also important to consider what kind of car you drive or are looking to buy. It is advisable to drive a car that is in the lowest insurance category possible that is insurance group one. Cars that you might want to consider are the Ford KA, Citroen C2, or Vauxhall Corsa. These cars could give you big savings over the course of a year. Once you have the car of your choice it is advisable not to make any alterations to it. Not only do modifications make your car more appealing to thieves they also increase your risk of having a road traffic accident. Modified cars are classed as higher risk and your insurance premiums will inevitably rise.

Shopping around for the best deal is one of the best ways in which you can save money on your car insurance premiums. If you're serious about making savings it is advisable to get regular quotes as often as every six months. By visiting sites such as Moneysupermarket.com, finding the cheapest car insurance could not be easier. You will be able to compare hundreds of providers in a quick and easy way and will really find the best deal to suit your needs.

By following this simple advice you should make you some considerable savings on your insurance. Just think what you could spend the extra money on!

SOME THINGS TO CONSIDER ABOUT CLASSIC & COMPETITION INSURANCE

These days there are more companies offering vehicle insurance than ever before. Whilst more choice and competition between companies should lead to cheaper premiums it makes choosing the right one a minefield.

There are now companies specialising in over 25's, over 50's, over 55's, 17-40's, Women only, Men only, Careful drivers only, High performance, Low performance, Over £300, Classic, Cars over 3 years old, One make, Racing, Commercial, Motor trade etc.

Most companies offer protected no claims, some even offer unlimited NCB. How can it be a no claims scheme if you could potentially have the worst claims record in the country and still keep your NCB? Is there a catch? and would any other insurance company recognise it? I doubt it! At the end of the day whatever fancy names they have for their policies, if your deemed to be a higher risk than the next man, you will undoubtably pay more for your insurance. This assumes of course that both of you have done your homework on the best package.

Modern Maserati

There are a multitude of other options and benefits that may be of interest according to your individual needs and budget.

The most important thing of all is that you have reliable cover for the more costly claims or losses, which in the worst case could run into six figures! Apart from choosing a company you can trust, it is also essential to provide them with correct up to date information. It is pointless obtaining a lower quote by giving incorrect details, as your cover will be worthless in the event of a claim.

Unlike the plethora of other insurance's of doubtful worth, like £40 for 3 years cover on a portable TV that cost £60 and will be out of date in 2 years, adequate Motor insurance is not only Vital but is also a legal requirement. Unfortunately there are a growing number of uninsured drivers on our roads!

CLASSIC CAR INSURANCE

High performance sports cars can be covered fully comprehensive agreed value for under £200!

Classic car insurance is generally considerably cheaper than modern car insurance. The main reasons being that some or all of the following restrictions usually apply:

Limited mileage typically 1500, 3000, or 5,000 per anum.

Garaged over night.

Valuation certificate required plus photos.

Car club membership required.

Driver must have use of an every day car.

There is also a great deal of choice in the Classic car insurance market, with some companies offering discounts to specific makes or car club members. (Don't assume that these will necessarily be the cheapest or best). Multiple classic car policies are also becoming common.

Some companies insist on a new club valuation every year, as this could cost £50 or more, it is worth bearing this in mind as it needs adding to the premium for comparison's. Other companies include compulsory breakdown cover which may be good value if you don't already have cover for all vehicles.

As with ordinary car insurance, there is so much choice that it would cost you more in time and money to phone them all than you are likely to save. It is worth doing some research on the Internet, and talking to other people that own similar cars, and then phone 6 of the shortlisted companies for the best quote. If there is a company that you favour, but they are a bit more expensive than the cheapest, it is always worth a haggle, it often works!

COMPETITION CAR INSURANCE

I think it is one of the most widely misunderstood and ignored areas in Motorsport. Some of the following are probably contributory factors.

Motorsport at any level is expensive, and at whatever level you are competing at you naturally want to use your budget to achieve the best advantage over the competition. This may include better tyres, shocks, cams, engine, or testing. Spending part of your precious budget on insurance may seem an unlikely route to winning you any trophies!

Most MSA events include an element of cover for third party claims (not fellow competitors). It is a bit like trying to understand the terms and conditions of a software agreement to determine what you are covered for.

It is generally accepted that whilst competing you are solely responsible for damage to your own car or personal injury, regardless of who was deemed to be responsible for the accident.

Quite often there is a massive difference in the value of the cars at opposite ends of the grid. In the XJS Championship for example a car at the back may be worth £1500 and the one on Pole is £20,000! The organisers believe that there is clear evidence that better presented cars are generally driven with more care than the scruffy ones. This is of no comfort however if an over zealous novice in his £1500 road car bounces of the Armco and into the leader as he just is just about to lap him!

This accident at Brands hatch 2005 wrote off two highly modified XJS's resulting in losses estimated at £35,000

This is where insurance could well be a major factor in getting your next trophy, unless of course £20K is small change to you! Of course losses could be significantly more than this, especially if injuries are involved that affect your livelihood.

IN CONCLUSION

Its very difficult to get enthusiastic about insurance, but adequate cover for potential losses running into thousands of pounds should be seriously considered by all competitors. Finding the right company for your insurance needs is time consuming but well worth the effort.