Written by Dave Youngs, Partnerships Director for Peter James Insurance. It’s been a fantastic start to the Spring for us as we plan out all the events that the Peter James Insurance team will be present at throughout the summer months as a new season gets underway. It was great to see the Enthusiasts of British Motor Vehicles team at the Practical Classics Restoration Show last month and, as usual, there was a great range of cars on display. One of the questions I get asked the most about insurance is around the retention of the salvage if your pre’85 classic is written off. There are lots of myths, and inaccuracies around how this works out, should the unthinkable happen to your treasured classic. What do we mean by Salvage Retention?Firstly, we should define what it means when your car is a write-off, sometimes referred to as a total loss. This is where your vehicle has been damaged beyond economic repair or deemed not safe to be driven again. It is the engineer who inspects the car after the accident that determines this and the category of loss. If you’ve used the Enthusiasts of British Motor Vehicles Insurance offer, your policy includes FREE salvage retention which means that you retain the vehicle should it be deemed a ‘write-off’. In this case, you would receive a full settlement and retain the vehicle’s salvage with no deduction, other than policy excess.
Many other classic insurance brokers also advertise ‘salvage retention’ in their marketing. It is not until you examine the policy details that you see that this is just an option to purchase the salvage in the event of a total loss. Salvage can typically cost up to 35% of the vehicle’s pre-accident agreed value so the Peter James offer of FREE salvage is a generous one! There are four categories of insurance classification following an accident and these have been updated in recent years. The first two allow you to retain the salvage, these are:
Another quick reminder of the key benefits that EBMV Insurance offers you for your pre’85 classic:
Call our club's dedicated insurance line 0121 274 5392 or visit https://www.britishmotorvehicles.com/insurance.html for more details and to use our quick quote service
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Written by Paul Sweeney. We regret to announce that we have given Hagerty Insurance 30 days' notice terminating our mutual promotion agreement. We gave it our best shot, but sadly the arrangement was simply not delivering the benefits we or Hagerty hoped for.
At this time we have not decided whether or not to seek a new insurance partner, but if we do we will ask for members recommendations before approaching any potential partners. After some 4 or 5 years with Lancaster Insurance Services as our group insurance sponsor we felt it was time for a change and have parted ways amicably. We thank Lancaster for all their support, which enabled us to expand our activities considerably over the period.
We are now in discussion with a new insurance sponsor that we are very excited about - watch this space for news of special offers and opportunities we think you will love, coming soon! Competition run by Lancaster Insurance Services. Would you like to be inside a Lancaster bomber with all four Merlins running, taxying down the runway? So would we!
entries close 30 September 2021Details of the VIP day include:
You will also be able to bring a guest for the whole day, including a look inside the Lancaster and the tour. Unfortunately, your guest will not be able to partake in the taxy ride. Full details will be provided to the winner. Sponsored message from Richard Edmonds Auctions Ltd. Sale this weekWe're thrilled to be putting on our first 'in-the-room' sale this weekend and look forward to welcoming you back to Chippenham from tomorrow when we go on view. We've been given the go-ahead to taking bookings from up to 100 guests. Both viewing and seats for the sale are strictly by reservation only. With having such a heavy restriction placed on us, due to Covid-19, we do ask that if you book a place and then find you won't be attending that you kindly let us know as we anticipate we'll have to hold a reserve list - a very alien concept to be limiting numbers when we've spent years encouraging the reverse! We are however, of course, not restricted online and so actively encourage online bidding, booking a telephone line (to save yourself the online fee) or leaving a commission bid with us by phone or email. Viewing: Thursday 10am-5pm, Friday 10am-5pm, Saturday 8.30am-5pm Lastly a few dates for the diary. Further select entries are invited for our next Petroliana sale on 12th June and Motorcycles sale on 26th June.
We look forward to seeing you again! Stay safe, From all the R.E.A.L team By Admin. Please take a moment to thank our sponsors Richard Edmonds Auctions, Alvaston Press Ltd and last but not least Lancaster Insurance Services. Without their generosity, our group would be unable to do much of what sets us apart from other online groups. The lockdown affects our sponsors too, so please show your appreciation :-)
Links to each sponsor's website are below - just click on the appropriate logo if you'd like to know more about their goods and services. by Paul Sweeney We are delighted to announce we have not one, but two brand new sponsors on board for the next 12 months. We are very excited about the opportunities that this will open up as we look to continue driving the group forward, offering you more and enhancing the overall membership experience. MG Insurance Services Ltd was formed as the insurance division for the MG Owners Club in 1984 and specialised in providing MG Insurance for members of the MG Owners Club. As the popularity and demand for classic car insurance grew, it was decided in 1989 to arrange insurance for a wider variety of classic cars. This resulted in the MG insurance division becoming Lancaster Insurance Services Ltd. In addition to being an insurance broker, Lancaster are perhaps best known in our group as headline sponsors of LANCASTER INSURANCE CLASSIC MOTOR SHOW, WITH DISCOVERY, billed as 'the biggest and best classic motor show in the UK'. Watch this space for some very special club offers and competitions with great prizes from the team at Lancaster coming soon. Services offered include insurance cover for:
www.lancasterinsurance.co.uk As established auctioneers in the world of vintage and classic cars and motorcycles, Richard Edmonds offers the complete auction service with an impossible-to-beat seller’s commission of 0%. In addition they are Europe’s leading specialists in selling automobilia and petroliana. The auction business grew out of a lifetime’s passion and the team takes tremendous pride in offering both buyers and sellers as enjoyable an experience as possible. If you would like to discuss buying or selling a classic vehicle or a treasure from the corner of your garage, then please don’t hesitate to make contact. In the first instance you can discuss your requirements with Admin team member Andrew Tanner, who is a Consultant to the company. The Richard Edmonds team has wide experience in dealing with deceased estates and is well qualified to handle large collections. They have been selected by several significant motoring museums of late in selling their contents but also are very proud to have been regularly selling on to existing and new museums opening across the United Kingdom. Company website:
http://richardedmondsauctions.com by Paul Sweeney We can't reveal all the details yet, but we are excited to announce we have our first sponsor! As many of you will know, our presence at prestigious venues such as Gaydon in the past has called for the Admin team to lay out quite large deposits and liability insurance premiums running to several hundred pounds from their own pockets.
Add to this the calendars, window stickers, key fobs and so on that many of you have enjoyed and you can quickly see there is a limit to what we can do without proper funding. We have been approached by an organisation that is very impressed by what we do and the way we do it, so they are keen to become involved. The offer is not only financial support, but also includes access to free professional artwork to support our attendances at public events - all of which will help the group put a more professional foot forward. We hope you will be as pleased as we are - we think this will lift the group onto a new level and means we will be able to do more as a group. Details of the sponsors and what the group will gain from the arrangement will be shared as soon as everything is finalised. |
EditorsPaul Sweeney |