Motor Insurance bond !

Lum

Indeed, they'd be on some kind of specialist multi-car & classic-car policy that takes into account that the cars are all garage queens that never go anywhere anyway.

paddedjohn

dacouch wrote: »

for someone with that sort of collection the premiums would not be tens of thousands of pounds for each car unless they had a very very bad claims / convictions history

i was referring to the popstar/rapper/footballer type person who you see on tv with their car collections.
They pay a heavy premium because of their jobs. Even putting journalist down increases your premium.
Try on a comparison website with different jobs

paddedjohn

ive just been on a comparison site and made out i was a 25yr old apprentice footballer driving an aston martin db9, my quotes ranged from £15,000 upto £28,000

Kilty_2

paddedjohn wrote: »

ive just been on a comparison site and made out i was a 25yr old apprentice footballer driving an aston martin db9, my quotes ranged from £15,000 upto £28,000

Lum wrote: »

Indeed, they'd be on some kind of specialist multi-car & classic-car policy that takes into account that the cars are all garage queens that never go anywhere anyway.

.......................

dacouch

As lum mentioned they would be on a specialist policy, these types of policies recognise the extra security the client may have and takes into account the amount of cars there are in comparison to the amount of drivers.

A celebrity or professional athlete would have their insurance arranged through a broker that specialises in that type of risk that their agent arranges for them. In most cases they would not pay anywhere near £25000 for DB9 for a 25 year old

esmerobbo

I have a friend who is not a footballer but is shall we say not short of wonger, he has 3 cars all over £100k I asked him how much it was to insure them all, He didn't say but did say insuring the three was a 25% more then insuring one. He then went on to explain that his broker told him you have 3 cars but you can only drive one at a time.

vikingaero

paddedjohn wrote: »

Not really because the only people who would use this system would be the well off who own a collection high end motors ferrari's, rollers, lamborgini's etc and large companies with a good few company cars.
Dont forget, if there are no claims at the end of a year, you have saved yourself a packet on premiums whilst still retaining your bond so ineffect the interest earned would be the amount saved on premiums. each car in a collection could be 10's of thousands each year so a substantial saving could be made. obvously its risky as if a claim is made it could wipe the bond out

Bonded Insurance is very rarely taken out by individuals. Even with a bond you might not have sufficient assets to pay out one big claim. If you were worth say £20m and drove on a bond, but did the same damage as that chap who fell asleep and drove onto a railway line, would you take the chance that your whole fortune might be wiped out in one silly moment?

Most companies that use bonds still take out insurance for claims above a certain amount - say claims greater than £100k - even though they still hold the bond.

As an example, the founder of Evo Magazine, Harry Metcalfe, has about 12 cars insured under a multicar policy. The policy allows him to drive any car fully comp, allows anyone to drive his cars fully comp (except the Pagani) and cost him £7k for a year. His fleet includes a Pagani Zonda, 2 x Range Rover, Lotus 340R, Porsche, Clio Trophy, Panda 4x4, TVR Griffith and so on. For £7k per annum that's a pretty good value policy with levels of cover not normally available to retail policies.

vaio

iolanthe07 wrote: »

You can deposit a sum of money with the High Court - back in the 1960's it was £25,000, so could well be more than a quarter of a million now. Even that much would not be enough to cover a really serious injury claim.

In the RTA 1988 it was £15k, increased to £500k in 1992.

£15k looks quite attractive given some of the quotes we are seeing for new male drivers