Sheila's Wheels car insurance change in T&C's

helenp114

Hi Just a quick warning to check the T&C's on this one. With fully comp cover when it comes to driving other people's cars it's usual to have TP cover, this one is the same but with the exclusion of husband or partner's car. I called them to check if this was right, thinking maybe you'd get fully comp cover but no, not covered at all. The one car in all the world that you are most likely to borrow and in the small print you see you have no cover. This is a change from last year's policy so when you are due to renew be careful.

adamc260

I've never heard of any policy giving you fully comp to drive any other vehicle as there's no insurable interest on the vehicle your using as it doesn't belong to you ... Also if you intend on using your husbands/partners car on a regular basis you should really consider becoming a named driver on their policy.

dacouch

adamc260 wrote: »

I've never heard of any policy giving you fully comp to drive any other vehicle as there's no insurable interest on the vehicle your using as it doesn't belong to you ... Also if you intend on using your husbands/partners car on a regular basis you should really consider becoming a named driver on their policy.

Chubb and Hiscox, it also extends to the named drivers

helenp114

It wasn't that I really thought that I'd get fully comp on my husdand's car, I know that this is unlikey. The point I was raising is that his car was specifically excluded from any cover at all which I found unusual. Having mentioned it to colleagues it was an exclusion that was new to them so I wanted to highlight it to people.

2sides2everystory

adamc260 wrote: »

... no insurable interest on the vehicle your using as it doesn't belong to you ...

That isn't true. You don't have to own an asset in order to insure it. Insurable interest would include owning it but is not limited to owning.

And re fully comp DoC ...

dacouch wrote:

Chubb and Hiscox, it also extends to cover named drivers...

That surprises me. Do you know how long they have been doing that and why they do it? Do they charge extra for it? What kind of customer regularly uses it? How do they prevent abuse of it? Surely their policy wording must also be one that has a proviso that says the "other car" must be insured in its own right, at the very least?

dacouch

2sides2everystory wrote: »

That isn't true. You don't have to own an asset in order to insure it. Insurable interest would include owning it but is not limited to owning.

And re fully comp DoC ...That surprises me. Do you know how long they have been doing that and why they do it? Do they charge extra for it? What kind of customer regularly uses it? How do they prevent abuse of it? Surely their policy wording must also be one that has a proviso that says the "other car" must be insured in its own right, at the very least?

They have been doing it for a long time.

Their customers are very rich and pay high premiums for home cover far far superior to a normal policy. The motor cover is offered as an optional add on.

It also includes an agreed value on each vehicle (They agree at the start of each year), like for like courtesy car (Not credit hire), choice of repairer plus other benefits. They send a loss adjuster out within normally a day for most claims and they have authority to settle claims upto a certain limit there and then. The last time I looked it was circa £15k on house claims, they used to carry a cheque book but now send it via bacs when they get back to the office.

Like most products for the rich, it's a case of if you have to ask the cost then you can't afford it

http://www.chubb.com/international/uk/cpi/chubb10510.html

lisyloo

Their customers are very rich and pay high premiums for home cover

I wouldn't consider myself "very rich" and I'm with Hiscox.
We have a 5-bed house and our home insurance was £633 this year.
So I would say we were well off and richer than average but I certainly would not describe ourselves as rich.

Like most products for the rich, it's a case of if you have to ask the cost then you can't afford it

I think you're over egging it a bit to be honest.
The nicest largest houses in any average town would be able to afford it and need that kind of cover.
I'm a dedicated money saver and I wouldn't pay for it if I didn't think it was good value (I think it's very good value for what's covered actually).

lisyloo

The point I was raising is that his car was specifically excluded from any cover at all which I found unusual. Having mentioned it to colleagues it was an exclusion that was new to them so I wanted to highlight it to people.

Thanks for pointing it out.
I think it's probably like that to stop abuse.
If you want to drive your spouses car (which is likely for most people) then you should be properly added as a named driver.

rev_henry

I thought most insurance companies excluded spouses cars? Most of the ones I have any experience of have...

dacouch

lisyloo wrote: »

I wouldn't consider myself "very rich" and I'm with Hiscox.
We have a 5-bed house and our home insurance was £633 this year.
So I would say we were well off and richer than average but I certainly would not describe ourselves as rich.



I think you're over egging it a bit to be honest.
The nicest largest houses in any average town would be able to afford it and need that kind of cover.
I'm a dedicated money saver and I wouldn't pay for it if I didn't think it was good value (I think it's very good value for what's covered actually).

At £633 you have the standard Hiscox Policy, they offer another policy aimed at the high end of the market where customers have the same demands of their insurance as they do any other purchase which is money no object for absolute first class service and cover.

As a rough guide for you, Chubb will not look at insuring someone unless the premium is over £2000 a year for the home insurance. A premium of £2000 is at the very low end of what they cover with their average Home premium being nearer the £10000 mark with many customers paying well well over that amount

raskazz

dacouch wrote: »

At £633 you have the standard Hiscox Policy, they offer another policy aimed at the high end of the market where customers have the same demands of their insurance as they do any other purchase which is money no object for absolute first class service and cover.

As a rough guide for you, Chubb will not look at insuring someone unless the premium is over £2000 a year for the home insurance. A premium of £2000 is at the very low end of what they cover with their average Home premium being nearer the £10000 mark with many customers paying well well over that amount

Yes, and on motor one of their underwriters told me a couple of years ago that they decline to quote on at least 50% of the submissions they receive just because the profile of the risk is not "high worth" enough.