Greenlight - launch imported vehicle Insurance

[Tony@Greenlight]

Hi All,

Following a period of due diligence, along with a decent claims performance in general within the province since August 2006 - we are now able to extend our core scheme to cover the following models:

MODELS to cover

Honda
Honda Civic - Cover all performance Honda models
Honda Integra - DC2 models - Cover all UK
Honda Integra - DC5 models - Decline (No ABI code/parts availability)
Honda Prelude - Cover all

Mazda
Mazda Eunos - Cover all
Mazda 323 - Cover all
Mazda RX7 - Cover all
Mazda RX8 - Cover all


Mitsubishi
Mitsubishi Lancer EVO - WEF 15/9/2008 Piloting All perfromance models (Poor historic claims experience - single vehicle accidents & theft claims resulted in previous exclusion)
Mitsubishi FTO - Cover all
Mitsubishi GTO - Cover all



Nissan
Nissan Pulsar - Cover all
Nissan Skyline - Cover all ABI recognised models (Windscreen cover excluded)
Nissan 200 - Decline ALL – very poor claims statistics (Primarily loss of control Incidents)
Nissan 300zx (Fairlady) - Cover all
Nissan 350Z - Cover all

Subaru
ALL Models - WEF 15/9/2008 Piloting ALL ABI listed performance Subaru models (Parts availability/no support from manufacturer resulted in previous exclusion)

Toyota
Toyota Supra - Cover all
Toyota MR-2 (inc Turbo/Roadster models) - Cover all
Toyota Celica - Cover all
Toyota Altezza RS200 - Cover all
Toyota Aristo V300 - Cover all
Toyota Cresta - Decline all (Not recognised by ABI - not coded)
Toyota Chaser - Decline all (Not recognised by ABI - not coded)


As promised, we have managed to expand what we are able to cover within the province and the above is a list of what we are able to cover at the latest stage of our schemes development within the province.

We have listed the models that we do/do not cover at this stage so you will need to check the above list includes your vehicle prior to contacting us for a quotation.

It only takes a few minutes to apply for a quotation, so if you get 5 mins spare log onto www.greenlightinsurance.com .

Kind regards

Tony

 

[six_impressive_hours]

Nice to see Greenlights cover expanding here

...and £2k for a Skyline windscreen - thats crazy

jamesy

 

[Richy]

What about import preludes? bb1 btw

 

[Tony@Greenlight]

Hi Richy,

We can now cover imported Prelude models, so I've corrected the post.

Thanks for the nudge

Kind regards

Tony

What about import preludes? bb1 btw

 

[andy_gdon]

Still no Evo cover though - not good

 

[Tony@Greenlight]

Sorry Andy,

It's nothing personal with any vehicle thats excluded - We're statistically driven and unfortunately (for the Underwriter concerned as well as EVO owners) the Lancer EVO's have consistently lost money through loss of control accidents over the last 3 years covered.

Thus the exclusion.

The Import extension and 2nd vehicle NCB mirror are the first wave of expansions for the core products that we have in Northern Ireland, so If the situation ever changes (ie. we find an Underwriter willing to cover the EVO model in the future) I will post on here.

Kind regards

Tony

 

[Graham]

oh this could be interesting

 

[p 5ary]

Sorry Andy,

It's nothing personal with any vehicle thats excluded - We're statistically driven and unfortunately (for the Underwriter concerned as well as EVO owners) the Lancer EVO's have consistently lost money through loss of control accidents over the last 3 years covered.

Thus the exclusion.

The Import extension and 2nd vehicle NCB mirror are the first wave of expansions for the core products that we have in Northern Ireland, so If the situation ever changes (ie. we find an Underwriter willing to cover the EVO model in the future) I will post on here.

Kind regards

Tony

constantly lost money just in NI or does this apply to GB?

 

[Tony@Greenlight]

Sorry we can't help with the Lancer EVO models at this stage of our expansion, the listed enhancements to our schemes in the province (ie. imported vehicles/mirrored NCB) are the first wave of improvements after the scheme was launched.

We have leeway to cover UK (not imported) Impreza's as parts are readily available through Subaru UK and these have performed reasonably well for us on the mainland.

In base vehicle performance terms the Impreza is probably one of the closest vehicles to the EVO and is aimed at similar customers, thus we initially hoped that the Lancer EVO would perform in a similar way to the large volume of Impreza business that we had though our exposure via Scoobynet & SIDC for the last 9 years.

Presumably our expsure also comes from the fact that there seems to be far more Subaru's on our roads than Lancer EVO models and in relative terms we didnt have a huge exposure to EVO models upon the mainland.

As you know, we purely cover drivers with NCB and decent driving experience so we were not talking about people who have gone from a 1.2 Corsa or 1.0 Yaris to an EVO. But what we did experience was the same trend year after year, EVO's are not a massive theft or fire risk, it's primarily loss of control accidents with the incident description being the common denominator - namely, the way the vehicle seems to give the driver confidence then let go all of a sudden when pushed.

In principle, they're exactly the type of vehicle we wish to cover but in practice we have had a really bad time covering them on the mainland to date (3 years on the bounce).

We have requested a review by all Underwriters covering the province, which providing their statistics reflect profitablility rather than our own experiences we may be able to push them to do something for the Lancer EVO (purely in the province), but this will have to be a later development as the latest expansion does not offer room to cover for EVO models just yet.

Kind regards

Tony

 

[buff]

IF Evo's/200's etc are not covered due to "loss of control" accidents. Surely the Vast majority of these accidents are caused by the insured and having been stupid and binned thier car, so there claiming on a fully comp policy.

Would it no be viable for the underwriter to cover them TPFT only? Works both ways as i see it. The underwriters dont have to pay out for something the owners have caused themselves.
And people are much more likely to drive more within their limits, if they know when they stack the car they have to pay for it out of their own pocket to put it right?

 

[Cooper]

These loss of control accidents could well involve third parties. Good news about the extra cover, and as much as its a shame you don't cover some of the more popular import stuff your reasons are very clear.

Andy

 

[Tony@Greenlight]

Hi Buff,

That is a valid point and a decent suggestion, which we also put forward for consideration when the underwriter carried out their recent review (across April/May).

The accidental damage (comprehensive/own vehicle damage) aspect is an issue, but it's the Third Party cost that makes the biggest difference.

An Insurance contract is made up of 2 parties, yourself (the policyholder) & your Insurer. All other individuals involved in an incident (inc. passengers) are Third parties, as are owners of damaged buildings/properties/other vehicles/pedestrians.

The own damage part of a claim is limited to the value of the vehicle covered, but the third party aspect of a claim is unlimited.

With the promotion of no win no fee arrangements and the ensuing heightened situation in respect of the number of litigations/presentation of injury claims being far more prolific over the last 4 years, representing the highest part of an insurers exposure they are extrememly wary of this.

A loss of control claim will almost certainly result in damage to a Third Party entity as well as the Insured vehicle and this is the aspect (rather than own damage) that is out of control thus representing the primary concern to Underwriters.

Hopefully this clarifies the situation, but if you need any more detail please don't be shy.

Kind regards

Tony

 

[buff]

ah get you now.

was thinking more of people putting cars through hedges and into ditches etc more than anyhting but i suppose your left with the bill for the damage to property etc as well, then theres people claiming of their mates insurance to make a few quid as these all all third party.

Clearer now Cheers

 

[Tony@Greenlight]

Hi Andy,

What's happening is an expansion in stages really.

Whilst we're well established on the mainland we've been trading within the province for less than a year and although we are advocates and supporters for covering Northern Ireland our Underwriters had to be convinced.

Thus we started with what we considered to be the safest bet to get a foothold and build a solid base of business, then have expanded the scheme at our earliest opportunity after a period of due diligence.

The first expansions have been for 2nd/mirrored NCB and the inclusion of a decent number of imported vehicles, the next expansions are likely to depend upon the success of the schemes and will probably be more 'gutsy'.

I'm painfully aware that the Lancer EVO, Skyline, Impreza & 200sx models are extremely popular and the owners represent exactly the type of people that we wish to cover. It's just that the statistics do not stack up and each of the aforementioned models have been consistently unprofitable upon the mainland for 3 or more years - resulting in our exclusion at this stage.

EVO models are under review by our primary Underwriter and may be introduced later this year on a Northern Irish only (excl. mainland) basis.

UK Impreza models are ok, but Japanese Imported models do represent issues in respect of Subaru UK refusing to service or repair, which results in our having to source a smaller non-franchise repairer - who then calls Subaru UK for the parts & is promptly refused supply. This then leads to their ordering parts from specialists or Japan directly - a) at a heightened cost of parts/shipping costs b) incurring excessive hire car charges (under courtesy car provision) c) incurring excessive storage charges (whilst awaiting parts)

If Subaru UK reconsider their position in respect of supply/repair we would definitely look to cover these models, as UK Impreza's perform well for us but in the meantime we are unable to assist with imported Subaru models.

200SX models are a popular vehicle and do not represent a problem from a Theft perspective. The 200sx is one of the best drift vehicles in the world and when covering them from an Insurance perspective from the type of incidents the Underwriters can see first hand as to why.

It is unlikely that we will be able to offer cover for 200sx models.


Skyline models - the sole reason for the restriction for Skyline models is the cost to repair the vehicles. The cost to purchase a new skyline would have set the original owner back anything up to £50k, it's every bit a supercar and the cost to repair the vehicle reflects this.

The examples that sprung to mind (and stung the most) were windscreen replacements which equated to £1800-£2000 to replace, which when you consider 1 in 6 motorists is likely to require a replacement each year this isnt a great starting block.

We may be able to entertain the Skyline models if a heightened excess is, or a bespoke windscreen cover arrangement and limit applied - which may make these a viable proposition to an Underwriter.


Anyway.. whilst i've tried to explain the why's & wherefores i'm conscious that i've waffled for quite some time now so will stop here.

Again, I hope this is helpful!

Kind regards

Tony

These loss of control accidents could well involve third parties. Good news about the extra cover, and as much as its a shame you don't cover some of the more popular import stuff your reasons are very clear.





Andy

 

[gsportcars]

This is a good step forward Tony.
Do you cover the Toyota Altezza RS200??? (based on the Lexus IS200)

 

[Tony@Greenlight]

Hi Gsportcars,

Just to confirm, the Altezza RS200 (IS200 derivative) can be covered under the import scheme.

Added this to the original list now.

Kind regards

Tony

 

[Flapps]

Tony, would you be able to cover the likes of the Toyota Aristo, Toyota Chaser Jzx100 and Toyota Cresta?

 

[dave b]

Tony, maybe splitting the Skyline up into its model derivatives could be an idea?
I'm currently insured on my R33 GTR with a £500 excess and NO windscreen cover. Having said that im getting a new screen this week and have been quoted about £220 all in compared to most places £500+. The £2000 cost must relate to the R34s

 

[Tony@Greenlight]

Hi Flapps,

We are able to cover the Toyota Aristo V300 models, which are the GS300 equivalents - they are ABI grouped which enables us to cater for this upon our operating system.

Having viewed the vehicle, we would be happy to entertain Aristo models.

The Cresta and Chaser models are not recognised by the Association of British Insurers (ABI) and thus we are unable to offer terms for these models at this stage.

Kind regards

Tony

Tony, would you be able to cover the likes of the Toyota Aristo, Toyota Chaser Jzx100 and Toyota Cresta?

 

[Tony@Greenlight]

Hi Dave,

Many thanks for the suggestion, which does make sense.

We have covered Skyline models in the past and the vehicles represent exactly the type of profile that we would look to cover, it was purely down to cost to replace certain parts.

It sounds nuts but due to the frequency of windscreen claims the glass replacement represents a constant cost issue to Underwriters.

As you have identified (and by the look of it from the zero windscreen cover under your policy your current Insurer has also experienced this) most Insurers look for national solutions to cover customers and do not look at independent or small suppliers.

Windscreen wise they usually use Autoglass and the RAC, which is great for most everyday vehicles but they do not specialise or stock windscreens for obscure vehicles & imported vehicles.

This makes it a bespoke order and our Insurers are then presented with the £1800-2000 cost per claim for Skyline windscreens.

By exluding or restricting the windscreen element, this would reduce the underwriters potential exposure by some £300-400 per policy which would probably tip the balance in favour of covering Skylines.

It just comes down to whether Skyline owners would mind sourcing screens themselves.

What would also be useful (especially if we convince Underwriters to proceed with the Windscreen exclusion) is if both you and your fellow Skyline owners rallied to help each other by posting the independent smaller sources where parts such as windscreens can be sourced.

I will contact our primary Underwriters today to request they recalculate their figures based upon removal of Windscreen claims to assess viability of covering Skyline models without the Windscreen cover extension.

I'll post again as soon as I hear.

Kind regards

Tony

Tony, maybe splitting the Skyline up into its model derivatives could be an idea?
I'm currently insured on my R33 GTR with a £500 excess and NO windscreen cover. Having said that im getting a new screen this week and have been quoted about £220 all in compared to most places £500+. The £2000 cost must relate to the R34s

 

[Tony@Greenlight]

Many thanks for both your vehicle model requests and helpful suggestions as to overcoming hurdles with certain models..

We do listen to feedback from both prospective and existing customers, we are always open to constructive suggestions and unlike most Insurance providers wherever we are unable to assist will always give the specifics behind the decisions made.

So.. keep the models and suggestions (& quotation applications) flowing as both your comments and business is very much appreciated.

Kind regards

Tony

 

[Simon998]

Can you match quotes from other insurance companys? Im not happy with the company im with at the minute, actually got me 6 points and a £200 fine for there stupidity.

Would like to change company... Just wondering...

 

[Tony@Greenlight]

Hi Simon,

We prefer to Underwrite for ourselves, carrying out our own due diligence to maintain our own rating structures & terms rather than blindly follow the rating structure of others.

If the conviction is what I think it is (namely no-insurance) we will not be able to help as our Underwriters specifically exclude this conviction, we are able to cater for most other convictions and do not load for fixed penalty speeding offences but "IN" convictions are a decline.

Kind regards

Tony

 

[Simon998]

That's alright, Cheers for the reply Tony.

Ill just stay with them, as they said they wouldnt raise my insurance due to the fact it was there fault in the 1st place.

I doubt you could beat £172 FC at age 20 on a 1986 1275 mini

 

[Tony@Greenlight]

LOL - You doubt correctly..

I still love the old mini's though, most people had had one or been in one at some stage - great cars!

Top work for keeping yours going.

Kind regards

Tony