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What is car hire excess insurance?

By Emma Drew

November 20, 2015

What is car hire excess insurance?

The excess is the amount you, as hirer, will be asked to pay if the vehicle is damaged or stolen. If you hire a vehicle you will probably take out the vehicle rental outlet’s Loss or Collision Damage Waiver cover (sometimes referred to as LDW or CDW). This will include an excess which varies depending upon the vehicle hired and location but it is often over £500 and could reach up to £5,000.

How does excess insurance work?

Car excess reimbursement cover is not compulsory but if you choose not to purchase an excess policy in the event of the rental vehicle being damaged or stolen, you will be liable for the amount excluded under the vehicle rental agreement.

The policy covers the policy holder, not the hire car company and is available on an annual basis or on a short term daily basis to cover a specific hiring.

What does the product cover?

The policy offers you cover for the excess as a result of accidental damage (including damage to windscreen or windows, tyres, the undercarriage and the roof), damage by fire, theft or attempted theft, vandalism or loss of use.

In addition, it covers drop off costs of returning the rental vehicle to the original rental outlet up to a maximum of £200, due to accident or illness (excluding one way rentals) and there is also cover for costs incurred for replacing a lost or stolen rental vehicle key, locksmith charges up to £500 for costs incurred to open the rental vehicle and up to £50 in the event of unintentional lock out.

What type of vehicles aren’t covered by the policy?

Excluded are vehicles with a Retail Purchase Price in excess of £50,000 and “Antique” vehicles which are over 20 years old or which have not been manufactured for 10 years or more. This also applies to the rental of motor homes (if you have not purchased the motorhome cover), trailers or caravans, vans, trucks, non-passenger carrying vehicles, vehicles that carry more than nine people including the driver, motorcycles, mopeds, motorbikes, off-road vehicles and recreational vehicles, unless agreed by special acceptance from the Insurers.

How can we help?

Perkins Slade, in association with travelexcess, can offer a range of policies to insure against the cost of the excess.

For further information on car hire excess insurance or to arrange a quote for excess insurance cover please visit travelexcess.

 

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Tips on storing your classic car this winter.

By Emma Drew

November 13, 2015

Tips on storing your classic car this winter.

The purchase of a classic car brings enjoyment to any discerning motor enthusiast. If you are an owner, it is your responsibility to ensure your vehicle is fully protected, especially during the winter months.

Statistics from the Historic Automobile Group index suggest, classic cars have become one of the most recognisable investments over the past decade, generating an average return of 456%.

Whether your purchase is for recreational purposes, or purely an investment, maintenance can often gear up added expenses and finding replacement parts can also be difficult.

As a policy holder you have a duty to ensure your vehicle is stored correctly and protected from loss or damage.

Tips on storing your classic car: 

  • Fill the fuel tank before storing the car for winter to prevent condensation corroding the inside of the tank; however be sure not to overfill it.
  • Ensure the car is topped up with anti-freeze to prevent damage.
  • Carry out an oil change before the car is put away for winter, as oil will absorb moisture.
  • If the car is being stored for a longer period than a few months, it is recommended that oil is put into the cylinders so that they do not rust.
  • Connect a battery conditioner to the battery, to avoid it from draining.
  • At least once a month, start the car and let it run up to its usual temperature.
  • Wash the car before storing to remove dirt which may cause corrosion. Also, use a good cleaner to remove dirt particles from leather interiors which could cause mould or fungi.
  • The car should ideally be stored in a dry area. A dehumidifying pod is worth considering if the car is of a particularly high value as this will help to reduce any moisture caused by condensation.
  • Place the car on axle stands so the weight is not resting on the tyres. (Alternatively, you could over inflate the tyres by roughly 10psi whilst storing, but remember to reset when taking on the road).
  • Use breathable car covers like cotton, as plastic covers can cause excess moisture which will have a detrimental effect on the car.

As an additional point, ensure your garage is securely locked to protect your vehicle from theft. Also, never leave your car unattended with the key in the ignition while you wait for the car to warm up, as this provides the perfect opportunity for would be thieves.

Following these tips could give you the peace of mind knowing that your classic car is fully protected and in the best condition possible ready for the start of the new car season.

How can we help?

For further information on classic car insurance please email Ross Chatterton or speak to him on 0121 698 8076.

Are you thinking about investing in a classic car? Read the blog on Motoring ahead – Tips on investing in classis cars.

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Winter driving – Top tips on road safety.

By Emma Drew

October 23, 2015

Winter driving – Top tips on road safety.

The clocks turn back one hour on Sunday 25th October, marking the end of the British Summer Time and as the darker nights draw in and weather conditions become more adverse, the need for road safety is ever more paramount.

During this time of year, insurers report a higher increase in vehicle breakdowns, accidents and motor insurance claims.

A sudden drop in weather temperatures could see you waking up to frozen windscreens, slippery road surfaces and treacherous driving conditions. It is imperative to take extra precautions this time of year. Follow our: –

Top tips on staying safe for winter driving:

  • Service your vehicle and have safety checks carried out
  • Make sure your window wipers are working correctly and the washer reserve is well topped up; it is an illegal offence to allow it to run out
  • Check your vehicle has sufficient anti-freeze levels
  • Keep a de-icer spray or a scraper inside your car
  • Check tyres are inflated to the legal requirement and always carry a spare tyre (or a manufacturer’s recommended sealant)
  • Test your vehicle lights are working and are clearly visible in the dark
  • Regularly clean your head lights and tail lamps and carry a spare set of light bulbs
  • Remember to turn your lights on, even if it isn’t fully dark, since most reported accidents occur between late afternoon and early evening
  • Switch off your reading light and reduce your dashboard lights for better road visibility
  • Avert your eyes from bright oncoming headlights which could distort your vision; in return dip your own headlights
  • Book an eye test to ensure your sight can adapt well to the lower levels of light
  • Reduce your speed where possible, especially on narrow lanes
  • Allow enough space between you and the vehicle in front
  • Check the weather forecast for any severe weather warnings and only take your journey if it is absolutely necessary
  • Clean your windscreen regularly both on the inside and outside to prevent a build-up of grease and residue caused by low sun; apply the same practice to your exterior and back mirrors (Note: it is far more effective to clean your mirrors with paper than a cloth)
  • Be extra vigilant than usual when driving in dark conditions
  • Take special precaution when you are driving near to a school with children nearby
  • Use your mirrors regularly to check for pedestrians and cyclists who may be wearing dark clothing
  • On a long journey, stop regularly for breaks to rest your eyes and retain your concentration

What happens if my vehicle breaks down?
If your vehicle does happen to break down when driving in dark conditions, try to find a safe place to stop; leave your hazard lights on or display a warning triangle to notify other drivers and stand at a safe distance away from the broken down vehicle as you wait for assistance. Should such an incident occur, it is advisable to be as prepared as possible; therefore, make sure you have a warm coat or blanket in your car, a torch and a bottle of water to stay hydrated while waiting for break down cover to arrive.

Following these precautionary tips could help prevent an accident from occurring and keep you safe when driving this winter.

How can we help?

For further information on motor insurance please email Private Clients or call on 0121 698 8070.

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Are you considering GAP Insurance?

By Emma Drew

February 23, 2015

Are you considering GAP Insurance?

Are you thinking of buying a new vehicle? Perkins Slade can offer GAP Insurance (Guaranteed Asset Protection) to purchase directly from our website.

 

GAP Insurance provides you with financial protection in the event of a total loss claim to your vehicle and pays the difference from the insurance payout, so you are not left out of pocket.

There are a range of GAP covers available to suit your requirements:

  • Purchase Price Protection GAP – In the event of a write off, this returns you to the original invoice price of your vehicle
  • Finance/Lease GAP – Clears your outstanding finance/lease charges in the event of a write off.

Why GAP insurance from Perkins Slade?

Motor dealers must charge 20% Insurance Premium Tax on their GAP policies, however as an insurance broker, we are able to apply the standard Insurance Premium Tax rate of 6%. This already gives you a premium saving of 14%.

We also recognise that many customers prefer a GAP policy that lasts for 12 months and is renewable, just like a motor or home policy. This gives you the opportunity to reassess your requirements each year.

For more information regarding GAP insurance or to obtain a quote please see the link above. 

 

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Motoring ahead – tips on investing in classic cars

By Emma Drew

December 29, 2014

Motoring ahead – tips on investing in classic cars
Image: Dutourdumonde Photography / Shutterstock.com

 

Classic cars have been one of the best-performing investments over the past decade, with an average return of 456% according to statistics from the Historic Automobile Group index.

 

For those planning to buy a classic and stash it away , investment is clearly the main motive; most of Britain’s classic car owners would not dream of keeping their pride and joy under wraps. For them driving their vehicle is the point of ownership; a hobby as well as an investment.

Buying the best you can afford, is one of the main pieces of advice classic car owners will give, as well as taking unloved classics and doing them up. Unless you actually want to turn fixing up a car into your hobby and are a mechanic, it pays to avoid vehicles that need huge amounts of work and risk turning into a money pit.

See Auto Express’s guide to investing in a classic car

 

  1. Select the right brand
    Although values have risen by 257%  on some classic cars, this kind of increase won’t apply to just any old car from any manufacturer. For example, an Austin Maestro isn’t going to rocket to £70,000 in the next five years.This massive surge in price is usually only reserved for certain brands and the right kind of cars. You’ll need to head to high-end stuff from the likes of Maserati, Bentley, Aston Martin and Jaguar in order to make a serious profit.
  2. Select a limited production number
    It’s fairly simple logic that buying cars that had a limited production run will eventually pay off. Take the 1957 Ferrari 250 GT 14-Louver Berlinetta; with just eight examples left on the road (out of nine built) one sold for more than £5.6 million when it was auctioned in August 2013. Look out for limited edition versions of cars, too.
  3. Choose a car with an illustrious past
    If a car has been owned by someone famous, or starred in TV or films – like James Bond’s Aston Martin DB5 or Keith Richards’ Ferrari Dino, then it’s likely to push the value up even higher. A car used in motorsport is also likely to get a high price at auction. In 2013, the Swiss Grand Prix winning 1954 Mercedes-Benz W196R Formula One racing single-seater hit a record breaking £19,601,500.
  4. Buy at the right time
    At some point in a car’s life, it may be at a low enough value for you to part with your cash. If you buy at the right time, the value will take off soon after. One such example is the standard [non-S] version of the Aston Martin Vanquish. Anyone who put their money into the car around 2008 or 2009 would have purchased it at its lowest value. It’s now starting to creep up in value, much to the delight of owners.
  5. Explore!
    The next time you’re down the pub and a friend offers to sell you a rusting, dusty old car from his garage or garden shed, have a think before you turn them down. Despite their poor condition, so-called ‘barn finds’ can go for big money. An Aston Martin DB5 that had sat in a barn for nearly 30 years recently sold for £320,700 – the owner paid £1,500 for it in 1972.

 

Ultimately our advice is, if you’re going to buy a classic car and are hoping to make a profit, make sure that you get some enjoyment out of it, too.

 

If you would like to speak to Perkins Slade in more detail about your own prestige or classic car insurance please contact Ross Chatterton on 0121 698 8076 or email him with your enquiry.

 

 

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Are you considering GAP Insurance?

By Editor, Perkins Slade

March 7, 2014

Are you considering GAP Insurance?

Are you thinking of buying a new vehicle? Perkins Slade can offer GAP Insurance (Guaranteed Asset Protection) to purchase directly from our website.

 

GAP Insurance provides you with financial protection in the event of a total loss claim to your vehicle and pays the difference from the insurance payout, so you are not left out of pocket.

There are a range of GAP covers available to suit your requirements:

  • Purchase Price Protection GAP – In the event of a write off, this returns you to the original invoice price of your vehicle
  • Finance/Lease GAP – Clears your outstanding finance/lease charges in the event of a write off.

Why GAP insurance from Perkins Slade?

Motor dealers must charge 20% Insurance Premium Tax on their GAP policies, however as an insurance broker, we are able to apply the standard Insurance Premium Tax rate of 6%. This already gives you a premium saving of 14%.

We also recognise that many customers prefer a GAP policy that lasts for 12 months and is renewable, just like a motor or home policy. This gives you the opportunity to reassess your requirements each year.

For more information regarding GAP insurance or to obtain a quote please see the link above. 

 

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