Author Archives: AIB

Young Driver High Performance Car Insurance

2019-Ferrari-488-Pista-V6-1080As a general rule, a young driver is usually encouraged by his or her parents to buy a car that falls into the lowest, cheapest insurance group. However, if he or she is determined to buy a high performance car such as a Ferrari or a Lamborghini then the cost of arranging car insurance is going to be rather more expensive than if he or she were looking to cover say a fairly standard Vauxhall Corsa.

 

There are a number of reasons why this is the case such as: –

  • A young driver at 20 years of age with a couple of years driving experience is statistically more likely to be involved in a road traffic accident than a 50 year old who has 30 years claims-free driving behind him or her.

 

  • They are probably behind the wheel of a powerful car that can get from 0 to 60mph in around 4 seconds so, that is itself, places the driver at greater risk of being involved in a car accident.

 

  • A high performance car such as a Ferrari or a Lamborghini will no doubt have a higher value than a standard 3 door hatchback so is costlier to replace.

 

  • The parts that are required to repair a high performance car following a road traffic accident are probably going to cost more thus bumping up the price of the policy.

 

  • There are fewer insurers prepared to arrange the likes of Ferrari car insurance for young driver than there are to say insure a small, low performance hatchback. As a result, with less competition, this can lead to bigger premiums for car insurance for high performance cars.

 

  • A high performance car is more likely to be stolen by a joy rider and taken for a spin and then set on fire and left abandoned.

So, if you know that to buy Lamborghini car insurance for new drivers with limited experience behind the wheel is going to involve you digging deep into your pocket how do you go about finding the cheapest high performance car insurance?

Well, you could spend a great deal of your valuable time trying to source suitable cover. For instance, you could approach the likes of your bank or building society or speak directly to a number of insurance companies or go online and use one of the many price comparison websites.

However, it is probably a better option to use a broker that has many years experience in324998_2019_Lamborghini_Urus sourcing such cover to insure a high performance car such as a Ferrari or a Lamborghini. Remember, the cheapest high performance car insurance may not necessarily be the best option to choose. Surely you would want to arrange the likes of Ferrari car insurance for a young driver with an insurer that is not only competitively priced but that also provides an outstanding level of service from providing the initial quotation to setting up the policy to one that has an enviable reputation for the way it handles claims.

In this respect, you will be pleased to read that AIB Insurance has several years experience in arranging young driver high performance car insurance. We are proud of the fact that we have a team of staff who are extremely knowledgeable and have at their disposal a closely vetted panel of renowned insurers whom they can look to source quality cover from for an affordable premium. So, why not give us a call on 02380 268 351 to discuss your requirements and obtain a quotation without any obligation to proceed. We look forward to hearing from you.

Renting vs Buying A Super Car

LamborghiniIf you are in the financial position to rent or buy a Ferrari, Porsche, Lamborghini, Aston Martin or another make of high performance car, you will need to decide which is the best option and you will also need a super car insurance quote. As with most things, there are for and against both options so let’s have a look at some of them. As a result, you may be better able to decide the best way forward.

Renting – For

  • Depreciation – as you will never own the vehicle you are not going to be bothered if the value of the super car you are driving drops in value.
  • Servicing/Mechanical Repairs – you are unlikely to be responsible for paying for the regular servicing of the vehicle or if it breaks down and needs a mechanical repair. The only thing that you may need to pay for are replacement tyres should one or more be punctured.
  • Poor Credit Rating – you will need to check with the rental company but you may find that you only need to put down a deposit and that no credit reference search will be required which means that it would not matter if you have a poor credit score.
  • Change the Car – if you decide say a couple of months into renting the Ferrari that you fancy driving around in say a Lamborghini, Aston Martin or Porsche then, subject to the terms of the rental agreement, you may be able to change it without any financial penalty enabling you to try out different super cars.
  • Possibly Less Expensive – when you take into account things like car loan repayments, servicing, possible depreciation and repair costs that you would have if you bought the car then you may discover that the monthly rental cost is lower than the overall monthly cost involved in buying the vehicle.
  • Selling the Car – this is something you will not have to worry about as you can just return it to the car rental company when no longer required.

Renting – Against

  • Repairs to Bodywork and Alloys – if you have a dent or scratch on the bodywork or alloy wheels then, depending upon the size of it, you will be responsible for the cost of having it repaired/possibly claiming on your high performance car insurance policy with these repairs either having to be done before you return the vehicle at the end of the rental period or completed once the vehicle has been returned to the rental company and then charged to you.
  • Ownership – you will never own the vehicle. So, as a limited number of supercars may actually go up in value due to them being so rare, you will not benefit financially if that were to happen.

Buying – For

  • Value – whilst most cars reduce in value as soon as they leave the forecourt, there are certain rare super cars that may actually increase in value meaning that when you come to sell the vehicle you may get more for it than you paid for it.
  • Self-esteem – let’s be honest, most car lovers would want to own the likes of an Aston Martin, Ferrari, Lamborghini or Porsche and to do so must make them feel very good about themselves.
  • Buying outright – if you are able to pay cash for the super car then you will not have to worry about monthly rental payments or finance repayments.

Buying – Against

  • Maintenance – you will be responsible for having the car serviced and for having any Aston Martinmechanical repairs undertaken. You may initially have a period of time/miles where your warranty covers you for such things but at some point, that will no doubt come to an end and you will have to meet the maintenance costs.
  • Adverse credit score- if you have a bad credit file then you may find it difficult to arrange finance towards buying the car or the lender may charge you a very high interest rate.
  • Sale of super car – if you wish to change the vehicle for another one then you will be responsible for selling your existing vehicle or putting your car in part-exchange and may not achieve the sale price you would have hoped for.

As you can see, there are pros and cons of renting and buying a super car. Ultimately, the decision is yours but we hope that we have provided you with food for thought.

Here at AIB Insurance, we have many years experience in arranging high performance car insurance. We have a bespoke, vetted panel of quality insurers who will provide a competitive quote to insure your super car without any obligation. So, if you are looking for outstanding Lamborghini car insurance, wish to buy Ferrari car insurance, need an Aston Martin insurance quote or want to buy Porsche insurance then why not give us a call on 02380 268 351 and we will be pleased to assist.

2018 Sees Fall In UK New Car Market

Ford Fiesta Unfortunately, 2018 has not been a particularly good year for some motor traders involved in the sale of new cars as, according to information published by the Society of Motor Manufacturers and Traders (SMMT), there has been quite a fall in the number of new cars registered when compared with the previous year.

In 2018, there were 2,367,147 new cars sold here in the UK whilst in 2017 there were 2,540,617. That is a fall of 173,470 with this representing a drop of 6.8%. Obviously these figures are concerning but let us break them down a little further.

Volkswagen GolfFor instance, what really does stand out is the huge drop in the number of motorists who still chose a new car fuelled by diesel. In 2017, there were 1,065,942 yet in 2018 this had fallen by 315,777 to 750,165. That is a drop of 29.6%. New petrol cars saw an improvement with 1,475,712 new petrol cars sold in 2018 compared to 1,357,782 in 2017 – an increase of 8.7%. New AFVs saw an impressive performance in 2018 with 141,270 being sold whereas in 2017 the figure was 116,893 – that is a rise of 20.9% and it will be interesting to see if we see their popularity continue to grow in 2019. We are certainly seeing an increasing number of AFV charging points in various locations around the UK.

Vauxhall CorsaThe figures for the market share of new diesel, petrol and AFVs are also interesting with the market share for diesel cars dropping from 42% in 2017 to 31.7% in 2018, the market share for petrol cars increasing from 53.4% in 2017 to 62.3% in 2018 and the market share for AFVs increasing from 4.6% in 2017 to 6% in 2018.

So, what were the top 5 best selling new cars in 2018?

  1. Ford Fiesta 95,892
  2. Volkswagen Golf 64,829
  3. Vauxhall Corsa 52,915
  4. Nissan Qashqai 50,546
  5. Ford Focus 50,492

It is pleasing to see Ford featuring in the top 5 with two of their models and Vauxhall with one.Ford Focus

If you are looking to replace your car then why not get in touch with us here at AIB Insurance on 02380 268 351 and, having discussed your requirements, we will gladly obtain a competitive car insurance quotation from our extensive panel of closely vetted insurers. Over the years, we have possibly arranged cover on most makes and models of cars.

Check out some of the vehicles we’ve recently insured!

We’ve been arranging motor insurance for almost any type of vehicle for many years now.  From the modern super car through to the classic and vintage car owner including military vehicles, from the motorhome or kit-car enthusiast to those who modify or import cars we tailor insurance around our clients needs.

 

With a variety of the UK’s leading insurer partners our clients can arrange ‘agreed value’ cover, business use, salvage retention and discounts for garaging, security or limiting the mileage.

 

But can you name the 6 vehicles below we’ve recently insured? No cheating!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AIB boost Private Client Insurance Division with New Appointment

ByronAirsports Insurance Bureau are delighted to announce expanding our Private Client Insurance team with the addition of Relationship manager, Byron Cuff.

Byron’s technical knowledge and experience of the finance sector will assist in managing, developing and growing the private client division. He will also be working with the established team of Client Advisors to develop and further strengthen relationships with our leading insurer panel.

Byron comes to AIB with over a decade of experience in financial services. In his previous position, Byron was with Simply Health as a corporate client Relationship Manager and prior to that spent 7 years with BeWiser Insurance as Training Manager and latterly, Brand Manager.

AIB spokesperson Megan Greer said: ‘We are delighted to welcome Byron to the Private Client Team in Eastleigh. The appointment is a reflection of our significant growth within the high net worth personal lines arena and our desire to ensure that we continue to offer our clients the best customer service on the market. Byron is a strong addition to the team and his expertise and experience will help continue to take our business forward.’

Byron added: ”I’ve known the management at AIB for many years and watched the company expand and grow so am delighted to be joining such an ambitious business where I can really add value and hit the ground running.  I’m really excited developing new business and taking current business to new heights.”

Byron lives locally in Andover with his partner Klara, has a third nipple, typically supports Manchester United Football Club and is allergic to bees.  Some years ago he once saved two people’s lives in the space of a week.  He noticed a 12 year old boy drowning in a swimming pool and jumped in and saved him and then the following day returned to his car whilst shopping to find a man on the ground having a heart attack.

All the very best of luck Byron.

How Does Car Modification Affect Car Insurance Prices?

You are no doubt aware that there are many factors that affect how much you pay for your car insurance such as the make and model of vehicle, where you keep the car overnight, the level of cover, how many miles the vehicle is driven in a year, your age and driving experience, your claims history, what you use the car for and whether you have made any modifications to your car.

What is a modification?

Modified Ford Fiesta A modification is where it changes the car’s standard specifications and these are either cosmetic or performance related. For instance, you could add a rear spoiler or put stripes down the side of the car with these being cosmetic and/or you could have a sports suspension system or more powerful engine fitted with these being performance related.

If you modify your car in any way, it is important that you notify your insurance provider otherwise, if you were to make a claim, your policy may be invalidated and your claim may be declined.

A modification could have one of three impacts on the cost of your car insurance: –

  • Keep it the same
  • Increase it
  • Reduce it

What cars can be modified?

Ferrari Modified The list is almost endless as possibly any make and model of car can be modified in some way and most probably have been over the years. Whether you are looking to purchase and modify a Ford Fiesta, Volkswagen Beetle, Peugeot 207 or buy a high performance Lamborghini, Ferrari or Lotus, car insurance will be required.

 

Ten of the most popular car modifications

  1. Engine – if you have a more powerful engine fitted it is likely to increase the speed meaning Engine Bay that you may get from 0 to 62 mph quicker and have a higher top speed. The faster you go, the more likely you are to have a road traffic accident. Therefore, you will probably find that the cost of your car insurance will increase.

 

  1. Satellite Navigation System – if you have a sat nav fitted then it could attract the attention of thieves who could break into your car and steel it causing damage to the vehicle. So, beneficial as a sat nav is for helping you get from A to B, it may increase your motor insurance premium.

 

  1. Parking Sensors – as these help lower the possibility of you hitting another car or object when say you are reversing your premium may reduce.

 

  1. Stickers – If you were to stick “go faster stripes” down the side of your car to make it look 1968 Corvette more sporty these could be perceived by an insurer that it is making the car more appealing to a joy rider who could steal your car, drive it at high speed for a couple of hours on say a disused airfield and then set the car on fire. As a result, your premiums may rise.

 

  1. Alarm – Having an alarm fitted to your car should be looked on favourably by the car insurance company as it may deter a car thief. So, this may lower the price you pay to insure your car but do check with the insurer.

 

  1. Exhaust system – Fitting a new exhaust could improve the car’s performance resulting in your premiums increasing.

 

  1. Rear spoiler – This could help make your car go faster so an insurer could perceive this to Subaru Spoiler increase the possibility of you having an accident and, therefore, your car insurance premium may increase.

 

  1. Bodywork – If you change the shape of the vehicle in any way such as adding moldings to the side of the car then this may affect the handling of the vehicle and could result in the cost of your motor insurance rising.

 

  1. Tinted Windows – When fitted legally, the insurance company could see this as a positive factor as it could deter a thief breaking into your car to steal something off the back seat that may not be as easy to see with tinted glass. As a result, your premiums may be lowered but do check with the insurance company.

 

  1. Wheels – Having expensive new alloy wheels fitted to a car make it more appealing to the car Alloys thief whether to steal the car or just the wheels so such a modification may mean that your premium will increase.

 

If you are considering modifying your car in any way then you may first wish to speak to your insurance company to find out if and by how much it will impact on how much you pay for your cover.

Here at AIB Insurance, we have many years experience in arranging top-quality cover on a wide range of cars that have been modified in some way so why not give us a call on 02380 268 351 to discuss your requirements and obtain a competitive no-obligation quote from one or more of our extensive, closely vetted panel of reliable insurers. For instance, we are able to arrange high performance car insurance with this type of car proving popular amongst car enthusiasts who love modifying their vehicles. So, if you wish to buy Lamborghini car insurance, Lotus car insurance or Ferrari car insurance to name but three extremely powerful makes of car, do not hesitate to get in touch with us.

 

 

Driving home for Christmas: Safety Rules

Christmas is just around the corner and that time of the year has arrived when the frontier is full of merriment & joy, instead, it is one of the most stressful too. With much rejoice often accompanies the rush that needs people of our United duchy to do a bit of pre-planning for a cherishing Christmas eve. Christmas time can be one of the hard-pressed times on the UK’s roads as (what feels like) everybody wants to get their feet fast on holy ground, heads home to spend the festive period with their loved ones.

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Unattached Hang Glider Manages To Hold On

Hand Gliding Hang gliding can certainly have its scary moments but when you take to the skies for your first trip in a hang glider accompanied by an instructor you would hope that you are in safe hands. Well, an American who recently made such a trip may beg to differ.

Chris Gurksy from the USA was recently on holiday in Switzerland and decided to go hang gliding for the first time no doubt to enjoy some of the beautiful green fields as well as the mountains. Unfortunately, the adventure did not quite go according to plan due to a serious oversight.

Regrettably, his safety harness was not attached to the hang glider and this was not something that was noticed by the instructor until it was too late. The pair took off from the edge of a mountain several thousand feet tall. By the time they realized something was not quite right they were unable to stop getting airborne.

Mr Gurksy found himself holding onto a bar with one hand and with the other could be seen holding onto the back of the instructor who was having difficulty controlling the hang glider.

Apparently, both were airborne for over 2 minutes during which time Mr Gurksy was no doubt very scared and possibly thought that his life was about to come to an untimely end. Fortunately, this did not happen but when the hang glider descended Mr Gurksy’s feet hit the ground at a speed of around 45 mph and he ended up tearing his left bicep tendon. He also broke his wrist that was no doubt very painful.

Some of you may be surprised to read that Mr Gurksy would like to take to the skies again in a hang glider when he will hopefully have a more enjoyable flight. He is obviously a very brave man as, having gone through what he did that could have resulted in his death, there are possibly a lot of other people who, having had the same worrying experience, would never want to see a hang glider again. We wish him a more successful and uneventful flight when he next gets airborn in a hang glider.

Here at AIB Insurance, we have many years experience in arranging cover for a range of airsports. So, whether you are looking for cover for the first time or your existing policy is shortly up for renewal, why not give us a call on 02380 268 351 and have a chat with a knowledgeable member of our team who will happily obtain a no-obligation, competitive quote from one of our vetted insurers. We look forward to being of assistance to you.

Payouts For Motor Insurance Claims Rise

ABI The Association of British Insurers (ABI) has produced some interesting statistics in November relating to motor insurance claims. The data reveals that there has been an increase in the amount paid out so far in 2018 when comparing the same period in 2017. In fact, a record amount has been paid out so far this year.

So far this year, motor insurance providers have paid out an average of £23 million every day. This is a sizeable sum of money.

This means that, so far in 2018, £6.4 billion has been paid out to motorists who have submitted motor insurance claims to their insurers. It is interesting to read that this figure is 4% more than the amount paid out to meet motor insurance claims in the same period in 2017.

There have been 41,000 claims settled so far this year by motor insurer providers with this being a rise of 11% when compared with the same period in 2017. Some £3 billion was spent on motor repair bills with this being an extra 5% when comparing the figures for the same period in 2017. The average payout per claim is £2,137. This may seem a high figure but one of the factors impacting on increased payouts is because many cars built now come with things like reversing sensors and the cost of replacing them is quite significant.

It is concerning to read that the amount paid out in claims as a result of vehicle thefts so far this year is £271 million. That figure is high and a staggering 32% more than for the same period in 2017. It is no doubt a traumatic experience to get back to where you last parked your car perhaps to do some shopping only to discover that it has been stolen. Thank goodness for motor insurance.

Let us hope that the above data does not result in a greater number of people seeing their car insurance premiums increase at renewal. If you receive notification that your premium is going to go up then make sure that you are ready to obtain one or more quotes from other providers to compare with the cost of your existing cover. Here at AIB Insurance, we have an extensive panel of insurers who we can obtain one or more competitive motor insurance quotes from for you without any obligation to proceed. So, why not give us a call on 02380 268 351 to discuss your requirements with a member of our team.

Variety Of Classic Cars Sold At Auction

Classic car enthusiasts may be interested to read about the auction of a number of classic vehicles that took place on the 17th October 2018 at the Imperial War Museum, Duxford. The event was run by H &H Classic Cars. Below we mention some of the cars that were sold but full details can be found on the H & H website.

AustinA 1962 Austin-Healey 3000 MK 11 that had an estimated price of £18,000 to £22,000 was actually sold for much more than that – it went for £30,375. This open soft top Colorado red sports car had been in the same ownership since 1969 and has only 38,457 miles on the clock making it a very low mileage vehicle. It has a 132 bhp engine and comes with 60-spoke wire wheels. It certainly looks fantastic.

A 1947 Lea-Francis 14hp Drophead Coupe had an estimated price of £9,000 to £11,000 Lea Francisbuactually sold for £14,625. This vintage vehicle only has 23,000 miles on the clock. It has a red leather hood and interior trim. It was once owned by the father of a well known pop star – Mike Maxfield.

Mercedes 300 SLA 1986 Mercedes-Benz 300 SL had an estimated price of £14,000 to £18,000 but was sold for a figure of £20,250. It had been in the possession of the same owner for 16 years and had 86,295 miles on the clock. It has cream bodywork. It has a factory hard top with a rear seat option. It has a 2,962cc engine producing 187bhp and a top speed of around 130mph.

A 1960 BMW Isetta 300 had an estimated price of £14,000 to £16,000 but actually sold for Isetta£19,406. This is a four-wheeled bubble car with only 11,888 miles on the clock. It has had 4 owners. It only has a 298cc engine. It has a pale green bodywork. It looks delightful.

AlpineA 1953 Sunbeam Alpine had an estimated price of £10,000 to £12,000 but achieved a sale price of £15,468. The bodywork is a stunning red. This is a rare classic car with only 1,582 being built. It has 80,928 miles on the clock.

A 1935 Rolls-Royce 20/25 Sedanca de Ville had an estimated sale price of £18,000 to £22,000 butRolls Royce was sold for £23,625. The bodywork is in black and the car is in need of some restoration work to bring it back to the standard you would expect to see such a vehicle in.

HillmanA 1929 Hillman 14 Tourer had an estimated sale price of £14,000 to £16,000 but achieved a sale price of £19,125. Its previous owner before being sold at the above auction had had the vehicle since 2000. It has a 1953cc engine. It has 4 seats and a soft top.