Tag Archives: Hiscox

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.

You May Find These Statistics About Burglaries Of Interest…..

BurglarTo come home and find that your property has been broken into and items damaged/stolen is a terrible situation to find yourself in and one that you could do without. It is an invasion of your privacy and will no doubt take up quite a bit of your time such as informing and meeting with the police, making a list of your stolen belongings and replacing them as well as contacting your insurance provider.

The Office for National Statistics (ONS) obtained data from the Crime Survey for England and Wales (CSEW) entitled Nature of Crime: Burglary covering the 12 month period to the 31st March 2017 that we think you may find of interest. We highlight some of those statistics below relating to domestic burglary with entry but full details can be found on the ONS website.

About the burglars

  • 81% of the offenders were males, 9% were females and 10% were both.
  • 0% were under 10 years of age, 3% were between 10 to 15 years of age, 33% were aged 16 to 24, 49% were aged between 25 to 39 and 18% were 40 years of age and over.
  • 42% of the victims were burgled by strangers, 16% were broken into by people that they had either spoken to or seen in the past and 42% were burgled by people that they knew well.

When did the burglaries take place?

  • 65% of the burglaries took place during the week.
  • 35% of them happened at the weekend.
  • .45% took place in the morning/afternoon
  • 55% happened in the evening/night

Which side of the property did they gain access through? 

  • 49% front
  • 41% back
  • 8% side
  • 2% more than one way

Method of entry

  • 75% through a door
  • 24% via a window
  • 3% through other ways

What were the major items stolen?

  • 35% tools/work materials
  • 31% garden furniture
  • 11% bicycles, bicycle parts
  • 9% sports equipment
  • 5% children’s toys/baby items

Cost of items stolen

  • 35% £1,000 or more
  • 14% £500 to £999
  • 24% £200 to £499
  • 5% £100 to £199
  • 8% £50 to £99
  • 9% £20 to £49
  • 4% £1 to £19
  • 1% no cost

Contact with burglars

  • 54% somebody at home
  • 46% no one at home
  • 60% violence or force used or threatened
  • 40% neither violence, force or threats

We trust that you found the above statistics of interest. If you own your own home then you will no doubt wish to make sure that it is adequately insured along with the contents and personal belongings or, if you rent a property, you will wish to make sure that your personal belongings and any furnishings/white goods etc that you own are insured. In that respect, why not get in contact with us here at AIB Insurance on 02380 268 351 to discuss your requirements and obtain a quotation.

Choose An Insurer That Pays Out For Most Of Its Claims

HomeIf you want to arrange the likes of home (buildings and contents) insurance either for the first time or are considering moving your cover from your existing insurance company to a new provider there may be several factors that will have a bearing on which insurer you take out the cover with. For most people, the number one consideration is how much they will have to pay in premiums to the insurance company to protect their home and contents in the event of things like fire, flood, accidental damage and theft.

That may sound fine but the reason why you require such cover is to give you peace of mind so that if your home was burned to the ground, your Rolex stolen or your skiing equipment damaged in transit you could claim and the insurer would cover the vast majority of your claim to rebuild your property and/or replace or repair the damaged items. So, surely another factor that you should consider when deciding which insurer to arrange the cover with is the percentage of claims that it ends up paying out for.

In that respect, you may be interested to read that, on the 1st March 2018, the Financial Conduct Authority (FCA) published the “General Insurance value measures data – year ending 31 August 2017”. This document includes data from 36 insurance companies (UK and EEA firms) about claims acceptance rates, average claim pay-outs and claims frequencies. The publication can be viewed on the FCA’s website via the following link: –

https://www.fca.org.uk/publications/data/general-insurance-value-measures-data-year-ending-31-august-2017

If you take a look at the Claims Acceptance Rate column in the section relating to Home Insurance you will see that there is a wide variance in the percentage of claims insurers agree to pay out for.Home

At the top end of the scale the following insurers accepted 97.5% to 100% of claims: –

• Chubb European Group Limited
• Hiscox Insurance Company Limited
• Hiscox Syndicates Limited
• Acromas Insurance Company Limited
• Liberty Insurance Limited
• Royal and Sun Alliance Insurance PLC
• The Salvation Army General Insurance Company Limited

You will note that both Chubb and Hiscox are in the top scale of 97.5% to 100% when it comes to meeting claims. We are pleased to say that, here at AIB Insurance, they are two of the companies that feature highly on our panel of insurers when it comes to arranging buildings and contents insurance for our high net worth clients.

On the 25th January 2017, the first publication of the General Insurance value measures data – year ending 31 August 2016 was produced. On that day, James Bridge, Assistant Director, Head of Conduct Regulation, Association of British Insurers, said:
“Every day home insurers pay out over £8 million in claims to customers, and are committed to doing all they can to ensure that insurance delivers when the worst happens. The FCA data shows that the vast majority of claims are paid out.”

https://www.abi.org.uk/news/news-articles/2016/12/fca-value-measures-response/

When AIB Insurance recommends an insurance company to a client, we take several things into consideration such as price, claims experience and the quality of the customer service. So, if you are looking for home insurance or, indeed, any other insurance cover why not give us a call on 02380 268 351 to discuss your requirements with an experienced, friendly member of our team who will arrange to provide you with a competitive quotation. We look forward to being of assistance to you.

Hiscox Wins Prestigious Award

Hiscox InsuranceA number of our high net worth clients will be aware that Hiscox has been a member of AIB Insurance’s panel of insurers for quite some time having benefitted from their excellent range of bespoke products such as motor and home insurance. Our decision to include them on our panel has proved to be an excellent one with this being borne out by them winning a number of awards.

The latest accolade to come their way was to win the HNW (High Net Worth) Personal Lines Team of the Year award at the Insurance Post event known as Underwriting Service Awards 2017 at the Royal Garden Hotel, Kensington, London on the 16th November 2017. This was the 7th year that this event has taken place.

Tom WardAwards are made for excellent underwriting as well as providing outstanding service with nominations being put forward by many brokers. The event is extremely popular with in excess of 250 of the top underwriters being in attendance. The evening started with a drinks reception followed by a wonderful dinner after which the awards were presented with plenty of opportunity also being available for networking. The evening was compared by the comedian Tom Ward who has also won a number of awards. A good evening was had by all.

The high net worth sector of the personal lines insurance industry is very competitive so for Hiscox to win such a prestigious award is admirable and they are to be congratulated. Here at AIB Insurance, we have to say that our dealings with the underwriting team at Hiscox as well as their other departments has been nothing short of outstanding and it does not surprise us that they have won this award to add to the many others that they already hold. We look forward to working with Hiscox for many years to come for the benefit of our highly valued clients.

Hiscox AwardOther winners on the night included Zurich winning Product Innovation of the Year and Allianz, who have recently announced merging with LV= scooping both Small Commercial & General Liability Team of the Year.

ARAG picked up the Legal Expenses Team of the Year award with Aviva scooping the Major Commercial Combined Team of the Year. The Cyber and Technolgy award went to CFC Underwriting, Chubb collected the Commercial Property award and the PI & D&O saw Tokio Marine take the silverware.

NMU were the overall night winners though. Initially picking up both Transport/Freight Team, Construction & Engineering Team of the Year and then winning Overall Underwriting Team of the Year.