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27 Jul 2023

The insurance policy your Porsche deserves

Club partners Lockton explain the basics and why they can do better  

Arranging specialist motor insurance can be tedious and bewildering. The Club has asked us to highlight some of the most common problems faced by its members and explain how Lockton’s dedicated team of brokers can help navigate them. Here are some of the classics…
It’s a common misconception that the cheaper the policy is, the better it is. If you find a cheaper quote, your existing insurer will match it. Why didn’t you get that price in the first place?
The call centre
Dealing with people who regard your specialist vehicle as just another car is irritating. Sensing that they are reading from a script without background knowledge and expertise is equally frustrating. Being asked if your 911 runs on diesel, for example, is the sort of question that rarely inspires confidence.
Who can drive?
Adding family and friends to a policy so they can drive your car, whether permanently or for a special occasion, can often require permission from the insurer and result in additional premium or administration costs.
Driving someone else’s car
If you’re a member of the Club, the chances are that you will find yourself with the opportunity to try someone else’s car at a social event or a Club meeting. If your cover is limited to Third Party Only, you face the possibility of an expensive repair bill if something goes wrong.
Most policies work on a ‘market’ value basis without reference to the knowledge that the Club, its members and supporting specialist garages possess, so crucial details are often missed. For example, a real expert could tell you that many classic Porsches have appreciated in recent years, some newer limited-production models have too and supply chain shortages have meant that many other cars have not depreciated at all or, in some cases, even increased in value.
Taking to the track
The simple reality of owning a high-performance car today is that much of its potential cannot be used on the road. Trackdays provide the ideal environment in which to use your Porsche safely and improve your skills as a driver at the same time. Many insurers regard this as a risk that is simply too great to cover, meaning that potentially expensive separate trackday insurance cover will have to be purchased.
Until you need to make a change to your policy or make a claim, you won’t know whether you will be looked after properly.
Your policy may not cover everything that you need, so things like legal expenses and breakdown cover may need to be added on.
Can Lockton answer all of these points and make buying insurance a better experience? We certainly hope so, because we fundamentally understand why you’ve bought a Porsche in the first place, why you’ve joined PCGB and how you use your car. Let’s look at what we can offer you instead...
The price
We don’t claim to be the cheapest and we won’t drive the cost down. We use a recognised supplier in Aviva and we work hard to ensure that the PCGB insurance scheme remains stable and less exposed to the impact of trying to insure everyone for the lowest price possible. Inflation has meant that the cost of parts, materials, labour and replacing cars have all increased, and recent changes to the way insurers price their products has also banned the practice of not giving the best price to all customers.
The right people
Our team is a small and highly experienced one. Knowledge of specialist vehicles is as important as that of insurance. We don’t operate a call centre and we never will.
Our policy allows you to drive any other car on a Fully Comprehensive basis – in other words, it covers these cars on exactly the same basis as your own.
Anyone aged over 35 who doesn’t live with you can drive your car. Drivers aged under 35 can be considered on a named basis.
Fair dealing
Agreed value cover is available for any vehicle and this is further enhanced in the event that the market shifts and your agreed value becomes insufficient to replace or repair your car. We try to avoid writing cars off unless they aren’t safe to repair properly and, if you’ve bought a brand new vehicle, then it will be covered for full replacement for up to 24 months.
If you take part in a PCGB-arranged trackday, the cover will apply automatically. The only caveat to this is that, if you have no track experience, you undertake professional tuition first – remember that even seasoned trackday enthusiasts will periodically do this! If you want to take part in a non-Club trackday, this will need to be referred to Aviva for approval.
The personal touch
You will be allocated a dedicated Client Manager, who will look after you and manage your policy. This is supported by a safe and simple online portal, so you can access your documents anywhere and at any time.
Help, not hassle
If you need to make a claim, then the philosophy that we and Aviva share is: “This is why you buy insurance”. While we provide a lot of practical tips on how to avoid being without your Porsche if itwere to be damaged or stolen, we make sure that you can have the car repaired where you choose and we make sure that claims for theft or a total loss are paid quickly. It should never become a battle.
Our policy includes cover for legal expenses and Europe-wide breakdown and recovery. The latter is managed through Aviva’s specialist Private Client breakdown division that ensures a swift response should you suffer a breakdown and that you reach your intended destination safely.
We are confident that we do the right thing for PCGB members. This is because we make an effort to engage with you at Club events, understand what you need and listen to how we might do better (we know that we aren’t perfect). We also speak to the Club’s management regularly to make sure that we continue to deliver everything that they and you want.
If you like what we do, tell your friends. If you don’t, tell us. Keep enjoying your Porsches and we look forward to meeting you at a PCGB event!

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