CupraDave

iTrader: (1)

Do Greenlight insure imports?

On another forum there are some people who have been advised that they do not, so I thought I would ask here for a definative answer.

So do they?

CupraDave

iTrader: (1)

anyone ??

Tony@Greenlight

Hi Dave,

I can confirm that Greenlight do not currently offer quotations for Japanese imported Subaru models (ie. not first registered within UK/not supported by international motors for warranty/parts supply/repair).

Existing cases are being provided renewal terms, but in the event that a policy lapses they would be treated as a new business case.

We will post again should this situation change.

Kind regards

Tony

CupraDave

iTrader: (1)

Thanks Tony, Is this for all Jap imports or just Subarus?
Are you able to share with us the reason has this decision been taken.
Is it in light of the recent increase in the theft of imports and the use of them to comit crime?
Surely if that was the case, then premiums would go up rather than not offering quotations ??

Tony@Greenlight

Hi Dave,

As most of you will be aware, we have been coveing Subaru business for some 9 years now via SIDC & Scoobynet, as well as via the performance/modifed vehicle media.

We did write a considerable amount of this business over the years and our stance is based upon our experience of both claims/policy management with UK & imported vehicles.

International Motors (Subaru UK) are the franchise holder across the EU countries - when contacting them with chassis numbers to request a dealer repair, or parts supply they refuse to support imported vehicles.

This resulted in the vehicle having to be repaired by a non-franchise dealer, who also had to source parts from either a specialist supplier or directly from Japan where not available. Which results in enhanced storage and hire car charges whilst awaiting part delivery. We also experienced incorrect parts being purchased for model derivatives, which added to the delay.

We have not experienced specifically heightened vandalism or theft of imported vehicles vs UK models, but have experienced a higher fire claim ratio primarily attributable to electrical fires rather than malicious damage.

The value of the older import places this vehicle within the reach of the youngest policyholders - the fact is that overall historic experience of our (& realistically all) Underwriters shows younger drivers to have a higher accident ratio, which impacts upon the grouping of any vehicle that attracts younger drivers, not just subaru's (primary example would be the Citroen Saxo VTR/VTS models).

We also experience a high policy cancellation rate for lower value imports, due to disposal of vehicles, vehicle failure and default under premium finance plans.

Finally, we were inundated with quotations for vehicles that never came to fruition and were not purchased at a far higher ratio than experienced for other vehicle models.

Putting these collective points together, we had taken a business decision but should International motors alter their stance we would look to review this position.

I have posted upon this subject before, but this was some time ago so hopefully this clarifies the situation

Kind regards

Tony

Ps. Should you have a UK vehicle we are competitive & would be happy to offer quotations (Modified &/or standard)

CupraDave

iTrader: (1)

Thanks once again Tony
I understand why the decision has been made but I must ask again does this decision cover all Japanese imports? have you experienced the afore mentioned problems with other marques of Japanese Imports such as Mitsubishi, Nissan or Toyota?

Tony@Greenlight

Sorry Dave,

I got carried away with Subarus as they seemed the most relevant.

Risk wise, other than Lancer EVO/Nissan 200sx models which would be excluded due to poor claims experience, in principle there is no reason to exclude the imports - as most other makes are supported by their dealer networks and would happily take the revenue for the parts/servicing/repair.

Our current exclusion of other imports is based upon the fact that a high proportion are not recognised by the Association of British Insurers and thus do not have an ABI code/grouping, which in practice means that we are unable to enter the correct vehicle upon our (and more crucially the respective Insurer's) operating system.

The only way to currently cover these missing models would be to enter them as the wrong model, then noting the difference - which we currently do not like to do based upon the information being supplied directly to the Motor Insurers database.

With the name CupraDave, presumably you have a Seat and are considering the purchase of an imported Japanese model of some kind. We can cover the Seat without a problem.

One way of checking to see as to whether your intended purchase is ABI listed would be to visit this link and search for the vehicle:

Insurance Group Search

If the vehicle is not listed, it may be worth checking with Gary @ Keth Michaels as they are a Japanese import Insurance specialist & will probably have a better idea (or workround) as to how to place these vehicles.

Hope this helps..

Tony

CupraDave

iTrader: (1)

Thanks yet again Tony
LOL The CupraDave user name I have retained as this was my user name when I first started using forums when I had my Cupra Sport
I already have a WRX (see my scooby) and am currently insured through A-Plan.
The reason I ask these questions is that I am a member of a Manx Automotive forum where a depate had been running about Greenlight and Imports, a couple of people had been told you would not cover imports but there was a bunch of us who Greenlight had been recommended to.
I thought the easiest way to get a definative answer would be to post in here and ask direct.

Thanks for taking the time to answer my questions, I hope the decision may be reversed soon because after the responses you have provided today, I would be happy to have my car insured through you but its an import so its not gonna happen

Tony@Greenlight

Thanks for the kind words Dave,

Naturally, we don't stay in business by excluding risks and wish to make the most of every enquiry received.

We have been reviewing this situation in conjunction with 2 of our Underwriters since late March, this involves statistical analysis of model profitability and some due diligence as to the pitfalls on an individual model basis.

In addition, we are switching operating systems in July for a system that offers better flexibility which will hopefully allow us to expand our footprint without 'work-rounds'.

I'll keep you posted on here as and when things change.

Kind regards

Tony

CupraDave

iTrader: (1)

And yet more thanks to you mate

Will be good to find out if this would be reversed at some point, if the situation was to change do you think premiums would rise due to the extra costs involved with the car not being covered by the dealer network?

Hope to hear more soon

Tony@Greenlight

Hi Dave,

Premium wise, prudent Underwriters (as opposed to the mark up & then match gang, or the loss-lead new business 'beat anything regardless gang) with sustainable rating and long term strategies will always analyse their net costs and price accordingly.

Thus if a certain vehicle model is particularly expensive to repair, or has additional associated costs this will be recognised within an Insurer's statistical analysis of claim costs - which ultimately drives the risk element of premium charged.

The repair guarantee and courtesy car provision, along with the technological requirements (ie. Audatex or other vehicle assessment technology) will be the same for both Franchise and non-franchise repairers, but labour costs for non-franchise repairers are often slightly less. Usually they still have to order parts from the same source - the manufacturer via a franchise dealer or authorised parts supplier, which in the case of imported parts does often incur heightened part acquisition costs & a shipping charge if sourced from the country of origin as opposed to locally in the UK.

Kind regards

Tony