LSV Insurance - for how long?
ALSO POSTED AT TYP901
Hi guys,
Insurance has been spoken about more than once on this board (http://www.typ901.org/showthread.php?t=3796), and I think it might just hit the headlines again based on some first hand experience.
We have been great supporters of LSV for quite some time now, with our largish stable of cars and everyday cars insured through them.
However I received a letter and phone call last week saying that they would now not insure our cars, and as a result, they would no renew our policy. FWIW, our claims have been almost nil, and our premiums are large.
A previous employee of Lumley (LSV) who now works for us at Porsche Insurance contacted some of his old clients and it seems that this is occurring with them also. There are some high profile customers that are either being given MASSIVE (around 70%) increases in their premiums, or told that their policy will not be renewed. Simply, it looks like LSV is reducing the size of its insurance portfolio and therefore risk. The effect to clients - increased premiums.
So.... knowing what I now know, I thought I would put those that are with LSV on notice, saying that you may get a call, letter, or both, saying that your premium has gone up, or you policy will not be renewed.
As I have previously disclosed, I am the GM for Porsche Financial Services Australia, and we operate Porsche Insurance. In light of the developments with Lumley's, we are rapidly developing an exclusive Porsche Club Insurance policy for Porsche club member ONLY, and this will include TYP901 members / Early 911S Members based in Australia. Porsche Insurance has the key underwriters across all sectors (motor, marine, home, business insurance) who offer some of the best policy benefits in the business, who are for the most part, not available to the public direct.
I'm keen to find out if any others have similar a similar response from Lumley's yet, and if members might be interested in giving Porsche Insurance a go for a quote on their business?
