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AIB Insurance, Markerstudy Underwriter and Defaqto ratings / Reviews - Lotus Insurance - The Lotus Forums #ForTheOwners Jump to content


AIB Insurance, Markerstudy Underwriter and Defaqto ratings / Reviews


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I've been getting insurance quotes over the last few days for the Exige, and the best quote I've had so far is with AIB Insurance.  Thumbs up so far then.  

The policy they have proposed is an agreed value policy, with choice of repairer etc and 4,000 miles per year, and a reasonable excess - so ticks all the right boxes.

It's underwritten by Markerstudy.  I decided to have a look at www.defaqto.com to see what their rating is - and it's only two stars!

Can anyone comment on this?   The Defaqto rating seems to be about how the policy features compare to other policies in the marketplace, but I was wondering whether anyone else has noticed this and decided to research it further?  

Plenty of people on here seem to be insured with AIB so I'm hoping someone can assist.

Lots of poor reviews for Markerstudy here too https://uk.trustpilot.com/review/www.markerstudy.com so I'd really welcome people's views on this.

Edited by Daveb99
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Why not ask Darren at AIB what he thinks as he should know more than any of us

Is that with the black box Pete?  

If they knew how fast you just got home, your premium would go through the roof

Defaqto is designed simply assuming that everybody needs everything, or as much of everything as you can get.

If you need less than 4000 miles / year, or don't need the things that other policies can offer then it may well be the policy for you. Logically, if there was a  Defaqto rating for cars, the Evora would be at the bottom of the list, along with 911 and every other sports car / super car etc.reason being, the don't to lots of mpg, don't have big luggage carrying boots, don't have 7 seats, don't have lots of ground clearance for off-roading.

If this was insurance for a boring daily driver or similar then Defaqto would probably have more meaning, but I think in this case you should check the features meet your needs, check the ratings for service and satisfaction, rather than a generic rating based on the average needs of insurance for an"average" car.

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Just now, andydclements said:

Defaqto is designed simply assuming that everybody needs everything, or as much of everything as you can get.

If you need less than 4000 miles / year, or don't need the things that other policies can offer then it may well be the policy for you. Logically, if there was a  Defaqto rating for cars, the Evora would be at the bottom of the list, along with 911 and every other sports car / super car etc.reason being, the don't to lots of mpg, don't have big luggage carrying boots, don't have 7 seats, don't have lots of ground clearance for off-roading.

If this was insurance for a boring daily driver or similar then Defaqto would probably have more meaning, but I think in this case you should check the features meet your needs, check the ratings for service and satisfaction, rather than a generic rating based on the average needs of insurance for an"average" car.

Thanks, that's really helpful.   I've just edited my original post to add a line about online reviews of Markerstudy, and it doesn't look good.    I'd welcome some balance on this, as AIB are the cheapest by some way (with the policy features that I value and need).

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Out of interest what companies have you tried?

Have you tried ClassicLine? I found AIB expensive on my old Evora S plus they won't cover track days but CL allow up to 6 within the UK. From memory I pay around £500 with 5k miles garaged. Guess it will depend on your circumstances though.

Also Henderson Taylor, Competition car insurance and Manning are worth trying.

1982 DeLorean DMC 12 #16327, 1999 Lotus Elise, 1998 Lotus Esprit GT3 #2272, 2011 Lotus Evora S, 2013 Lotus Exige S,2016 Lotus Evora 400

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3 minutes ago, internets said:

Out of interest what companies have you tried?

Have you tried ClassicLine? I found AIB expensive on my old Evora S plus they won't cover track days but CL allow up to 6 within the UK. From memory I pay around £500 with 5k miles garaged. Guess it will depend on your circumstances though.

Also Henderson Taylor, Competition car insurance and Manning are worth trying.

Thanks, I have tried all of those, plus REIS, 1 Answer, Need to Insure, CCI.  AIB are the cheapest by a good chunk, and with the agreed value looks good, but I'm a little concerned about the reviews of Markerstudy...!

Edit - I should add that Henderson Taylor are second and Matt has been brilliant.

Edited by Daveb99
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Really....and that's on a Exige S? Assume your not bothered with track events then?

How much are we talking about as my renewal will be coming up soon and not tried AIB for a while!

1982 DeLorean DMC 12 #16327, 1999 Lotus Elise, 1998 Lotus Esprit GT3 #2272, 2011 Lotus Evora S, 2013 Lotus Exige S,2016 Lotus Evora 400

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Just now, internets said:

Really....and that's on a Exige S? Assume your not bothered with track events then?

How much are we talking about as my renewal will be coming up soon and not tried AIB for a while!

Yes - £329.  No track cover.   £400 excess, garaged, agreed value, choice of repairer.   I'm 46 next week.

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Why not ask Darren at AIB what he thinks as he should know more than any of us

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hindsight: the science that is never wrong

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Darren wouldn't legally be allowed to advise outside of their prescribed sales process which identifies the customer's needs and matches them to the features of a product, and not on other firm's products (unless they advise on whole of market, and that advice includes those specific firms).

Looking at the info on their site, I'd say they offer advice on a limited range of products which means that at best they can advise which of their products meets the needs (or call out close match but not all needs met such as lower mileage limit than the customer requested), but certainly couldn't advise whether a product they have is more suitable than a product they don't offer (from a different insurer).

 

As to customer satisfaction, yes they hopefully would have that info and have it relative to other firms they consider that they compete with.

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Thanks,  my experiences of AIB have been very positive so far - very professional, responsive to emails and phone calls, and of course a great price.

My concern lies with the underwriter, Markerstudy, as the only reviews I can find online are dreadful.  This is of course from people who have had to claim, and clearly there are always more poor reviews online than good ones, but even so it isn't a good sign.

I suspect there are lots of owners on here who are insured with AIB, probably underwritten by Markerstudy, who are none the wiser, as they haven't needed to claim.

What would be useful to know is whether, in the event of a claim, all dealings are with AIB rather than dealing with Markerstudy directly.    If the former, then perhaps it isn't something I should be concerned about..

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In that case, ask Darren about that specific aspect: In the event of a loss / claim who do you as the customer deal with (solely AIB, solely Markerstudy, mix of both - if so what aspects do each deal with)?

Whatever the answer, keep in mind that Darren's and his firm's reputations depend on the behaviour of the firms he places customers with, so he'll have made decisions based on a long-term strategy of customer being happy and purchasing year after year. Irrespective of reviews (p.s how many of us have left a review when annoyed, yet failed to leave a positive review when all was fine??), I'd suspect he's already ensured that his customers will be treated fairly when it comes to claims etc.

 

 

Looking at the permissions, I'd guess that it's mainly / solely Markerstudy because of the two firms only they have the permission for : Assisting in the administration and performance of a contract of insurance

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfAcXAAV

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfQn1AAF

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I pretty sure someone on here who did claim via AIB was very impressed with the service. I know AIB push to get all claims settled as promptly as possible. I'll see if I can find the post... 

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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Wrote off my megane which was insured with AIB and had no problem with claim most of which was dealt with by AIB.Ended up with what I thought was a very fair settlement.

hindsight: the science that is never wrong

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Thanks for all the help with this.  I've decided to go with AIB, the quote was the best by far and the cover suits my needs perfectly.   I can't say I'm particularly worried about claiming and the process around it right now, and speaking to a few people it seems that AIB would step in if there were any difficulties with the underwriter anyway.

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  • 5 months later...

Just had a quote from AIB with Markerstudy ,Is 550 on an exige s2 na for 5000miles 150 excess clean licence . Did think that was a bit high,What do others think?

hindsight: the science that is never wrong

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Seems a bit high to me.  I’m with AIB (Exige V6), it was £329, 4000 miles pa, 350xs though I think from memory.  Clean licence, I’m 46.

Of course you are (possibly) younger than me.....

Edit - OK, you are a good chunk older than me...doesn’t seem like a good deal to me..

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There are so many variants it’s  hard to say . I have just taken a policy out with AIB and found them cheapest on my Evora however have found others cheaper on my Europa. 

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35 minutes ago, Stuart Monument said:

There are so many variants it’s  hard to say . I have just taken a policy out with AIB and found them cheapest on my Evora however have found others cheaper on my Europa. 

If they knew how fast you just got home, your premium would go through the roof :P

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Is the price for that bit in Yen or £?

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I am insured by them AiB markerstudy on my S2 S240 Exige £409 With 9 Years NCD 5000 MILES a year And legal protection and I'm classed as inner London 

Only stipulation is if the cars at home must be in the Garage after 22,00 

Hope this helps for comparison and I'm a 50 year old git 😊

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You are right.

Had much cheaper quotes by increasing the excess from £100 total to £400

hindsight: the science that is never wrong

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