Renewal Insurance quote - CRAZY!!!

[Vlady]

Hi all,

How much do you pay for your insurance? I knew Lexus is in high insurance group but renewal is £875!

This is me with 12years NCB and my wife with 8years NCB! Every year the price goes up, as last year (I changed cars half way through) it was £859!

That is just a rip off that is made legal!!!

[Bluesman]

The prices insurance companies charge are as mystifying as the ways they work.

I am 71 do around 5K a year had two non fault accidents in the past 8 years and I am paying £200 fully comp with a full NCB. 

This year the premium went down by 31p. The wife and I enjoyed a hearty lunch that day. 

 

[The-Acre]

1 hour ago, Bluesman said:

The prices insurance companies charge are as mystifying as the ways they work.

I am 71 do around 5K a year had two non fault accidents in the past 8 years and I am paying £200 fully comp with a full NCB. 

This year the premium went down by 31p. The wife and I enjoyed a hearty lunch that day. 

 

I don't understand it either. I have a Volvo which cost me £195 this year, and less than £300 for the Celsior.  I keep reading about huge increases but it never seems to be that bad, yet someone like Vlad gets hammered. I guess the car value comes into it though, as does location and a person's age.  My Volvo cover increase this year was just £11, which unlike you Mike means we went to bed with empty bellies!😢

[Vlady]

I am 38YO, had an accident 4 almost 5 years ago and it was not my fault, I have no idea why it would cost THAT much, TESCO insurance got too greedy I say! Quick search yesterday and I got price for £420 with Go Skippy! It's a shame as I was with Tesco for last 5-6 years! More searching will be done today!

Thanks for your input guys.

[The-Acre]

1 hour ago, Vlady said:

I am 38YO, had an accident 4 almost 5 years ago and it was not my fault, I have no idea why it would cost THAT much, TESCO insurance got too greedy I say! Quick search yesterday and I got price for £420 with Go Skippy! It's a shame as I was with Tesco for last 5-6 years! More searching will be done today!

Thanks for your input guys.

I am apparently in the age group where car insurance is at its lowest.  I would seem to have learned all of life's driving lessons, and at 66 am a low risk they say.  If only they could see how I drive sometimes!😇

[royoftherovers]

13 hours ago, Bluesman said:

The prices insurance companies charge are as mystifying as the ways they work.

I am 71 do around 5K a year had two non fault accidents in the past 8 years and I am paying £200 fully comp with a full NCB. 

This year the premium went down by 31p. The wife and I enjoyed a hearty lunch that day. 

 

And I bet you paid for that lunch Mike with a 30p Luncheon Voucher!  :):):)

[doog442]

There are far too many parameters for anyone to draw a meaningful comparison. Age , occupation, post code etc.

I paid £170 fully comp for my 2015 IS last year, however it was part of a multi car policy along with my two daughters and I'm pretty sure the price was offset against a slightly more expensive premium on one of those two, although I can't confirm.

Prior to that I was paying roughly £200 for 3 litre BMW and my cost to change back to new BMW a few months ago has simply been an admin charge, so no increase.

Every year the price increases but I just get another quote online, ring them up and they reduce it back down. 

[royoftherovers]

12 hours ago, The-Acre said:

I don't understand it either. I have a Volvo which cost me £195 this year, and less than £300 for the Celsior.  I keep reading about huge increases but it never seems to be that bad, yet someone like Vlad gets hammered. I guess the car value comes into it though, as does location and a person's age.  My Volvo cover increase this year was just £11, which unlike you Mike means we went to bed with empty bellies!😢

The car, its value, its (statistical) incidence of claims, extent of cover, amount of excess,location, where kept,driver`s (and other drivers) age and motoring history, annual mileage, are all core inputs to the calculation.

Add to that the unwillingness of many owners to question their premiums or to seek alternative quotations or to read Motoring Surveys  all equate to the premium charged.

My wife (70) and I (72) are covered by LV for Social Domestic and Pleasure inc European Cover for  12,000 miles for £270.

[65mike]

Hi all.

Mine is due for renewal in January so that should be a laugh

It is at the moment £483.00 per year how they got this i do not know as when i owned my Jaguar XK 4.2 which i got in January 2017 i was paying £491.00 per year nothing different on the policy so how comes a 4.2 V8 Ali body coupe verses a 2.5 V6 steel body 4 door saloon get within £8.00 pounds cheaper  the Lexus was cheaper than the Jaguar.

It is not as if iam young in my fifties now with no convictions or any claims they say it's your post code c**p just a way off getting more money out off you.

65mike

[Bluesman]

6 hours ago, royoftherovers said:

And I bet you paid for that lunch Mike with a 30p Luncheon Voucher!  :):):)

American Express "That will do nicely"

[The-Acre]

2 hours ago, Bluesman said:

American Express "That will do nicely"

I was only talking about luncheon vouchers a couple of days ago.  Remember when job adverts would include that as a perk?  Maybe insurance companies should reinstated them!

[royoftherovers]

3 minutes ago, The-Acre said:

I was only talking about luncheon vouchers a couple of days ago.  Remember when job adverts would include that as a perk?  Maybe insurance companies should reinstated them!

Three shillings per day, tax free, Any excess over three shillings was taxable, but you could get a wonderful 3 course Business Lunch at the local Chinese Restaurant in Liverpool !!

[LexusIS300h]

I used the meerkat site in July and the premium for my wife and I was £274. This replaces a Prius which had £160 insurance, so  definitely no free lunch for us. We are in our 60’s so next year I will as usual look around again. This current insurance is with LV, as was the Prius, so I expect better rates at the next renewal, or move on to someone who quotes lower.

its a mugs game to stay with the same insurer as you are easy meat for an increase. All they do is tell you that you don’t need to do anything to renew and that they have done all the hard work keeping costs down and you will only pay 20% more even though industry averages are up to 50% more..... ad nauseum bs from the insurers. Halifax and Lloyd’s were good at this. Got a good first year premium and then they sink their teeth in. Unfortunately for them, I do shop around and never renew. No loyalty in insurance I’m afraid.

[The-Acre]

1 hour ago, LexusIS300h said:

I used the meerkat site in July and the premium for my wife and I was £274. This replaces a Prius which had £160 insurance, so  definitely no free lunch for us. We are in our 60’s so next year I will as usual look around again. This current insurance is with LV, as was the Prius, so I expect better rates at the next renewal, or move on to someone who quotes lower.

its a mugs game to stay with the same insurer as you are easy meat for an increase. All they do is tell you that you don’t need to do anything to renew and that they have done all the hard work keeping costs down and you will only pay 20% more even though industry averages are up to 50% more..... ad nauseum bs from the insurers. Halifax and Lloyd’s were good at this. Got a good first year premium and then they sink their teeth in. Unfortunately for them, I do shop around and never renew. No loyalty in insurance I’m afraid.

I agree there's no loyalty, actually not with any provider, regardless of product.  Interestingly though my renewal this year with Esure was as I mentioned only an £11 increase. When I shopped around I couldn't get close, the best was £65 more.

[Vlady]

7 hours ago, The-Acre said:

I agree there's no loyalty, actually not with any provider, regardless of product.  Interestingly though my renewal this year with Esure was as I mentioned only an £11 increase. When I shopped around I couldn't get close, the best was £65 more.

It is interesting, every renewal I had was much higher than the cheapest on line! Until now Tesco managed to be competitive but with Lexus they went through the roof!

[Chris111]

5 hours ago, Vlady said:

It is interesting, every renewal I had was much higher than the cheapest on line! Until now Tesco managed to be competitive but with Lexus they went through the roof!

But who actually provides the insurance for Tesco? None of these supermarkets own banks or insurance companies so it is provided by one of the main insurance companies under the Tesco name. For example, I know when my wife worked for Lloyds that the 'Sheila's wheels' brand was one of their offerings. The other big insurers will do the same thing and they will all charge different premiums for these different names even though it essentially comes from the same provider. Mobile phones are the same. Tesco mobile is supplied by O2 I believe and BT mobile by EE.

[rayaans]

I was with admiral under a multicar policy for a good 3-4 years until this year.

They increased the premium by £600 altogether. Went online, got quotes separately and then phoned Chris Knott brokers who beat both quotes with bespoke cover

[Guest]

I think we all have to shop around these days weather its car,house, home or even boiler cover because as has been pointed out there is definitely  no loyalty anymore.This thing about automatic renewal payment also drives me nuts as you know you didn't opt for it but every year it comes back up on any renewal notice and you have to call up and tell them not to do it.

[MadJam250]

Mine rocketed too when I bought my CT200h. Thinking my insurance company was having a laugh I did a price comparison check and the results weren't that much better. Based on insurance group I have no idea why the premium is so high (especially compared to my previous cars). 

[Vlady]

3 minutes ago, MadJam250 said:

Mine rocketed too when I bought my CT200h. Thinking my insurance company was having a laugh I did a price comparison check and the results weren't that much better. Based on insurance group I have no idea why the premium is so high (especially compared to my previous cars). 

Hi Martin, I am the same with the GS, the insurance quote it went through the rough, we did some comparison online and we can get cheaper price but it still almost £600 (not £875 though).

There is no one who would put a leash on insurance companies, this is just money making machine, no wonder people screwing them over if they have a chance!

[Vlady]

Paid the insurance yesterday, £580 including Legal Cover from More Than, better than was quoted initially from Tesco (£875!) 

[royoftherovers]

44 minutes ago, Vlady said:

Paid the insurance yesterday, £580 including Legal Cover from More Than, better than was quoted initially from Tesco (£875!) 

A good outcome then Vlad. Shows the benefit of shopping around.

If you are anything like me though, when next year comes you will forget to shop around!

Happy Christmas!

[JeffL]

On 12/12/2018 at 11:11 AM, rayaans said:

I was with admiral under a multicar policy for a good 3-4 years until this year.

They increased the premium by £600 altogether. Went online, got quotes separately and then phoned Chris Knott brokers who beat both quotes with bespoke cover

Have you used Chris Knott previously (or any other broker for that matter). I've not used a broker for many many years since online quotes became available, but definitely worth knowing if there are good brokers out there!

B.T.W. My GS300, 2007, 70K on clock, 7K miles p.a., 2 drivers, pleasure use (no business/commuting). Have been with L.V. for a few years now and always check comparison sites at renewal time and L.V. nearly always one of the cheapest online, so I renew online and ignore the renewal price. Last year L.V. renewal £262, same cover online L.V. £240. This year, just done it, L.V. renewal £291, same cover online L.V. £216. Go figure! Agree, doesn't pay to be loyal. (Although I'm staying with the same company for convenience)

Edit: NCD Protected. No convictions or claims for donkey's years!

[rayaans]

8 minutes ago, JeffL said:

Have you used Chris Knott previously (or any other broker for that matter). I've not used a broker for many many years since online quotes became available, but definitely worth knowing if there are good brokers out there!

B.T.W. My GS300, 2007, 70K on clock, 7K miles p.a., 2 drivers, pleasure use (no business/commuting). Have been with L.V. for a few years now and always check comparison sites at renewal time and L.V. nearly always one of the cheapest online, so I renew online and ignore the renewal price. Last year L.V. renewal £262, same cover online L.V. £240. This year, just done it, L.V. renewal £291, same cover online L.V. £216. Go figure! Agree, doesn't pay to be loyal. (Although I'm staying with the same company for convenience)

Edit: NCD Protected. No convictions or claims for donkey's years!

Yep used Chris Knott for a few years earlier.

And I also claimed through them on the IS once. It was all very smooth 

[Vlady]

21 hours ago, royoftherovers said:

A good outcome then Vlad. Shows the benefit of shopping around.

If you are anything like me though, when next year comes you will forget to shop around!

Happy Christmas!

Totally right, there is no loyalty in staying with anyone like car insurance, internet provider or utility! Search around is the way!