Insurance reduction

[flookyk]

Has anyone just recently had their insurance renewal quote?

I saw, just today, an article in one paper trying to say that people in their 50's, as I am, are seeing the biggest increase of insurance premiums.

Don't know where they got their information from but mine has come down from £512 to £402 (with Bell Insurance).. to start at the beginning of May.

I am 58 so it's because it is hitting a special age or due to any claim out of date now.

I am hoping it will reduce a bit more in a couple of months when I take early retirement and no longer need business use.

[royoftherovers]

37 minutes ago, flookyk said:

Has anyone just recently had their insurance renewal quote?

I saw, just today, an article in one paper trying to say that people in their 50's, as I am, are seeing the biggest increase of insurance premiums.

Don't know where they got their information from but mine has come down from £512 to £402 (with Bell Insurance).. to start at the beginning of May.

I am 58 so it's because it is hitting a special age or due to any claim out of date now.

I am hoping it will reduce a bit more in a couple of months when I take early retirement and no longer need business use.

Keith, are you driving whilst being monitored by a Black Box ?

[flookyk]

2 minutes ago, royoftherovers said:

Keith, are you driving whilst being monitored by a Black Box ?

Definitely not .. it would record my speed and put it up. 

[Herbie]

35 minutes ago, flookyk said:

I am hoping it will reduce a bit more in a couple of months when I take early retirement and no longer need business use.

Sadly, it doesn't. Mine didn't even reduce by a tenner.

I used to do computer repairs/printer setups/broadband setups and so on and I used to think that business cover was to protect my tools and/or any equipment I was transporting. I was completely shocked to find that all business cover does is to cover you for multiple journeys to places of work. Travel to an office or single place of work is under 'Social, Domestic and Pleasure' as it used to be called; travel to, say, three different houses to sort out their computers and that's where business cover comes in.

Retirement taking away the need for multiple journeys doesn't bring the premiums down by any appreciable sum at all.

[Malc]

On 4/18/2022 at 6:39 PM, Herbie said:

Retirement taking away the need for multiple journeys doesn't bring the premiums down by any appreciable sum at all.

I'd have thought the opposite ,. .... more free time to get out and about doing happier journeying and more miles means more expensive insurance no doubt ( maybe )

Malc

[NemesisUK]

26 minutes ago, Malc said:

I'd have thought the opposite ,. .... more free time to get out and about doing happier journeying and more miles means more expensive insurance no doubt ( maybe )

Malc

Doing "happier journeying" means less stress, less road-rage?

Doing more miles, means greater practice, more experience, "keeping one's hand in"?

Both to me should mean lower risk and lower premiums?

[royoftherovers]

28 minutes ago, NemesisUK said:

Doing "happier journeying" means less stress, less road-rage?

Doing more miles, means greater practice, more experience, "keeping one's hand in"?

Both to me should mean lower risk and lower premiums?

From the perspectives of the client, I couldn`t agree more Peter.

But from the perspective of the Broker/Insurance Company which is underwriting the Risk ?

[NemesisUK]

2 hours ago, royoftherovers said:

From the perspectives of the client, I couldn`t agree more Peter.

But from the perspective of the Broker/Insurance Company which is underwriting the Risk ?

It's all a mystery, a lottery...

I went from a 2.7ltr cdi to a 5.5ltr supercharged V8 and the insurance dropped £150, all else unchanged?

It then went up with the RC only to drop to it's lowest ever a year later. 

[royoftherovers]

3 minutes ago, NemesisUK said:

It's all a mystery, a lottery...

I went from a 2.7ltr cdi to a 5.5ltr supercharged V8 and the insurance dropped £150, all else unchanged?

It then went up with the RC only to drop to it's lowest ever a year later. 

A mystery indeed from the perspective of the client.

[Linas.P]

Guys - stop trying to make sense out of insurance premiums, they don't make sense. Adding business use actually reduced my insurance (go figure), do I use my car for business? No. But saving £200 from £800 is big chunk by having extra cover I don't need. As well when I declare the miles I am planning to do a year I can see price jumping all around, it could be up or down by 10% every 500 increment. All in all I found that ~ 6000-8000 miles is what gets me best price. How many miles I did last year? maybe 1800... 

In short - insurance algorithm makes no sense and don't try to think logically what should increase of reduce premium, play around with comparison site option (as much as you can push the look without being dishonest) and you will see that options which seems to have nothing to do with the price could make a combination cheaper for not reason.

Finally - never take renewal, in 9 years I am now insured in UK every single time I checked different quotes during renewal and every single time it went down 10-25%. Obviously, if you already paying ~£400 then don't expect it to be 25%. I was paying £2000 at the beginning, so over 9 years it had some way to go down, but I am sure it would always be less just because you made a call. 

[steve2006]

Having had “Classic” insurance for around 5 years my full NCB expired as this type of insurance doesn’t accrue any NCB.

It was very cheap for an import model with agreed value and limited mileage.

When I replaced the car with a later model, again an import my classic insurer wouldn’t offer cover at all and after a lot of calls I found only one company who would offer cover for an import with zero NCB which cost me over £600.00, £500.00 excess and 3000 mile limit.

Renewal time and I was expecting a 25% NCB but the renewal was half the previous premium including excess waiver and 3000 miles.

[Malc]

I've never found any sense to be had from any quoted car insurance premium I've been offered ...........  ever ....... algorithms or nay ........  it's all a priceless and senseless algo with rhythm ...........  just get what's best for you on the day when you're totally fed-up doing all the leg work to get non-sensical prices

Malc

[Lexiguy]

Hi guys

I am insured with L&V and my renewal is due next month. I wonder if anyone has experience of discussing with an insurer about upgrades or improvements to the ascetics, performance or safety of a vehicle?

Many owners of older vehicles like my SC430'S like an upgrade to modern performance brakes, LED lighting, bespoke exhaust, f & r dash cameras, f & r parking sensors and reversing camera.

Should these items be discussed individually with L&V as I am not relishing that discussion, and do they have cost implications?

Regards, Anthony

[Malc]

1 hour ago, Lexiguy said:

and do they have cost implications

probably yes  ....  they will always try to screw you for any added premium opportunity

Malc