Insurance Premium

[szhrmp]

Hi guys,

I was wondering how much people pay for insuring their vehicle. I hope to get my NX 350h Takumi in a couple of months, and really not sure what to expect.

I appreciate it is dependent on where you live - I live in SW London with car theft rampant - but I plan to install an additional tracker.

 

Peter

[Guest]

Hi 

I just got my renewal in. Was 299 last year and now 445. Nothing had changed. Thought that's gone up too much compared to my other car policy. Run it through one comparison site and it's showing 475. No idea why such a large increase, anyone else got same issue? I am with Flow insurance and live in rural Scotland 

Kind regards 

Kenny 

 

[wharfhouse]

My IS 300h insurance went up over 35% this year on renewal for no change in risk. I couldn't find anything cheaper either on the comparison sites. My wife's Toyota Yaris insurance for same risk didn't (through the same insurer). I suspect the significant number of Lexus being stolen by CANBUS hacks are to blame for the sudden rise in premiums but in reality with insurance companies it's anyone's guess! 

[RONNIE W HODGEKINSON]

7 hours ago, Kenny Barclay said:

Hi 

I just got my renewal in. Was 299 last year and now 445. Nothing had changed. Thought that's gone up too much compared to my other car policy. Run it through one comparison site and it's showing 475. No idea why such a large increase, anyone else got same issue? I am with Flow insurance and live in rural Scotland 

Kind regards 

Kenny 

 

Try Go-Compare They come up with multiple quotes Or Chris Knott Insurance who targets insurance for Quality cars .A Member on here just got a Good quote and saved money Has a similar lexus to yourself but of course price reflects Wherabouts you live IE Risk factor ...It seems all car insurance premiums have increased this year.. Aviva get a very good name for Customer service if you have to claim but again price depends on risk factor...Avoid The insurance co with the big phone....

[Ken R]

My insurance last year on a NX450H was £229. This year its £348 albeit with some additional cover (Aviva Premium against previous Aviva online). I am based in Central Scotland with max NCD and two drivers on the policy.

[szhrmp]

My insurance premium for a 6 year old Mercedes C class is currently £430 - going up to 630 (2 drivers -  full NCD with Directline).

I hope I don’t have to pay double for a new car - twice as expensive…

 

[wivenhoe]

All premiums are going up. I’ve read reports that costs of repairs have rocketed due to increase / lack of spares. Add in the CanBus thefts and very high used prices for replacement costs of stolen cars and it’s easy to see why premiums are only going one way. The other thing is that some donkey in the Government thought it a good idea to ban cheaper introductory / tempter rates to attract new customers - that why whilst shopping around may save a little bit, the days of moving for a big discount has been brought to an end - completion now seems to be coverage offered. 
I have just part exed my Range Rover - NFU refuse to insure any RR younger than 5 years and other insurers also have embargo’s against them. I fear the RX may be going the same way with all the CanBus thefts. 

[RONNIE W HODGEKINSON]

On 5/31/2023 at 9:12 PM, Kenny Barclay said:

Hi 

I just got my renewal in. Was 299 last year and now 445. Nothing had changed. Thought that's gone up too much compared to my other car policy. Run it through one comparison site and it's showing 475. No idea why such a large increase, anyone else got same issue? I am with Flow insurance and live in rural Scotland 

Kind regards 

Kenny 

 

Kenny.. Yes all Insurance premiums Have gone up this year....But so Has the price Of Eggs ..Every year i get my renewall Where all insurance companies try to Part you with More money And Every Time i phone them up THEY NEGOTIATE and bring the price down just to keep you on board ..If it Was The TITANIC they would even throw in a deckchair...So Phone them up and start negotiating BTW Have you tried Saga Or Chris Knott insurance They get really good reviews...Saga is underwritten by liverpool Victorian Who Also Get Good reviews Stay well clear of all the Sooty And Sweep Insurance Companies...Hope that helps.!!!

[wharfhouse]

51 minutes ago, RONNIE W HODGEKINSON said:

Kenny.. Yes all Insurance premiums Have gone up this year....But so Has the price Of Eggs ..Every year i get my renewall Where all insurance companies try to Part you with More money And Every Time i phone them up THEY NEGOTIATE and bring the price down just to keep you on board ..If it Was The TITANIC they would even throw in a deckchair...So Phone them up and start negotiating BTW Have you tried Saga Or Chris Knott insurance They get really good reviews...Saga is underwritten by liverpool Victorian Who Also Get Good reviews Stay well clear of all the Sooty And Sweep Insurance Companies...Hope that helps.!!!

Problem is if you can't get it any lower than the renewal using comparison sites and other insurance companies - that was my problem this year - the insurance renewal had gone up over 35% (for no change) but every other insurer was still coming in more expensive when I put in the same details. Each year I usually either find a lower offer or negotiate with my existing insurer based on what else I have found in the market - I think this is the first year that my current insurer renewal was a big hike but still less than anything else I could find...! 

[Kaizen]

I had been shopping around for Lexus car insurance and was getting some outrageous quotes from various providers. Most shocking 3760k quote from RAC! Went with Hastings who quote me £440. My BMW 3 Series was 300ish. Hastings reviews are not great, so only time will tell.

I can imagine the costs going up, but the stark price difference between £440 vs £3760!

I will run a quote with Chris Knott just to check.

[Kaizen]

Just to add to my previous message, anyone using Lexus Car insurance? I ran a quote and it was more than double of what I am paying now - about £900ish.

[wharfhouse]

5 minutes ago, Kaizen said:

I had been shopping around for Lexus car insurance and was getting some outrageous quotes from various providers. Most shocking 3760k quote from RAC! Went with Hastings who quote me £440. My BMW 3 Series was 300ish. Hastings reviews are not great, so only time will tell.

I can imagine the costs going up, but the stark price difference between £440 vs £3760!

I will run a quote with Chris Knott just to check.

If you run quotes on comparison sites you'll always get some ludicrous premiums popping up - just means they don't want the business and wouldn't worry about those - just look at the handful of cheapest ones and make a decision on those. 

[Kaizen]

1 minute ago, wharfhouse said:

If you run quotes on comparison sites you'll always get some ludicrous premiums popping up - just means they don't want the business and wouldn't worry about those - just look at the handful of cheapest ones and make a decision on those. 

@wharfhouse - Makes sense. In addition to the comparison sites, I did run many individual ones, Tesco, tried Direct line, but I did not know about Chris Knott and the likes. The dealer delivered the vehicle and there was no 7 day drive away insurance, so It was a last minute search and. Probably why the quotes were higher - I moved the start date to a week later and the quotes amount dropped.

For any one searching for insurance quotes, try reducing the compulsory excess and your insurance amount reduces in some instance. For example I added £350 excess and the quote went high, reduced to £200 and the quote was lower. Strange but that is how it was for me.

[wharfhouse]

6 minutes ago, Kaizen said:

@wharfhouse - Makes sense. In addition to the comparison sites, I did run many individual ones, Tesco, tried Direct line, but I did not know about Chris Knott and the likes. The dealer delivered the vehicle and there was no 7 day drive away insurance, so It was a last minute search and. Probably why the quotes were higher - I moved the start date to a week later and the quotes amount dropped.

For any one searching for insurance quotes, try reducing the compulsory excess and your insurance amount reduces in some instance. For example I added £350 excess and the quote went high, reduced to £200 and the quote was lower. Strange but that is how it was for me.

Yes I find running quotes about 3 weeks before renewal gives the cheapest premiums - as you said nearer the date the insurance is wanted the premiums rise but like you this time sometimes you have no choice. BTW both mine and my wife's car are insured with Tesco Insurance this year as they were the cheapest for both of us (and Tesco is aon confused.com comparison site though don't know about other ones). Like you also said playing with excesses has some interesting results and not always what you'd expect. Also planned mileage as well - there's an inflexion point where as annual mileage comes down the premium gets cheaper and then at a point the premium starts to go back up again as planned mileage reduces further. I have found this inflexion point to be around 8,000 miles per annum in my experiments. How one might use that information of course depends on each person's personal situation. 

[Kaizen]

10 minutes ago, wharfhouse said:

Yes I find running quotes about 3 weeks before renewal gives the cheapest premiums - as you said nearer the date the insurance is wanted the premiums rise but like you this time sometimes you have no choice. BTW both mine and my wife's car are insured with Tesco Insurance this year as they were the cheapest for both of us (and Tesco is aon confused.com comparison site though don't know about other ones). Like you also said playing with excesses has some interesting results and not always what you'd expect. Also planned mileage as well - there's an inflexion point where as annual mileage comes down the premium gets cheaper and then at a point the premium starts to go back up again as planned mileage reduces further. I have found this inflexion point to be around 8,000 miles per annum in my experiments. How one might use that information of course depends on each person's personal situation. 

I was with Tesco's for a year as they worked out the cheapest, then moved away. Thanks for the tip about the miles, I will use this next time, missed to play with miles this time around 🙂

[Ken R]

I tried Tesco this your but they were unwilling to quote. Ended up remaining with Aviva - £348 fully comp. 12000 miles per annum, 2 drivers.

[rafarules]

8 hours ago, Ken R said:

I tried Tesco this your but they were unwilling to quote. Ended up remaining with Aviva - £348 fully comp. 12000 miles per annum, 2 drivers.

Aviva for me too..I have an old RAV4 XT3, and my NX350H prem+,insured for less than £475p.a. 

I would NEVER use Hastings….been there, done that…NEVER again! Pay peanuts, get monkeys 🙉.

[HighlandJohn]

On the subject of insurance, I've just performed the 'dance of discount', checking all the prices comparison sites, calling other insurers etc.

Renewal on my policy is due on 3rd July. Last year's premium with the AA for my old e60 530i SE manual was c £189. They wanted £600+ for the IS250 SE-L auto, with no mods and 7000 miles p.a......."goodbye".  👉

All the others ranged from mid £400 to over £1,000....."goodbye"  👉

Ended with an online only Company called Nutshell who did fully comp owner only driving with a comp excess of £200 and £100 for windscreen.  The Underwriters are Covea, part of one of the EUs biggest groups [inc Saga afaik] with mostly good reviews on claims history [which I'm not planning on exercising obviously.  All policy docs inc Cert downloadable to your tablet/phone/pc etc. so proof to hand in the event of Plod getting nosey at the roadside. 👃

Also renewed RAC breakdown cover with fully package inc HomeStart etc gone up from £50 last year [an offer in conjunction with one of the comparison sites.

So, all sorted and will be legal on renewal - even Conformed on ASKMID website too.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[78csj]

Had my renewal in from Admiral Ins, a 71% increase on a 3 car multi car policy over last years price, did the usual phone-call to be told that it was all due to cost of living and inflation! I was wasting my breath telling the operator that inflation was only 8.7%. He then gave me £200 discount for being a loyal customer of 12yrs, renewal declined, and went with LV, a £670 saving and only £8 more expensive than last years premium and overall better cover. Lexus quoted over £580 for my NX on its own, last year it was £425. Someone is obviously making money.

[WhiteHart]

6 hours ago, 78csj said:

Lexus quoted

You were lucky, Lexus would not insure me for a new Lexus NX450 and said is was my postcode. Paid twice as much for the 450 as I paid last year for my old 350. It’s only money 🤬