Insurance

[Tomtit]

Just received details of this year's insurance premium for the LS. It is over 50% dearer than last year despite me never having a claim. I will ring them on Monday and ask how they justify the increase. If that is how they reward loyalty I will shop around.

[lex - eleven]

Obviously I don't know what you previously paid but I paid £233 full comp, protected no claims, windscreen cover etc, 9+years no claims Ls430 2004 1st October last year. Hastings direct. I always do the compare and when I think I've found one I like I then check out top cashback. I did that on my scooter insurance in January and got £26 off reducing it from £71 to £45 full comp so well worth a check. 

[Malc1]

Saga wrote to advise me lots of drivel about how they are no longer allowed to reward loyalty .....  by the new Law ..  out to protect the consumer .  of course

I never can understand insurance premiums and the tripe these insurers expect us to swallow

Malc

[lex - eleven]

Loyalty? I've no such thing with insurance companies. I compare every year. Normally find a better policy and then give my insurer a call to do better or at least match my quote. If they come up trumps I'll stay with them, saves me changing, if not who cares I've already found one cheaper.

[Malc1]

Just now, lex - eleven said:

Loyalty? I've no such thing with insurance companies. I compare every year. Normally find a better policy and then give my insurer a call to do better or at least match my quote. If they come up trumps I'll stay with them, saves me changing, if not who cares I've already found one cheaper.

I tend to do the same BUT restrict it just maybe 2 hrs of my time traipsing around any likely new hosts .......  only seemingly these days ( years ) returning to base insurer ..   often Saga these recent years BUT after a lot of to-ing and fro-ing to beat them up on their silly prices ........... 

I seem to have better and more productive things to do with my time i feel ..... BUT I just hate being ripped off 🤣

Malc

[Illogan]

28 minutes ago, Malc1 said:

Saga wrote to advise me lots of drivel about how they are no longer allowed to reward loyalty .....  by the new Law ..  out to protect the consumer .  of course

I never can understand insurance premiums and the tripe these insurers expect us to swallow

Malc

In truth, Malc, there never (ever) has been any loyalty, and insurance companies simply sell a product. If the customer likes/needs that product, at the price quoted, then it's a sale.

Basically, it's back to supply and demand, of course.

Now, there are loads of variables (risk factors), which include driver gender, age, location, accident record, driving record, police record, occupation, required mileage, and a few I won't know about. But there's one that's rarely talked about - and that's the insurer's own 'spread of policies' budgets. Most insurers will have a portfolio of 'types of risk' - and may well aim for a balance of age/gender/location (etc) policies.  Once they've filled their chosen number of a given type, they'll often load an higher premium ...  (Just like a builder that quotes for a job, but doesn't really want it - he'll quote a higher price - (and be happy to do it with extra profit).

And, of course, since the introduction of online policies, including a fair old number of cowboy players, it's muddied the water even more.

 

[hockeyedwards]

Funny, I phoned to get some quotes on my LS, previously paying circa £200 per year on a classic policy, went back to that company and they wanted £1000!!!!!

The guy on the phone did apologise prefusely as even he thought it was a mistake and spoke with whoever underwrites the policies and apparently they cited 'increased number of thefts to LS400' models' - errr what now, are there even that many left to steal? 😆, also makes me think they are just lumping it in with the recent trend of Lexus/ Toyota CANBUS thefts and making a quick buck.

I ended up using one of the generic price comparison sites and got £350...

[Malc1]

Insurers and some brokers are simply SCANDALOUS 

Malc 

[First_Lexus]

6 hours ago, Malc1 said:

Saga wrote to advise me lots of drivel about how they are no longer allowed to reward loyalty .....  by the new Law ..  out to protect the consumer .  of course

I never can understand insurance premiums and the tripe these insurers expect us to swallow

Malc

Ah, the law of unintended consequences…

As I understand it, the rules were changed so that insurance companies had to offer the same prices to existing customers as to new customers. The objective was to reward loyalty, as we all knew that moving insurance generally offered better prices due to incentives to switch.

Move forward to now, and insurance companies realised that being unable to offer incentives meant that - as long as they all did the same - they would all win with the inevitable result that consumers would lose…not what was intended by legislators but there you go! Unintended consequence strikes again.

Slightly different, but mobile telephone ‘roaming’ charges were outlawed by the European Union. When the UK left the EU most companies reintroduced them. “It’s the fault of Brexit” they cried in unison…well, sort of. Brexit allowed them to reintroduce the charges, but didn’t force them to do so. It was simply that the legal imperative had been removed. In essence, legalised robbery just to increase profits. Shameful.

[Howplum]

Apparently Adrian Flux might have a facility for Lexus owners, according to something I read on this site. It might be worth trying them. If you only do a limited mileage you should consider one of the insurers/brokers that specialises in policies for "classic" cars, which includes Adrian Flux.

[Tomtit]

20 hours ago, lex - eleven said:

Obviously I don't know what you previously paid but I paid £233 full comp, protected no claims, windscreen cover etc, 9+years no claims Ls430 2004 1st October last year. Hastings direct. I always do the compare and when I think I've found one I like I then check out top cashback. I did that on my scooter insurance in January and got £26 off reducing it from £71 to £45 full comp so well worth a check. 

Mark.

Thank you for the info. Last year I paid £289 with full no claim bonus. I have had no claims or policy changes since. They are now asking for £445. I expected an increase in line with inflation but not a 50% increase. I am going to shop around.

[Malc1]

15 hours ago, Howplum said:

Apparently Adrian Flux might have a facility for Lexus owners, according to something I read on this site. It might be worth trying them. If you only do a limited mileage you should consider one of the insurers/brokers that specialises in policies for "classic" cars, which includes Adrian Flux.

I would NEVER NEVER NEVER NEVER use these people again after my damningly dreadful experience with their set-up ..........  BUYER BEWARE 

Malc

[lex - eleven]

I've used Adrian Flux several times for bike and car but never had to make any claims or anything so don't know what their customer service is like.

[Malc1]

6 minutes ago, lex - eleven said:

I've used Adrian Flux several times for bike and car but never had to make any claims or anything so don't know what their customer service is like.

‘‘Twas totally 50000% ABYSMAL and AWFUL …… to me …….. NEVER EVER would I wish the dreadful experience on anyone’s shoulders 

Malc 

[BigBoomer]

Insurance renewals are almost always the same, but at my last renewal mine went down!!
I was paying £296 and it dropped to £257 for exactly the same cover on automatic renewal.
I was so surprised Ella nearly collected on my life insurance! 🤣
The car is insured with Esure who to be fair have never "tried it on", but plenty of previous insurers have.

Ella's RAC breakdown cover renewal went from £96 to nearly £200 this year. (zero claims, has been a customer for 13+ years).
After a lot of bullsh!t and phone calls they finally agreed to EXACTLY the same cover for £101.
I assume that they farm out their renewals to a company that collects commission on the value of the renewals and therefore always inflates the prices.
When you kick up a stink, you get passed back to the RAC/Insurer who then quote you the actual renewal price.

I have always voted with my feet in the past. If fact I rarely even bother with talking to the old insurer when they use that tactic.
If my insurance goes up by much more than inflation (assuming nothing else has changed), then I assume that they no longer want me as a customer.
If their business model is to try to con me out of money, then someone else gets my business.

[RONNIE W HODGEKINSON]

On 7/1/2023 at 11:12 PM, Tomtit said:

Just received details of this year's insurance premium for the LS. It is over 50% dearer than last year despite me never having a claim. I will ring them on Monday and ask how they justify the increase. If that is how they reward loyalty I will shop around.

Phone them Richard And Negotiate I Did with Saga and it worked for me If You Dont challenge them and tell them you can get it cheaper elsewhere they just think your an easy business.. Go on go compare and confused .com bet you get it cheaper..

[b4u2]

I feel like all insurance companies want to do is Rob us.

[Cotswold Pete]

I think we are all in for rough ride with insurance premiums.  I found not even GoCompare or Confused offered anything better.

Had a colleage in office who had car side swipped by a truck.  Ended up with a hire car for 9 weeks, that would be a tidy sum for insurance company to cough up.  Problem is not only long delivery time on spare, but lack of mechanics to do the job, so what would have been a 1 to 2 week fix took 9 weeks.

I suspect some companies will be taking the michael, but seems like we are all going to have to dig deeper.

 

[Malc1]

3 hours ago, BigBoomer said:

Ella's RAC breakdown cover renewal went from £96 to nearly £200 this year. (zero claims, has been a customer for 13+ years).
After a lot of bullsh!t and phone calls they finally agreed to EXACTLY the same cover for £101.

My RAC Full Cover for everything costs a whopping great big   ZERO  £££££

I have used it this year for a flat tyre change .  an actual sodding nail in it .......

and it's ZERO, well, it went that way when they realised I had paid my dues for 50 years, I guess when I was maybe 71 , the year I bought the then Life Membership but that only covered the bare basic stuff at that time .  I had paid for the excessive Full Breakdown Cover stuff from maybe 40 years back, the late 80's when I used to take the kids to France for holidays whatever

Yep, I think the RAC is absolutely ACE  .  nay  BRILLIANT  .....  renewals at ZERO ££££ float my boat ok  🤩

Malc 

[Bluemarlin]

6 hours ago, BigBoomer said:

Insurance renewals are almost always the same, but at my last renewal mine went down!!
I was paying £296 and it dropped to £257 for exactly the same cover on automatic renewal.
I was so surprised Ella nearly collected on my life insurance! 🤣
The car is insured with Esure who to be fair have never "tried it on", but plenty of previous insurers have.

 

Just in case you're not aware. I used to use Esure but a few years ago they added an amendment that meant you had to have a tracker fitted to be covered for theft. You may be aware of this and might already have a tracker, or it may only apply on certain policies, but it's something to check if you weren't aware of it.

[graham8370]

Shock this morning, renewal, increase from £330 to £880. Asked how and why, told all premiums are increasing. The only change in my cicumstance is i'm a year older. Tried all the comparison sites and not one under £1000.

Pay up and look big I suppose. No alternative.

[lex - eleven]

Yeah, wonder if we're  being deliberately priced off the road by order of the powers that be 🤔

[Cotswold Pete]

5 hours ago, Malc1 said:

paid my dues for 50 years

My dad was AA member from 1964 to last year (so a mere 58 years) cannot ask him as he has now gone to that great car park in the sky, but makes me wonder if he got the same treatment with his fees

[BigBoomer]

15 hours ago, Bluemarlin said:

Just in case you're not aware. I used to use Esure but a few years ago they added an amendment that meant you had to have a tracker fitted to be covered for theft. You may be aware of this and might already have a tracker, or it may only apply on certain policies, but it's something to check if you weren't aware of it.

I am aware and it only applies to some policies.
Endorsements only apply if they are added to the list of Endorsements clearly stated in the Schedule.
My Schedule says "None" under that section so none of the 13 possible Endorsements apply (Trackers is #13).

A few years back a friend complained that his car insurance had tripled from one year to the next.
I pointed out to him that he had moved from a sleepy village in Suffolk where his car was garaged every night, to Nottingham (at that time the UK capital of car theft) where his car was parked on the street. He had to get rid of his M3 and bought a used Peugeot 407 instead. As he said at the time, "Nobody would want to nick that POS!" 🤣

Circumstances are different for each individual and if most/all insurance companies are quoting you high, then it is almost certainly because you or your car or where you live are high risk.
@Graham, if you were paying £330 for a £40k+ value car then you were getting a bargain. My £4000 car cost nearly that much last year (£296) with 20 years no-claims & car parked off the road (not garaged).

[DAN@ADRIAN FLUX]

Hi.

Please feel free to give us a try for insurance if you wish.

Regards,

Dan.