Insurance

[wivenhoe]

I am with NFU and their standard cover is far greater than most insurers. Until 2 months ago I had a 2 year old Range Rover Velar, having read about insurance for all Range Rovers rocketing I called them. They said they are refusing to insure any Range Rovers less than 5 years old but as an existing customer (2 cars & house) they would renew in November. The guy said they would try to be competitive but it could cost a fortune. He said, they refuse to insure RR’s younger than 5 years as they are a mutual society and so losses tend to be spread across all customers. 
The insurance hike made my mind up, so I bought the RZ I had on order for a year - it cost £ 20 more to insure than last years RR - I’m not sure the actual cost as it is a dual car policy. 
NFU are the only insurers  I know that provide cover ‘new for old’ for 2 years on a new car. Saves GAP insurance and I particularly like that you speak to knowledgable staff and can also use a local office to discuss anything face to face. 

[Tomtit]

Some years ago I was with NFU. I paid over the odds for the policy, but I was happy to have the NFU office less than 5 minutes' walk away in case of a problem. When someone ran into my parked car I went to them for help but they did not want to know. They have lost my custom for ever. As far as I am concerned they were No F...... Use.

[DavidCM]

18 minutes ago, Tomtit said:

 They have lost my custom for ever. As far as I am concerned they were No F...... Use.

Absolutely agree.NFU are NFU.We used them for cars and house contents and buildings.They took umbrage at my wife's haggling at renewal time and said words to the effect that farmers were having a hard time and costs had to go up...no I've never seen a poor farmer either.

[Malc1]

10 hours ago, DavidCM said:

no I've never seen a poor farmer either.

there are some for sure, many in fact .  but again there are some relatively wealthy ones too ....... the NFU insure everyone not just farmers and employ people, some of whom are possibly ar--h=les like in every other business too .......  but on balance NFU employees are good people .....  my niece has worked for her local NFU Office for many many years and NO, I don't insure with them, they just aren't competitive ( pricing )  enough for my needs either

Malc

[hockeyedwards]

My god, this is turning into more of a ball ache than I'd ever imagine. 3rd phonecall of the day trying to source a decent policy for my LS to be back on the road this week.

£800, £1000, £10000!!!! Might just go with comparison site for £400!

Allegedly its my age... 32 - such a whipper snapper.... engine size 4L - have been insured on 4.7 and 5L cars before this and the type of vehicle... reliable land yacht?

[Supafly]

I've seen a few threads now about premium increases on lexus cars.

I think the recent spate of thefts canbus etc have been translated into a change of risk profile for all lexus cars and now we're all lumped together and are having to pay the price...

Really concerning for me too as my area means I always struggle to get reasonable insurance (over 40, nearly 20 yrs ncd, no accidents and a clean license), I still get initial quotes from >£1k to nearly £3k

I finally got a multi car policy for my LS400 and Nissan leaf towards the end of last year... just under £1300!

Not looking forward to renewal later this year.

[Tomtit]

I told my insurers that I had found 18 online quotes of less than £250 compared to their £445. By reducing the annual mileage by 1000 and getting rid of legal cover they reduced the premium to £285. This is £4 less than last year. Bearing in mind the rate of inflation I can't complain. I did not really want to change insurers since I have taken off the air suspension and fitted coil springs and shock absorbers. Some insurers would view this as a modification and increase the premium.

[scythe]

I've bought another car, and am in the process of selling my 460 (the advert is on here and autotrader).  My NCB for 16+ years has gone on the insurance for my newer car. The problem for me was how to insure the older car til I sold it.  Initially I checked with the usual comparison sites, getting relatively large quotes - about three times what I'd expected to be paying if I had carried my old insurance over.  Bear in mind with these amounts that I live out in the sticks, am in my 60s, and none of my neighbours in my postcode crash their cars and make claims. 

My insurance was £190 last year.

The best offer I got was £350 for a year, and it wasn't 5* defaqto rated either!  With heavy heart I followed through the first 5* defaqto on the list, which was from the AA, showing a price of £450 on the comparison site.  

To my surprise, as I went through the questions, they started to ask me about whether I owned another car, and how much NCD went with it. The AA effectively treated my old car as a second car, taking my now main car's NCD into account but fully comp insured (5*), 7000 miles per year, 90 days overseas, £425 excess, their offer was only £122.  I still haven't got over this!

Two morals here.  The first is to live out in the sticks, be in your 60s, and if possible forbid your neighbours from damaging their cars and claiming.

The other moral is to give AA a go. Especially if your Lexus is a second car.

[Tomtit]

That is a brilliant result. Your persistence has paid off.

[RONNIE W HODGEKINSON]

On 7/2/2023 at 10:15 AM, Illogan said:

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.

 

SPOT ON !!