Insurance Renewal

[Lexnew]

My car insurance is coming up for renewal, the insurance company who I am presently insured with sent the following : 

"We're unable to give you a renewal quote for your vehicle (RX450H year 2022).

This is because our underwriting criteria is no longer being met and we are no longer able to provide insurance for this vehicle"

I was quite shocked to receive this information, I can only assume this is due to the amount of thefts that are taking place on this model of car.

I have visited on several car insurance comparison web sites and have spoken to several insurance brokers, the good news is that I can obtain insurance for my vehicle, but at a price. 

I live in a sleepy village about 40miles from London, the car is always parked on my driveway, I am retired, so the vehicle is only used for social use, my annual mileage is below average.

From what I have read on the Lexus Forum web site is that the "Can Bus" method is used to steal this type of vehicle, and I understand that Lexus are installing metal plates to the vehicle in order to help prevent this type of theft.

What surprised me is that when speaking to the insurance brokers, nobody ask the question as to weather the vehicle has this metal plate installed, I would have thought that if the insurance company was aware that the vehicle has the plate fitted, it might help to reduce the cost of the insurance.

Hopefully if enough owners of this vehicle will have the plates fitted, in the future insurance companies might take note and reduce their premiums.

 

[therealrjp]

My RX is due to go in to have the plate fitted (free of charge after ‘raising my concerns to Lexus Customer Relations) on Monday.

It isn’t just RX models that seem to be attracting inflated premiums. There are two other Lexuses in my family (a CT and an IS) and they have both renewed recently to increases of +/-40% from last year. I switched to my RX from a GS recently that rose from £439/year in 2022 to £795/year in 2023. As far as I’m aware, these vehicles aren’t being targeted via this method and aren’t nearly as high up on the list of thefts. I wonder if there is an element of insurance companies capitalising on a situation. 

[LenT]

1 hour ago, Lexnew said:

My car insurance is coming up for renewal, the insurance company who I am presently insured with sent the following : 

"We're unable to give you a renewal quote for your vehicle (RX450H year 2022).

This is because our underwriting criteria is no longer being met and we are no longer able to provide insurance for this vehicle"

I don’t think there’s any reason why you can’t name the Insurers involved, Ian.

it maybe that other Members dealing with this Company may have had a similar response with a detailed explanation.  Or possibly a totally contradictory response!

The idea that they don’t have to detail the ‘insurance criteria’ that supposedly are not being met is surely ridiculous.

[PDM]

3 hours ago, Lexnew said:

My car insurance is coming up for renewal, the insurance company who I am presently insured with sent the following : 

"We're unable to give you a renewal quote for your vehicle (RX450H year 2022).

This is because our underwriting criteria is no longer being met and we are no longer able to provide insurance for this vehicle"

I was quite shocked to receive this information, I can only assume this is due to the amount of thefts that are taking place on this model of car.

I have visited on several car insurance comparison web sites and have spoken to several insurance brokers, the good news is that I can obtain insurance for my vehicle, but at a price. 

I live in a sleepy village about 40miles from London, the car is always parked on my driveway, I am retired, so the vehicle is only used for social use, my annual mileage is below average.

From what I have read on the Lexus Forum web site is that the "Can Bus" method is used to steal this type of vehicle, and I understand that Lexus are installing metal plates to the vehicle in order to help prevent this type of theft.

What surprised me is that when speaking to the insurance brokers, nobody ask the question as to weather the vehicle has this metal plate installed, I would have thought that if the insurance company was aware that the vehicle has the plate fitted, it might help to reduce the cost of the insurance.

Hopefully if enough owners of this vehicle will have the plates fitted, in the future insurance companies might take note and reduce their premiums.

 

I asked Toyota if the installation of the plate would reduce my premium and I was told that it wouldn't because it is not a Thatcham approved device. I think we simply need to wait for a bigger roll out and for thefts across RX and other models to reduce.

Paul

[Tomtit]

12 hours ago, Lexnew said:

My car insurance is coming up for renewal, the insurance company who I am presently insured with sent the following : 

"We're unable to give you a renewal quote for your vehicle (RX450H year 2022).

This is because our underwriting criteria is no longer being met and we are no longer able to provide insurance for this vehicle"

I was quite shocked to receive this information, I can only assume this is due to the amount of thefts that are taking place on this model of car.

I have visited on several car insurance comparison web sites and have spoken to several insurance brokers, the good news is that I can obtain insurance for my vehicle, but at a price. 

I live in a sleepy village about 40miles from London, the car is always parked on my driveway, I am retired, so the vehicle is only used for social use, my annual mileage is below average.

From what I have read on the Lexus Forum web site is that the "Can Bus" method is used to steal this type of vehicle, and I understand that Lexus are installing metal plates to the vehicle in order to help prevent this type of theft.

What surprised me is that when speaking to the insurance brokers, nobody ask the question as to weather the vehicle has this metal plate installed, I would have thought that if the insurance company was aware that the vehicle has the plate fitted, it might help to reduce the cost of the insurance.

Hopefully if enough owners of this vehicle will have the plates fitted, in the future insurance companies might take note and reduce their premiums.

 

Ian.

It might be worth asking if they will insure it if you have a Disklok fitted on the steering wheel. I believe they are a very effective anti theft device.

[Fsport]

My insurance is due this week and went from £700 to £2800.

It is an absolute joke.

Many companies are not quoting.

[Spacewagon52]

17 minutes ago, Fsport said:

My insurance is due this week and went from £700 to £2800.

It is an absolute joke.

Many companies are not quoting.

OMG!

[Herbie]

12 hours ago, LenT said:

The idea that they don’t have to detail the ‘insurance criteria’ that supposedly are not being met is surely ridiculous.

Quite simply, they can do what they want and don't have to justify themselves.

In reality, some companies will insure certain risks whilst others won't. Some insure 'hot hatches' but some don't. Some will cover drink drivers when they get their licence back but others won't.

I'll never forget a mate of mine being caught over the drink-drive limit and his insurance premium after his ban actually went down, because he found a company who insure such risks.

[RONNIE W HODGEKINSON]

Reality And Representation come to mind here..Cars way back as far as i can Remember have always been Stolen .It Might just as well be Insurance companies GREED that seems to be Upping premiums This year as opposed to previous Years But Get Real.. Do Your Homework.... There are lots of insurance companies Out In The big Car insurance World ..keep shopping Around And the one for you will pop up..Just make sure its Reputable..!!! And in Many Cases they will Negotiate a Price..Mine did..!!!! Concentrate on the fact that if you think you got a good deal Thats all That matters..Don,t Listen to all this Faff You Read About Particularly in the Tabloids..!!!

[Lexnew]

1 hour ago, Tomtit said:

Ian.

It might be worth asking if they will insure it if you have a Disklok fitted on the steering wheel. I believe they are a very effective anti theft device.

 Thanks for the information about  Dislock steering wheel lock, I am sure that it quite effective and would act  as a good deterrent for potential thief's. Surprisingly not one of the insurance companies that I contacted asked whether a steering wheel lock was fitted to the vehicle. 

I really did not want to go begging to my former insurance company as they refused to insure my car, I preferred to take my business elsewhere.

 

[rayaans]

I suspect its not an RX thing, or a Lexus thing.

Out of interest, Ive just put the details of my Mercedes C200 in for a quote despite it not being due until February next year.

its £200 more now if I insured it in 21 days time compared to what I paid. 

[PDM]

3 hours ago, Fsport said:

My insurance is due this week and went from £700 to £2800.

It is an absolute joke.

Many companies are not quoting.

Be interested to know if Lexus Motor insurance will insure you. The fourth gen RX insurance in London and the South East is absolutely crazy at present. Mine doubled, but a factor of four is incredible.

Let's all get these CANbus protection plates fitted and hope thefts and premiums come down.

Paul 

[Illogan]

On 8/5/2023 at 11:12 AM, Fsport said:

My insurance is due this week and went from £700 to £2800.

It is an absolute joke.

Many companies are not quoting.

Try the NFU - - - - (although I know that they don't cover all geographic locations)

It worked for me

[Greisingel]

Everyone's insurance has shot up this year. Not just security risk vehicles ie the new RXs (this is truly shocking...and would scotch any plans I have to purchase). Though 700 to 2800...300% increase is simply criminal...but the fault of Lexus which appears to have it's head buried in the sand.

Even my old 2005 RX400 has shot up nearly 50%. And no one wants to steal that (though they did want my CC). Hmm, It must have been that I reported the incident looking for advice but made no claim – an error on my part – you still get punished. You have to think very carefully before contacting your insurer.

 

[Spock66]

1 hour ago, Greisingel said:

You have to think very carefully before contacting your insurer.

So I think better to go for a higher excess to reduce the premium and just accept minor issues you will have to pay for yourself.

[Sundance]

32 minutes ago, Spock66 said:

So I think better to go for a higher excess to reduce the premium and just accept minor issues you will have to pay for yourself.

By all means try that as it makes perfect sense (to us mere mortals!) ... but when I renewed earlier this year I went for a higher voluntary excess and the premium went up too!  Work that one out!! 🤔

[First_Lexus]

Funnily enough, a friend with a VW id3 electric car (I know, I know!) was only telling me this weekend that her insurance had risen from £350 per year to over £600 with no obvious changes or explanation. She’s currently using comparison sites to see if she can reduce that cost.

As I’ve posted previously, my RX insurance renewal in May from the incumbent company doubled, but through comparison sites I managed to get it back to ‘only’ a £200 increase. No increase at all for my MINI, make of that what you will…

[First_Lexus]

19 minutes ago, Sundance said:

By all means try that as it makes perfect sense (to us mere mortals!) ... but when I renewed earlier this year I went for a higher voluntary excess and the premium went up too!  Work that one out!! 🤔

At least Richard (D i c k) Turpin wore a mask!  (God bless the swear filter on here!)

[DAN@ADRIAN FLUX]

Hi.

Please feel free to give us a try for insurance if you haven't done so already.

Regards,

Dan.

[wivenhoe]

I switched to Lexus as it was going to cost a fortune to insure my 2 year old Range Rover Velar. I am with NFU and that refuse to cover any RR younger than 5 years old. As I was an existing client they would renew but couldn’t give me an estimated cost at my renewal this Nov. They did say it would be four figure from £ 500. 

Insurance has shot up due to not least to repair costs / lack of spares. It’s the lack of spares which is the reason a lot of prestige cars are being stolen to be broken down for spares in other markets. Also, as used cars cost so much more now, then claims for write offs are so much higher. Before, when you insured a car it dropped in replacement cost month on month and year on year so the risk for the insurers diminished now the risk remains the same and inflation isn’t outweighed my a drop in value. Just px’d the wife’s car and it had only lost £ 1,500 over 2 years 

[Frank the Hornet]

The comments made me think of my upcoming insurance renewal albeit not until beginning of October. My Gen 3 RX on Confused coms in at £390 (up from £340 2022) ,quoted on Gen 4 at £860 ( 2018 model ) Interestingly the £390 was from my existing Insurer Tesco, now coming in on Gen 4 £920.

Over the past few years  when I have considered changing ) the differential between Gen 3 & Gen 4 has been circa £200, indisputable increases, whilst we are never sure of the real reasons increased risk and profitability will I feel be top of the mix. 

In view of the plate being fitted and if thefts decrease will the premiums reduce ?, i think we can all guess on that outcome !

These premium's together with used car prices give yet another reason to keep my reliable RX for the forceable future.

 

[Sybaris]

Lexus insurance quoted me around £6K.  My answer to them ended with "off".

I think we could start a competition.  The person with the highest reported quote wins.

[John Walker]

23 hours ago, Sybaris said:

Lexus insurance quoted me around £6K.  My answer to them ended with "off".

I think we could start a competition.  The person with the highest reported quote wins.

To make it fair should be the cheapest highest quote 😃

[Sybaris]

Can the FCA step in and force insurers to price affordably?

[Bluemarlin]

21 minutes ago, Sybaris said:

Can the FCA step in and force insurers to price affordably?

I'm not sure what they can do under the circumstances. As I understand it, the motor insurance industry, following a profitable 2021, saw losses in 2022, with a loss predicted for 2023. The best any regulator can do is try and ensure that companies aren't exploiting customers for excessive profits, which is hard to do if they're posting losses.

I'm not a fan of insurance companies but it appears the underlying issues, that have caused such steep insurance hikes, go beyond just simple profiteering from insurance companies.  It would seem that parts shortages lead to not only higher costs, but greater incentives for theft,  as well as longer repair times, which in turn leads to increased loan car costs. How much this is represented (or over represented) in premium increases is anyone's guess.

I don't see the situation changing much anytime soon, so can only suggest that people shop around and give their insurers a hard time come renewal. My renewal quote was nearly £900, up from £560 the previous year, but was reduced to £660 after a phone call. Given that c18% increases were predicted for 2023 a year or so ago, that seemed about right.

I'm not happy about it, and would have preferred a decrease but, short of a restructuring of how insurance is provided, coupled with a better approach to how car crime is tackled, I'm not entirely sure what can be done about it.