Insurance Renewal

[NemesisUK]

Glad I signed up with SAGA and their 3yr fixed premium. That'll take me through to 2025 and then, of course it will be    Maybe I'll save enough over these next 2yrs to cover the 4th year increase ...

[Sundance]

On 8/7/2023 at 7:25 PM, DAN@ADRIAN FLUX said:

Hi.

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

Regards,

Dan.

Ah Dan, glad I caught you.  Perhaps in your professional capacity you would be kind enough to enlighten us as to the underwriting logic behind an optional increase of voluntary excess that leads to an increase in quoted premium.  I certainly can't fathom it. 🤨

[Sybaris]

The thing that concerns me with a renewal is if in the unfortunate event the car needs fixing, I want a Lexus certified tech using genuine Lexus parts and to have a loan car.  A lot of insurers don't like this and start to add surcharges or conditions as they have deals with local back street shops that fix regular cars. 

Check exactly what you are getting and if you are happy with that.

[JBPRX400h]

Just had to renew the insurance on our Gen4 RX F Sport. Was dreading getting the renewal notice as I knew insurance prices had gone up generally and some companies were not even quoting. Best quote I got from Confused was £755. However I was pleasantly surprised that,  as a member of the IAM (Institute of Advanced Motorists), this year's quote through their scheme was £548. (Last year's was £394.) 

It is well worth considering taking the advanced driving test. It has saved £££ over the years.

[Boomer54]

54 minutes ago, JBPRX400h said:

Just had to renew the insurance on our Gen4 RX F Sport. Was dreading getting the renewal notice as I knew insurance prices had gone up generally and some companies were not even quoting. Best quote I got from Confused was £755. However I was pleasantly surprised that,  as a member of the IAM (Institute of Advanced Motorists), this year's quote through their scheme was £548. (Last year's was £394.) 

It is well worth considering taking the advanced driving test. It has saved £££ over the years.

Interesting. I wonder can you pass your advanced driving test sat in the back seats ? I only ask 'cos for sure the beggar back there always seems to know how to drive better than me.

[Kumar]

I just got my renewal quote from my existing insurance provider for my Gen 4 RX450h F Sport, which increased by 300 percent. We expected it to be high since (1) Me and my partner are new to the UK. (2) We have owned the car for a year (3) With just one year NCD (4) My partner with less than a year driving license. But we never expected it to shoot up from 3500 to 9000. 
We tried to shop around, but nothing was cheaper. After a lot of research, we got something around 3000 GBP.

[Boomer54]

8 minutes ago, Kumar said:

I just got my renewal quote from my existing insurance provider for my Gen 4 RX450h F Sport, which increased by 300 percent. We expected it to be high since (1) Me and my partner are new to the UK. (2) We have owned the car for a year (3) With just one year NCD (4) My partner with less than a year driving license. But we never expected it to shoot up from 3500 to 9000. 
We tried to shop around, but nothing was cheaper. After a lot of research, we got something around 3000 GBP.

If you look at the very small print in the passport stamp you will see it written "sucker". This country now seems based upon treating most of us as suckered when it comes to mattersike Insurance of any kind. Loyalty is regarded as a license to double  down on the sucker punch.

[Sundance]

On 8/31/2023 at 12:10 AM, Sundance said:

Ah Dan, glad I caught you.  Perhaps in your professional capacity you would be kind enough to enlighten us as to the underwriting logic behind an optional increase of voluntary excess that leads to an increase in quoted premium.  I certainly can't fathom it. 🤨

Hey Dan ... DAN ... ARE YOU THERE? 🤔

Rather than just typing the occasional "try us" post it would be wonderful if you could join in the discussion to give us the benefit of your wealth of experience. 😋

I'm sure that you'd be made to feel extremely welcome and your working knowledge would be even more so! 🤩

You never know, you might even get more business as a result!?! 😳  (That should wake him up! 🤫 )

Still hoping to hear from you Dan ...

[Newbie777]

Sorry I know this is an old thread.

I did not realise that my LS600h was going to be that expensive to insure.

In fact it cowts more to insure the Lexus than my other car a Bentley Continental GT.

I think if you have a hybrid car the Battery replacement and getting hold of parts plays a big part in the costs.

A few years ago it was all about where you lived, but now it's all about the insurance companies and being loyal does not pay!

[Malc1]

43 minutes ago, Newbie777 said:

Sorry I know this is an old thread.

I did not realise that my LS600h was going to be that expensive to insure.

In fact it cowts more to insure the Lexus than my other car a Bentley Continental GT.

I think if you have a hybrid car the battery replacement and getting hold of parts plays a big part in the costs.

A few years ago it was all about where you lived, but now it's all about the insurance companies and being loyal does not pay!

And if you get a wack it’s likely the insurers will write you off in a heartbeat and leave the residue,  ( of the ) car to be resuscitated as a Cat N maybe and penalise the next buyer by giving a silly low value in the event of another wack BUT charging a “ normal “ annual insce premium …… Write-Offs emerge lots on dealers forecourts and stand them in at silly low money 

Can be good to buy a well fixed up Cat write-off coz you can get an outstanding car hopefully for say 50% of its non w/off value …….. 

Insurers take a “ normal “ premium knowing their potential end of life liability will be very very low ……. I have no idea how often this Cat w/o  can continue tho’ …….. 2 or 3 times maybe ! 

AND I’m thinking many Bentley owners are low mileage users and Ls600 users a great deal more miles pa 

I know my 2 near neighbours rarely use their Bentleys ( their 4th / 5th cars ) 

whatever …… the insurers are taking the peeeeeee in large measure ££££ 

Malc 

[Newbie777]

Yes I agree Malc,

I do a max 3k a year in the Bentley, but drive it every 3 or 4 day.

Max mileage on the lexus will be 7k, realistically 5k.

The category cars are good value as long as you keep the car and do not intend to sell it.

Car insurances are all to do with risk management and underwriters.

Some insurance companies are now changing their policies on a regular basis and those who had been insured are finding they are not even getting a renewal quotation!!

 Some of this has to do with those scammers and lying b... who falsely claim, making it very difficult for us decent law abiding citizens. 

some of it is down to companies and profit.

 

Whichever you look at car insurance will continue to rise for a majority of us, just like everything else here in the UK.

[Sundance]

Lots of name dropping going on here!  Our family retriever was called Bentley ... does that count? 😂

[Boomer54]

37 minutes ago, Sundance said:

Lots of name dropping going on here!  Our family retriever was called Bentley ... does that count? 😂

Here standing back in amazement he wasn't called Butch !

[GMB]

Bentleys are nice, they are like a lexus with knobs on....or is that knobs in?

No personal comments intended it just occurred to me. I still want one but cannot afford the running costs.

Should have bought that bentley turbo R a few years ago for £10K. Worth a lot more now, but would probably have been bankrupted by repair and maintenance costs by now.

 

This one is a lexus with a bentley front end - horrible!

[GMB]

14 hours ago, Newbie777 said:

Whichever you look at car insurance will continue to rise for a majority of us, just like everything else here in the UK

Interesting article in auto express makes some very astute observations.

'High Insurance premiums are forcing owners to scrap their cars' | Auto Express

More uninsured drivers. More SORN ed cars. He does not pull his punches calling insurance companies for what they are.

Churchill refused to insure my car for another year.  What fools they are. The car hardly went out and did only 600 miles last year. I would not have paid their rip-off prices again anyway.

[Malc1]

Do NOT BUY THAT BENTLEY was the mantra from my Indy mechanic for all those years I hankered after a 1965 S3 ( or so ) ……. be on the trailer to him for expensive repairs as much as I could ever use it ……. KEEP TO YOUR Ls400 …… so much more sensible and cashflow retention ……. nowt to really go awry that was going to bankrupt me 😄 ….. he always said 

A wise man ! 😂

Malc 

[Harrier Man]

Received an email from my insurance company today explaining the 100 reasons why my insurance was likely to be higher this time around. Given renewal is due next month, I think they are mentally preparing me for a big shock!

[Sundance]

Apparently the best time to seek a renewal quote online is between 6-9am 21-30 days prior to renewal date. 😉

Yep, it's got that technical 🖥️ .   Certainly worth a try though. 😊

[GMB]

11 hours ago, Harrier Man said:

Received an email from my insurance company today explaining the 100 reasons why my insurance was likely to be higher this time around. Given renewal is due next month, I think they are mentally preparing me for a big shock!

Both cars were due at the end of October from Churchill.

IsF  last year £470  this year refused to cover.

Is200t last year £430 this year £675.

Despite an extra yrs NCB etc.

Result - went elsewhere  IsF SORNed.  Is200t  £430 with hastings ( Bad reviews hope they are OK? ).

[Malc1]

This seems such a lottery getting sensible reasonable quotes from reputable insurers …… by Reputable I mean insurers that don’t ***** about too much when making a clearly valid claim ……. such a trial for us buyers when we know we just have to start this renewal process so far in advance to make sensible timely headway 

I only found by chance, from Saga,  that my 1995 Ls400, Saga will NOT continue to insure when it reaches age 30 ….. they just don’t / won’t insure cars that age even tho I’ve insured her with them for many many years …… quite peeeeed me off tbh ! 

Just another nail in the insurers credibility coffin eh ! 

Malc 

[steve2006]

I once worked for a utilities company and they “Self insured” all their vehicles, plenty of perks with the job including a generous pension but no we didn’t get cheap car insurance as one of them 😀 

[Boomer54]

Right ,here is a question. The Law is;

Road Traffic Act of 1930. This act mandates that all drivers must have motor insurance in force to cover their liability 

If, or when we have self drive cars, would a very strict interpretation mean we no longer require Car Insurance?

Afterall we are no longer drivers are we?

Indeed, assume for a moment you are in an incident of some kind when the car is in self drive mode, where lies the liability remembering you were not actually driving?

[Greisingel]

6 hours ago, GMB said:

Both cars were due at the end of October from Churchill.

IsF  last year £470  this year refused to cover.

Is200t last year £430 this year £675.

Despite an extra yrs NCB etc.

Result - went elsewhere  IsF SORNed.  Is200t  £430 with hastings ( Bad reviews hope they are OK? ).

Ideal for insurers. Same money less cars (to risk assess). But one day it will hit them that a market is disappearing through greed and deviousness.

[Malc1]

6 minutes ago, Boomer54 said:

remembering you were not actually driving?

but you are in charge of this " thing " causing an accident ............. and i understand one can self-insure but that will require some huge leaps of finance backing required and probably a raft of DVLA Govt. and underwriting needs 

Malc

[Boomer54]

21 minutes ago, Malc1 said:

but you are in charge of this " thing " causing an accident ............. and i understand one can self-insure but that will require some huge leaps of finance backing required and probably a raft of DVLA Govt. and underwriting needs 

Malc

Oh I think we have a lot of room for discussing exactly what is the definition of the words 'in charge'. Surely if something is self driving then by implication surely it is in charge until it is not. That is until driving duties and responsibilities for same have reverted to the driver.

I am playing devils advocate here, but in doing so perhaps we begin to see what a minefield we may be in in the near future. Of course manufacturers will be tying themselves into knots to defray liability anywhere ,but to themselves. Insurers will have to come with increasingly convoluted clauses to cover instances involving self drive vehicles.

All summarised to mean with great change (EV and self drive) comes great uncertainty and equally great risk premia. Who knows, the safest and cheapest place to be in future may be behind the wheel of old technology.