Insurance

[wivenhoe]

My insurance doesn’t renew until Nov but reading all the horror tales about massive increases, out of interest, I got an online quote from Lexus. £ 1,150 just for the RZ for only me to drive Social Domestic & Pleasure only. 

I changed the RZ for the RR Velar for the remaining 7 months and I received £ 7 back - I pay annually. The policy with NFU was £ 590 for the Velar & wife’s Jazz, both driving the two cars and business use. Are Lexus normally so uncompetitive or am I in for a real shock come Nov ?

Has anybody got a recent quote on a RZ and what does it compare with the existing car 

[ColinBarber]

All insurance prices are rising but the out of control prices are for the RX because of recent thefts, the RZ shouldn't be affected by that. I've never had a competitive price from Lexus insurance so I wouldn't read too much into that quote - try Direct Line for a more accurate reality check.

[therealrjp]

I’m not so sure that all Lexus models aren’t affected. I only recently picked up my RX, previously owning a GS. 2022-23 my premium was £429/year. In March 2023 my cheapest price was £790. Out of curiosity I checked and a quote now is for £1100. I currently pay £1150 for my RX, so only marginally different. A friend as well as a family member have also reported similar stories for a CT and an IS so it seems it’s Lexus models in general going crazy. 

[John Adams]

I paid £395 in March to renew the insurance on my NX 450 plug in.  When I bought the RZ Takumi 2 months ago I was quoted and I paid £537 for the year. All with Saga.

[RONNIE W HODGEKINSON]

2 hours ago, John Adams said:

I paid £395 in March to renew the insurance on my NX 450 plug in.  When I bought the RZ Takumi 2 months ago I was quoted and I paid £537 for the year. All with Saga.

My Experience Exactly John.. I,m With Saga And year on Year are consistent with There price rising only marginally..Car Insurance companies will cash in on any anomally they can to fleece there customers..When you get a Quote check out there company and see HOW MUCH NET PROFIT THEY EARN  And pass on to there shareholders  That tells You everything..Shop around For the best Deal.. Its out there..!!!!!!!!!

[wivenhoe]

Thanks for the info. I’m with NFU who say they are a ‘mutual so no profits for shareholders. No point calling now as my renewal isn’t for 4 months. 
thanks afain

[wivenhoe]

Just done a quote on Saga - sole driver, social domestic only, 25 years no claims, no claims convictions etc, not London, over 65 - £ 1,900 !

[wivenhoe]

Going to have to find work !  I switched from a Range Rover due to the ramping up of insurance and after Saga went to Tesco - £ 2,500 ! I am fearful that this will get worse before it gets better - loading EV’s and now Lexus because of the RX theft rate. I also went to Direct Line and couldn’t get past the first page so it looks like they no longer insure RZ’s - I could get past that page putting in the Rnge Rover which says a lot. 
If this keeps up, the manufacturers will have to do something about their car insurance costs as few will be buying cars at these rates - I dread to think what it would cost with only a couple of years NC and maybe a few points 

[Poundy]

In Australia all personal accident injury is covered by MAIB which is part of the car registration fee, and means that any sustained injury by any person under any vehicle accident scenario gets whatever  treatment is needed regardless of cost.

As such having car insurance is not a legal requirement but means you can if proven to be at fault get sued for any property damage. Consequently, fully comp is still the norm, but not being a legal requirement and not having the personal injury liability. Insurance companies are a lot more competitive price wise in getting business.

The problem with making things a legal requirement, is it gives the supplier of the service a licence to rob.

Same with the MOT rip off, no such thing in Australia as long as the car is taxed it's street legal, If the tax lapses it's a full over the pits job to reinstate it or on change of ownership. Even so there is only a fraction of unroadworthy cars over there compared to here and the police are always ready to pull any likely candidates over for a  thorough safety check.

[John Adams]

13 hours ago, wivenhoe said:

Just done a quote on Saga - sole driver, social domestic only, 25 years no claims, no claims convictions etc, not London, over 65 - £ 1,900 !

All I can say is wow. That's a rip off. Why is mine so cheap. Apart from being an old codger!

[ColinBarber]

https://www.bbc.co.uk/news/business-66466626

An analysis of 28 million policies found the average premium in the three months to the end of June was £511, 21% higher than this time last year.

[wivenhoe]

3 hours ago, John Adams said:

All I can say is wow. That's a rip off. Why is mine so cheap. Apart from being an old codger!

John. I’m 68 ! It’s as if the insurance companies have all got together and decided new business will be scared away - the government stopped them from offering ‘introductory rates’ so it seems they don’t want new business. 

[John Adams]

56 minutes ago, wivenhoe said:

John. I’m 68 ! It’s as if the insurance companies have all got together and decided new business will be scared away - the government stopped them from offering ‘introductory rates’ so it seems they don’t want new business. 

68? A mere youngster!  Seriously though I can't see why there should be such a wide price variation. I've used Saga for years and always found them competitive. I was expecting them to turn down the RZ as a new car but they quoted without hesitation. My wife is also on the policy which I am told reduces the prices and it is also garaged overnight which I presume lowers the premium. But there should not be that much variation in price so I am baffled.

[Spock66]

35 minutes ago, John Adams said:

But there should not be that much variation in price so I am baffled.

Devon vs Essex I suspect.

[John Adams]

18 minutes ago, Spock66 said:

Devon vs Essex I suspect.

Could be but still a wide variation in price

[wivenhoe]

The hope I have is that NFU recognise the difference between a RZ and the RX. As I said, the cost to change to the RZ was a small credit so hopefully in November it won’t be a great leap. I am keen to stay with NFU due to ‘new for old’ for 2 years and that was one of the reasons they won’t accept RR’s. 

[Notamech]

Insurance is crazy right now. Had a mercedes e class last year and paid around £800 for me and my wife (new driver) in London. Got an IS due to ulez and despite it being a car of a smaller class my premium was close to £1100 if you have mods god help you. 

[DAN@ADRIAN FLUX]

Hi.

When you're ready if you need any help with insurance at all then please feel free to drop me a line.

Regards,

Dan.

[J Henderson]

https://www.bbc.co.uk/news/business-66521490

Car insurer Admiral has lost thousands of customers on the back of steep price rises which mean motorists are paying more than ever for insurance.

The British insurer said profits had risen 4% to almost £234m despite losing 380,000 customers over the last year.

🤬

 

 

 

[wivenhoe]

At the dealers today and was told that the free insurance on a new car whilst permanent insurance was arranged after registration has changed. The dealer now has to provide all the drivers details to Lexus insurance ahead of handover and a fair number of them are ‘referred to underwriters’ and then rejected. The dealer then has to keep the car until the buyer has arranged insurance and so doesn’t get the payment and buyers are disappointed they can’t pick the car up as promised. 
The guy wouldn’t say whether the massive hike in insurance costs are effecting sales but I do wonder how many deals are done and then the buyer finds out the insurance cost and pulls out. 

[SamHe]

I got a business policy from Admiral in November for £535 for my RZ, would have stuck with Direct line but they wouldn't insure it as a company car