Insurance renewal - pleasant surprise

[Phil xxkr]

14 minutes ago, ColinBarber said:

no surprise to anyone here unfortunately 😞 

 

14 minutes ago, ColinBarber said:

no surprise to anyone here unfortunately 😞 

What, 513 %, didn't surprise you? 513%! I'm astonished. 

[Boomer54]

20 minutes ago, GMB said:

I don't get it. Why would anyone want a Hyundai?

Post midnight town centre runs to the Kebab place. Say no more.

[ColinBarber]

2 hours ago, Phil xxkr said:

 

What, 513 %, didn't surprise you? 513%! I'm astonished. 

I'm surprised it isn't higher - have you not seen all the posts in the RX and ES forums?

[imgo]

Hmmm, lexus insurance quoted me £1,115

Aviva would not quote!

NFU quoted £1,280

Direct Line quoted £1,427

I think I had better bite Lexus Insurance's hand off, not going to get it any cheaper I fear.

[GMB]

I would not mind if you were actually getting some value for your money. We all know we are being ripped off, so why not get rid of the money pit and buy that £900 Mondeo instead.

Article in the papers today:

Safety concerns have been raised as new figures show nearly half a million UK vehicles are untaxed.Vehicle excise duty (VED) has not been paid for 498,000 registered vehicles, according to Department for Transport (DfT) data.This is equivalent to one in every 83 vehicles.

The next big issue will probably be about all the uninsured cars.

The insurance companies and gov't can't see that ripping people off makes them look for alternative solutions.

Market forces have their own perversions such as increasing tax can reduce revenue. Offering a better deal increases volume which may increase profits  and so on.

[Boomer54]

37 minutes ago, GMB said:

I would not mind if you were actually getting some value for your money. We all know we are being ripped off, so why not get rid of the money pit and buy that £900 Mondeo instead.

Article in the papers today:

Safety concerns have been raised as new figures show nearly half a million UK vehicles are untaxed.Vehicle excise duty (VED) has not been paid for 498,000 registered vehicles, according to Department for Transport (DfT) data.This is equivalent to one in every 83 vehicles.

The next big issue will probably be about all the uninsured cars.

The insurance companies and gov't can't see that ripping people off makes them look for alternative solutions.

Market forces have their own perversions such as increasing tax can reduce revenue. Offering a better deal increases volume which may increase profits  and so on.

I think if Insurance companies were really ripping people off then their return on equity capital would be noticeably higher than it is. The unpalatable, but less dramatic facts are they are subject to inflation like everyone else and they are being impacted by unexpectedly high costs via new tech costs and of course claims for theft etc.

No angels, but rip offs, I really doubt it holds up.

[Hayzee]

7 hours ago, imgo said:

Hmmm, lexus insurance quoted me £1,115

Aviva would not quote!

NFU quoted £1,280

Direct Line quoted £1,427

I think I had better bite Lexus Insurance's hand off, not going to get it any cheaper I fear.

I'm seeing similar quotes for me too even though last renewal was under £600. I can see my age is becoming a larger factor now.

[RONNIE W HODGEKINSON]

On 9/19/2023 at 3:11 PM, BillSt said:

Simply change to existing policy.

Change of vehicle, no other change.

When I changed the car a few weeks ago, I got a rebate from 22/23 policy that was as much as the new annual increase!

One question that was specifically asked : had I added any extra security to the car - I got distinct impression that adding further security Increased the insurance charge!

I Think Nearly All Insurance companies ask If You Have added extra security on your car And yes it could be Reverse psychology regarding added security...!!!!! I do know that if you add an older driver on to your policy it brings the renewal price Down.....

[Boomer54]

That can be right Ronnie ,but it also depends on the specifics of age and driving record plus gender.

For example, putting a younger female person on my policy lowered my premiums. Adding my wife rather than me to my daughters policy lowers her premiums. There is definitely an age cutoff where this stops working and I suspect it's probably 70 for men.

[RONNIE W HODGEKINSON]

On 12/4/2023 at 7:16 PM, GMB said:

I will give that a try next time. My Isf is in a locked garage with the other car on the driveway blocking it in. I thought that would be a much safer option? But we shall see...... I don't trust insurance companies anyway.

They All Sail In The Same Gravy Boat

[RONNIE W HODGEKINSON]

AS Far as car insurance is concerned i think you should at least get quotes 30 days before your current insurance expires Don,t leave it till the last few days..This has a profound effect on what you pay.. This is my Experience..!!!

[Boomer54]

Just now, RONNIE W HODGEKINSON said:

AS Far as car insurance is concerned i think you should at least get quotes 30 days before your current insurance expires Don,t leave it till the last few days..This has a profound effect on what you pay.. This is my Experience..!!!

I have found the same thing.

[Neilo]

AXA insurance has gone up a bit £189 last year £271 this - had a search around and could only find one £10 cheaper so were sticking with them.    

[ColinBarber]

11 minutes ago, Neilo said:

AXA insurance has gone up a bit £189 last year £271 this

43% increase is more than a bit.

[Neilo]

17 minutes ago, ColinBarber said:

43% increase is more than a bit.

Aye, its just the way it came out.....meant "bit like"  😊

[MarcG]

On 12/5/2023 at 10:33 AM, Phil xxkr said:

Part of an article From today's daily express that makes disturbing reading;

According to LV= General Insurance, the car brand that has faced the biggest increase in thefts is Lexus, with the number of reported thefts rising by 513 percent between September 2021 and 2023.

Other brands that are typically targeted by thieves include Toyota, with thefts increasing by 103 percent, Hyundai, rising by 81 percent and Kia, which rose by 76 percent.

Biggest increase in thefts are Range Rovers and Lexus RXs. A lot of insurers will not insure Range Rovers in London.

As for insurance, companies are no longer allowed to differentiate between new and existing customers. In effect existing customers were subsidising new business. What happens now is that as your policy renews the premium drifts upwards. I had a gap of 3 weeks between selling my old car and receiving the new, so I was going to cancel the insurance for those 3 weeks. My Broker advised me to maintain the existing policy, otherwise insuring the Lexus would be treated as new business.

[GMB]

Consequence of Insurance price rises as expected.

From the BBC:

The body that compensates victims of uninsured drivers is facing its first rise in claims for more than a decade. The Motor Insurer's Bureau, which acts on behalf of the industry, is looking at why they have increased. In the year to July, cases submitted to the MIB rose by almost 10% to about 12,000 after declining since 2004.

Extract from the Independent:

The worst areas for uninsured drivers outside of London are:

1. Leeds

2. Bristol

3. Salford

4. Manchester (M8 postcode, Cheetham Hill)

5. Birmingham (B11 postcode, Small Heath)

6. Birmingham (B18 postcode, Gib Heath, Winson Green, Hockley, and All Saints)

7. Birmingham (B6 postcode, Witton, Aston, Birchfield, New Town Row, and Aston New Town)

8. Stoke-on-Trent

9. Manchester (M12 postcode Ardwick, West Gorton and Belle Vue)

10. Thurrock

11. Sandwell

12. Southend-on-Sea

13. Birmingham (B11 postcode, Sparkhill and Tyseley)

[RONNIE W HODGEKINSON]

Colleague of mine is with Aviva and says they are really Good insurance company to deal with...!!!!!

[DavidCM]

My fully comp,9yr NCD has just gone from approx£200 to £620 with no change in car RC300h.After haggling with broker and checking comparison sites and NFU direct,I 've managed to get £520 staying with LV.

[wharfhouse]

18 minutes ago, DavidCM said:

My fully comp,9yr NCD has just gone from approx£200 to £620 with no change in car RC300h.After haggling with broker and checking comparison sites and NFU direct,I 've managed to get £520 staying with LV.

How did NFU compare price wise - I use comparison sites each year but as NFU aren't on there would be good to know if it's worth asking them as well come April when mine and my wife's renews. 

[Ken R]

1 hour ago, RONNIE W HODGEKINSON said:

Colleague of mine is with Aviva and says they are really Good insurance company to deal with...!!!!!

I can't complain about dealings with Aviva. Always been fair but will be able to make further comment at renewal time in May!

[DavidCM]

6 hours ago, wharfhouse said:

How did NFU compare price wise - I use comparison sites each year but as NFU aren't on there would be good to know if it's worth asking them as well come April when mine and my wife's renews. 

They were the most expensive at £850.

I can remember boasting how low last years premium was(£200)on here 12 months ago.That will teach me.....

[wharfhouse]

1 minute ago, DavidCM said:

They were the most expensive at £850.

I can remember boasting how low last years premium was(£200)on here 12 months ago.That will teach me.....

Thanks - probably not worth me going through all the process with them in that case. Last year my premium went up 37% with no changes (with Tesco insurance - couldn't get it any cheaper on comparison sites so stayed with them) - not looking forward to what it will be in April this year - and still nothing has changed other than me and the car being one year older! 

[Malc1]

6 minutes ago, wharfhouse said:

Thanks - probably not worth me going through all the process with them in that case. Last year my premium went up 37% with no changes (with Tesco insurance - couldn't get it any cheaper on comparison sites so stayed with them) - not looking forward to what it will be in April this year - and still nothing has changed other than me and the car being one year older! 

Don’t worry, they’ll find any excuse to make you pay more ……. tried Chris Knott yet ?

Malc 

[wharfhouse]

1 minute ago, Malc1 said:

Don’t worry, they’ll find any excuse to make you pay more ……. tried Chris Knott yet ?

Malc 

No not tried them yet - I assume they are a broker?