Insurance for LBX

[SH20]

Be aware and even allowing for the fact that Lexus Hull have new cars arriving next week for their customers there is currently no listing for the LBX by any major motor insurer,  so obtaining a quote or getting an amendment to an existing policy will be difficult unless Insurers use the UX as a base line till a rating group is identified. 

The lack of a listing for quote purposes was explained to me by Lexus Insurance themselves who technically don't carry the risk but use a third party supplier to underwrite their business.  The reason is that the Vehicle Repair Centre known as the Thatcham Insurance Repair Centre have yet to complete their evaluation of the LBX.  This is where the crash testing and repair architecture in repairing the LBX has yet to be completed. This prevents the Association of British Insurers from listing the car for quotation purposes.  The research centre is funded by the Association of British Insurers and ensures Insurers place the car in the correct rating group because the actual physical repair of a car in terms of parts, labour and paint materials directly influences it's grouping.   Thatcham pull/strip  the damaged car down after crash testing and then create schedule operation times which are recognised by the repair industry and all of this repair data ends up as computerised data.  A repairer will then be able to generate a computer base repair estimate for Insurers to consider. 

So anyone picking up a LBX should have a chat with their existing Insurer so the Insurer can make a note of the change.   I went on line with Churchill Insurance just to confirm a leading motor insurer did not have a listing and as I discovered in the drop down model box there is no LBX yet.

 

 

[dog3665]

I've been on this for over a month now. I was in touch with Lexus customer service on Friday 23 and they said that it would be sorted by early this week I have been checking daily but it's not looking promising

[SH20]

The likelihood is your Insurer will notate your account as a change of car and when the LBX goes live will retro quote the premium adjustment.  As long as they have the registration number, make, version etc you won't be left without cover, particularly if you are down sizing one Lexus for a newer entry model Lexus.   If you insure through Lexus Insurance then you will also have that added protection.     Not a good luck for any own brand insurance product if their new LBX owners are left hanging and if the Police have cause to stop you they will likely ask you why your registration number doesn't match the car model.   At least you will be able to explain the background.   

[SH20]

Autotrader's Car of the Year,  don't doubt it.   I bet there was no ref to Insurance premiums though.

[SH20]

Or is it What Car's Car of the year? 

[JimmyfromLargs]

I have been trying to secure an insurance quote for an LBX for 3 days.

1. NFU my current insurer ( Porsche Macan + Golf ) cannot offer me anything. 

2. LMI appear to be in the same position. I was pointed to them by the Glasgow Lexus dealership.

Seems odd that this is the case.Launch a car and you cannot buy insurance, call me old fashioned but not a great look.

If I progress to purchase I would be going for a Premium Design Plus or a Takumi, does anyone know if there are discounts from Lexus list prices…..that would be of interest to me.

Many thanks…

[bigglesfllesundone]

On Autotrader offer of £500 plus a free service. Email today from Carwow increasing the discount if some dealers.

[JimmyfromLargs]

Many thanks for your input. 

[JimmyfromLargs]

Update on Insurance.

 

I just took a call from LMI.

 

They told me LBX details would be uploaded on their systems over this weekend ie Sunday 3rd of March. 

 

I will get a call ( all being well ) with a proper Insurance quotation on Monday 4th of March. 

[dog3665]

I have just got this fro m Lexus customer services .it's looking more promising .

[JohnR07]

Currently waiting arrival of my new LBX. Unable to get any quote from my regular insurer LV= who advised me to try again in March but could not guarantee that LBX would even then be listed. 
Decided to try Lexus Insurance online only to find, to my surprise, that they didn’t list the LBX either. 
4th March rang Lexus Insurance and discussed the issue who confirmed that LBX was now listed. After a few questions to complete my initial online application I was given a quote, with full NCD, of £3617.07.  I’ve since tried some online comparison sites and as yet the only company giving a quote appears to be “insure the box” (need to fit a telematic box) quoting £2679.19.  I normally pay around £400 and was expecting no significant increase with LBX. 
This is my first dealing with Lexus - not a very good start!

Edited March 4 by JohnR07
Spelling

[cur666]

10 hours ago, JohnR07 said:

Currently waiting arrival of my new LBX. Unable to get any quote from my regular insurer LV= who advised me to try again in March but could not guarantee that LBX would even then be listed. 
Decided to try Lexus Insurance online only to find, to my surprise, that they didn’t list the LBX either. 
4th March rang Lexus Insurance and discussed the issue who confirmed that LBX was now listed. After a few questions to complete my initial online application I was given a quote, with full NCD, of £3617.07.  I’ve since tried some online comparison sites and as yet the only company giving a quote appears to be “insure the box” (need to fit a telematic box) quoting £2679.19.  I normally pay around £400 and was expecting no significant increase with LBX. 
This is my first dealing with Lexus - not a very good start!

Car insurance has shot up this year...but that's an eye watering number, you've been quoted.

[SH20]

This is not a good start and almost forces you down the path of insuring your LBX without any real chance of using a comparison site like go compare etc.   Moreover Lexus Car Insurance is known for outrageous quotes as is Toyota car insurance as both use the same underwriters for their policies.  They take commission on all policies issued. Neither Lexus or Toyota carry the risk and act as a Broker really.

This is the very reason I told the salesman at Lexus Hull that for us the cost of knowing how much insurance was likely to be was a priority before we considered an order.    We won't be replacing a Yaris  hybrid at the sort of premiums you are now facing.   Never heard of Insure the Box, they must be a new start up company.    You know you will need insurance cover immediately so to get the vehicle home why don't you ask them to initiate the 3 day drive home cover Lexus and Toyota dealers offer.   That way you can try and secure cover in the short term while the car is garaged or on your drive.   Also try and find out who underwrites  Lexus Insurance, just ask them who carries their insurance and maybe approach them direct. Likelihood is that Lexus will put their business with a reputable insurer and maybe you can obtain a better quote directly. 

While the LBX has been a big hit,  with significant orders already, I'm guessing these new owners are in for a shock at what their insurance will jump to.

NB:   I am with Churchill Car Insurance and my renewal for my LS500h has risen to £1100 from £675.   That's a 60% increase for someone with 15+ years no claims discount, no penalty points or convictions  and living in a small town in Yorkshire.   

Repair costs in relation to insurance claims have risen significantly in the last 3 years and massively for parts and paint materials and worse than that our wild west country has seen significant increases in theft claims across all makes but especially high end makes like Lexus.    We don't stand a chance really. 

 

    

[Boomer54]

15 minutes ago, SH20 said:

This is not a good start and almost forces you down the path of insuring your LBX without any real chance of using a comparison site like go compare etc.   Moreover Lexus Car Insurance is known for outrageous quotes as is Toyota car insurance as both use the same underwriters for their policies.  They take commission on all policies issued. Neither Lexus or Toyota carry the risk and act as a Broker really.

This is the very reason I told the salesman at Lexus Hull that for us the cost of knowing how much insurance was likely to be was a priority before we considered an order.    We won't be replacing a Yaris  hybrid at the sort of premiums you are now facing.   Never heard of Insure the Box, they must be a new start up company.    You know you will need insurance cover immediately so to get the vehicle home why don't you ask them to initiate the 3 day drive home cover Lexus and Toyota dealers offer.   That way you can try and secure cover in the short term while the car is garaged or on your drive.   Also try and find out who underwrites  Lexus Insurance, just ask them who carries their insurance and maybe approach them direct. Likelihood is that Lexus will put their business with a reputable insurer and maybe you can obtain a better quote directly. 

While the LBX has been a big hit,  with significant orders already, I'm guessing these new owners are in for a shock at what their insurance will jump to.

NB:   I am with Churchill Car Insurance and my renewal for my LS500h has risen to £1100 from £675.   That's a 60% increase for someone with 15+ years no claims discount, no penalty points or convictions  and living in a small town in Yorkshire.   

Repair costs in relation to insurance claims have risen significantly in the last 3 years and massively for parts and paint materials and worse than that our wild west country has seen significant increases in theft claims across all makes but especially high end makes like Lexus.    We don't stand a chance really. 

 

    

"Neither Lexus or Toyota carry the risk and act as a Broker really."

You probably will not be surprised to know this happens a lot. Have a look at policies and find out who is actually underwriting. Eye opener that often what you think is the Insuring company is not actually underwriting the risk at all. When you factor in in the tier of comparison sites/brokers, the next tier of so called insurers who are really wholesale intermediaries, and all that until you finally get the top tier who are actually bearing the risk of insurance.

All very much a pyramid style of operation with each tier adding to the final costs of insurance unless you find a way of bypassing some elements of the process.

[ColinBarber]

48 minutes ago, SH20 said:

Neither Lexus or Toyota carry the risk and act as a Broker really.

The policies are underwritten by Aioi Nissay Dowa Insurance who is part of MS&AD Insurance Group Holdings with Toyota being the largest single shareholder - so they do somewhat carry the risk but it's very much removed from the UK business.

[Sandra W]

My LBX has arrived at the depot apparently but I haven’t got a delivery date yet.  I’ve just spoken to NFU who are very helpful btw, the LBX is not on their database either so I can’t get a quote, however I’ve just organised my husbands insurance for his 2022 RX 450h through NFU and the cost is £847 which is far cheaper than any of the comparison sites. It might be worth trying NFU at a later date. I’m finding it very frustrating that I can’t get a quote from anywhere, (I’m not even bothering going down the Lexus insurance route as in the past they’ve been ridiculous on my husbands vehicles)  I’m glad my deposit of £500 is refundable, I think if I hadn’t driven the LBX I would be looking elsewhere, it’s not a good start on my first Lexus.

[SH20]

Bad news then Colin for anyone wanting to approach the actual underwriter of Lexus Insurance to make  a direct approach for a cheaper quote for a LBX.  Unlikely a company, possibly based overseas, would even entertain individual enquiries.      

Once all Insurers who are familiar household names list the LBX then maybe LBX owners will have a bit of competition but in the meantime if only Lexus are quoting then it's a bit of a monopoly unless you count "Insure the Box" referenced by John.

If I was looking for insurance cover I would at least seek out a quote for a high spec UX for comparison  to see if the latest LBX technology is  having a significant impact of ratings.    I've driven the LBX, a Takumi but it didn't strike me as being excessively luxurious or it's equipment levels and technology were space age.   The interface screen takes care of about 90% of all driver needs and it's voice activation system seemed very good. Fancy electric  touch door opening  and similar innovations can't be the reason for a £3600 quote for 12 months cover.   Bear in mind also the compulsory Insurance excess will be high too is my guess. 

[SH20]

Might be worth waiting a few months Sandra to see how LBX premiums pan out if you have that £500 refund facility.  Like I have said £1100 for a LS550h up from £675 seems an easier pill to swallow than be faced with a ridiculous figure for a LBX which only Lexus Insurance Services are offering. 

Interesting that John quoted "Insure the Box" who were able to quote.  Never heard of this company so must be new.   How come they can quote when no one else can I wonder. Making a claim with a company that has no track record can be very scary.   Their mandatory Telemetic Box is a known technology but monitoring your every move while driving can significantly affect a renewal quote as the Company can analyse your use 24/7  365 days a year.    It can determine not only exceeding speed limits but accelerations rates, severity of braking force, how long you drive in EV mode, normally a great indicator of sensible and careful driving, time of day the car is in use 24 hours a day.      

[ColinBarber]

Just checked Direct Line and Admiral - both still don't list the LBX as an option when trying to select the vehicle online.

[Tickedon]

57 minutes ago, SH20 said:

 

Interesting that John quoted "Insure the Box" who were able to quote.  Never heard of this company so must be new.   How come they can quote when no one else can I wonder. Making a claim with a company that has no track record can be very scary.   Their mandatory Telemetic Box is a known technology but monitoring your every move while driving can significantly affect a renewal quote as the Company can analyse your use 24/7  365 days a year.    It can determine not only exceeding speed limits but accelerations rates, severity of braking force, how long you drive in EV mode, normally a great indicator of sensible and careful driving, time of day the car is in use 24 hours a day.      

Insure the Box have been around a while, at least since 2020.

interestingly, their policies are also underwritten by Aioi Nissay Dowa Insurance UK Ltd, the same company Toyota are a large shareholder in. Which given the connection to Lexus & Toyota insurance that they also underwrite, perhaps explains why they have the car in their lists already.

[cur666]

2 hours ago, SH20 said:

Telemetic Box is a known technology but monitoring your every move while driving can significantly affect a renewal quote as the Company can analyse your use 24/7  365 days a year.    It can determine not only exceeding speed limits but accelerations rates, severity of braking force, how long you drive in EV mode, normally a great indicator of sensible and careful driving, time of day the car is in use 24 hours a day.

OMG.....I'm not a really fast driver...but on occasion...need to make the car move...so Big Brother isn't for me, I think that this is a terrible concept.

[cur666]

1 hour ago, Tickedon said:

Insure the Box have been around a while, at least since 2020.

interestingly, their policies are also underwritten by Aioi Nissay Dowa Insurance UK Ltd, the same company Toyota are a large shareholder in. Which given the connection to Lexus & Toyota insurance that they also underwrite, perhaps explains why they have the car in their lists already.

What...2020....is like yesterday....definitely a shiny new company.

[dog3665]

I have just received this and my car is at the dealership for collection it's not looking good .

Dear Nigel,

Thank you for your email. I am seeking advice with an escalation internally to understand when external insurers will be able to offer quotes. It was my expectation that this should already be possible, and so I am seeking any advice I can on what the answer here is.

Thanks for your enquiry and patience, I will update as soon as I have any information to share with you.

Kind regards

Lexus Customer Relations Case Manager
Toyota (GB) PLC - Lexus Division
Distributor of vehicles, parts and accessories for the UK

[cur666]

47 minutes ago, dog3665 said:

I have just received this and my car is at the dealership for collection it's not looking good .

Dear Nigel,

Thank you for your email. I am seeking advice with an escalation internally to understand when external insurers will be able to offer quotes. It was my expectation that this should already be possible, and so I am seeking any advice I can on what the answer here is.

Thanks for your enquiry and patience, I will update as soon as I have any information to share with you.

Kind regards

Lexus Customer Relations Case Manager
Toyota (GB) PLC - Lexus Division
Distributor of vehicles, parts and accessories for the UK

They are fully aware, that this problem exists...the dealers will have told them.

[Doug743]

I tried this morning to get some quotes and was shocked at the prices given to me! They were between £2,000 and £3,500! Surely this can’t be for a car of this level. I thought my RX was expensive at £800 but compared to the LBX this is very good. My car should be arriving middle April but now reconsidering…