RX Insurance renewal time.

[larryadler]

Mmm, yes I can believe that in this day and age!
The companies you relate to are Equity Red Star, and Highway, are Lloyds backed companies. That means the insurer lays off your risk between several insurance companies within the Lloyds so no one company takes the full hit of any claim. This process can take longer to resolve as they all need to talk with each other.

I know ERS do get reasonable reviews, Highway, not sure, but thanks for the heads up .

[larryadler]

Too true Ronnie, I’ve been doing research on the internet, and it’s surprising how many insurance companies are owned by the big boys in the industry.

One thing I have found out to my surprise, is the Comparison sites are also owned by insurance companies, so not as neutral as you may think.

It is proving more difficult to identify who owns what in that sector, not so ‘ Simple’s’ excuse the pun 🤣😂

The Lexus is an expensive bit of kit, so I think I will bite the bullet, take the hit and go with NFU!

[fezman]

I received my Tesco renewal a little earlier than I was expecting. 

Last years full year equivalent (bought the RX in Nov replacing a 2013 model) was ~£750. The renewal is £1150.

Not due until the 30th, so have time to get other quotes. Will be trying Chris Knott and NFU at least. 

Worst case is the Tesco one, I wont bother changing to the Coop quote i have for just £50 - not worth the hassle. 

[larryadler]

My Tesco gold quote is £1042, NFU £1245, we are certainly being stung because of the thieving tow rags, good luck Ian, be interested to know the Chris Knott results?
One Call insurance seem competitive, but again all Lloyds backed policies I suspect?

[CT200h-TL]

7 hours ago, fezman said:

I received my Tesco renewal a little earlier than I was expecting. 

Last years full year equivalent (bought the RX in Nov replacing a 2013 model) was ~£750. The renewal is £1150.

Not due until the 30th, so have time to get other quotes. Will be trying Chris Knott and NFU at least. 

Worst case is the Tesco one, I wont bother changing to the Coop quote i have for just £50 - not worth the hassle. 

Hi Ian,

Did you try to run the quotes on comparison sites? Wondering if prices for Tesco insurance on the comparison site are cheaper than your renewal quote. I've been checking mine ahead of my renewal and Tesco (which I am currently insured with) seems to be the cheapest apart from Marshmallow... 

[fezman]

24 minutes ago, CT200h-TL said:

Hi Ian,

Did you try to run the quotes on comparison sites? Wondering if prices for Tesco insurance on the comparison site are cheaper than your renewal quote. I've been checking mine ahead of my renewal and Tesco (which I am currently insured with) seems to be the cheapest apart from Marshmallow... 

Well Charles, 

I'd not checked Tesco's on comparison sites recently, and when I do check (Meerkat, Uswitch, GoCOmpare) they are not quoted. However, I did go an get a new quote from them and for a new policy like for like is within £20 of the renewal. 

[Ken R]

I tried Tesco today but they declined to quote. No claims in 20 years, 10000 miles pa, 2 drivers, SDP only.

[Sundance]

8 hours ago, Ken R said:

I tried Tesco today but they declined to quote. No claims in 20 years, 10000 miles pa, 2 drivers, SDP only.

Unfortunately Ken, as is evident from previous posts, whatever positives that may have contributed towards reducing your premium 10 years ago seem to have absolutely no actuarial significance today ... even if you live in the wonderful Pictish stronghold that is The Kingdom of Fife 🧙‍♂️.

[First_Lexus]

9 hours ago, Ken R said:

I tried Tesco today but they declined to quote. No claims in 20 years, 10000 miles pa, 2 drivers, SDP only.

I did a ‘Compare the Market’ yesterday just in case there were any significantly better options than my renewal.

To my surprise there were quite a few quotes, and most were between £650-£850. The only name I recognised was Churchill (Essentials and Drivesure, both ‘badged’ as Churchill though).

Cheapest was a company called Nutshell (never heard of them) at £634, and there were others from Marshmallow (never heard of them either) and various others. Nothing from any of the ‘big’ players such as LV etc.

It’s not an ideal situation, clearly, but not insurmountable for me either. It is certainly a lot better than I was braced for. I’m content to go with the Chris Knott quote through Highway (the actual documents are all headed as LV!) and keep the RX for another year at least. 

[eric skerritt]

I know this hike in insurance business is a right p.i.t.a. and like many I've seen a massive % increase year on year.

While I too think well that's it I'm off to buy something else, logically unless you're ready to change anyway it's going to cost much more than the difference in insurance premiums to do so. 

Guess I'll be hanging around for sometime yet then.

[larryadler]

How fickle this insurance business is, thanks for the lead, I did try Chris Knott today, but, they could only place my risk with Covea Insurance, at in excess of £3000. 
Harry took all my details, and I thought was doing okay, but at no point was I asked if I would pay any voluntary excess, and it ain’t my job to do his for him.

Had enough now, sticking with Tesco or NFU!

[Harrier Man]

On 5/5/2024 at 10:39 PM, Ken R said:

I tried Tesco today but they declined to quote. No claims in 20 years, 10000 miles pa, 2 drivers, SDP only.

Have Aviva given you a quote Ken? I recall they always served you well when you had the NX.

[Ken R]

1 hour ago, Harrier Man said:

Have Aviva given you a quote Ken? I recall they always served you well when you had the NX.

Yes Malcolm, they have put in a renewal price but it's more than double last year's NX premium. That said I got them to quote on a NX against my new RX and amazingly the RX was £6 cheaper. How the algorithms work beats me!

[fezman]

Well it seems that my Tesco renewal amount is very competitive. Chris Knott would price match -5% , and NFU were £150 more. So i think I'll bite the bullet and go with Tesco. 

It will be interesting to see if prices do come down once the fabled security enhancement appears - lexus are still dodging giving an available date for this!! My dealer has heard nothing to date. Just emailed CR again to see if there is any update. They really are being useless at resolving this. 

[GSLV6]

Just had a quote on a low miles RX4, a few years old.  £548 fully comp, including breakdown, windscreen, key, legal and personal injury cover, legal fees and a few other benefits, sdp plus business use, £650 excess for £548 anually. That doesn't seem out of the way.

 

[Moleman]

18 minutes ago, GSLV6 said:

£650 excess  

 

That seems a lot.

Never had an compulsory excess greater than £100, never agree to a voluntary one.

These excesses are getting out of hand, just to get insurance!

[larryadler]

I’m not surprised at that price Paul, as your RX is a MK3, and doesn’t suffer the MK4 prices as I presume your don’t have a canbus making it easy to nick?

[Ken R]

2 hours ago, Moleman said:

That seems a lot.

Never had an compulsory excess greater than £100, never agree to a voluntary one.

These excesses are getting out of hand, just to get insurance!

Virtually impossible to get compulsory excess below £200 and for the 5th generation RX £500. Voluntary excess at 0 is still available but hugely increases the annual premium. I insure the family cars (excl my RX) with Admiral multicar and not only has the premium risen by over 45% but the compulsory excess has gone up by 220%! This increase isn't even highlighted in the renewal which I think is underhand tactics by the insurer. 

[GSLV6]

3 hours ago, larryadler said:

I’m not surprised at that price Paul, as your RX is a MK3, and doesn’t suffer the MK4 prices as I presume your don’t have a canbus making it easy to nick?

That was for an RX4 I'm considering.

 

My RX3 is £280 fully comp

[GSLV6]

3 hours ago, Moleman said:

That seems a lot.

Never had an compulsory excess greater than £100, never agree to a voluntary one.

These excesses are getting out of hand, just to get insurance!

Not for a recent RX4, going by quotes others have had on here (ranging from £1000 to £5000 depending on area).  All policies come with compulsory excess these days and £650 wasn't compulsory.  It included £350 voluntary, so £300 compulsory.  I always add voluntary as any claim made, even with protected NCB, will result in a premium hike come renewals time.  They way I look at it, if I damage the car I ask myself what am I prepared to pay off insurance to avoid a premium hike and add in that amount of voluntary.  It reduces the premium.

[Moleman]

9 hours ago, GSLV6 said:

They way I look at it, if I damage the car I ask myself what am I prepared to pay off insurance to avoid a premium hike and add in that amount of voluntary.  It reduces the premium.

That makes sense.

[Spock66]

I have only a £50 compulsory excess on my Hastings Direct policy taken out in March, but I have opted for £250 voluntary excess.  The overall excess is still lower than the compulsory excess on my previous LV policy.

[GSLV6]

I used to be with Hastings but several years ago, they hiked my premiums with no explanation so I left them.   I have no loyalty towards any company or broker.  It pays to shop around and read the small print.

[larryadler]

47 minutes ago, GSLV6 said:

I used to be with Hastings but several years ago, they hiked my premiums with no explanation so I left them.   I have no loyalty towards any company or broker.  It pays to shop around and read the small print.

Yes indeed, Paul, the small print is most important.

I think there are two types of purchasers of car insurance, those who get a great cheap quote, and are well pleased with the price, and nowt wrong with that, I’m all for it, but, it’s when you need to make claim that the price of that policy may come back and bite you.

Then there are those, my self included, who (saddo) do read the policy, and in particular the exclusions. I am prepared, ( not willingly) to pay the higher premium for more peace of mind, that should I need the benefits, they will be dealt with efficiently.

My two quote are Tesco and NFU, who are £220 more expensive than Tesco.

NFU are a ‘Which’ No1 provider, whereas Tesco offer an excellent policy, but don’t even appear on the list. 
As the saying goes, you pays your money p, you takes your choice, buy cheap, buy twice!

 

[GSLV6]

Just checked with my current insurers.  They refused to quote for the 7 months remaining on the current policy and quoted £1200 for a new policy to change to an RX4 so advised me to shop around (which I'd already done for the £640 quote) then cancel current insurance.