Insurance

[henrym3]

Mine is due at the end of the month. My quotes are : Arkwright £316 LV : £342 That’s basically ticked all the options except breakdown. Does this seem reasonable.

[Alan Gunn]

Paid mine around 3 weeks ago.
Same as i think for me and her fully come bonus protection and all that but same no breakdown and it was down by £2 on last year.
Saga £150.34 .
It all depends on where you live so we all will pay different prices.

[Greydog]

Pleasant surprise last year when Admiral gave my wife a refund due to reduced use during Lockdown 3.0 Outback with Perrin engine £290 I wonder if they do the same this year? Me with the 4.6 Tesco £320 all 3 kids (not really the youngest is 35) are named drivers on both cars.
For what it's worth SAGA were very expensive by comparison when I asked why they claimed our postcode area must be a high crime area ???

[X5Sport]

Saga were very expensive for me too. I’m with Directline and they are also giving refunds for non-use since March 2020. I think the X6 was just over £400 this year. The 3 series is around £350. The 2 series (a lot newer) is around £550 from memory.

[henrym3]

I often wonder how they work things out. I declared all my mods, ie big brakes (an improvement) LPG ( ? ) Exhaust ( needed because old one rusted out ) Wheels ( old one cracked ) camera ( front/rear and reverse ) Head Unit ( cos the old one was crap ) Lights ( I can now see what I’m going to hit ) but all or most are way way cheaper than replacing with origional, none make it go faster, why does one get punished financially.

[Leslie]

I often wonder how they work things out. I declared all my mods, ie big brakes (an improvement)

black magic and a random number generator mostly Insurance would think if you need big brakes you must be going too fast Insurance is generally more expensive over here in Norn Iron I paid £500 this time ( 48 with 3 points now expired ) but had to pay £750 the year before as I was part way into a policy and it didn't make sense to change , my old 3 was only 200 quid so that came as a bit of a shock especially as quotes before I bought it was a good bit cheaper

[kenniff]

Mine was due in Feb 2021. For a 3 year 9 month old M50d (f15). I was with LV who had charged circa £860 last year.

I’m in Greater London with the car parked on the street, 14 years NCD (other than windscreen 3.5 years ago), Husband and wife only, Social Domestic and Pleasure and a total excess of £500. Youngest driver of the two is 51.

At renewal LV wanted £2000.

Shopped around and ended up at Bank of Scotland for £700.

What a tiresome way to do business.....

[Greydog]

No rewards for loyalty these days !! You would think retaining customers would be cheaper than having to constantly replace them with people who will move on next year ?? Or am I missing something

[approved]

Loyalty counts for nothing.

Insurers are happy to accept migration because of the sheer number of people who just suck it up.

Zombie renewals = Money for old rope.

[Leslie]

Auto renewal has a lot to do with it too , id say a sizable % of the population have no idea there insurance even renewed till its too late and unless you are in a high group car like ax x5 then the difference is probably not that much
My last company the guy on the phone got quite cheeky when I said I was leaving ,if they have a bad year they try to recoup the next on high group cars imo and then they lose a good few customers , a year later they want you back lol
I have found the first year they try to get you in , next year put price up but if you ring it's reduced but the 3rd year price is way up and not one penny off to see if you will go or not ,that's been my experience over the years.
Remember if everybody switches the average price will have to go up to compensate

[Greydog]

The Insurance Industry has a storm coming all due to the Pandemic

Vehicle insurance I hear all the reasons and for increases annually (a wise man told me a reason is an excuse wearing a dinner jacket)
But they will have real issues justifying increases as we move through another period of low usage, with very few long journeys taking place. No tests, or Learners, reduced RTC due to reduced traffic. Especially with some large insurers giving refunds.

Insurance Companies have invested heavily in commercial property over the years, Shopping Centres and Office space. Retail is moving online, and with people working from home how long before business (even the Insurers) are saying "why do we need a £10m office building in London" All this will reduce revenues.
So keep a close eye on your Home Insurance boys and girls they will expect us to pay

[kenniff]

I worked in the insurance industry for 20 years and i agree its just a nonsense. The idea is simple and insurance is definitely something I wouldn’t be without.

Sadly its a sign of the times that whether its insurance or utilities, or mortgages, these days you HAVE to shop around every time your particular deal comes to an end.

On my car insurance this year, when I phoned up to cancel the existing one they asked why I didnt ring them to see what they could do. I asked them why they didnt just do their best first time. In my case it was a price obtained through a broker (AA) and they were saying they couldve shopped it around for me. Interestingly though they wouldn’t do this unless I call to complain about my renewal. This is apparently the arrangement they have with their panel of insurers.
In the past I have given the existing insurer a chance to reduce, when the difference isn’t huge, but when they are absolutely miles away its a waste of time. For my case, the fact is that LV took a gamble on Range Rovers and X5s last year - probably to buy in some growth, and got their fingers burnt. On the RRS they aren’t even offering renewals!

[henrym3]

It’s such a PITA though. I do understand though. My 95 yo mum in NI . signed the house over to me and then found she couldn’t get house insurance cos it wasn’t her house. So obviously I insured it. Boy was I surprised when I went to renew. £390 she said, I’ve been with the Pru for 70 years they’ve been really good to me. How many claims have you made mum in 70 years. Oh I’ve never claimed. I’m sure insurance firms depend on people like her and have few morals when looking at her age. I payed £135 for equivalent insurance. To be honest she was nervous that the new insurance firm wouldn’t look after her as well?? Old school who believed in loyalty and thought it counted.

[kenniff]

Mine was due in Feb 2021. For a 3 year 9 month old M50d (f15). I was with LV who had charged circa £860 last year.

I’m in Greater London with the car parked on the street, 14 years NCD (other than windscreen 3.5 years ago), Husband and wife only, Social Domestic and Pleasure and a total excess of £500. Youngest driver of the two is 51.

At renewal LV wanted £2000.

Shopped around and ended up at Bank of Scotland for £700.

What a tiresome way to do business.....

Ah those were the days….
I changed to a RRS last year and paid just over a £1000 with Sabre. I then had a windscreen, minor scrape and a theft….. Renewal offered on my new X5? £7500.

Found a home with Direct Line for £2200.

[henrym3]

I do like the difference in some quotes from £147 for the b3 to just over £9k. I often wonder if anyone pays the higher price in the belief that they will get better cover.