Insurance Renewal

Mine (I’m on a multi-car arrangement) is going from £342 to £498!! A rise of £156 (45.6% increase)!!

They couldn’t (wouldn’t) give me an explanation or rationale for this, simply said it was down to the underwriters.

Be keen to understand your experience

Peter
 
insurance increase from 1050.00 to1500.00 this year for both the f type and 458 with diamond ( part of the admiral group).they split it down to 680 for the f type and the balance for the 458. at the same time i got a quote emailed to me from a well known company whom i have now forgotten for 305.00. for just the f type ….great i thought but they wouldnt insure the ferrari. so… insurance for the 458 alone cheapest was 1500.00 with anyone else .
so when i rang diamond and said il just insure the ferrari with them they said well you will loose your discount for 2 cars so that will be1200.00 instead of 780.00 then ! thus making the total with 2 different companies now exactly the same as my original renewal quote of 1500.00 !!!

i see a conspiracy!!

ended up after much arguing and a few white lies getting a loyalty discount of 250.00 off from my original insurer !! which is quite annoying as ive wasted countless hours getting quote’s which i wont get back !!

and to add further 2 years ago the cheapest quote for the 458 was 450.00 with 7 or 8 companies willing to insure it … this year only 2 .. 1 for 1500.00 and the other for 5k !!!

god knows whats going to happen next year !
 
Hotlurve said:
so when i rang diamond and said il just insure the ferrari with them they said well you will loose your discount for 2 cars so that will be1200.00 instead of 780.00 then ! thus making the total with 2 different companies now exactly the same as my original renewal quote of 1500.00 !!!

i see a conspiracy!!
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It's kinda logical though - you can only drive one car at a time, so if only the Ferrari is on the policy they'll assume you're driving it all the time - with a second car, they'll figure you'll drive them both so lower risk per car. Of course, if you have other people on the policy, it all changes again!
 
simpleR said:
I'm with LV, renewal 3rd July, last year £550 so expecting renewal to drop into inbox soon..... Based on comments above looks like I'll be shopping around.
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LV renewal for 3rd July landed overnight. £567.
So a small increase (no changes to circumstances).

Compare the market, there are several policies for £435 (cheapest) to £500 range but all have £1000 excess and are from online only companies in general I have never heard of. Hedgehog, Skippy, flex, etc. So ignoring them.

The cheapest quote from a company I know and would trust and have a normal excess is Tesco at £486.
Interesting LV are next in the list at £501.

Aviva want £1500!! With the highest quotes topping £2000 so some people don't want our business!

So I think a quick call to LV to question why as a new customer is it cheaper than an existing one however I won't be doing that until 22 days before renewal as that is the optimal time to renew for price according to Martin Lewis so it might get cheaper. My plan is to call LV and get the new customer price or better and stay with them.
 
simpleR

Another following of the wonderful Mr Lewis! Sadly I am away in Majorca on day 22 (pre-renewal) so will call LV again before I go….

Glad to learn that your premium is nowhere near my 44% increase - would love to understand why??

Taken wife off of policy as that will reduce premium - she never drives it anyway!

P
 
Too difficult to compare I think.

I'm 43, full NCD, postcode B rating, one claim, 12,000 miles a year half of them full business use, car on drive or office car park, different car and value of course, security and job I think makes a difference. Adding or removing partners can help or not! I also believe they might look at their own books for the same manufacturer for past period and cost of claims. IE if they have 1000 Jags on the books and 50% of them have made a claim then it's likely you would do too. I don't think they look at specific Jaguar labour rates or costs but everything has gone up price wise.
 
P450Phil said:
General picture is that the automatic renewal price will be up, possibly as much as 100% as was mine with Admiral (no claims!) If you call them you will most likely get an offer.
The algorithms all have different weights so there's no sure-fire way. Aviva are going for market share so worth a try but someone else said they were expensive.
Basically lots of calls / browsing required this year.
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I don’t think there is any difference this year to previous years aside a general inflation driven increase.
Inertia drives the industry and compare sites make it easy to change, so shopping around is essential every year or on a biannual basis.
The industry discounts to win new customers and makes its profit on customers who simply can’t be bothered to switch around every year. Happily for them that’s the vast majority.
I cannot remember for the last decade keeping any insurance policy for any car, contents, buildings, etc. in the same place more than 2 years.
 
simpleR said:
Too difficult to compare I think.

I'm 43, full NCD, postcode B rating, one claim, 12,000 miles a year half of them full business use, car on drive or office car park, different car and value of course, security and job I think makes a difference. Adding or removing partners can help or not! I also believe they might look at their own books for the same manufacturer for past period and cost of claims. IE if they have 1000 Jags on the books and 50% of them have made a claim then it's likely you would do too. I don't think they look at specific Jaguar labour rates or costs but everything has gone up price wise.
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Fully agree that no value in comparing due to the huge variables the premium is based upon.
I do have some industry insight due to past consulting roles and the level of data behind the premiums is simply huge. They can even go down to car colour as the choice can be profiled.
Mileage is interesting that more miles is a greater risk, but also the driver is likely more experienced. As miles drop it becomes dangerous, there is a point that it’s a bigger risk. Hence you see as you drop mileage to very low the premium can even go up.
Garage parking is safer for theft, but more claims arise from in garages than on drives. Scrapes, things falling off shelves, or as my neighbour did reversing out with his garage door down..
Overlay all this with the profile of the insurance company and their market, profit, etc. and you see why you can’t recommend or second guess anything..
 
strangely i was told by one company that cars on driveways and not garaged were cheaper to insure in some instances as the thieves have more time to steal a car if its garaged as no-one can see them trying to pinch it
 
I paid £370 last year (fully comp, protected NCB), with AXA, so I'll be interested to see what they quote this year.
 
@299Peter said:
Taken wife off of policy as that will reduce premium - she never drives it anyway!
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That doesn't always work, adding a named driver, especially a spouse, can actually reduce the premium.
 
simpleR said:
simpleR said:
I'm with LV, renewal 3rd July, last year £550 so expecting renewal to drop into inbox soon..... Based on comments above looks like I'll be shopping around.
Click to expand...

LV renewal for 3rd July landed overnight. £567.
So a small increase (no changes to circumstances).

Compare the market, there are several policies for £435 (cheapest) to £500 range but all have £1000 excess and are from online only companies in general I have never heard of. Hedgehog, Skippy, flex, etc. So ignoring them.

The cheapest quote from a company I know and would trust and have a normal excess is Tesco at £486.
Interesting LV are next in the list at £501.

Aviva want £1500!! With the highest quotes topping £2000 so some people don't want our business!

So I think a quick call to LV to question why as a new customer is it cheaper than an existing one however I won't be doing that until 22 days before renewal as that is the optimal time to renew for price according to Martin Lewis so it might get cheaper. My plan is to call LV and get the new customer price or better and stay with them.
Click to expand...


There was a change in FCA rules that companies must offer the same terms to existing customers as new customers so I would check cover is like for like - more details here

https://www.fca.org.uk/news/press-releases/new-year-delivers-fairer-home-motor-insurance-renewals
 
^^^
Correct.
But only if you go direct to them. Compare the meerkat or go compare etc might have special offers etc.

That happened last year to me and LV advised to let the current policy lapse and take out the new LV policy via meerkats as they couldn't match it and then you also get meerkat movies etc as well.
 
simpleR said:
^^^
Correct.
But only if you go direct to them. Compare the meerkat or go compare etc might have special offers etc.

That happened last year to me and LV advised to let the current policy lapse and take out the new LV policy via meerkats as they couldn't match it and then you also get meerkat movies etc as well.
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Then, in my view, that’s driving a coach and horses through the FCA’s intentions.
 
simpleR said:
simpleR said:
I'm with LV, renewal 3rd July, last year £550 so expecting renewal to drop into inbox soon..... Based on comments above looks like I'll be shopping around.
Click to expand...

LV renewal for 3rd July landed overnight. £567.
So a small increase (no changes to circumstances).

Compare the market, there are several policies for £435 (cheapest) to £500 range but all have £1000 excess and are from online only companies in general I have never heard of. Hedgehog, Skippy, flex, etc. So ignoring them.

The cheapest quote from a company I know and would trust and have a normal excess is Tesco at £486.
Interesting LV are next in the list at £501.

Aviva want £1500!! With the highest quotes topping £2000 so some people don't want our business!

So I think a quick call to LV to question why as a new customer is it cheaper than an existing one however I won't be doing that until 22 days before renewal as that is the optimal time to renew for price according to Martin Lewis so it might get cheaper. My plan is to call LV and get the new customer price or better and stay with them.
Click to expand...

Called LV as approaching the sweet spot of 22 days and they matched the compare the market price so £501.
So same price as meerkats.
 
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