Insurance too much!

[SRGTD]

@SRGTD woo, quotezone got me £973 with "1st Central" not that I've ever heard of them. It's a start! Not tried the other ideas yet.

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@Kothaex; That’s good to hear. Please keep the forum updated on the outcome and what premium / insurer you eventually renew with.

when i asked why they thought that renewal quote was acceptable, the lady said over half of renewals are just computer generated!! If that's even true who knows but i thought what a piss take.

Pretty much all insurer’s renewal pricing processes will be generated by a computer program, as they’ll be dealing with many thousands of renewal cases each month, and they won’t have the physical manpower to look at each individual case manually. In all probability it’ll only be specific policies that ‘fall out’ of the standard renewal / risk acceptance criteria that may get reviewed by someone in the underwriting or pricing teams; e.g.

• the policyholder may have had multiple claims in the expiring period of insurance
• the vehicle is a high value one with a declared agreed value that needs to be reviewed
• the policyholder has received a conviction for a serious motoring offence.

If policies were all reviewed and premiums calculated manually at renewal date, an insurer’s expenses would increase as they need more staff to perform the renewal review and pricing function and as a result, we’d all pay more as the insurer wouldn’t absorb these additional costs - they’d pass them on to us, the policyholders - in the form of a premium increase.

To anyone who sees a large increase in their renewal premium, I’d suggest they do a bit of legwork to see if they can find a cheaper premium and if they can, speak to their current insurer to see if they’d be prepared to match / beat it. If the current insurer aren’t prepared to compromise, then you can always go elsewhere and insure with a company offering a more competitive premium.

 

[Kothaex]

Huzzah! I spoke to them on the phone, they, using the same details I had last year with a few minor amendments, dropped my renewal from £1200 to £780!

To clarify, where having my mother and partner (experienced drivers) on my policy brought it down massively for the first two years, they were now causing me a £200 additional premium for year 3.

I also dropped mileage from 10k to 6k, which is realistic for me, and saved me a ton more.

Switching from locked garage to drive had no effect.

@OJ9693 @Maurizie you had it right mate, and it seems phone is still king! Give this a go!

I'm gonna try to get lower elsewhere of course...

 

[DAN@ADRIAN FLUX]

Unfortunately my insurance has increased this year... when I was expecting a decrease.

This will be my third year driving (at 23), and I've had the Cupra 280 for a year now. My first year's insurance on a 1.4 Polo was £1400, followed by £990 for the Cupra (crazy right? discount for the first few years of license and no claims is insane!)

Or so I thought. I'm now back up to £1350. Nothing has changed except I've moved away from home (for which Admiral gave me a £50 refund when I told them), the car is now parked in a locked garage instead of a driveway, and I have an additional year's experience and no claims for a total of 2.

Yet, compared to my first year with the Cupra, I'm barely getting any insurance results. I compared a result between an up! GTI and this, and I got 70 results back vs 20. Most of the big insurers consider me uninsurable, I guess, when they didn't last year.

This combined with the increase in road tax to £220 has me wondering if an up! GTI, straight swap as they're somehow the same value, would be worth it to save a grand or so per year.

Just ranting, unless anyone has any ideas!

p.s. I've tried Adrian Flux and they quoted me over £1400, though that wasn't over the phone.

Hi.
If you wanted to PM me your details I'd be happy to take another look at your quotation to see if there is any thing more we can do. We have a number of exclusive schemes that aren't available on-line.
Regards,
Dan.

 

[Peller]

I've just been through the same thing! My recent quotes have been ridiculously high! I've no changes in circumstances but some quotes were over double my current premium.

Some of the big independents couldn't even give me a quote! I'm the wrong side of 40 with plenty of no claims/no points and in a low risk postcode.

The best thing is that my renewal quote was only £50 more. Due to my bloody sheer-minded curiosity I had to try a new quote online and then was quoted nearly £370 more for the exact same policy.

I called them up to clarify the price difference but they couldn't give me an explanation.

I've taken the renewal with AXA even though I could've saved a few quid with esure or Sheila's Wheels(!) due to the better cover options and lower voluntary excess.

To think that I only paid £260 per year for my CUPRA 280 a couple of years ago...

Another thing is to register with Seat Ensurance, let them deal with any claims and your car will be repaired properly along with a decent courtesy car.

Total dire situation we are all in at the moment...

 

[womble68]

To add to options for independent brokers I use a Swansea based company called brentacre who specialise in performance cars. They aren't always the cheapest, but have been for me and even when somebody has been cheaper they have guaranteed to beat them for my renewal.
Another one to try who I used to use is greenacre I think if I remember right, they are Essex based.

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[OJ9693]

Huzzah! I spoke to them on the phone, they, using the same details I had last year with a few minor amendments, dropped my renewal from £1200 to £780!

To clarify, where having my mother and partner (experienced drivers) on my policy brought it down massively for the first two years, they were now causing me a £200 additional premium for year 3.

I also dropped mileage from 10k to 6k, which is realistic for me, and saved me a ton more.

Switching from locked garage to drive had no effect.

@OJ9693 @Maurizie you had it right mate, and it seems phone is still king! Give this a go!

I'm gonna try to get lower elsewhere of course...

Ah apologies, that is something i did aswell which i forgot to mention, i had both my parents as named drivers and taking them off decreased the premium too. I think it was about the same as you £200.

Companies just hope people are lazy and think sod it i'll just let it renew.

 

[OJ9693]

@Kothaex; That’s good to hear. Please keep the forum updated on the outcome and what premium / insurer you eventually renew with.



Pretty much all insurer’s renewal pricing processes will be generated by a computer program, as they’ll be dealing with many thousands of renewal cases each month, and they won’t have the physical manpower to look at each individual case manually. In all probability it’ll only be specific policies that ‘fall out’ of the standard renewal / risk acceptance criteria that may get reviewed by someone in the underwriting or pricing teams; e.g.

• the policyholder may have had multiple claims in the expiring period of insurance
• the vehicle is a high value one with a declared agreed value that needs to be reviewed
• the policyholder has received a conviction for a serious motoring offence.

If policies were all reviewed and premiums calculated manually at renewal date, an insurer’s expenses would increase as they need more staff to perform the renewal review and pricing function and as a result, we’d all pay more as the insurer wouldn’t absorb these additional costs - they’d pass them on to us, the policyholders - in the form of a premium increase.

To anyone who sees a large increase in their renewal premium, I’d suggest they do a bit of legwork to see if they can find a cheaper premium and if they can, speak to their current insurer to see if they’d be prepared to match / beat it. If the current insurer aren’t prepared to compromise, then you can always go elsewhere and insure with a company offering a more competitive premium.

Makes so much sense though doesn't it? lol.

Annoying but i suppose it's the most resourceful way to do it!

 

[RUM4MO]

I seem to remember that my older daughter had the issue with extra people being on her insurance for her Cupra, she justified me being on it as I'm her "mechanic" so it seems that I need to do some Cupra driving - I said I'll wait until it is not so new!

 

[280jl]

Your telling me mate, 5 years ago when I got my 280, I was 23. The insurance was 450 quid... 5 years later I'm 28 with a 300 now have 10 years no claims and 10 years clean licence and I'm currently paying 600...

Just got a quote from Adrian flux as apparently there really good, got quoted 1800.

It's just a full on shafting mate

 

[SRGTD]

Your telling me mate, 5 years ago when I got my 280, I was 23. The insurance was 450 quid... 5 years later I'm 28 with a 300 now have 10 years no claims and 10 years clean licence and I'm currently paying 600...

Just got a quote from Adrian flux as apparently there really good, got quoted 1800.

It's just a full on shafting mate

On the face of it, your premium increasing from £450 to £600 (an increase of 33%) over five years does seem quite a lot. However, the cost of claims that insurers pay will increase year on year, and to cover these increased claims costs, insurers will increase their premium rates each year. We will all contribute to these increase claims costs through increased premiums, even those of us who haven’t had a claim, although those policyholders with claims will contribute more.

I’ve just Googled ‘motor insurance claims inflation rate’ and last year, the cost of the average motor insurance claim in the UK increased by 8.6% compared to 2017. If that figure is typical of the yearly increase in the cost of the average car insurance claim, then 8.6% cumulative over the last 5 years would mean the average motor claim would’ve increased in cost by 51% over that 5 year period. So insurers would need to increase their premium rates by 51% over the last five years to cover these increased claims costs. In addition, if their motor insurance business is making losses during that period, then in all likelihood, they’d apply further price increases to return their business back to profit.

Why is car insurance claims inflation higher than the UK inflation rate measured by CPI or RPI? Some of the factors that push up car insurance claims inflation above CPI/RPI are;

• technology that’s being incorporated into modern cars can be expensive to replace / repair if it’s damaged in an accident.
  
• Injury claims - if anyone is seriously injured in an accident, the cost of compensating them for their injuries (sometimes life changing, and requiring ongoing care) can run into many tens or hundreds of thousands of pounds, or even more.

So although premium increases of around 33% over five years sounds high, with insurers seeing the average motor claims increase by around an assumed 51% during the same period, it could’ve been worse - and no doubt would be for policyholders with claims.

I’m not defending the insurance industry over the level of price increases they charge. I don’t work for - nor do I have any affiliation with - an insurance company or insurance broker. However, considering some of the underlying factors contributing to price increases can sometimes help explain the size of premium increases (sometimes it won’t though!). And for anyone who’s unhappy with their renewal price, if you ask your insurer to reduce the premium and they’re not prepared to, there’s no obligation to renew - you can always walk, as there’s usually another insurer out there who’ll quote you a more competitive premium.

 

[SteveGSXR600K1]

I've just had my renewal through from Aviva, and safe to say I won't be renewing with them. £485 for a 184FR and knocking on the door of 50 years old seems quite high.

In the future, I'm thinking of fitting a DTUK tuning box and a rear spoiler and skirts, can anyone recommend an insurer that will except them mid policy and without stinging you?

 

[womble68]

I'm pretty sure brentacre wouldn't touch you for the cosmetic changes but since the dtuk box increases power by about 50bhp I'd imagine there would be a charge. Might as well call them though and discuss it because they seemed helpful to me.

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[SRGTD]

I've just had my renewal through from Aviva, and safe to say I won't be renewing with them. £485 for a 184FR and knocking on the door of 50 years old seems quite high.

When my renewal with Aviva increased by more than I was expecting a couple of years ago, I went on a comparison site and got some competitor quotes that were on a like for like basis with my insurance with Aviva, phoned them and told them I could get the same cover cheaper with a competitor. Getting some actual quotes rather than just calling their bluff meant I had the evidence of the cheaper premiums if they asked for it.

They pretty much reduced my premium to within a few pounds of what I was paying the previous year to keep me as a customer.

Worth phoning them and asking them what they can / will do; if you don’t ask, you don’t get, and you may be pleasantly surprised.

 

[Bevii3]

you think your first year price was bad... at 18 years old mine was £2100 on a 1.1 citroen saxo... 2nd year dropped all the way to 800. im 25 now last year i paid £500 for my 1.4 polo blue gt. end of last year i changed to a 1.4 leon. this year turned 25 and an extra year no claim and also had a non fault accident come off my policy due to it being over 3 years ago and mine renewel still went up in price. lik others say, i think everyones went up regardless... waiting for a golf r to come into my price range and may think about changing as would only be another £70 a year to insure and seems cheaper to insure then a gti..

 

[Degs]

I've just had my renewal through from Aviva, and safe to say I won't be renewing with them. £485 for a 184FR and knocking on the door of 50 years old seems quite high.

In the future, I'm thinking of fitting a DTUK tuning box and a rear spoiler and skirts, can anyone recommend an insurer that will except them mid policy and without stinging you?

When you open the door and walk through it prices tumble

 

[ChrisM75]

Something ive been doing for a few years is accepting a large excess, and then getting excess insurance. For example I have a £700 excess on my Cupra, but have excess insurance covering up to £750, which cost £40. Reducing my Excess put the cost up a lot more than £40. If I recall even £2000 of cover only cost about £70.

Obviously the downside is having another company to deal with and you still have to pay the excess initially, but if you can do that you will get your money back. Its not unlike getting your own excess insurance for a hire car instead of paying the hire companies ridiculous prices.