Insurance renewal
Discussion
popeyewhite said:
TheBALDpuma said:
Being a year older and a year more claim free doesn't mean your risk improves.
It's another year without a claim, so how does that possibly make me a worse risk?TheBALDpuma said:
How do you know crime has decreased? Why is the cost reduced?
Car crime decreased in Cheshire last year because official figures show it has. I'm surprised you didn't know cars depreciate like anything else - Cars decrease in market value, which is what you're offered if it gets stolen/written off. TheBALDpuma said:
I really don't get how people don't get this!
Well... .Have you checked accident figures in your area for last year? it's okay people not robbing cars but when everyone is crashing and claiming for all sorts in your area, you're driving around near them therefore a higher risk.
HJMS123 said:
popeyewhite said:
TheBALDpuma said:
Being a year older and a year more claim free doesn't mean your risk improves.
It's another year without a claim, so how does that possibly make me a worse risk?TheBALDpuma said:
How do you know crime has decreased? Why is the cost reduced?
Car crime decreased in Cheshire last year because official figures show it has. I'm surprised you didn't know cars depreciate like anything else - Cars decrease in market value, which is what you're offered if it gets stolen/written off. TheBALDpuma said:
I really don't get how people don't get this!
Well... .Have you checked accident figures in your area for last year? it's okay people not robbing cars but when everyone is crashing and claiming for all sorts in your area, you're driving around near them therefore a higher risk.
There is so much to think about in the insurance field and the narrow mindedness of Joe Public saying it is just these few factors has never failed to amaze. It is very hard to put every single item into a few lines of which I am prepared to write based on the data the actuaries use to predict for pricing based on the points risen above;
- It's another year without a claim, so how does that possibly make me a worse risk
Situation 1; Driver 'X' has a maximum NCB - therefore, you receive no further discount on the insurers premium and are subject to base rate increases, ogden rate, inflation.
Situation 2; Driver 'X' has an increasing NCB but insurer 'Y' has had a much worse claim experience with drivers aged 'Insert age here' in location 'z' with NCB of said amount despite the history of driver 'X' being claim free with the insurer. Statistics are fact, not false promises.
Situation 3; Driver X has an increasing NCB / Maximum NCB but said insurer has had a multitude of claims in area 'z' therefore despite no fault of driver or NCB so insurer has to increase price to reflect its losses. Meanwhile, holding insurers competitor hasn't been subject to the losses the holding insurer has and therefore has no actuary data from their losses in this area and is able to reduce price.
There are flaws that Popeyewhite misses in his 'moan' You say - your car depreciates. I say - the likelihood of a total loss payout increases instead of a cheaper repair.
You say - Crime rate is lower - I say, people hitting third party drivers is on the up, fraud is on the up, insurance payouts are on the up, plus even further problems in Cheshire such as massive liabilities (an extreme example of which being ending a footballers career and having to pay out a proportion of potential earnigns) which all of these insurers are on for and Cheshire being a footballer hotspot and all that.
It really is not as simple as; Why has it gone up, I haven't had a claim, bruv and my car is cheaper innit, I promise I wont crash guv'nor....
Equally, as others have pointed out - your 'Budget' insurers, also just buy in the business on a cheaper than market rate in the hope in year two client doesn't notice, this practice employed by direct markets is frowned upon.
Edited by Rtype on Tuesday 4th April 10:28
HJMS123 said:
It doesn't make you 'worse' you just don't become any less of a risk.
Of course. But some people must be in a lower risk area every now and again, after all car crime, accidents etc are rarely correlated in any way (except in tie days of TWOC-ing and deliberate crash for claims)... I wonder if this is ever reflected in a lower premium? 
HJMS123 said:
Have you checked accident figures in your area for last year? it's okay people not robbing cars but when everyone is crashing and claiming for all sorts in your area, you're driving around near them therefore a higher risk.
I haven't checked accident figures, no. But by that logic when crashes and accidents go down you're a lower risk . I wonder whether this is ever reflected etc etcRtype said:
HJMS123 said:
popeyewhite said:
TheBALDpuma said:
Being a year older and a year more claim free doesn't mean your risk improves.
It's another year without a claim, so how does that possibly make me a worse risk?TheBALDpuma said:
How do you know crime has decreased? Why is the cost reduced?
Car crime decreased in Cheshire last year because official figures show it has. I'm surprised you didn't know cars depreciate like anything else - Cars decrease in market value, which is what you're offered if it gets stolen/written off. TheBALDpuma said:
I really don't get how people don't get this!
Well... .Have you checked accident figures in your area for last year? it's okay people not robbing cars but when everyone is crashing and claiming for all sorts in your area, you're driving around near them therefore a higher risk.
There is so much to think about in the insurance field and the narrow mindedness of Joe Public saying it is just these few factors has never failed to amaze. It is very hard to put every single item into a few lines of which I am prepared to write based on the data the actuaries use to predict for pricing based on the points risen above;
- It's another year without a claim, so how does that possibly make me a worse risk
Situation 1; Driver 'X' has a maximum NCB - therefore, you receive no further discount on the insurers premium and are subject to base rate increases, ogden rate, inflation.
Situation 2; Driver 'X' has an increasing NCB but insurer 'Y' has had a much worse claim experience with drivers aged 'Insert age here' in location 'z' with NCB of said amount despite the history of driver 'X' being claim free with the insurer. Statistics are fact, not false promises.
Situation 3; Driver X has an increasing NCB / Maximum NCB but said insurer has had a multitude of claims in area 'z' therefore despite no fault of driver or NCB so insurer has to increase price to reflect its losses. Meanwhile, holding insurers competitor hasn't been subject to the losses the holding insurer has and therefore has no actuary data from their losses in this area and is able to reduce price.
There are flaws that Popeyewhite misses in his 'moan' You say - your car depreciates. I say - the likelihood of a total loss payout increases instead of a cheaper repair.
You say - Crime rate is lower - I say, people hitting third party drivers is on the up, fraud is on the up, insurance payouts are on the up, plus even further problems in Cheshire such as massive liabilities (an extreme example of which being ending a footballers career and having to pay out a proportion of potential earnigns) which all of these insurers are on for and Cheshire being a footballer hotspot and all that.
It really is not as simple as; Why has it gone up, I haven't had a claim, bruv and my car is cheaper innit, I promise I wont crash guv'nor....
Equally, as others have pointed out - your 'Budget' insurers, also just buy in the business on a cheaper than market rate in the hope in year two client doesn't notice, this practice employed by direct markets is frowned upon.
Edited by Rtype on Tuesday 4th April 10:28
Rtype said:
You say,,,I say.. yadda yadda
Incidentally happy to say the Financial Conduct Authority is behind new rules brought in from 1 April - remember those rip off renewals that arrive and seem much higher than the year before but the sneaky sods don't show last years cover for comparison? Now insurers have to show it. It'll be interesting to see how many firms actually comply with the ruling.popeyewhite said:
Rtype said:
You say,,,I say.. yadda yadda
Incidentally happy to say the Financial Conduct Authority is behind new rules brought in from 1 April - remember those rip off renewals that arrive and seem much higher than the year before but the sneaky sods don't show last years cover for comparison? Now insurers have to show it. It'll be interesting to see how many firms actually comply with the ruling.popeyewhite said:
Incidentally happy to say the Financial Conduct Authority is behind new rules brought in from 1 April - remember those rip off renewals that arrive and seem much higher than the year before but the sneaky sods don't show last years cover for comparison? Now insurers have to show it. It'll be interesting to see how many firms actually comply with the ruling.
How many other products that you buy on a regular basis tell you what they used to charge? I can't think of any.popeyewhite said:
TwigtheWonderkid said:
How many other products that you buy on a regular basis tell you what they used to charge? I can't think of any.
Gas, Electricity, Council bills, BT etcI don't see why commercial organisations should have to highlight an increase and tell you how much that it. That should be down to the punter to dig out old records, if they feel that strongly about it.
Nanny state. Eroding personal responsibility by handing it to them on a plate.
TwigtheWonderkid said:
That should be down to the punter to dig out old records, if they feel that strongly about it.
The FSA was motivated to bring in changes to the regulations because it felt the Motor Insurance industry was deliberately leaving the previous years premium off renewals in order to mask price increases of up to 40%. It felt this was unfair practice.popeyewhite said:
TwigtheWonderkid said:
That should be down to the punter to dig out old records, if they feel that strongly about it.
The FSA was motivated to bring in changes to the regulations because it felt the Motor Insurance industry was deliberately leaving the previous years premium off renewals in order to mask price increases of up to 40%. It felt this was unfair practice.
Mazinbrum said:
http://www.telegraph.co.uk/news/2017/02/27/insuran...
My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.
Weird because my daughter's first premium, last year, was £1040 (£88 refunded over the year from device monitoring). It's a 2007 Fiat Panda 1.1.My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.
Her renewal, this year, with 1 year NCD (and she is now 18, not 17, the only two material changes), was £1008, a pathetic reduction.
I went on Money Supermarket and the renewal was £680 with Diamond and no telematics and with courtesy car etc (excl legal expenses which is a con and breakdown)
Needless to say, the old company got the boot.
For myself, my Fiesta ST renewal went up about £40 from last year but I found out that Aviva offer a discount as I have an endowment life assurance policy with them and it ended up being about £20 cheaper than last year...for no clear and obvious reason.
Similarly, Diamond aka Admiral etc were very keen to sell me a multi-car policy with a discount and, again, I'm not sure why or how that could make a difference as it relates to an entirely different driver and car.
Edited by LuS1fer on Tuesday 3rd April 14:06
The best I have had was when my last Mondeo renewal quote came in at £600... I had paid £182 the year before. I called and asked if they were just trying to fleece me and was told no, but they could do £540 as I had two other insurance policies with them. I went onto the insurers site and got a quote. £165. I called back and asked what they were playing at given I could take a new policy at about a third of the renewal quote. I was put on hold while the woman on the phone who could see my online quote confirmed the details were exactly the same. She then put me onto her supervisor who said they would do the renewal at £165 like this was some sort of a favour to me. I pointed out if they had sent a renewal at the same price I'd paid the last year I'd just have paid it without question but by trying to more than triple my premium they were ending up with £17 less.... It fell on deaf ears unsurprisingly.
Always shop around 4-6 weeks before your insurance is due. You will get cheaper quotes. Leave it to the day before and it might cost you 30% more because they know you are desperate.
Go back to your original insurance company with the cheaper quote and ask for a price match. I did that with Tesco got the price match at a £50 shopping voucher.
They won't price match a third year running though.
Use a comparison site to get an idea of costs.
Since 2015 my insurance for my car £235 and my van £224 hasn't gone up.
But the best way to reduce the cost, get it 6 weeks in advance.
Go back to your original insurance company with the cheaper quote and ask for a price match. I did that with Tesco got the price match at a £50 shopping voucher.
They won't price match a third year running though.
Use a comparison site to get an idea of costs.
Since 2015 my insurance for my car £235 and my van £224 hasn't gone up.
But the best way to reduce the cost, get it 6 weeks in advance.
Valgar said:
I'm sick at the moment, bought a cheap little Perodua Myvi to run around in, 33 years old, driving instructor, doing 5,000 miles a year and they want £1000 for the f
king thing
Driving instructors are high risk, say you are a company director or a postman, put your partner on the insurance if you have one, you'll get a 25% reductionking thingGassing Station | General Gassing | Top of Page | What's New | My Stuff