Car insurance.... Increase
Discussion
Yesterday received the annual renewal come through and I was surprised to see a significant increase.
Last year £335
Current proposed £517
Nothing has changed from last year to this year apart from an extra year of NO Claims added.
I've searched go compare etc for other quotes and they are at or above this level.
So what on earth has happened?
I've no points
I've no claims
I've no incidents
Has the F10 535d in one year become a much riskier car to own?
I know IPT has increased but that account for a 54% uplift.
Last year £335
Current proposed £517
Nothing has changed from last year to this year apart from an extra year of NO Claims added.
I've searched go compare etc for other quotes and they are at or above this level.
So what on earth has happened?
I've no points
I've no claims
I've no incidents
Has the F10 535d in one year become a much riskier car to own?
I know IPT has increased but that account for a 54% uplift.
Sarnie said:
My point was that the industry risk rating for your details may have changed........Eg claims in your post code, for your car, age or occupation type....
Fair point. I recall my RS6 being mid £200's a year for the exact same.... Go figure.
Still 54% uplift is a piss take IMHO
sidicks said:
Welshbeef said:
Fair point.
I recall my RS6 being mid £200's a year for the exact same.... Go figure.
Still 54% uplift is a piss take IMHO
Given that you can't get insurance cheaper last year, the suggests that a) the premium quoted is very reasonable and b) you were probably charged too little last year!!I recall my RS6 being mid £200's a year for the exact same.... Go figure.
Still 54% uplift is a piss take IMHO
sidicks said:
Welshbeef said:
But last year and the year before were very similar - note I've been with this same company probably since 2009 in which time I've owned a number of different cars
So you've been undercharged for the risk for the previous 2 years!!Likewise how can an RS6 be half the price? Plus the 330d before that how have I been undercharged for what 7/8 years
Jobbo said:
Well that's a bit silly since they're factory options, not modifications - find an insurer which views them differently.
If you don't list them down as options on your policy then come a situation car is a write off they only have the base car which they will pay out on. If you elect to exclude the options which enhance its value that's your call but clearly insurance cos want any reason not to pay out as much. 
Sheepshanks said:
It's always struck me as odd, but I've never dealt with an insurer who has wanted to know, and I was careful checking for my Merc as the original buyer put £7K worth of options on it.
Once the car is over a year old, so out of the new-for-old replacement cover, options make little difference to the value anyway. Metallic can be a chunky additional cost - over £1000 on my car as it came as part of a package - which insurer would take notice of that being declared? If anything, that should be important as it's harder to repair than flat paint.
Well sayOnce the car is over a year old, so out of the new-for-old replacement cover, options make little difference to the value anyway. Metallic can be a chunky additional cost - over £1000 on my car as it came as part of a package - which insurer would take notice of that being declared? If anything, that should be important as it's harder to repair than flat paint.
Leather seats
Heated seats
Electric seats
Automatic
Larger wheels and tyres
Pro navigation some £2.5k
TV
Rear entertainment system
Rear spoiler
Adaptive cruise control
Adaptive headlights
Comfort seats
Automatic parking
Speed limiter/speed awareness
360 degree panoramic parking view
Rear parking camera
Air cooled seats
Massaging seats
Adaptive suspension
5 year full service package
OEM extended warranty
Supaguard
Etc etc
It adds up to be significant extra. Sure if you buy a £12k brand new car options don't really make much difference but on higher end cars the first owner can be rocking those options boxes which is great for used buyers like me.
Jobbo said:
He doesn't have all those and some are standard anyway (leather, auto box). Just disclose whatever the insurer wants to know. The one time I was asked about options I started the list with smoker's pack and bored them into admitting they didn't care. I use an insurer now which doesn't ask the question.
Correct I was simply listing lots of possible options a car could have - my options are listed in my garage profile and I quote these for note on the vehicle insurance. desolate said:
sidicks said:
I think some insurers see it differently.
I'd be interested in knowing which ones as I have been an insurance broker since 1994 and I don't know of one that asks and none of the quote systems have the ability to reference the information. Even if they did they couldn't decline a claim on such grounds.
However there is nearly always an argument regarding value.
So looks like direct line have come in at £325 - exactly the same at Privlidge.
I'll give them the opportunity to retain me as a customer if they match or better the price - but if that's how they treat loyal customers it's not great. Imagine those who never switch and just accept the price year on year - no doubt many of those are people who need £ the most.
I'll give them the opportunity to retain me as a customer if they match or better the price - but if that's how they treat loyal customers it's not great. Imagine those who never switch and just accept the price year on year - no doubt many of those are people who need £ the most.
lbc said:
Welshbeef said:
Jobbo said:
Do you think there's a single person on PH who just accepts the renewal figure without checking it's competitive?
Nope but I'd wager there are thousands of not maybe millions of people who don't. Oddly loyal customers are treated badly where is the logic in the business model? Retention is key for a business and it's far far cheaper then trying to win new customers / growth elsewhere.
walm said:
Welshbeef said:
But these people are often old people who don't have he money to waste. They are your grandparents/parents why should hey on fixed low income get mugged off?
Oddly loyal customers are treated badly where is the logic in the business model? Retention is key for a business and it's far far cheaper then trying to win new customers / growth elsewhere.
If you don't have money to waste then you can "earn" good money by spending your time online/on the phone finding a competitive price.Oddly loyal customers are treated badly where is the logic in the business model? Retention is key for a business and it's far far cheaper then trying to win new customers / growth elsewhere.
Why would it be grandparents or parents in particular?
Frankly I imagine they are the ones with more time on their hands than the time poor people who have jobs to do during business hours.
The logic in the business model is simply that the revenue generated from the lazy auto-renewers is higher than the revenue lost to those who shop around.
In any case, most will revise their renewal price down to close to market if you bother to call them up directly.
Retention is important for sure but it isn't like say Sky where they have to throw a new box and router at new subs, it's just throwing some SEO dollars at PCW or GOOG.
Furthermore they want to balance their books for various risks and if you happen to be in a demographic where they are over-weight and looking to reduce that balance they may actively want you out!
Look no further than since the utilities were created/privatised gas and electric a huge number of people simply never have moved and are reluctant / old fashioned. Why should those who have plenty get more off at the expense of say someone who is less well educated and doesn't have much money ? What happens is these poor people will simply turn the heating off in the winter and sit wrapped in blankets shivering... Due to worrying about money and not being able to afford it. I'm not comfortable with that situation.
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