Small mistruth for insurance renewal means a massive saving?
Discussion
Hi,
My insurance is due very soon and I haven't lied about anything, the quote is about £950.
I bought the car in Nov 2009 and switched the policy I had with the previous vehicle to the current car (E60 M5). Now when I renew there's 1 question that says "how long have you owned the vehicle?".
If I select 1 year the price comes down to £650, selecting <1 year it's £950...
Would I be invalidating my policy by selecting "owned for 1 year", after all the no claims for the previous year would count as a year on this car?
My insurance is due very soon and I haven't lied about anything, the quote is about £950.
I bought the car in Nov 2009 and switched the policy I had with the previous vehicle to the current car (E60 M5). Now when I renew there's 1 question that says "how long have you owned the vehicle?".
If I select 1 year the price comes down to £650, selecting <1 year it's £950...
Would I be invalidating my policy by selecting "owned for 1 year", after all the no claims for the previous year would count as a year on this car?
It's a lie.
It could invalidate your policy.
Why give them an excuse. Cars like this tend to get smacked in their first year of ownership more often than after that period, thus the premium hike.
The question is aimed at their concern that you have less than one year's experience in the car. You can maybe talk them down by saying you had an M5 before that.
DO NOT LIE THOUGH.
Edited by Soovy on Monday 29th March 15:35
Yeah and I suppose if the worst happened and they were looking at a massive bill a quick check with the DVLA would show I'd had it since Nov and invalidate my policy completely.
Suppose I just pay the premium and look forward to a cheaper quote next year and £950 isn't too bad when I think what it's worth!
Thanks :-)
Suppose I just pay the premium and look forward to a cheaper quote next year and £950 isn't too bad when I think what it's worth!
Thanks :-)
dazren said:
Putting it bluntly you wouldn't have insurance.
That's is not necessarily true. Stating your insurance is invalid is something insurers like to state, but they are rarely able to get away with it. What is more likely, is that they are allowed to deduct the savings the insured made from any settlement.It's a little bit like the old urban myth than no MOT = invalid insurance. It does not - unless the policy states that to be the case, and I've never seen a policy that does.
It's certainly a risk though, and not one I would want to take. You can hardly blame an insurer for cutting up rough when you have lied to them and therefore compromised their ability to fully assess you as a risk and charge accordingly.
Are you just filling in an internet form?
If so call them and explain you've had another high performance car and they may get it closer to the lower figure.
I think they see it as a high risk for someone to be jumping into a high performance car for the first time and the internet form will have no idea of your previous experience
If so call them and explain you've had another high performance car and they may get it closer to the lower figure.
I think they see it as a high risk for someone to be jumping into a high performance car for the first time and the internet form will have no idea of your previous experience
Beedub said:
any false info can invalidate your policy and these b
ds will do anythink to get out of it, i tell you what i would be half tempted as well tbh, i dont blame you but in the end i dont think its worth the hasstle if the worst ends up happening.
bee
Agreed.ds will do anythink to get out of it, i tell you what i would be half tempted as well tbh, i dont blame you but in the end i dont think its worth the hasstle if the worst ends up happening.bee
I'd give the company a call, and try and speak to a hooman bean about the large difference in the quote. Be straight with them and say that you have owned the car for X months, and want to pay £650, but will go elsewhere if their best quote is £950. See what happens.
You can say just about anything to obtain insurance these days. The trouble is when you come to claim. If you have told untruths to get the premium down, insurers will do either:
a) request you pay the original increased premium (often loaded above the starting rate) or
b) refuse cover from inception and not pay any claim. Any Third Party claim will be paid but the insurer will likely come after you for the loss.
B above is the more likely. The most difficult thing this produces is that you thereafter have to declare having 'had a previous policy cancelled'. The new insurers will want to know why and will treat the new policy accordingly. Insurers dislike customers who present a 'moral hazard' to them. This also includes convistions such as No Insurance, Driving without a licence, etc. Ie., ones that suggest dishonesty.
There is a famous case of a 24 year old lad who couldn't afford to insure his subaru impreza so went online saying he was 34. He then went out, had a big claim and killed a couple of people. The insurer who covered him would never have taken his risk had they known and I should imagine he has had a lot of sleepless nights. I assume he had the usual attitude of 'I am never going to have an accident'. Hard lesson to learn.
a) request you pay the original increased premium (often loaded above the starting rate) or
b) refuse cover from inception and not pay any claim. Any Third Party claim will be paid but the insurer will likely come after you for the loss.
B above is the more likely. The most difficult thing this produces is that you thereafter have to declare having 'had a previous policy cancelled'. The new insurers will want to know why and will treat the new policy accordingly. Insurers dislike customers who present a 'moral hazard' to them. This also includes convistions such as No Insurance, Driving without a licence, etc. Ie., ones that suggest dishonesty.
There is a famous case of a 24 year old lad who couldn't afford to insure his subaru impreza so went online saying he was 34. He then went out, had a big claim and killed a couple of people. The insurer who covered him would never have taken his risk had they known and I should imagine he has had a lot of sleepless nights. I assume he had the usual attitude of 'I am never going to have an accident'. Hard lesson to learn.
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