Insurance Madness
Discussion
Insurance last year was £78.
Bike was stolen last year, but recovered within 24 hours, claim was opened and then closed one day later - no claim.
Renewal comes in at £470 !!!
A 10 - 20% increase I would have understood as perhaps there is a greater risk of theft again, but £400 seems a bit lumpy. All I ever got was computer says no.
I then used a different broker, explained the situation fully, they understood and placed my renewal with the same insurer for £113 !!
I work in insurance and it still baffles me !
del mar said:
Insurance last year was £78.
Bike was stolen last year, but recovered within 24 hours, claim was opened and then closed one day later - no claim.
Renewal comes in at £470 !!!
A 10 - 20% increase I would have understood as perhaps there is a greater risk of theft again, but £400 seems a bit lumpy. All I ever got was computer says no.
I then used a different broker, explained the situation fully, they understood and placed my renewal with the same insurer for £113 !!
I work in insurance and it still baffles me !
My bike was stolen in January. Sorry mate.Bike was stolen last year, but recovered within 24 hours, claim was opened and then closed one day later - no claim.
Renewal comes in at £470 !!!
A 10 - 20% increase I would have understood as perhaps there is a greater risk of theft again, but £400 seems a bit lumpy. All I ever got was computer says no.
I then used a different broker, explained the situation fully, they understood and placed my renewal with the same insurer for £113 !!
I work in insurance and it still baffles me !
This is the reason I didn't bother claiming. In my mind it was worth the £1200 I paid for it but since not claiming and cancelling the insurance, I see that they can get up to £2500.
I still think it was worth not claiming considering the raping I would have got if I get another bike again, plus what would have happened to my currently low car insurance.
It does seem that insurance is about eventually paying for the missing vehicle yourself over 5 years.
Bike insurance makes no sense at all, cost to change from a GSX650f to an FZ1 with seven months remaining was £258, cost to cancel policy was around £98, I got a quote online whilst talking to the insurer, gave them the reference number and got new 12 month policy for £98 and they waived the cancellation fees, it makes no sense whatsoever.
I was 7 months into a policy and changed my bike a couple of weeks ago. Same model but newer and they wouldn’t insure it, so I had to cancel. They would not give me a refund “because biking is seasonal” and wanted to charge me another £35 to cancel. After complaining they magnanimously waived the cancellation “fine”.
My insurance is up on the 18th, my renewal for 2 ktm 1290r bikes (2016 and 2017) and an rs250 is £1150 from carol nash, I don't need the cover on the 2016 ktm anymore because its at red line on sale or return so there insurance will do. With that bike removed they reduced the quote to £960 for the 2 bikes 
After telling them bennetts have quoted me £530 they reduced there quote to £620 and the lady on the other end of the phone was strangely puzzled when I declined her offer, that was after 30 minuets of wasted time asking the general s
t about would I be towing a trailer with my rs250 
I might try this business strategy myself when quoting for jobs, wish me luck
After telling them bennetts have quoted me £530 they reduced there quote to £620 and the lady on the other end of the phone was strangely puzzled when I declined her offer, that was after 30 minuets of wasted time asking the general s
t about would I be towing a trailer with my rs250 I might try this business strategy myself when quoting for jobs, wish me luck
croyde said:
My bike was stolen in January. Sorry mate.
This is the reason I didn't bother claiming. In my mind it was worth the £1200 I paid for it but since not claiming and cancelling the insurance, I see that they can get up to £2500.
I still think it was worth not claiming considering the raping I would have got if I get another bike again, plus what would have happened to my currently low car insurance.
It does seem that insurance is about eventually paying for the missing vehicle yourself over 5 years.
My car was stolen in January. I got a payout of £55000. My insurance was due on the 1st March. It was £180 dearer with the claim, than it would’ve been without it. By your reckoning I should be paying an extra £11000 a year. This is the reason I didn't bother claiming. In my mind it was worth the £1200 I paid for it but since not claiming and cancelling the insurance, I see that they can get up to £2500.
I still think it was worth not claiming considering the raping I would have got if I get another bike again, plus what would have happened to my currently low car insurance.
It does seem that insurance is about eventually paying for the missing vehicle yourself over 5 years.
Jazoli said:
Bike insurance makes no sense at all, cost to change from a GSX650f to an FZ1 with seven months remaining was £258, cost to cancel policy was around £98, I got a quote online whilst talking to the insurer, gave them the reference number and got new 12 month policy for £98 and they waived the cancellation fees, it makes no sense whatsoever.
Odds are that you’re insured via a broker. The policy that you had for the GSX might not have been the best for a Fazer, so your new quote could be either with a different underwriter, or if with the same underwriter on a different scheme with that underwriter. There is also the aspect that initial prices are unrealistic and bear no relation to what we should all really be charged. It’s the classic “brand new customers only” line. The bad news is that as a lot of people are unhappy about it amd make a lot of complaints about it to the Ombudsman, the FCA is considering banning this approach. Guess which price we’ll all be left with?
True but then explain that when my car sustained 600 quids worth of damage, my insurance went up £600 pounds on renewal.
That was year one.
You are supposed to keep telling them there's a claim on record for 5 years.
Sounds like you were with a decent company.
Many stories on PH of amazing rises in premium renewals after claims.
That was year one.
You are supposed to keep telling them there's a claim on record for 5 years.
Sounds like you were with a decent company.
Many stories on PH of amazing rises in premium renewals after claims.
Flipping hell, everyone going mad about insurance their cheap ass insurance.
I'm paying like 4000 for TPFT on a 2017 R6. Have to admit though I've got, 0 no claims, less than a year of obtaining a license, and live in a dodgy postcode area.
Next year though it drops down to a grand
Be glad your insurance is as low as it is, even if its doubled and still less than 4 figures
I'm paying like 4000 for TPFT on a 2017 R6. Have to admit though I've got, 0 no claims, less than a year of obtaining a license, and live in a dodgy postcode area.
Next year though it drops down to a grand
Be glad your insurance is as low as it is, even if its doubled and still less than 4 figures
Edited by KumiSinghs on Friday 9th March 12:59
croyde said:
True but then explain that when my car sustained 600 quids worth of damage, my insurance went up £600 pounds on renewal.
That was year one.
You are supposed to keep telling them there's a claim on record for 5 years.
Sounds like you were with a decent company.
Many stories on PH of amazing rises in premium renewals after claims.
I can’t explain it, as I don’t know all the details. It’s possible that the price would’ve risen anyway without the claim. In reality there are always lots of reasons why stuff happens, but the explanations don’t sit with the opinions people have already formed. An insurer may want you when you’re claim free, but you no longer fit their target market post claim and the renewal price reflects that. That was year one.
You are supposed to keep telling them there's a claim on record for 5 years.
Sounds like you were with a decent company.
Many stories on PH of amazing rises in premium renewals after claims.
For example, insurance prices in general rise and fall as the market quite cyclical. Few people will come on and complain about a reduction in price, but will when the price rises back. It’s also a really difficult one , as everyone expects their insurance to go down every year. However, when you think about what it covers, then all of those things go up in price every year. The car itself may go down in value, but repair costs increase.
My insurance has gone up by £50 this year, despite no claims and obviously my car being worth less now....
Can't get it cheaper anywhere. Insurance company (Adrian flux) claimed they had seen rises of circa 20%. Just laughed when I expected it to go down each year, claiming that was only in an ideal world.
Can't get it cheaper anywhere. Insurance company (Adrian flux) claimed they had seen rises of circa 20%. Just laughed when I expected it to go down each year, claiming that was only in an ideal world.
jako1 said:
My insurance has gone up by £50 this year, despite no claims and obviously my car being worth less now....
Can't get it cheaper anywhere. Insurance company (Adrian flux) claimed they had seen rises of circa 20%. Just laughed when I expected it to go down each year, claiming that was only in an ideal world.
How much is your premium?Can't get it cheaper anywhere. Insurance company (Adrian flux) claimed they had seen rises of circa 20%. Just laughed when I expected it to go down each year, claiming that was only in an ideal world.
Insurance Premium tax rose by a few percent again this year. Given that what your insurance covers you for increases every year, then why do you think the price should go down?
Cost of paint, parts, labour all increase each year
Staff costs, rent, electric bills, phone bills, etc all rise every year
Compensation payouts to innocent third parties rise every year.
Only the value of your car drops
Biker's Nemesis said:
My insurance last year for a R1-M and MT10 sp was a kick in the arse off £1200.
This year it's £730. 3k miles on the R1 and 5k miles on the MT10, no commuting though.
Bloody hell thats steep, guessing your leg plays a part in that though. This year it's £730. 3k miles on the R1 and 5k miles on the MT10, no commuting though.
Last year my HP4 was about £180 and the R1M £290. Both rose this year to £210 and £378, but I expected that as I now have to declare the car claim.
croyde said:
My bike was stolen in January. Sorry mate.
This is the reason I didn't bother claiming. In my mind it was worth the £1200 I paid for it but since not claiming and cancelling the insurance, I see that they can get up to £2500.
I still think it was worth not claiming considering the raping I would have got if I get another bike again, plus what would have happened to my currently low car insurance.
It does seem that insurance is about eventually paying for the missing vehicle yourself over 5 years.
All good points, Croyde.This is the reason I didn't bother claiming. In my mind it was worth the £1200 I paid for it but since not claiming and cancelling the insurance, I see that they can get up to £2500.
I still think it was worth not claiming considering the raping I would have got if I get another bike again, plus what would have happened to my currently low car insurance.
It does seem that insurance is about eventually paying for the missing vehicle yourself over 5 years.
The OH and I had two bikes stolen in a garage burglary, so a claim on her policy and a claim on mine.
Now comes the kicker: we have three bikes and three cars. We are each named drivers on each policy. Each policy then has both named drivers and riders with a total loss claim.
That's a complete bum raping on six policies for five years.
What really sticks in my craw: you cannot use a motorcycle ncb on a car, and vice versa. But they will happily buttf
k you for a claim on the other.I'd say they've easily got their money back and then some.
Dog Star said:
All good points, Croyde.
The OH and I had two bikes stolen in a garage burglary, so a claim on her policy and a claim on mine.
Now comes the kicker: we have three bikes and three cars. We are each named drivers on each policy. Each policy then has both named drivers and riders with a total loss claim.
That's a complete bum raping on six policies for five years.
What really sticks in my craw: you cannot use a motorcycle ncb on a car, and vice versa. But they will happily buttfk you for a claim on the other.
I'd say they've easily got their money back and then some.
You’ve seen my situation above though. I’m paying maybe £300 more this year across bikes and car, which will reduce each year. I’ll make sure I pick an insurance company that’s only interested in 3 years claim history too, although based on my last claim in 2006 years 4 & 5 made little difference. The bike insurance barely moved on price after a bit of shopping around. The OH and I had two bikes stolen in a garage burglary, so a claim on her policy and a claim on mine.
Now comes the kicker: we have three bikes and three cars. We are each named drivers on each policy. Each policy then has both named drivers and riders with a total loss claim.
That's a complete bum raping on six policies for five years.
What really sticks in my craw: you cannot use a motorcycle ncb on a car, and vice versa. But they will happily buttf
k you for a claim on the other.I'd say they've easily got their money back and then some.
I claimed £55000. No way they’re getting that back in the rest of my life.
Biker's Nemesis said:
My insurance last year for a R1-M and MT10 sp was a kick in the arse off £1200.
This year it's £730. 3k miles on the R1 and 5k miles on the MT10, no commuting though.
Just done my Fireblade and Africa Twin for £435. 4,000 miles on each with commuting, pillion cover and no voluntary excess. Have your insurers met you or something?This year it's £730. 3k miles on the R1 and 5k miles on the MT10, no commuting though.
Gavia said:
You’ve seen my situation above though. I’m paying maybe £300 more this year across bikes and car, which will reduce each year. I’ll make sure I pick an insurance company that’s only interested in 3 years claim history too, although based on my last claim in 2006 years 4 & 5 made little difference. The bike insurance barely moved on price after a bit of shopping around.
I claimed £55000. No way they’re getting that back in the rest of my life.
I claimed for the total loss on my new E class in 2016. I changed company at renewal and got the cover for 300 less - I think this is down to the fact that there is more choice and competition in the car sector. The bike claims were just painful.I claimed £55000. No way they’re getting that back in the rest of my life.
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