Insurance companies now refusing to quote for East London
Discussion
anonymous said:
[redacted]
to be honest - I haven't actually told them yet...........so I don't know.I didn't do it for the saving, I did it so I can track the bike if it gets nicked and go get it.
there is some stat about 90% get recovered or something. Apparently they leave them somewhere away from plain sight to see it gets collected - if not they keep it and break it or change plates etc.
sjtscott said:
Gavia said:
Bloody hell, I wish my bikes were £86 and £158 to insure. I certainly wouldn’t be complaining.
Agreed lol If the OP was taking the p*ss by rubbing it in then well done! Peanuts for two insurance policies and clearly no East London Postcode.
This thread has made me appreciate the prices i pay for my bikes.
Even though i can't complain about my premiums stuff like this does make me mad, annoys me that people like yourself are suffering due to others actions.
RacerMDR said:
i'll just leave London if the insurance make it impossible to ride my bike.
I'd rather 1.5 hours on the bike than get trains, tubes or buses any where,
Pretty sure you could live pretty far out and commute by bike
How long before insurers start asking for postcodes on places where the bike is kept at places of work. I'd rather 1.5 hours on the bike than get trains, tubes or buses any where,
Pretty sure you could live pretty far out and commute by bike
Not bikey/London related, but it is insurance related and I like talking to people :-)
At the request of my accountant I changed the reg keeper of my van from myself to my small limited company (only two people, we're both directors and have always both been insured to drive the van).
Nothing else has changed, nowt, insurance has more than doubled !
At the request of my accountant I changed the reg keeper of my van from myself to my small limited company (only two people, we're both directors and have always both been insured to drive the van).
Nothing else has changed, nowt, insurance has more than doubled !
I’ve fitted a tracker amd a Ghost system to my new car (after the last one was stolen). It has made zero difference to the insurance price, despite a 100% recovery rate with users. Eventually all security can / will be defeated and motorbikes are a lot easier to rip apart to find and remove the tracker.
Insurers know the tax breaks you’re benefitting form and will try to charge you nearer the true rate for insurance if they can. If most of that extra premium is absorbed by the taxman, then even better.
Nigel Worc's said:
Not bikey/London related, but it is insurance related and I like talking to people :-)
At the request of my accountant I changed the reg keeper of my van from myself to my small limited company (only two people, we're both directors and have always both been insured to drive the van).
Nothing else has changed, nowt, insurance has more than doubled !
You can offset the cost of the insurance against your tax bill, so that automaticlally saves you a fair chunk of the increase. You’ve also been able to depreciate the van bery quickly as plant and offset the full cost. At the request of my accountant I changed the reg keeper of my van from myself to my small limited company (only two people, we're both directors and have always both been insured to drive the van).
Nothing else has changed, nowt, insurance has more than doubled !
Insurers know the tax breaks you’re benefitting form and will try to charge you nearer the true rate for insurance if they can. If most of that extra premium is absorbed by the taxman, then even better.
RacerMDR said:
Gavia said:
Because the day you get it nicked, you’ll say you were at work when it happened.
or you won't?Or you'll leave it until 7pm and say you went home and then came back and parked it?
You’re digging a big hole amd one that could be very difficult to get out of.
Having had my car stolen from my house a fortnight ago, I wasn’t thinking straight as emotions and adrenaline were running very high. If I’d had stuff to remember tomcover my tracks for a payout, then I’d have failed quite spectacularly.
MrGman said:
sjtscott said:
Gavia said:
Bloody hell, I wish my bikes were £86 and £158 to insure. I certainly wouldn’t be complaining.
Agreed lol If the OP was taking the p*ss by rubbing it in then well done! Peanuts for two insurance policies and clearly no East London Postcode.
This thread has made me appreciate the prices i pay for my bikes.
Even though i can't complain about my premiums stuff like this does make me mad, annoys me that people like yourself are suffering due to others actions.
Looks like I'm going with mce, and I'll be hopefully gone from London come next renewal.
sjtscott said:
You know I could possibly understand if there was something I'd done wrong to increase my risk, but nothing, I have the maximum no claims possible, mid 40s, license for 21 years, no points no claims in well over the 5 years they ask about. I spend 10 bloody minutes locking up and covering my bike every evening and then doing the reverse every morning in order to try to keep the thing. Reason I goto town and I have very expensive decent locks and chains is that I had a bike nicked in April 2005. Completely gone never recovered I was hammered for the payout I got for the next 5 years of insurance premiums I had to declare it for.. That stung but I could understand they wanted their money back and some.
Looks like I'm going with mce, and I'll be hopefully gone from London come next renewal.
Insurance is based on stats and what has happened to people similar to you and them trying to predict the future. Premiums have risen massively across the board on car insurance too as a result of the government meddling with Ogden tables, which had a projected £3.5billion impact on existing claims amd that has to be funded from somewhere, as well as sorting out the future. Looks like I'm going with mce, and I'll be hopefully gone from London come next renewal.
https://www.clydeco.com/blog/insurance-hub/article...
This time last year I renewed my car insurance. A perfect risk, late 40s, not claimed in decades, no points, nothing. Then two weeks ago my car was stolen resulting in a near £60k claim. A lot of other cars were stolen too in the same period. All of my neighbours are likely to now see an additional increase in premium at renewal, as the risk has increased for all of us.
A genuine question though. Last year my premium dropped by c60% despite me not doing anything more right or wrong then the previous year. Should I complain about that
Gavia said:
Insurance is based on stats and what has happened to people similar to you and them trying to predict the future. Premiums have risen massively across the board on car insurance too as a result of the government meddling with Ogden tables, which had a projected £3.5billion impact on existing claims amd that has to be funded from somewhere, as well as sorting out the future.
https://www.clydeco.com/blog/insurance-hub/article...
This time last year I renewed my car insurance. A perfect risk, late 40s, not claimed in decades, no points, nothing. Then two weeks ago my car was stolen resulting in a near £60k claim. A lot of other cars were stolen too in the same period. All of my neighbours are likely to now see an additional increase in premium at renewal, as the risk has increased for all of us.
A genuine question though. Last year my premium dropped by c60% despite me not doing anything more right or wrong then the previous year. Should I complain about that
Another genuine question as you are well versed in ins matters, what do you attribute a 60% drop to ?https://www.clydeco.com/blog/insurance-hub/article...
This time last year I renewed my car insurance. A perfect risk, late 40s, not claimed in decades, no points, nothing. Then two weeks ago my car was stolen resulting in a near £60k claim. A lot of other cars were stolen too in the same period. All of my neighbours are likely to now see an additional increase in premium at renewal, as the risk has increased for all of us.
A genuine question though. Last year my premium dropped by c60% despite me not doing anything more right or wrong then the previous year. Should I complain about that
I've never had such a large drop when renewing with no change to details,was this with the company ?
[quote] Bennetts have not been able to offer me a renewal quote so have basically told me to go away this despite another year of not claiming, of not getting any bonus points etc.
[/quote]
Yep, I had to swap from Bennetts to MCE this year as Bennetts refused flat out to cover me.
I live in leafy Surrey, and the bike is hardly a fire breather (CB500X). The problem was not being able to garage it overnight.
Much as MCE seem to be derided around these parts I’m glad they exist and seem to be willing to cover pretty much anybody. I have no option to garage the bike, if I can’t be insured for outdoor parking that’s the end of the bike for me.
[/quote]
Yep, I had to swap from Bennetts to MCE this year as Bennetts refused flat out to cover me.
I live in leafy Surrey, and the bike is hardly a fire breather (CB500X). The problem was not being able to garage it overnight.
Much as MCE seem to be derided around these parts I’m glad they exist and seem to be willing to cover pretty much anybody. I have no option to garage the bike, if I can’t be insured for outdoor parking that’s the end of the bike for me.
scunnylad said:
Another genuine question as you are well versed in ins matters, what do you attribute a 60% drop to ?
I've never had such a large drop when renewing with no change to details,was this with the company ?
I can’t say for definite, but in general prices were dropping across the board, alongside a bit of healthy competition. I think one or two insurers changed their appetite to risk and fancied some higher value cars. I iddimt even need to change insurer, as mine had reacted to the price competition and reduced theirs already. I've never had such a large drop when renewing with no change to details,was this with the company ?
What’s certain is that market forces drove the price down last year and I certainly wasn’t complaining. It’s those same market forces pushing prices up this year for everyone. What that means is that in both cases the argument “I haven’t done anything to justify the increase” is moot. Once we get above 35 with full NCD there’s very little that any of us can do to impact the price (up or down) other than shopping around.
I got mega deals on my bikes too, they went from a norm of c£350 to sub £150 to insure too. Not sure this year will be quite as nice to me.
One of the companies I was quoted by last year asked where I commuted to. When I said London the quote went up by £500.
I stayed with my existing company who didn’t ask... it’s going to be a pain over the coming years which is a shame as I can park in a secure location at work with very little chance of issues but the company didn’t care
I stayed with my existing company who didn’t ask... it’s going to be a pain over the coming years which is a shame as I can park in a secure location at work with very little chance of issues but the company didn’t care
MR2_SC said:
One of the companies I was quoted by last year asked where I commuted to. When I said London the quote went up by £500.
I stayed with my existing company who didn’t ask... it’s going to be a pain over the coming years which is a shame as I can park in a secure location at work with very little chance of issues but the company didn’t care
You’re not reading what I’m writing. Your insurance is not underwritten on younpersonally, it is based on the insurers experience and if those commuting into London have had lots of claims then your risk is increased. Lots of people claim secure parking, when that isn’t the case and an insurer isn’t going to spend more than they get off you in commission by sending someone out to investigate it. I stayed with my existing company who didn’t ask... it’s going to be a pain over the coming years which is a shame as I can park in a secure location at work with very little chance of issues but the company didn’t care
Lots of people historically used to claim that they had a garage to reduce their premium, when it wasn’t true. Ditto on chains, trackers etc. Lots of bikes with all this security were still stolen, sominsirers simply thought “well, that means trackers etc don’t prevent theft, so no point in giving a discount for them anymore”.
EDITED: iPad keeps adding “n’t” to wrongly turn a positive into a negative
Edited by Gavia on Thursday 18th January 10:33
Gavia said:
You’re not reading what I’m writing. Your insurance is not underwritten on younpersonally, it isn’t based on the insurers experience and if those commuting into London have had lots of claims then your risk is increased. Lots of people claim secure parking, when that isn’t the case and an insurer isn’t going to spend more than they get of you in commission by sending someone out to investigate it.
Lots of people historically used to claim that they had a garage to reduce their premium, when it wasn’t true. Ditto on chains, trackers etc. Lots of bikes with all this security were still stolen, sominsirers simply thought “well, that means trackers etc don’t prevent theft, so no point in giving a discount for them anymore”.
I understand your point. The shame is that the theft issue isn’t being dealt with, which has increased the risk of insurance companies underwriting motorbikes which is driving up my premium.Lots of people historically used to claim that they had a garage to reduce their premium, when it wasn’t true. Ditto on chains, trackers etc. Lots of bikes with all this security were still stolen, sominsirers simply thought “well, that means trackers etc don’t prevent theft, so no point in giving a discount for them anymore”.
On the plus side (for everyone else) by my bike not being stolen due to it’s secure parking, my outcome (no theft) will feed into the denominator of the calculation when calculating P(Theft | London commuter) and help bring everyone else’s premium down a little.
pip t said:
Yep, I had to swap from Bennetts to MCE this year as Bennetts refused flat out to cover me.
I live in leafy Surrey, and the bike is hardly a fire breather (CB500X). The problem was not being able to garage it overnight.
Much as MCE seem to be derided around these parts I’m glad they exist and seem to be willing to cover pretty much anybody. I have no option to garage the bike, if I can’t be insured for outdoor parking that’s the end of the bike for me.
Glad it's not just me. But it's not just Bennett's refusing to quote it's the underwriter/insurance companies.. Hence I've had so many refusal to quotes ... This is the more concerning thing zero choice or competition soon for the London bike insurance market. Last year was fine this year it suddenly isn't. What will insurance be like in London soon once all the legit old sI live in leafy Surrey, and the bike is hardly a fire breather (CB500X). The problem was not being able to garage it overnight.
Much as MCE seem to be derided around these parts I’m glad they exist and seem to be willing to cover pretty much anybody. I have no option to garage the bike, if I can’t be insured for outdoor parking that’s the end of the bike for me.
tters are kicked out of central London by Khan's revised April 2019 ULEZ introduction? Easy rich pickings of post July 2007 bikes only for the tea leafsMR2_SC said:
I understand your point. The shame is that the theft issue isn’t being dealt with, which has increased the risk of insurance companies underwriting motorbikes which is driving up my premium.
On the plus side (for everyone else) by my bike not being stolen due to it’s secure parking, my outcome (no theft) will feed into the denominator of the calculation when calculating P(Theft | London commuter) and help bring everyone else’s premium down a little.
The theft issue is ridiculous for you lot. I’ve just experienced first hand what it’s like after a burglary just to steal my car keys and I’m dreading next years premium. I think bit by bit the police are finally acting, but it’s too little too late to matter for many. On the plus side (for everyone else) by my bike not being stolen due to it’s secure parking, my outcome (no theft) will feed into the denominator of the calculation when calculating P(Theft | London commuter) and help bring everyone else’s premium down a little.
You’re right to a small extent that your bike not being stolen helps, but look at it this way, working on averages a book on 1000 vehicles should experience 100 claims, of which the split will be 40 fault, 40 non fault and 20 single vehicle claims. Of those 20 single vehicles, 10 will be theft and 10 lack of talent.
So 1% of claims should be accounted for in theft. Now think about how many bikes get stolen in London vs how many are ridden. If it’s even 2% then it’s double the risk, 5% and it’s ridiculous 10% and it’s simply uninsurable as it stops being a question of if, but more likely when once you factor in the newness, model, where parked etc.
Gavia said:
black-k1 said:
To all intents and purposes it's insured!!!!
Should a situation arise where a payout was required then the insurance company would pay for all 3rd party costs. They can refuse to pay for the insureds costs if they can show the "fraud" took place and they can also choose to "go after" the insured in person in an attempt to recoup any costs subsequent to a payout. They can also choose to cancel the policy at virtually no notice should they discover the "fraud" prior to any payout (or any claim).
Nope. The insurer can cancel ab initio, this means the policy will be cancelled back to the date that it was taken out and therefore it never existed. This is where a policy was only underwritten by an insurer because key facts were excluded, or altered by the proposer and the insurer would not have taken the risk on if the truth had been told. Should a situation arise where a payout was required then the insurance company would pay for all 3rd party costs. They can refuse to pay for the insureds costs if they can show the "fraud" took place and they can also choose to "go after" the insured in person in an attempt to recoup any costs subsequent to a payout. They can also choose to cancel the policy at virtually no notice should they discover the "fraud" prior to any payout (or any claim).
https://www.axa.co.uk/existing-customers/jargon-ex...
Morning Loon 
It took me a little while!!For a while last year I began thinking that I missed your input to PHBB but I'm now reminded of the reality of your involvement
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