Massive insurance increase

[croyde]

Just for moving a few streets away in Wandsworth.

I'm in a nicer area where I lived previously for 20 years and never had any trouble with theft but my policy that started in July is being increased by £170 from the £401 I originally paid.

A quick look on Meercats shows that if I start again from today the premium is £620!!!

I'm wondering if there has been yet another increase in risk here in London and I'm suffering by changing address and coming up on their radar now rather than come next year for renewal.

ETA

It would appear that the same quote £620 applies to my old address now.

Edited by croyde on Thursday 13th September 12:37

[CookieR32]

Your key problem is still living in London and then complaining about insurance costs.. it's st everywhere

[croyde]

London, yeah I know

It's more the fact that it would seem that its got more expensive in the 10 weeks since I took out the policy so I have to bend over.

What next? Taking increasing amounts monthly by direct debit.

To my simple mind, I entered into a contract with them to insure my bike for a year for £400 so seeing that I am staying in a same risk area why nothing more than the admin charge?

Yes, since June premiums have gone up, don't they always, but surely that comes round come renewal when I can make a decision ie sell the bike, go elsewhere, but as I have moved today and the bike needs to be insured, I'm a bit stuck.

Yeah I can cancel and look elsewhere but that would probably cost a small fortune as in bugger all refund.

[TwigtheWonderkid]

croyde said:

To my simple mind, I entered into a contract with them to insure my bike for a year for £400

To insure your bike at the address at inception/renewal. You're the one who is asking to modify the contract, by moving, even if it's next door. Like any contract, you can't modify it unilaterally, only by mutual agreement. They could say no, and cancel your policy, if they chose to.

[del mar]

If you have gone from Postcode AB1 and are still in AB1, i can see it as being a bit harsh, AB1 to AB2 may be a "worse" postcode, but still seems a little harsh.

I had a bike stolen, told the Ins Comp, got the bike back the following day withdrew the claim straight away.

Renewal went from £70 to £470, i spent weeks trying to get them to reduce it / give proof of full NCB, i would have a paid an increase as perhaps i am more of a risk, but that seemed excessive for no claim.

Got there in the end.

[croyde]

As it seems that cost of renewal is the same in both parts of the postcode it does seem harsh.

Papers have come through via email and it says thanks for renewing.

I'm liking it to if I had rung up with a name change or a speeding fine but stayed at the same address. I'd expect an admin charge or the loading for the points but not an increase in premium just because if I took it out today premiums have increased.

Is it worth talking to the insurance ombudsmen? I've emailed the CEO but I'd be surprised if I get an answer.

[Krikkit]

I would assume it's entirely covered in their T&Cs anyway... I wouldn't bother with the ombudsman.

To be honest I can't see what the problem is - premiums are going up due to bike thefts, they've simply applied the increase as part of the reassessment.

[croyde]

Crazy tho.

In 2015 my premium was 150 and now 620. Same place and another 3 years NCB.

Anymore and I'm giving it up. Don't use it much as I'm scared of it getting nicked

Edited by croyde on Thursday 13th September 16:32

[del mar]

croyde said:

As it seems that cost of renewal is the same in both parts of the postcode it does seem harsh.

Papers have come through via email and it says thanks for renewing.

I'm liking it to if I had rung up with a name change or a speeding fine but stayed at the same address. I'd expect an admin charge or the loading for the points but not an increase in premium just because if I took it out today premiums have increased.

Is it worth talking to the insurance ombudsmen? I've emailed the CEO but I'd be surprised if I get an answer.

No - it is their rating structure which they will stand by.

I do find motor insurance to be like a dark art...

[Wildfire]

Sadly it’s nothing to do with postcode or you moving. It’s all about the theft and crime rates.

My renewal this year went up by £3100. £600 last year to £3800.

I had to rent a garage in the end.

[WarnieV6GT]

Sell your house in London for 3 or 4million then buy a 10 bed Mansion up north where the roads are better for 50 or 60 grand, problem sorted with a few million to retire on


Insurance will be £1.50 tpft or £1.75 fully comp from what I understand.

[SAS Tom]

croyde said:

Crazy tho.

In 2015 my premium was 150 and now 620. Same place and another 3 years NCB.

Anymore and I'm giving it up. Don't use it much as I'm scared of it getting nicked

Edited by croyde on Thursday 13th September 16:32

I don’t know why you bother as it is. All your posts moan about London, bikes being stolen, the cost of insurance etc. It doesn’t seem like there is anything positive about riding bikes for you.

[Deranged Granny]

Are you the one who had a scooter nicked?

[croyde]

Never claimed.

And to the poster above you are correct

But then I went to the old place to pick it up and had a blast riding it back the long way.

[Deranged Granny]

croyde said:

Never claimed.

But it does at least show that their metrics are accurate

[Gavia]

croyde said:

As it seems that cost of renewal is the same in both parts of the postcode it does seem harsh.

Papers have come through via email and it says thanks for renewing.

I'm liking it to if I had rung up with a name change or a speeding fine but stayed at the same address. I'd expect an admin charge or the loading for the points but not an increase in premium just because if I took it out today premiums have increased.

Is it worth talking to the insurance ombudsmen? I've emailed the CEO but I'd be surprised if I get an answer.

You may be likening it to those things, but sadly a name change isn’t a rating factor and the speeding fine can only affect you at renewal, as the risk was taken for the year. We gain from that as the contract can only be varied by the policyholder once incepted and that will always be through choice. Nobody chooses to be caught speeding, however a change of address, or a new vehicle is a choice and the new risk needs to be assessed.

The fact that prices are rocketing shows that the risk is getting too much.

The Ombudsman has no power over pricing, or rating from insurers.

[Ho Lee Kau]

Wildfire said:

Sadly it’s nothing to do with postcode or you moving. It’s all about the theft and crime rates.

My renewal this year went up by £3100. £600 last year to £3800.

I had to rent a garage in the end.

3800 quid? That's a bike you are insuring, not a 911 turbo on leasing or something like that?
Madness... Is it a one-off Ducati hand-signed by JLo or something?

[Wildfire]

Ho Lee Kau said:

3800 quid? That's a bike you are insuring, not a 911 turbo on leasing or something like that?
Madness... Is it a one-off Ducati hand-signed by JLo or something?

Yep. I pretty much fell out of my chair. It was more than all the cars, the other bike, the house and everything put together.

Less a garage the best I got was £1000 from MCE with £4k excess, which I could insure, but would only be covered if my claim was £4k or more. The next best was £2800, with a £500 excess after a lot of ringing around.

I rented a garage and it came down to £700 (still more than I paid parked on the drive way last year).

In London, no garage and your options are very limited. Especially if you have a Yamaha T-Max, Ducati or Triumph.

[yellowstreak]

Ho Lee Kau said:

Wildfire said:

Sadly it’s nothing to do with postcode or you moving. It’s all about the theft and crime rates.

My renewal this year went up by £3100. £600 last year to £3800.

I had to rent a garage in the end.

3800 quid? That's a bike you are insuring, not a 911 turbo on leasing or something like that?
Madness... Is it a one-off Ducati hand-signed by JLo or something?

A colleague recently looked into buying a new top end bike having moved to London from abroad this year (I can't recall which bike), all I remember was that his quote was close the value of the bike new. He's decided not to bother!

[Djtemeka]

Bought my little bro a pcx125 new this year. £3800 or similar, insurance was £1200 and the excess was £2800 :0
Cheapest quote..