Insurer won't renew my BMW iX insurance
Insurer won't renew my BMW iX insurance
Author
Discussion

Amateurish

Original Poster:

8,280 posts

252 months

Thursday 24th August 2023
quotequote all
Insurer is LV. I have three cars on the policy, just got my renewal docs through. They say they won't insure the BMW iX any more. I haven't claimed on the policy for many years - max no claims etc.

Anyone experienced similar? What's going on.


TGCOTF-dewey

7,903 posts

85 months

Thursday 24th August 2023
quotequote all
I guess they're not a fan of the nostrils either.

Fastdruid

9,390 posts

182 months

Thursday 24th August 2023
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I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.

irc

9,832 posts

166 months

Thursday 24th August 2023
quotequote all
What about the planet???

Amateurish

Original Poster:

8,280 posts

252 months

Thursday 24th August 2023
quotequote all
TGCOTF-dewey said:
I guess they're not a fan of the nostrils either.
Definitely an acquired taste

Monkeylegend

29,331 posts

261 months

Thursday 24th August 2023
quotequote all
Amateurish said:
Insurer is LV. I have three cars on the policy, just got my renewal docs through. They say they won't insure the BMW iX any more. I haven't claimed on the policy for many years - max no claims etc.

Anyone experienced similar? What's going on.
You are not alone, ask the FFRR owners who have had the same refusal from them to reinsure.

GoCompare or similar is your friend in these situations.

Earthdweller

19,467 posts

156 months

Thursday 24th August 2023
quotequote all
Fastdruid said:
I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.
I’d agree with the above

I think it’s going to become a big issue re the insurability of certain EV models particularly those that have the battery packs as part of the structure of the vehicle

TGCOTF-dewey

7,903 posts

85 months

Thursday 24th August 2023
quotequote all
Fastdruid said:
I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.
On a more serious point, I do wonder whether battery safety concerns will drive insurance nervousness.

I can't see EVs being inherently more stealable, unless the software system integration has more holes than James Reason's Swiss Cheese model.

Amateurish

Original Poster:

8,280 posts

252 months

Thursday 24th August 2023
quotequote all
Fastdruid said:
I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.
Why not just increase the renewal price to match the risk? Surely they can offer insurance for any car on the market?

ecsrobin

18,669 posts

195 months

Thursday 24th August 2023
quotequote all
I think it was on here the other day regarding Tesla owners are starting to find insurers no longer offering insurance. Again no doubt for the similar reasons mentioned. All you can do is find an insurer that will quote you.

kambites

71,543 posts

251 months

Thursday 24th August 2023
quotequote all
Amateurish said:
Fastdruid said:
I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.
Why not just increase the renewal price to match the risk? Surely they can offer insurance for any car on the market?
In practice that's not really how insurers have worked - they've always had types of car which they either refuse to quote for or quote such a ridiculous amount for as to essentially make it the same thing.

Earthdweller

19,467 posts

156 months

Thursday 24th August 2023
quotequote all
I watched a documentary on this subject not so long ago re the large number of low mileage/high value EV’s being written off with very small amounts of damage, basically if there is any suggestion the battery pack is damaged then they are written off

They visited a large breaker in the U.K. Midlands somewhere who had large numbers of minimally damaged EV’s in for breaking. Damage that would be a cheap and easy repair for an ICE vehicle

They were saying the vehicles needed to be stored a distance from every other vehicle, the batteries once removed had to be kept in isolation in fire proofed containers

They used to get one or two a week and now they are getting 30/40 a day just at that one site

They were also saying that there is no battery recycling facility in the U.K. so all these batteries are just piling up

iirc they mentioned Tesla, stellantis group and a couple of other manufacturers as being particularly affected

Certainly would appear to be a significant and growing problem

irc

9,832 posts

166 months

Thursday 24th August 2023
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An insurer says.

"Electric vehicles are a real conundrum – every insurer wants to demonstrate their ESG credentials and be a leader in insuring the transition to clean energy, but the harsh truth right now is that electric vehicles are significantly more expensive to insure than ICE vehicles.

This is simply because they represent a much higher exposure than their petrol and diesel cousins. Fire risk, availability of parts, heightened repair costs, more expensive transportation risks all add to the exposure. "

https://www.insurancetimes.co.uk/news-analysis/in-...

Insurers are aiming to make money. If experience tells them they are losing money in EVs they will stop covering them or increase premiums. The question being what will the premium increase be?

jamesbilluk

4,142 posts

213 months

Thursday 24th August 2023
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On the iPace facebook page, quite a few folk are noticing premiums have increased a considerable amount, and with that particular company, despite having no issues.

I have read about the eye watering cost of main traction battery replacements that probably don’t help frown

Mine is insured on a multi car policy, I’ll have to see what it is next year!

Come to think of it, I think I tried to get it insured through LV when I first bought it and they wouldn’t quote at all.

kambites

71,543 posts

251 months

Thursday 24th August 2023
quotequote all
It's also worth noting that the smaller sample size of their statistical data for EVs will inevitably increase the error margins on their risk analysis, which will in turn drive up prices. That bit of it, at least, will disappear as EVs get more common.

I guess we'll also get better at transporting and repairing damaged EVs as time and experience improves both the integrity of the battery packs themselves and we get better at analysing whether the integrity of the pack has been compromised and hence it poses a risk.

Geoffcapes

1,304 posts

194 months

Thursday 24th August 2023
quotequote all
Is the car garaged overnight?

Mercedes 7 day insurance wouldn't cover a brand new GLE 53 as it wasn't going to be garaged. And it's a new car and their insurance! For a customer!

When I spoke to them they said a lot of insurance companies are not covering high value cars that are not garage these days.
How true that is I don't know. But it stands to reason with the thefts of Range Rovers.

Terminator X

20,727 posts

234 months

Thursday 24th August 2023
quotequote all
O/T I was at BMW over the w/end and they had various EV's there incl the iX - absolutely massive, I was amazed!

TX.

TwigtheWonderkid

49,125 posts

180 months

Thursday 24th August 2023
quotequote all
Amateurish said:
Fastdruid said:
I'm going to guess that with relatively minor damage writing some very very expensive EVs off the insurer has made the decision they no longer wish to take on such risks.
Why not just increase the renewal price to match the risk? Surely they can offer insurance for any car on the market?
They don't want to. Shouldn't businesses be free to decide what business they want to transact and what business they don't?

Spleen

5,453 posts

151 months

Thursday 24th August 2023
quotequote all
Monkeylegend said:
You are not alone, ask the FFRR owners who have had the same refusal from them to reinsure.

GoCompare or similar is your friend in these situations.
Aye, my FFRR renewal quote has tripled from last year. Managed to get it down but still £300 more. V annoying.

Wills2

29,683 posts

205 months

Thursday 24th August 2023
quotequote all

I think currently an EV SUV is the worst when it comes to insurance, from both a theft and repair risk.