Motoring Discussion > Insurance Renewal Tax / Insurance / Warranties
Thread Author: tyrednemotional Replies: 18

 Insurance Renewal - tyrednemotional
There have been dire warnings of the effects that the new legislation might have on insurance renewal costs post the start of the new year.

I have two policies up for renewal in the next month, both with the same insurer on a "multicar" basis.

The first renewal notice has just come through (for the Volvo). The last payment was only part-year (and actually a rebate, reflecting, I thought, mostly the removal of breakdown cover, given the new car warranty), so the calculations are a bit iffy, but the insurer has quoted what would have been the full-year cost last year for the Volvo, and it looks convincing (lower than the BMW by a small amount).

There are no other changes that should have a significant effect on the price (one year's extra NCB, but that is high anyway) and the renewal cost is c17% lower than the calculated value for last year. So much for all the scare stories.

(Obviously, insurance background varies dramatically between individuals and location, but I don't think £184 p.a. is bad for a new, reasonably powerful, £40k car).
 Insurance Renewal - Terry
£184 pa sounds too cheap to me.

Do a bit bit of digging on the reputation for paying any claims reasonably efficiently, valuations in case of a write off, small print exclusions etc. In my (fairly limited) experience insurance companies will do all they can to avoid claims.

Last year I tried NFU Mutual as they seem to have an outstanding reputation - they were twice as much as my current insurer. Quite simply you get what you pay for.

Damage to other vehicles is less of an issue - the insurance company will deal with it. It really hinges on how concerned you are about any claims you may make.
 Insurance Renewal - tyrednemotional
..it's a "top-drawer" insurer.

I've had them deal with a (non-fault*) accident in the last three years, the outcome being very satisfactory (including retaining my NCB).

I do live in the more impoverished (former red-wall ;-) ) part of the country, so the premiums tend to reflect that.

* stopped in Lincoln to allow an ambulance through lights on the wrong side of the road. The chancer behind me shot the lights on amber at speed, and found me stopped round the corner, and he couldn't :-(. At least he admitted responsibility.
 Insurance Renewal - smokie
I don't think it sounds too cheap. My new motor is costing me £220 I think, which was a tenner or so more than my previous one.

The lower spec version without the driver "aids" is 5 groups higher, so I read. Not sure how that translates to money.

Cheap isn't always bad, I have a bolt on for the holiday insurance which covers car hire excess for about £11 pa IIRC. I claimed €500 this year (my fault damage to car again!) and it was paid within days.
 Insurance Renewal - Bill Payer
Just had renewal for wife's Tiguan and it's over £400 - 10% more than last year and I recall last year was a chunky jump too.

We seemed to have had years of paying around £250 each for both cars (mine is 2005 C Class) but then last couple of years, when many said insurance was getting cheaper, both have gone up. Could be it's connected to LV= changing hands - they're owned by Allianz now.

I've stuck with them as they've always been good deal with but I wasn't thrilled with how they handled non-fault write-off of daughter's car.
Last edited by: Bill Payer on Sat 8 Jan 22 at 14:58
 Insurance Renewal - Falkirk Bairn
>>10% more than last year and I recall last year was a chunky jump too.

Time to invest a quiet hour scouring the comparison sites - £500 for 2 cars becoming possibly £800 - you have to look to change.
 Insurance Renewal - Bill Payer
>> Time to invest a quiet hour scouring the comparison sites - £500 for 2 cars
>> becoming possibly £800 - you have to look to change.
>>
It's a little complicated with wife's car as both our adult daughters are named and with full business use - I looked some years ago and that was difficult to replicate elsehwere. In practice they never drive the car, but I've always gone with it 'just in case'.

I've also railed against people who use 'cheap' insurers only to moan about it when they need to claim. So I was dismayed by the way LV= dealt with the write-off incident. To be fair, they probably think they did a good job, but to achieve that they steam-rollered through the process.
 Insurance Renewal - smokie
SWMBO had me and daughter on her insurance till last year, when she discovered how much extra it was costing her. I don't remember if it was for both of us, or one was more than t'other, but daughter got booted off (as she hardly ever used it anyway) and I'm still on it. I probably drove it more than SWMBO does anyway, though less so since my new wheels arrived!!

Then sure enough last month there was a four day period when she could have done with car. The insurer wanted mega bucks (£80 rings a bell) for it, so she coped without.
 Insurance Renewal - R.P.
(Obviously, insurance background varies dramatically between individuals and location, but I don't think £184 p.a. is bad for a new, reasonably powerful, £40k car).


I was with L&V for the V60 and XC40 (when it arrived) the renewal was £330 ! Direct Line's Comprehensive Plus was a hundred quid less. I could have had fully comp with other companies for around £180 - The basic Policy from DL was £190 (+ or -). Bye Bye L&V
 Insurance Renewal - martin aston
Aren’t the new rules governing prices to stop new customers being offered deals that aren’t available to existing customers? On that basis, once these are bedded-in, the prices for renewing customers, who stay put, should come down. They won’t be subsidising new customers.
I’ll believe it when I see it but that’s the theory.
I will still shop around in future but have been with LV for 9 years and have never found comparable cover that’s cheap enough to tempt me away.
 Insurance Renewal - tyrednemotional
...in my OP I highlighted the fact that I was awaiting a second renewal notice (for the Smart). That came through today and is 32% lower than last year!

Given I was happy with last year's pricing, I shall, of course, be renewing.
 Insurance Renewal - Fullchat
Direct Line. Been just under £200 for a number of years which I'm happy with. Last year it edged over that figure to £206 and this year its down to £185. Same vehicle. I'm happy with that.

I accept however that in theory the value of my vehicle is depreciating (or is it at the moment?)
 Insurance Renewal - tyrednemotional
...as we've already touched on, the s/h market at the moment is crazy.

I bought the Smart pre-registered (less than 3 months and 9 miles on the clock) for a smidgin' over £9K. (Over £14K list, which is a joke!). Currently, forecourt prices for higher mileage, similar vintage and spec cars start at over £8K, and that's for 5 and a half year old vehicle.
 Insurance Renewal - Boxsterboy
I don't understand our car renewal either! Multi-car deal for 7(!) cars in our household, 3 of which are driven by young drivers (under 21), 2 of whom have had claims already(!). Last year was £3,400. This year £2,200. And I had shopped around in the past. Bizarre.
 Insurance Renewal - Bill Payer
Following earlier post I had a bit of back and forth with LV= but wasn't getting anywhere with cost over £400 for wife's Tiguan. Then one of the people I spoke to said "of course, you've got one of our old policies - it might be worth you trying a new quote and seeing what happens".

Did that - £100 cheaper! I've no idea what the difference is between old and new policies on this occasion - they seem fundamentally the same. I recall now that this happened years ago on my Merc with LV and the premium became bonkers but that policy didn't care about penalty points, mileage, foreign use etc where these days they're all accounted for.

I did also want to look at Aviva's Premium policy - turns out they've stopped doing it.
Last edited by: Bill Payer on Thu 27 Jan 22 at 10:11
 Insurance Renewal - Fullchat
'Old' and 'New policy price difference. Is this some get around for not offering the same price as a new customer which they are supposed to do now?
 Insurance Renewal - Bill Payer
>> 'Old' and 'New policy price difference. Is this some get around for not offering the
>> same price as a new customer which they are supposed to do now?
>>
It would seem so, although there's an article on the ThisIsMoney site that suggests some people have been given the lower pricing and told it was a new policy only for the "new" policy to be the same policy number as their existing one! I certainly wasn't offered that - I had to go off and sort it out myself, did it through the Boundless (former CSMA) site as wife is member.

www.thisismoney.co.uk/money/bills/article-10429981/LV-customer-gets-450-renewal-quote-finds-policy-310.html
 Insurance Renewal - Dog
Just had my car insurance renewal come in - £211 for a 6 year-olde 2 ltr auto Subaru. Down from £246 last year [GA]
 Insurance Renewal - zippy
This article suggests it is still worth shopping around as your insurer may still not be offering you their best rate as there are many loopholes in the new rules:

www.theguardian.com/money/2022/may/28/car-insurance-costs-loyal-customers-renewals
Last edited by: zippy on Sat 28 May 22 at 12:38
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