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Have you seen large renewal premiums?

Postby Victor Smith » 12 Oct 2017 14:48

I posted a NEWS item on the V8 Website on 2nd October 2017 following a report of a fellow member receiving an annual renewal notice from his broker for the motor insurance cover for his daily car who was astonished to see the premium had increased from £352.61 to £574.02 - an increase of £194.41 or 55%! As nothing had changed in terms of the risk or his driving record, naturally he could not understand why there was such a massive increase so he queried the renewal premium with his broker. The NEWS item shows the far from convincing reply he got from the broker and how he shopped around and found a quotation for the same cover from a leading broker for £352.00 far lower than the renewal quote. On returning to his original broker to discuss this the premium was reduced by £107.41 to £466.61 but still 32% higher than the premium in 2016.

Today I have had an email from the member with details of the renewal premium his wife has received for their second daily car for which she is the policyholder and he is a named driver. The premium has increased from £242.81 to £288.53 (plus £45.72 or 19%) and again the risk has not changed. Have any other members seen such large insurance premium increases recently and what explanations have you had from the broker or insurer? Have you had any success in haggling for a better renewal premium or did you shop around and find a better premium quote for the same cover?

You can see the NEWS item at: http://www.v8register.net/sub2/news1709 ... newals.htm
Victor Smith
 
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Re: Have you seen large renewal premiums?

Postby Keith Belcher » 12 Oct 2017 17:06

We are renewing one of our family cars tomorrow. The previous insurers Swinton sent a renewal at a 25% increase above last years premium. Having made a substantial saving earlier in the year with our other motor by moving to Direct Line, I asked them for a quote. They have quoted a 10% saving on last years Swinton price. Swinton made no effort to come close to our new quote. So we are going with Direct Line again. So much for loyalty.
Keith [1949]
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Re: Have you seen large renewal premiums?

Postby Tony Lake » 12 Oct 2017 18:57

Over the years I have come to realise that the insurance industry is risk averse, yet that is their business. Like many others I have received renewal notices that are frankly insulting. I use all the websites that canvas the brokers to find the best deals for the moderns. I also carry the burden of speeding points, however when I reported the 'crime' it made not a jot of difference. I use MSE for the best energy prices and for anybody with an ongoing health issue I have found Ehic plus expand travel insurance very reasonable indeed. However the acid test looms as I begin to recover the cost of a cancelled Eurotunnel trip to France later this month. In spite of all the forgoing Peter James still delivers competitive rates for my GTV8. I think it pays to shop around.
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Re: Have you seen large renewal premiums?

Postby Mike Howlett » 13 Oct 2017 08:26

Our modern car, a VW Touran owned by my wife, was insured by John Lewis. The premium in 2016 was £245.26. The renewal quote in 2017 was £287.45, a 17% rise despite no change in our circumstances and no claims having been made. John Lewis could not reduce the premium so I went to NFU Mutual and got the same cover for £158.88, a saving of £128.57 over the renewal premium. NFU Mutual always get good scores for customer service in the Which? reports so I was quite happy.

Like Tony, I can't see past Peter James for the classic car insurance. Unlimited mileage, multi-car policies, foreign travel, driving other cars and agreed value all included. Plus if your car is valued at less than £15,000 (as mine is) they don't need an independent assessment of the car's value but will take your assessment and photos. And they don't make any increase if the car is parked on the drive overnight rather than in the garage. My Triumph Dolomite 1850 cost less than £100 extra on the same policy as the MGB V8.
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Re: Have you seen large renewal premiums?

Postby Angus Munro » 19 Oct 2017 13:01

With no changes to my personal information my present insurer, LV, came with an increase of 20% which prompted me to ring around. I tried NFU Mutual who, to my horror, came with a quote at 2.7 times great than my last years quote with LV. The NFU Mutual quote was £1026. Last year I paid LV £380 and, after a phone call, got the requested premium of £456 down to £437. This for a driver with no convictions, no claims, and a 2013 VW Passat Estate now worth about £10k.
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