whats going on with insurance? i just got my renewal , had the z 2 years nothing changed cept we're both 2 years older but insurance more than doubled!!!

whats going on with insurance? i just got my renewal , had the z 2 years nothing changed cept we're both 2 years older but insurance more than doubled!!!

 

time to shop around by the sounds of that mate.

yeh mine did that last year went from 1k to 3k. and nothing had changed! apart from i had another years no claims their excuse was insurance premiums have gone up thsi year. :S ey???? so i shopped around and got it for about 800

yeah theyve supposed to have been going up over the last 12 months or so. not long before my renewal comes through.

my advice is shop around mate - in fact expect to change insurance companies almost anually thats the only way you can drive down your quote. I saved £750 just by getting off my arse and dialling around. im expecting to do so again this year :(

my motortrade policy is due for renewal at the end of the month,its gone up around £80 since last year,i cant be bothered shopping around though as theyre sound to deal with,also one call for a quote to these other companies and they're bugging you forever more.Wait and see,after this chaos in Japan,the insurance will go up,most of 'our' insurance companies are internationally owned.

I dont work in the insurance industry but my guess is that the explosion of legal firms claiming for injury compensation payouts of frankly stupid amounts of money PLUS their exhorbitant fees on top coupled with the lack of fight in the insurer being claimed against is the main reason behind the ridiculous rises in premiums.

 

Actually it really f*cks me off that someone will claim for a bruised hip or whiplash or something and ask for £15k or whatever and they just pay up !! All because it's easier than fighting the claim cos there's a lawyer involved and their own lawyer will just advise them to settle because the legal fees will be more than the claim ! Just think how many premiums that eats up !!! Why dont they fight these claims and demand that someone clearly quantify the amount claimed ? Or just make the policy an insurance against vehicular damage ? In the past NOBODY claimed personal injury unless it was serious !!!

 

In addition because of these rises more and more people are not insuring and taking the chance that they will not get caught and that even if they do then the fine is less than the premium ! All insurers have to pay into a scheme to cover claims against un-insured drivers so again your premiums rise - you are effectively paying for others not to insure their cars !!

 

Mark

Renewals are mostly driven up by the brokers, they get paid commission from the insurer for new business, but not for renewals, so they charge admin charges and things on top of what the insurer themselves has actually requested, you do also get increase in premiums across the board, changes in legislation like this new one about not discriminating against men on insurance, women can no longer get cheaper insurance etc etc etc.

 

Basically if you insure with a direct insurer, like Direct Line, Tesco, Aviva etc, you're more likely to get a more pleasant renewal price, if you go through a broker, when renewal time comes, you should ring them and ask them to re-quote you. They aren't allowed to offer you a renewal with a different insurer, unless you ask them to at the time. So by default they'll offer you the insurers renewal price, which has most likely gone up, plus their own charges on top of that because they're going to have to manage your account with the insurer for the next year but the insurer isn't giving them anything for doing so. That's also why brokers tend to have higher charges when you move house etc, because it's how they make their money, the insurer themselves of course makes money out of the re-rating, but they don't pay the broker commission on performing the change, it's up to the broker to make their own money.

My insurance went from 500 to 1200 for just TPFT AND i AM 55. I did have a nock so my no claims droped from 6year to 4 years. Now the insurance company think i could have been set up by the other guy. I shoped around and got it down too £741 full comp so were do they get a £500 differance.

I work for a broker and will hopefully be picking up my first Zed this weekend :)

 

Before staff discounts etc and on a classic policy it was less than £300

 

Maybe I should be speaking to the club about a discount deal?