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AlexGSi2000

Insurance (Again!)

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This post is going to be more of a rant than anything constructive - I thought I would share with the like-minded rather than my other half!

 

Over the years, car insurance has angered me a couple of times. Originally I put it down to being a new driver, but after the years and no claims history built up - It continued to seem very expensive.

Car insurance has always dictated the cars I buy, if the car is affordable and within reach - insurance has often put a stop to it.

 

Last year and after lots of saving, I had the opportunity to purchase one of my dream cars - my e39 M5. After dreaming of the prospect I suddenly remembered about insurance which promptly brought me back down to the ground.

Hesitantly I started browsing the comparison sites - to my surprise, I was presented with a few very reasonable quotes, which cemented my decision to buy. I had an insurance cost limit in mind, to which these quotes came out much lower.

 

I took out the policy from the well known insurer - fast forward 11 months to the receipt of a renewal quotation which shows the premium will more than treble.

Unless I am mistaken, I don't recall causing any major accidents or crashing during the past 12 months, or being awarded any points. If I had, then I guess it could be used as justification, but I just cant see why the increase has been so horrendously large.

 

Dare I say it, but due to salaries remaining the same and the cost of living going up (I'm sure many people are in the same boat), its almost made the car prohibitive to insure.

 

Not looking for a sympathy vote here, its my hobby and my decision to buy the car - I'm just baffled at how insurance works sometimes.

 

Just for context, I have been driving since 2006, have 12 years no claims, 0 points and no convictions.

I have tried classic car insurers (which seem to quote more than conventional insurance), tweaked excess options.etc - all the best quotes are within ~£150 variance.

When speaking to my current insurers over the phone, the justification for the increase was along the lines of "because it has" :blink:.

 

I guess because of the insurance hike, I cant justify premium tyres and brakes - so will have to go budget brand, which will increase the likelihood of insurance needing to pay out (not really - I'll just consume rice and beans for the next 6 months).

 

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This post is going to be more of a rant than anything constructive - I thought I would share with the like-minded rather than my other half!
 
Over the years, car insurance has angered me a couple of times. Originally I put it down to being a new driver, but after the years and no claims history built up - It continued to seem very expensive.
Car insurance has always dictated the cars I buy, if the car is affordable and within reach - insurance has often put a stop to it.
 
Last year and after lots of saving, I had the opportunity to purchase one of my dream cars - my e39 M5. After dreaming of the prospect I suddenly remembered about insurance which promptly brought me back down to the ground.
Hesitantly I started browsing the comparison sites - to my surprise, I was presented with a few very reasonable quotes, which cemented my decision to buy. I had an insurance cost limit in mind, to which these quotes came out much lower.
 
I took out the policy from the well known insurer - fast forward 11 months to the receipt of a renewal quotation which shows the premium will more than treble.
Unless I am mistaken, I don't recall causing any major accidents or crashing during the past 12 months, or being awarded any points. If I had, then I guess it could be used as justification, but I just cant see why the increase has been so horrendously large.
 
Dare I say it, but due to salaries remaining the same and the cost of living going up (I'm sure many people are in the same boat), its almost made the car prohibitive to insure.
 
Not looking for a sympathy vote here, its my hobby and my decision to buy the car - I'm just baffled at how insurance works sometimes.
 
Just for context, I have been driving since 2006, have 12 years no claims, 0 points and no convictions.
I have tried classic car insurers (which seem to quote more than conventional insurance), tweaked excess options.etc - all the best quotes are within ~£150 variance.
When speaking to my current insurers over the phone, the justification for the increase was along the lines of "because it has" :blink:.
 
I guess because of the insurance hike, I cant justify premium tyres and brakes - so will have to go budget brand, which will increase the likelihood of insurance needing to pay out (not really - I'll just consume rice and beans for the next 6 months).
 
Shop around. Std fair offering teaser rates then trying to shaft you.

Sent from my SM-N9600 using Tapatalk

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The insurance premium for my M140i increased at it's renewal by £100 back in November. I thought this was just them being chancers. Went on comparison sites and phoned a few other places and they were all £100 more so I came to the conclusion that it was the correct price. Wondering if the risk has gone up as a lot of younger kids have them and are crashing them alot? I am in the same boat as you and been driving since 2007 and never had a claim etc.

 

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I watched Martin Lewis’s money show the other day when he was on about car insurance.

He said that the optimum time to search for quotes is around 21 days before renewal. He showed an example and the saving was massive.

Just something to bare in mind.

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2 hours ago, AlexGSi2000 said:

I'm just baffled at how insurance works sometimes.


Sometimes I wonder if they even know themselves, they just seem to make it up as they go along, plucking figures out of the air, trying to squeeze the maximum amount of cash from the motorist and just generally taking the piss.

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Understand where you're coming from @AlexGSi2000; insurance, at the best of times, is a piss take IMO

 

I've been driving since 2000, driving a RWD car since 2011 and the likes of Footman James wanted c£800 (3 times what I'm paying currently) to insure my touring as a classic and the price was 'because I didn't have a lot of experience driving RWD cars)...'! :roll::mad: 

 

Chris Knott have been the best for me for quite a few years now; albeit I do challenge them every time they quote my renewal as it goes up, even though I've over 15 years NCB and haven't claimed on my insurance since 2002; thew car has limited mileage, I never drive in commuting hours, don't commute as work from home and it's on the driveway/garage in the evenings etc!

 

As @Paddy O'Furniture has said; shop around and see what other insurers can do you for; Chris Knott or sponsors on here don't forget and there are lots of other specialists out there too (AF, Sky, A-Plan etc)

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We have got 4 cars and a house insured on the same policy with Admiral. Every year they send us the new premium, which is much more than the year before. I run some quotes with the meerkat, get on a call with Admiral and they reduce their quote to match the best quote for each car. Then next year we do it all again. Its just a game we go through each year lol

 

This year though (due 17th March), I am going to get on LV's site and try with their multi car quote.

Edited by nashdm2

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What @Lennox says. Standard practice to reel you in with a low initial price. If you got a few reasonable quotes as you say last year, then you'll hopefully get the same again and move or use the quotes against current insurer. 

 

Keliuss

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Had the renewal through for the M4 a couple of weeks ago, £870 ! 
 

We have home insurance with Aviva, went on their site, got it for £330 with no windscreen excess...go figure :wacko:

Edited by roofer

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Something else that Martin Lewis said which surprised me, he said that you generally get a lower quote if you say your car is parked overnight on the street rather than a driveway. You’d think it would be the other way around.

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1 hour ago, Paddy O'Furniture said:

Something else that Martin Lewis said which surprised me, he said that you generally get a lower quote if you say your car is parked overnight on the street rather than a driveway. You’d think it would be the other way around.

 

I'm just thinking out load here but modern cars are usually stolen by obtaining the keys first. If they specifically want your car and it's on your driveway then they know where the keys are. Parked on the street they could be anywhere. But yeah, you'd still think it'd be the other way round.

 

Keliuss

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4 hours ago, nashdm2 said:

We have got 4 cars and a house insured on the same policy with Admiral. Every year they send us the new premium, which is much more that the year before. I run some quotes with the meerkat, get on a call with Admiral and they reduce their quote to match the best quote for each car. Then next year we do it all again. Its just a game we go through each year lol

 

This year though (due 17th March), I am going to get on LV's site and try with their multi car quote.

Did exactly this merry dance with Admiral two weeks ago. They insure two of our three cars and this year's quote was £550 (Zafira and BMW). I called them up and after 10 minutes it was back down to £480 !

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I think Insurance companies work on the basis that most folk are just too busy with their every day lives, work, family etc, to be arsed looking up online or telephoning for a cheaper quote, to save say £50, but 15 minutes spent online or on the phone saving £50 is the equivalent of an hourly rate of £200 per hour, so definitely worth doing, sometimes a much bigger saving is realised, the biggest culprit is having automatic renewal on your policy, get some online quotes say 3 weeks before your renewal, then you know where you are when your renewal quote comes through, you can then use the cheaper online quotes as leverage to get your renewal lowered, as I did.

Edited by Steve van hool

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10 hours ago, Steve van hool said:

I think Insurance companies work on the basis that most folk are just too busy with their every day lives, work, family etc, to be arsed looking up online or telephoning for a cheaper quote, to save say £50, but 15 minutes spent online or on the phone saving £50 is the equivalent of an hourly rate of £200 per hour, so definitely worth doing...

Dead right there Steve - I call and haggle not just for the cars, but for British Gas Homecare, home insurance, annual holiday insurance. Without fail, the original renewal quote is always reduced. 

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Not to rub salt in the wound but I’m just about to renew my policy again for the fifth year with the same insurer, paid £230 last year and it’s £220 this year, oh the perks of getting old ;) I’m 45 on my renewal day B)

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Thanks for everyone's advice on this subject.

 

I have just renewed for 2020 - I managed to find insurance that fitted my requirements for just over double last years premium.

Still a bitter pill to swallow, but not quite as bad as the first quotes I was getting.

I guess its either pay up, or not drive the car - which isn't an option.

 

The chap I spoke to over the phone mentioned that insurance had pretty much risen across the board over the past two months due to all the insurance claims for the recent flooding in parts of the UK.

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