Author Topic: Insurance shock.  (Read 2988 times)

TnTkr

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Re: Insurance shock.
« Reply #30 on: February 07, 2022, 06:57:52 AM »

Mandatory "traffic insurance" for my GK5 Jazz is 210 €/year (£175) and optional comprehensive cover "kasko" would be 1115 €/year (£930) for a new customer and goes down to 335 €/year (£280) if there are no incidents covered by the insurance within certain amount of years. That is called 70% bonus.

As others have said, pretty similar cost and bonus structure to UK for average age driver / average location.  We don't really have 3rd party on its own any more - I think you can get it, but from most insurers it's no cheaper than comprehensive.

I think most of the risk is in the third party element- ,personal injury and death compensation , repair to other vehicles etc. Which could be substantial . But their extra liability for  fully comprehensive is limited to the value of the car. If repair costs exceed that the car is written off.   I got the same quotes  for 3rd party or fully comprehensive  on My 2007 Yaris .   Not sure the same would have been true for my new Jazz. Not that I looked for third party  :o

High risk young drivers  may still find  bare minimum insurance a worthwhile saving.
I have just mandatory third party insurance "traffic insurance" for low value secondary vehicles. If the car market value and thus max repair cost or write off value is less than approximately 1000 GBP or EUR, there is no sense to pay insurance more than the value of the car in  two years.

Mouse

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Re: Insurance shock.
« Reply #31 on: February 07, 2022, 10:43:31 AM »
When I  got my new Mk 4 in October I was able to change the remaining 5 months of my Yaris policy to the Jazz for a small extra premium.

Just had the 'renewal' from Hastings Direct   . I was expecting a change in price  , but not this -

"Sorry, you won't be able to renew with us this year
We've searched our panel of insurers to find you a renewal price for your car policy, but none of them have been able to offer one so your policy will end on 1st March 2022. .  Don't worry, even though we can't offer you a price that doesn't mean other insurers won't. Try checking out some price comparison websites to see what options are available to you. "

I was thinking of changing anyway, and sure enough  got cover quite easily elsewhere at a price I'm happy with. 

Whats going on?  My circumstances havnt changed, no claims.   Can the new FCA  renewal quote changes really have such an effect that a company as large as Hastings Direct cannot find an insurer willing to offer a price to a low risk driver on a comparatively modest car?
I suspect there are prices but so high they are an embarrassment, Hastings would rather lose your business for a while   than provoke outrage at their prices.

Anyone had anything similar?  Is it just on the Mk4?

-----------------------------------------------------------

I found this on the Money Saving Expert Form :-

So, my car's been insured with Hastings Direct for the past three years. Expiry on the latest policy was up in 3 weeks and I still hadn't received a renewal quote.


Upon sending their customer service an email, they replied saying that their panel of insurers weren't able to quote on my policy and so the policy will expire on the set date and I need to arrange my own insurance.


I went on confused.com, put in all my details and lo and behold Hastings is right at the top (like it has been ever since I've been with them) on a comparison. I thought it's probably a mistake and then went to the Hastings Direct website and did a quote, again got a very competitive price that I was happy with.


I went ahead and bought the policy online and got an email a few minutes later saying the policy documents are available online and recommending that I register. I've been registered online for a few years now so I just logged in and I see the new policy right there with all the relevant documentation!"

-----------------------------------------------

Sounds like the computer said no !


peteo48

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Re: Insurance shock.
« Reply #32 on: February 07, 2022, 11:15:17 AM »
Just got my renewal quote from General Accident - £333. It's complicated because I changed car during the old policy but it represents a 10% increase.

I have had a quote via Go Compare for £256 with Tesco Bank. I've been with them before so I guess I'll be going back.

Kremmen

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Re: Insurance shock.
« Reply #33 on: February 07, 2022, 11:39:28 AM »
This got lost when the page refreshed but I wonder if LV are breaking the rules ?


As I had some time yesterday I looked up LV on Trustpilot.

I spotted a trend with new customers impressed with the quote but 1 star reviews related to renewals. I got bored reading all the recent Jan 2022 renewal 1 star complaints.

I haven't investigated but a fair number of the posters were claiming LV owners Allianz was the new problem. The other regular post theme was the attitude of phone staff who appear to be losing interest and are coming across as grumpy and unhelpful.
Let's be careful out there !

Lord Voltermore

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Re: Insurance shock.
« Reply #34 on: February 07, 2022, 01:46:10 PM »
 >:( So it seems   I'm not the only one  where Hastings direct have declined to renew !   Thats one way of not having to treat existing customers more fairly.  Dont have any.   Or as in the case of Money Supermarket  ask silly money in the hope they will go away, or unwittingly pay well over the odds. They can stay.     Each company will lose some customers but will win some of those now  looking for new deals. 
Fresh new customers  , unaware of how premiums  could have been.

Hastings Direct Lied to me.  They do have insurers willing to quote - for new customers.

  In what seems to pass for ethics these days they may argue they didnt lie because they did indeed ask a panel of Insurers.  But only those that would give the answer they want.
   
I want to say i would never do business with Hastings direct again.  But the reality is  many others may also  be 'at it ' or not bear close scrutiny  .  Insurers based in tax free off shore Islands is very common
.
And I've heard that in some other countries  Insurance attracts investors who came by their money by ,erm, dubious means.  8) :-*
Sorry if its too long winded. I failed my brevity exam at school. Ran out of paper.

Rory

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Re: Insurance shock.
« Reply #35 on: February 07, 2022, 10:19:10 PM »
As I had some time yesterday I looked up LV on Trustpilot.

I spotted a trend with new customers impressed with the quote but 1 star reviews related to renewals. I got bored reading all the recent Jan 2022 renewal 1 star complaints.

I haven't investigated but a fair number of the posters were claiming LV owners Allianz was the new problem. The other regular post theme was the attitude of phone staff who appear to be losing interest and are coming across as grumpy and unhelpful.

Certainly it was my thought that the takeover by Allianz may have a lot to do with what's going.   

I have to say though, that having spoken at some length to two staff in the last few weeks I found them helpful, but perhaps in a slightly "fed up with the situation" way.  It seemed like the second one was almost tipping me the wink to try a brand new quotation.  Perhaps she could have been more helpful by just giving me the new price in the first place but likely they can't do that.

I would normally walk away from companies that do this sort of thing and I had looked at Aviva before - I quite liked the look of their "Premium" policy.  I was baffled by why I couldn't find it on their website - turns out they've stopped doing it.
« Last Edit: February 07, 2022, 10:26:41 PM by Rory »

Mouse

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Re: Insurance shock.
« Reply #36 on: February 10, 2022, 03:33:08 PM »
Just got my renewal quote from General Accident - £333. It's complicated because I changed car during the old policy but it represents a 10% increase.

I have had a quote via Go Compare for £256 with Tesco Bank. I've been with them before so I guess I'll be going back.

Just been on Uswitch the best quote £335 with a company called Marshmallow, the worst was a firm called "Black Box" at £6,100  :o

ColinS

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Re: Insurance shock.
« Reply #37 on: February 10, 2022, 04:00:25 PM »
Interesting and related was the email I got from LV= this morning relating to my house insurance:

Dear Colin,
Before you receive your LV= Home insurance renewal quote, we wanted to let you know about a new regulation by the Financial Conduct Authority (FCA).
The change means we need to make sure your price is the same or cheaper than if you were a new customer with us. And that’s exactly what we’ll do when we calculate your upcoming renewal.
We’ll calculate your price:
•   on exactly the same cover you have today, including any add-ons
•   using the personal information we hold on your current policy, like your date of birth and employment status
•   compared to a new customer price on the same day your renewal was generated
Your renewal price could still go up or down depending on a variety of things like the cost of repairs, or if you’ve made any claims.
If you compare your renewal to a new price from us, they may be different if you've changed things like; voluntary excess, any add-ons, personal information such as your employment status and how you set up your policy (e.g. online or over the phone).
You can be sure your renewal won't be more than if you were a new customer with us, based on exactly the same cover you have today.
You don’t need to do anything just now; your renewal invite will be with you shortly.
If you want to know more, we’ve put together a helpful summary for all our customers at LV.com/gi/fca-faqs
Kind regards,
Heather Smith
Managing Director, LV= General Insurance Retail


Kenneve

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Re: Insurance shock.
« Reply #38 on: March 02, 2022, 07:27:09 PM »
I received my renewal notice today, from my usual insurer NFU, quoting the cost to renew my Mk4 EX, as £827.43.
What's going on? Has the insurance world gone mad?
I'm talking here of an 85 year old male, who has been driving over 60 years without an accident that was my fault.
I have included my daughter and son-in-law as additional drivers, again claim free for 20+ years.

Checking through a number of comparison sites I find that the lowest quoted premium is £410.59, less than half the cost, from a company called Flow Insurance, who I have never heard of, are they any good?
Incidentally the cost for the identical Flow cover via a somewhat 'Confused' comparison site was £82.09 more expensive.

Checking with a company who claim to have no upper age limit, resulted in they didn't want to know at all.

Can anyone in their 80s tell me who they are insured with, or give any reason for these wildly varying figures, before I just give up and set fire to the car!!!!

MicktheMonster

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Re: Insurance shock.
« Reply #39 on: March 02, 2022, 10:19:41 PM »
I am currently with Hastings Direct on my Civic which expires on the 8th, my renewal had gone up £7 from last year which was fair, reasonable and competitive, however my needs had changed and with the changed cover that I needed Hastings were no longer competitive, so I've arranged renewal with Aviva via 'Confused' comparison website. Also there is a current promotion on, so I'll also get a £20 Halfords voucher from Confused.

Lord Voltermore

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Re: Insurance shock.
« Reply #40 on: March 03, 2022, 07:03:33 AM »

Checking through a number of comparison sites I find that the lowest quoted premium is £410.59, less than half the cost, from a company called Flow Insurance, who I have never heard of, are they any good?
Incidentally the cost for the identical Flow cover via a somewhat 'Confused' comparison site was £82.09 more expensive.


I can only go from what I've seen checking them out on line. And some of this may be out of date. They are,or were ,a subsidiary of LV insurance  . Aimed initially at the young 'millennials'  with monthly insurance, but now seem to do annual insurance.    They save costs by being on-line only ,with customers doing much of their own administration and policy amendments on line.   They do not have a call centre.    ie You cannot phone them for help.

How much value do you place  on being able to speak to someone on the phone.Especially as you have been with NFU, who pride themselves  on being local 'old fashioned' insurers.
 With many of the big names it can seem to take all day before you get to speak to someone anyway. You may not get the  sharpest tool in the box, or english may not be their first language.   And I  sometimes end up thinking it would have been better and easier by a couple of brief e mails.

Indeed my wife recently resolved a complex issue with her phone provider  by whatsapp messaging, with  more or less live responses.

It depends how comfortable you are with doing it this way,with no phone option. And how much you could save.
« Last Edit: March 03, 2022, 07:23:30 AM by Lord Voltermore »
Sorry if its too long winded. I failed my brevity exam at school. Ran out of paper.

hemming

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Re: Insurance shock.
« Reply #41 on: July 28, 2022, 10:11:57 AM »
I think this is justified as an "insurance shock"! 
Just had my renewal notice from LV and the premium has gone down from £230 to £196 - two 80 year old drivers , full n.c.b., parked either in garage or on drive, country village. Needless to say I paid up within 30 minutes of getting the quote, a month before the renewal date....

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