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post #1 of 17 (permalink) Old 25th March 2012, 21:59 Thread Starter
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renewal doubled!

Got my renewal through yesterday from autodirect (not sure who the underwriters are) and it has gone from 789 to a whopping 1435.
Got straight online with the singing fat man and have had a quote of 725 that's with an extra years driving experience, an extra years no claims, 3 points I no longer need to declare as they are now more than five years old AND my wife as a named driver who only holds a provisional license! Same excess, courtesy car, windscreen cover, voluntary excess etc
Im going to give my current insurer a call tomorrow to see if they are willing to match it. What I can't understand is how they can justify almost doubling the price of cover, surely they will lose more business than they keep?
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post #2 of 17 (permalink) Old 25th March 2012, 22:31
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If they agree to price match tell them to ram it on the principle that they were prepared to double it!
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post #3 of 17 (permalink) Old 26th March 2012, 11:57
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If they agree to price match tell them to ram it on the principle that they were prepared to double it!
+1 totally agree.
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post #4 of 17 (permalink) Old 26th March 2012, 17:47 Thread Starter
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They refused to price match when I spoke to them. I explained I had had a cheaper quote elsewhere and was just wondering whether they would match it. Woman I spoke to stated that this was the cheapest they could do and all polices were going up. When i said I had had a far cheaper quote and how could they.justify a premium doubling she could not answer and ummed and ahhhed a lot. I explained I would not be renewing due to the price and poor customer service. Useless
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post #5 of 17 (permalink) Old 26th March 2012, 19:58
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Better off without.
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post #6 of 17 (permalink) Old 26th March 2012, 20:02
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Had the same thing, the cheapest i could get was double what i payed last year. I'm 31 and paying over 800. Love you rip off Britian
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post #7 of 17 (permalink) Old 27th March 2012, 08:02
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I am an underwriter for an insurance company myself (motor traders insurance) and i sometimes calculate renewals for the renewal department when theyre short on staff.

Every company has different area ratings i.e. Norwhich area A ... Birmingham Area I

Area ratings constantly change, so this year for example we may have held a risk in Birmingham area H for 4 years, however if the area has been amended to area I decline, we would take all discount off of the policy and it would double.

If the clients leaves and goes elsewere it's a win win situation, we lose a risk we don't want, and the client keeps premium.

However sometimes, if the risk has ran exceptionally well... i.e. 4+ years with no claims, convictions, then we would still allow some discount - maybe a 20% load on the premium.

I know the above just sounded really horrible, but thats just the way insurance companies operate ha ha - i'm glad you still found someone to insure you for a good price
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post #8 of 17 (permalink) Old 27th March 2012, 08:52 Thread Starter
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I understand what you are saying and that's fair enough as at the end of the day its a business and needs to make money but surely its bad business to double a premium in a year as they are more likely to lose business than keep it?
especially nowadays with the popularity of comparison websites
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post #9 of 17 (permalink) Old 31st March 2012, 19:56
 
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Im a manager for a large motor insurer so I know people are likely to doubt what I'm about to say, but motor insurance goes in cycles and over the last 5 or so years very few insurers have made a profit on motor insurance with most paying out more in claims than they take in.

The principle reasons for this are

The massive growth in Personal injury claims (both the compensation and legal fees involved)

The growth in accident management firms that result in huge increases in claim costs where charges for like for like courtesy cars whilst cars are being repaired can run into several hundres pounds a day etc.

Big growth in fraudulent claims.

I know none of the above will be well recieved but just thought I'd try and shed some light
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post #10 of 17 (permalink) Old 31st March 2012, 20:02
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Originally Posted by napastar View Post
Im a manager for a large motor insurer so I know people are likely to doubt what I'm about to say, but motor insurance goes in cycles and over the last 5 or so years very few insurers have made a profit on motor insurance with most paying out more in claims than they take in.

The principle reasons for this are

The massive growth in Personal injury claims (both the compensation and legal fees involved)

The growth in accident management firms that result in huge increases in claim costs where charges for like for like courtesy cars whilst cars are being repaired can run into several hundres pounds a day etc.

Big growth in fraudulent claims.

I know none of the above will be well recieved but just thought I'd try and shed some light
No mate they are all valid points
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post #11 of 17 (permalink) Old 31st March 2012, 20:06
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Quote:
Originally Posted by napastar View Post
The principle reasons for this are

The massive growth in Personal injury claims (both the compensation and legal fees involved)

The growth in accident management firms that result in huge increases in claim costs where charges for like for like courtesy cars whilst cars are being repaired can run into several hundres pounds a day etc.

Big growth in fraudulent claims.
But shouldn't insurance companies be trying to tackle these problems instead of just shrugging shoulders and raising prices?
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post #12 of 17 (permalink) Old 31st March 2012, 21:15
 
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Insurers do spend a lot of time and money trying to prevent fraud and reduce claim costsetc but the problem we have is that it will take legislation to stop referral fees being paid, all of which get past on to the fault insurer and ultimately end up on premiums

Soft tissue injuiry (whiplash) is almost impossible to disprove with a typical compensation pay out being 1500 and the assocate legal costs, again paid by the fault insurer, are often more than the compensation paid.

20 years ago personal injury compensation was paid out in approximately 5% of claims. Its now over 20%. Until we get back to the situation when people accepted accidents happen and a week of discomfort/stiff neck was just one of those things, premiums will not significantly drop
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post #13 of 17 (permalink) Old 1st April 2012, 21:49 Thread Starter
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But shouldn't insurance companies be trying to tackle these problems instead of just shrugging shoulders and raising prices?
Problem is people still need insurance, if the cheapest policies were 2000 for example because of bogus claims etc then what do they care, you still need insurance. If petrol hit 2.00 a litre tomorrow how many people would sell there cars, the vast majority would still pay as there are very few alternatives.
A woman i work with has just bought her 17 year old son a 1.2 clio for 800. His cheapest insurance quote (allegedly) was 2200 so he is currently driving with no insurance as he would rather lose 800 than 2200. wrong very but I must admit I can understand the logic
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post #14 of 17 (permalink) Old 2nd April 2012, 09:03
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Just had my renewal 302 fully comp for my CTR
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post #15 of 17 (permalink) Old 2nd April 2012, 18:41
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They could at least kick the accident management companies in touch, how about offering things like free courtesy cars, choice of repairer etc. try and beat them instead of passing the cost on. I'm sure they can make some money out of it?
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post #16 of 17 (permalink) Old 2nd April 2012, 19:22
 
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Mine jumped to 411 this year from 341,went online and got a quote of 275 from Hastings.Paid up then got breakdown cover from Green Flag 58.30.Be prepared to shop around for a better price.
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post #17 of 17 (permalink) Old 2nd April 2012, 19:55
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My renewal came today to 2800 lol

Sent from my iPhone 6 *tester* using TapaTalk
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