In my defence, I do shop around every year, for all my insurance, as I do my energy providers, but that renewal notice served as a huge catalyst for further digging.
Average car insurance £995
- Thread starter Berin
- Start date
Good stuff. It is the only way.
Obviously, if the saving is only a few pounds or comes with some truly onerous terms, then moving is probably not worth the effort. But a saving of over half (more importantly over £400 a year) equates to time well spent. It’ll be interesting to see what the renewal offer price comes in at, in 365 days time.
Black Rock and Vanguard own and run our country, just about every politician sings from their hymn sheet. They also own or have controlling shares in an awful lot of banks and insurance companies, they could and probably have influence on everything I pointed out if they wanted to. I imagine the insurance industry has far more access and influence on policy and politicians than the voting public ever have. But making money is far more important than doing what’s right for the good of society.
I did not say change laws………
what I said was, Encourage or even demand the legal system hammers those that commit the crimes of damaging or stealing vehicles…………. They can lobby politicians.
I did‘nt say demand………
what I said was, Encourage their customers get more training (rather than just the basic to past the test).………. with worthwhile discounts.
I said, How about the insurance industry insist that vehicle manufacturers fit robust and effective vehicle security (for instance, Rangerover-Landrover)……… Refusing to insure vehicles doesn’t help customers, putting pressure on manufacturers to fix or retrofit robust security does.
I didn’t say, police or set prices…….
what I said was, How about they investigate the obscene cost of oem parts (the instrument screen on a Honda AT1100 cost £3600 plus labour to replace)…..… highlighting the ridiculous oem part prices and putting pressure on them to lower parts prices will help.
Thanks for you kind words, “Tough shit, mate” not quite sure what I have done to insult you, or have I interpreted that wrong? oh by the way mate, I don’t auto renew insurance, never have and never will, I always shop around for the best quotes, but my point was, insurance companies don’t want to quote on personal risk, they seem to want to lump their customers into groups. I’ve done everything I can as a driver/rider to reduce the risk of an accident, My bike is in a brick garage with 6 security devices fitted, I’ve done my bit to lessen the risk of a claim, how about the insurance industry reward those who do with lower premiums.
Having just got home from work, contributing my bit to the defence of our nation, I’m off to bed……. Good night.
Leaving aside the the paranoidal sounding “BlackRock and Vanguard (whoever they are) are running the country”….
What makes you think that an insurer sets out to deliberately and consistently over-egg premiums to Joe Public? The number and choice of insurers shows that this is a foolish tactic and, worse, a foolish belief to hold. Yes, premiums are increasing, from an extraordinarily low (for some at least) level. Some postcodes are uninsurable or basically, ‘No quote given’. For those that want to remain in the business have to find a way to balance their books or, put simply, they will go out of business.
You believe that insurers do not recognise YOUR good loss record, nor YOUR exemplary training certificates, nor YOUR low crime rate address. In other words, you believe that YOU have have been selected against. Test that by seeking a quote to insure yourself without a no claims bonus, with a scooter (or half new bike) in central London; you’ll maybe then discover what a really high premium looks like. Or, as one fellow on the forum found just last week, no insurance quote at all.
Turning to insurance company participation in vehicle security. Insurers in the UK own the not for profit organisation, Thatcham. All new vehicles, whether made in the UK or not, have to pass this criteria, unique in Europe. No doubt it is a pain in the arse to the likes of Ford and their Transit vans to have to manufacture a van, unique to the UK, just to meet Thatcham’s higher criteria. Is it perfect? No, of course not, but the sale of Range Rovers has fallen off a cliff, driven to a significant degree by insurance companies withdrawing cover.
Insurers are not the Consumer Price policemen, determining the cost of spare parts or indeed, the cost of bricks and mortar (necessary when you house burns down) or locks for your garage. Their job is simply to indemnify you, should the worse happen. Put yourself in the position of the bod in the post above, looking down the barrel of apparently a £50,000 claim. We don’t know what your 2024 rip-off premium is, nor what your extended period of having no claims has resulted in, but let’s guess that you might not pay much over £200 a year. Had you, by chance, been the unfortunate cause of the fifty thousand pound claim, you will have burned through 250 years worth of premium. The other side of the coin is true too. Had you been the fellow hit and now lying in the hospital bed (as of course YOU never can have a claim) you will not care one jot if the other fellow’s premium was £1 or £1000 or if they had passed every Rospa test available, or kept their bike in Fort Knox…. All you’d be interested in would be something much simpler…. The name of their insurer and the size of the pay-out coming in your direction.
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Apparently 4D are owned by a group of insurers. No idea but maybe that sheds a different light on it if that all have their fingers in the pie.
If they do own it, they are inflating their own claims. I still fail to see how this benefits them.
Though if the repair costs through 4D are consistently lower (punters here assure us that they are higher) than the alternative, it might make sense.
Just out of interest, can you give us the name(s) of the insurance company owners?
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No , I don’t know who owns it. I read it on the interweb, possibly this very forum, so it must be right.
My bike was in for repairs with them for 5 months last year/ early this year but on the breakdown of costs there was no mention of storage costs. The entire cost consisted of labour and parts. I assumed they would not be paying storage costs as they are part owners of the company.
I spoke with the engineer assigned to my bike and the only other thing he said would affect the final bill would be a courtesy bike as it would be supplied by a third party, at a cost.
The decision to write-off the bike would have been decided by the overall total cost , even if the bike had only superficial damage.
I had no courtesy bike on my policy so they took their own sweet time repairing it. That’s an observation, not a criticism as they did a superb job of repairing it.
I don’t know why are you like this, once again such a condescending tone in your reply. You responded to my post “mate”. I don’t want to argue with you about this, I’ll try to answer your reply…….Leaving aside the the paranoidal sounding “BlackRock and Vanguard (whoever they are) are running the country”….
What makes you think that an insurer sets out to deliberately and consistently over-egg premiums to Joe Public? The number and choice of insurers shows that this is a foolish tactic and, worse, a foolish belief to hold. Yes, premiums are increasing, from an extraordinarily low (for some at least) level. Some postcodes are uninsurable or basically, ‘No quote given’. For those that want to remain in the business have to find a way to balance their books or, put simply, they will go out of business.
You believe that insurers do not recognise YOUR good loss record, nor YOUR exemplary training certificates, nor YOUR low crime rate address. In other words, you believe that YOU have have been selected against. Test that by seeking a quote to insure yourself without a no claims bonus, with a scooter (or half new bike) in central London; you’ll maybe then discover what a really high premium looks like. Or, as one fellow on the forum found just last week, no insurance quote at all.
Turning to insurance company participation in vehicle security. Insurers in the UK own the not for profit organisation, Thatcham. All new vehicles, whether made in the UK or not, have to pass this criteria, unique in Europe. No doubt it is a pain in the arse to the likes of Ford and their Transit vans to have to manufacture a van, unique to the UK, just to meet Thatcham’s higher criteria. Is it perfect? No, of course not, but the sale of Range Rovers has fallen off a cliff, driven to a significant degree by insurance companies withdrawing cover.
Insurers are not the Consumer Price policemen, determining the cost of spare parts or indeed, the cost of bricks and mortar (necessary when you house burns down) or locks for your garage. Their job is simply to indemnify you, should the worse happen. Put yourself in the position of the bod in the post above, looking down the barrel of apparently a £50,000 claim. We don’t know what your 2024 rip-off premium is, nor what your extended period of having no claims has resulted in, but let’s guess that you might not pay much over £200 a year. Had you, by chance, been the unfortunate cause of the fifty thousand pound claim, you will have burned through 250 years worth of premium. The other side of the coin is true too. Had you been the fellow hit and now lying in the bed (as of course YOU never can have a claim) you will not care one jot if the other fellow’s premium was £1 or £1000 or if they had passed every Rospa test available, or kept their bike in Fort Knox…. All you’d be interested in would be something much simpler…. The name of their insurer and the size of the pay-out coming in your direction.
I’m pretty sure you or indeed anyone else couldn’t give a toss about my insurance history, I’m not trying to make any point about my driving/riding record, I only quoted it to try and point out my perceived belief insurance is not working as most would like or expect, based on experience etc, as that is how insurance cover is quoted on.
why do insurance quotes differ so much when based on the same supplied information, with the same level of cover. Surely the higher quotes are “deliberately and consistently over-egging premiums”? Otherwise surely all companies would be very close in price to be competitive, or are they just chancing their price based on the company name or whatever, in the hope many will pay the elevated price for perceived piece of mind.
No, I don’t believe I’ve “been selected against”
. As I said above, I just don’t understand how prices can vary SO much, when all details supplied and the same cover offered, the prices can be so hugely different (by hundreds or even say a thousand pounds more).Apparently the insurance industry have no influence concerning vehicle security, oh hang on, they do through “Thatcham”. So why can a car manufacturer fail so poorly on security and the insurance industry tester (Thatcham) not work together with the manufacturer to encourage them to find a solution for all the owners with vehicles that are now finding their vehicles are virtually worthless and uninsurable. thankfully I don’t own one of the affected vehicles.
extra training by drivers and riders, decent discounts offered would encourage people to take further training courses, which is a benefit to all road users, isn’t it? But sadly the insurance industry generally could not give a dam about Rospa or IAM training, very few give a discount and they tend to be the more expensive quotes.
insurance is required by law, we can’t drive/ride without it. insurance companies offer cover at a price using parameters they set, they set a premium and then take on the risk of having to payout (for whatever that cost maybe to the maximum amount they offer in the policy). Why would you want to highlight “my rip off premium” that not once have I mentioned, you have just assumed. I was just responding to The “Average car insurance £995” and the comments made by the woman in the link about raising excess and lowering annual mileage to lower premiums, plus how prices can differ so much based on sex, mileage and excess among other things.
I’m sure I haven’t done a very good job of explaining what I’m trying to say, communication is not my strongest attribute and no doubt flak will follow, so I’ll leave at that.
Claims go up... Premiums go up...
Take the hit on the claims for the increase on the premiums
Insurers do not need to increase their own claim settlements, any more than you need to kick yourself in the bollocks deliberately.
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It is a free market, with each insurer able to set its own premiums, in competion with (or not) any other. Price fixing, where an insurance company gets into cahoots with another to rig the market - or make all quotes the same - is illegal. Likewise, tariff premiums, were outlawed. You do not want to go into an ‘everyone quotes me the same terms’ market; trust me.
If an insurer ABC has an appetite for a certain line of business, they will seek to attract more business of that type by being more competitive (ie charge less premium) than insurance company DEF. Likewise, if insurer XYZ wants to get out of a line of business they either:
a. Just shut their doors, or
b. Simply offers a premium sufficiently high that, in all likelihood, nobody will buy….. unless they have no other choice.
You see yourself as a good risk, commanding a low premium. You are probably justified in that belief. In all likelihood, insurer ABC will quote you a low premium. But insurer DEF would perhaps prefer to only accept higher risks than you represent. In crude terms, they don’t want to get out of bed for the £200 premium, they’d rather target customers in the £800 range. If though they can win you over at say, £400 they might agree to insure you. If you have no choice, then £400 it is. If you have the luxury of the £200 offer, then you won’t buy the higher deal.
What you are seeing today with your motor insurance, we have been living with for industrial and commercial buyers for, perhaps, the past fIve or more years. Prices have been going through the roof, particularly for natural catastrophe insurances (earthquakes, hurricanes, floods and the like, where clients need to buy 10‘s and sometimes 100’s of millions of dollars of cover) and some specific classes of insurance, for instance, Cyber and so called, Directors and Officers Liability. In brief, the industry (the insurers) and those that in turn reinsure them, were haemorrhaging money, following perhaps 10 or 15 years of simply accepting business for cash flow or ‘Writing for premium income’ as it is called. That came to a crunching halt, as increased claims, low investment returns and then inflation, had their inevitable consequences. What happens on the industrial business front, eventually flows through into the domestic world, simple motor, travel and basic household premiums rise. They will fall again, as the market as a whole is cyclical. But, for now, just be happy that someone was still willing and able to insure you….. some bods in London and elsewhere are less fortunate.
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You’d need to ask Jaguar Land Rover why a vehicle, which meets the Thatcham standards, carries within its systems a flaw (apparently undetected by the manufacturer) but then discovered - and exploited - by thieves. History and science is full of examples. Think of the so called ‘Battle of the beams’ where scientists (the ’thieves’, if you like) found the weaknesses in the enemy’s directional navigational apparatus and exploited it.
Nothing in this world is perfect and fuck-ups are made. At the basic level, products (which might be spot on otherwise) get recalled as they are found to be dangerous. Garmin, who should know what they are doing, somehow produced an entire model of GPS devices that were and are fundamentally flawed. JLR, seem to have done the same; why or how, nobody outside of their boardroom knows. A fix though is, apparently, on the way. And so the ‘battle’ will continue, with insurers scraping up the pieces, as best they can…. Until they say, “No more”.
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More out of curiosity I checked the price with my bank Lloyds. The quotation from Aviva was around £280, Lloyds was £170 + car rental, legal cover is included now. Fully comp. 10000 mile per year.
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