Why it costs whst it does….

[Riktus]

In Answer…. there are loads of factors that drive the insurance premium but the main ones are:
Post Code
Past Driving record
Age - insurers really dont like under 25's and over 75's (some wont offer insurance outside of that age range) I suspect this is the major influencer on your premium rise.
Value of bike
Theft rating of post code and of bike type
HP rating
No Claims Discount
There are loads more that get chucked into the equation but the above are the main ones. You dont really get much discount for driving qualifications these days but you do get decent discounts for security like trackers and Thatchem ground anchors etc.

If you really want to blame someone for this "scam" and I work in the industry and even I say it is a scam - then blame Martin Lewis - he campaigned for fair pricing because he felt that people could be unfairly treated at renewal time as the unsuspecting customer could renew without getting competitive prices elsewhere and then be "ripped off". In thruth all he did was get a rule brought in by the FCA that no insurance company can offer a discount to a NEW consumer customer - meaning we can no longer fight for the customers business - we can discount at renewal but not for a new policy, whats the point in that if you cant get the business in the first place because the whole industry is not allowed to discount the initial deal. (I might add we didn't scam customer the opposite we offer a loyalty bonus to customers - the longer they have been with us the more they save but we are at the "premium" end of the market not the single line consumer end) Overnight premiums drastically increased because the ability to haggle for a new policy was taken away.
Its a farce and the only way to keep an industry competitive is to "compete" - we are not allowed to do that any more.

Going back to all those who say they have a clean driving history and no claims and all the rest of it - it doesn't matter - its the whole industry in a mess because 1 guy decided to make it easy for the lazy people who weren't prepared to do a little work every year and shop around!

Like I said I am in the industry - my insurance for Bike / car / house has doubled in the last 2 years - my business insurance has gone up by 9% in the same period because the fair pricing rules only apply to consumers not commercial customers - in the commercial sector the fact that there is no fair pricing rule keeps all insurers on their toes and sharpens their pencils both for new and renewal business.

 

[GSian]

In Answer to the original poster - there are loads of factors that drive the insurance premium but the main ones are:
Post Code
Past Driving record
Age - insurers really dont like under 25's and over 75's (some wont offer insurance outside of that age range) I suspect this is the major influencer on your premium rise.
Value of bike
Theft rating of post code and of bike type
HP rating
No Claims Discount
There are loads more that get chucked into the equation but the above are the main ones. You dont really get much discount for driving qualifications these days but you do get decent discounts for security like trackers and Thatchem ground anchors etc.

If you really want to blame someone for this "scam" and I work in the industry and even I say it is a scam - then blame Martin Lewis - he campaigned for fair pricing because he felt that people could be unfairly treated at renewal time as the unsuspecting customer could renew without getting competitive prices elsewhere and then be "ripped off". In thruth all he did was get a rule brought in by the FCA that no insurance company can offer a discount to a NEW consumer customer - meaning we can no longer fight for the customers business - we can discount at renewal but not for a new policy, whats the point in that if you cant get the business in the first place because the whole industry is not allowed to discount the initial deal. (I might add we didn't scam customer the opposite we offer a loyalty bonus to customers - the longer they have been with us the more they save but we are at the "premium" end of the market not the single line consumer end) Overnight premiums drastically increased because the ability to haggle for a new policy was taken away.
Its a farce and the only way to keep an industry competitive is to "compete" - we are not allowed to do that any more.

Going back to all those who say they have a clean driving history and no claims and all the rest of it - it doesn't matter - its the whole industry in a mess because 1 guy decided to make it easy for the lazy people who weren't prepared to do a little work every year and shop around!

Like I said I am in the industry - my insurance for Bike / car / house has doubled in the last 2 years - my business insurance has gone up by 9% in the same period because the fair pricing rules only apply to consumers not commercial customers - in the commercial sector the fact that there is no fair pricing rule keeps all insurers on their toes and sharpens their pencils both for new and renewal business.

So, why not offer an incentive at at the first quote for a specified discount at renewal for all returning customers that haven't :
Moved Post code
Any driving convictions
hit age 75 and are over 25
Changed bike
Moved into an area where the theft figures remain the same
A bad HP rating - and have got the same power of bike, or have a good credit rating (Which do you mean?)
Had a claim of any kind
Etc Etc.

All I see is rising premiums despite the above, even if I have 1 extra year NCB, at the moment I have 9+, touch wood. once I get to 9 it stops getting better, just goes up regardless of the bike also dropping in value.

I myself personally think Martin Lewis is a knob, but he cannot be used as an excuse for what could be classed as greed in a fast rising inflation situation, there is no reason premiums should rise more that inflation itself if all the above criteria is met, or if someone else has been unfortunate enough to need to claim, or if electric cars have increased a risk.

If the insurers weren't seen to be dodgy before, then Martin Lewis may not have done what he did. Insurance is just a form of mandatory gambling that can get you into trouble for not doing. There's no wonder so many don't even bother getting it. There must be a better way to regulate this form of gambling where a company can get more from the good gamblers without just reason.

 

[SiRich]

Riktus I know with home insurance there were an awful lot if old biddies getting fleeced each year and propping up insurance firms because they didnt shop around and liked the idea of a safe name. paying £500 for something someone else same risk etc had got for £200. But whose fault is that.

I get the impression some insurance firms have been sneaky, offering new to market brands to get round the pricing rules so they can be competitive with the new brand to gain new punters, and keep prices higher on the other brands they own without falling foul

 

[Riktus]

So, why not offer an incentive at at the first quote for a specified discount at renewal for all returning customers that haven't :
Moved Post code
Any driving convictions
hit age 75 and are over 25
Changed bike
Moved into an area where the theft figures remain the same
A bad HP rating - and have got the same power of bike, or have a good credit rating (Which do you mean?)
Had a claim of any kind
Etc Etc.

All I see is rising premiums despite the above, even if I have 1 extra year NCB, at the moment I have 9+, touch wood. once I get to 9 it stops getting better, just goes up regardless of the bike also dropping in value.

I myself personally think Martin Lewis is a knob, but he cannot be used as an excuse for what could be classed as greed in a fast rising inflation situation, there is no reason premiums should rise more that inflation itself if all the above criteria is met, or if someone else has been unfortunate enough to need to claim, or if electric cars have increased a risk.

If the insurers weren't seen to be dodgy before, then Martin Lewis may not have done what he did. Insurance is just a form of mandatory gambling that can get you into trouble for not doing. There's no wonder so many don't even bother getting it. There must be a better way to regulate this form of gambling where a company can get more from the good gamblers without just reason.

The rules are set by the FCA not the Insurance industry so nothing to do with what we "want to do".

I take it you read my post but decided to ignore the bit that I explained "we do give a discount for Loyalty" - admittedly one of the few that do but we dont play in the Motorcycle insurance market it is too much of a risk - when a car customer tells you his car is not "modified" I tend to be able to believe him - I cant say the same of bikers (and yes I agree some of the additions improve the safety but thats not why the insurer asks that question).

When your driving record is clean for 9+ years you continue contributing to calculation of your driving characteristic so every year in effect makes a difference - it just means that your insurer has enough years of NCD to attract full discount at 9 years and most insurers if you protect your NCD will allow so many accidents or claims before it starts to affect your discount - even over the threshold you wouldnt loose all your NCD in one swoop.

Believe it or not - not all insurers are dodgy - however over the last zillion years insurers have competed for business and as the margins have reduced in insurance so have the number of underwriters prepared to write specific risks meaning that premiums have risen.
You apply a 2 dimensional logic to premium prices - "inflation" and "risk" and then you assume that the actions or lack of actions of others shouldn't affect you. You dont take into account elementary inflation - in the simplest terms if inflation is running at 10% and you need to conduct a repair that needs Labour + Parts then the following is more reflective of todays scenario:
Labour - gone up by 10%
Parts - gone up by 10%
Time to get parts - Increased by minimum of 10% so courtesy vehicle needed for longer or garage charges more man-hours to cover storage
Hire vehicle for courtesy vehicle gone up by 10%
Claims handler wages and costs increased by 10%
Loss Adjuster wages gone up by 10%
blah blah blah.

I am not defending it - I was trying to be helpful to explain to the original poster why premiums may have gone up - as always you get shot down for trying to be "helpful".

 

[Mr Bean]

Believe it or not - not all insurers are dodgy - however over the last zillion years insurers have competed for business and as the margins have reduced in insurance so have the number of underwriters prepared to write specific risks meaning that premiums have risen.
You apply a 2 dimensional logic to premium prices - "inflation" and "risk" and then you assume that the actions or lack of actions of others shouldn't affect you. You dont take into account elementary inflation - in the simplest terms if inflation is running at 10% and you need to conduct a repair that needs Labour + Parts then the following is more reflective of todays scenario:
Labour - gone up by 10%
Parts - gone up by 10%
Time to get parts - Increased by minimum of 10% so courtesy vehicle needed for longer or garage charges more man-hours to cover storage
Hire vehicle for courtesy vehicle gone up by 10%
Claims handler wages and costs increased by 10%
Loss Adjuster wages gone up by 10%

Isn't that still a10% increase, as all of those costs would have been there before - apologies if I've missed something.