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£500 SR+ M3 insurance hike?!?!?
- Thread starter Blueskye
- Start date
By January, they can't offer renewal prices higher than an equivalent new customer quote due to regulation changes.
The cynic in me says, it'll be the new customer quotes that go up rather than simply the other way around. But either way, I imagine it may already be slowly influencing prices.
The cynic in me says, it'll be the new customer quotes that go up rather than simply the other way around. But either way, I imagine it may already be slowly influencing prices.
I genuinely am flabbergasted at the premium many people are quoted, My reaction to getting a renewal well over £1500 would cause palpitations.
I accept I'm old, but back in the early days of driving the cost of insurance never entered the equation - it was always affordable as was Road Tax - It was always the case 'If you could afford the car nothing else financially would put you off'
Over the years - perhaps its me just aging, but premiums have always been reasonable no matter what type of car I've had, The 911 hurt in the VED department -£550 per annum but insurance was very reasonable.
Prior to the M3P I had the Focus Mk3 RS - my premium for 2020-2021 was a few pence over £220 - The M3P - with three months of my insurance to run before renewal was an additional £28 with LV and they also informed me a full year if renewed on the date i collected the M3P would have been £333.
My insurance runs out 29th June so in a few days I will be able to log into Confused.com and seek a quote - max days in advance of renewal is 30 days - so I amended my stored details and set the renewal date to the 25th June to see what the quotes are now - LV have quoted £271 and they include cover for running out of charge and vehicle taken to the nearest charge point - I didn't know something like this existed but i wonder if it would count as a claim If you used it?
Obviously I'm delighted at the quote and clearly there are benefits for being old.
Agree with @Irata - the changes in the law that come into effect in January 2022 is likely to see new customers not being offered better deals than existing customers renewing - though experience confirms If you get a quote online and your current insurer quotes a higher price for renewal a quick phone call to them will see them price match the online quote.
I accept I'm old, but back in the early days of driving the cost of insurance never entered the equation - it was always affordable as was Road Tax - It was always the case 'If you could afford the car nothing else financially would put you off'
Over the years - perhaps its me just aging, but premiums have always been reasonable no matter what type of car I've had, The 911 hurt in the VED department -£550 per annum but insurance was very reasonable.
Prior to the M3P I had the Focus Mk3 RS - my premium for 2020-2021 was a few pence over £220 - The M3P - with three months of my insurance to run before renewal was an additional £28 with LV and they also informed me a full year if renewed on the date i collected the M3P would have been £333.
My insurance runs out 29th June so in a few days I will be able to log into Confused.com and seek a quote - max days in advance of renewal is 30 days - so I amended my stored details and set the renewal date to the 25th June to see what the quotes are now - LV have quoted £271 and they include cover for running out of charge and vehicle taken to the nearest charge point - I didn't know something like this existed but i wonder if it would count as a claim If you used it?
Obviously I'm delighted at the quote and clearly there are benefits for being old.
Agree with @Irata - the changes in the law that come into effect in January 2022 is likely to see new customers not being offered better deals than existing customers renewing - though experience confirms If you get a quote online and your current insurer quotes a higher price for renewal a quick phone call to them will see them price match the online quote.
Yep - I think we’ll see it start to go up in next few weeks if not already - bit of a pointless regulation - if your too lazy to spend a few minutes checking once a year then that’s on you! It’s not like it’s an unknown thing to check each year! Now I fear all our prices will go up!
Billbrown1982
TM3 LR 2021 | Red | FSD
Thats something i've been wondering about for some time, all the sites I've come across are so excited for these integrated batteries and they are going to be the next big thing etc etc.
But yeah, for 1, they are surely going to be more expensive and quicker to write off and for 2, there is going to be even less chance of changing the batteries out one day than there is now!
Billbrown1982
TM3 LR 2021 | Red | FSD
Unless the castings are cheap enough to replace that insurers won't write the car off?
Can't see it though...
