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If the rise in insurance is because of repair costs why isn’t third party cheap too?
- Thread starter Kenners
- Start date
Thankfully, I was in the one year new-for-old, so the insurance paid out in full. So can’t fault Admiral for the way they dealt with the claim. (My issue is with the repairability of the car, and parts supply, which is down to Tesla).
Needles to say though, the replacement lease was much more than the previous (as it was now post price-cuts that spooked the trade) and the car came without ****ing USS parking (so now annoys me no end, and turned me from a happy Tesla owner, to a very pissed-off one who won’t have another).
MrBadger
Badger out
Another thing to watch with brokers is that they have their own T&C’s and fees on top of the insurers. We bought an insurance policy through a broker knowing full well that it was likely to be cancelled after a few months as asset was to be sold and we couldn’t have a policy on someone else’s asset - brokers knew the exact circumstances which was not run of mill hence using broker. When we did as expected cancel, not only did insurance company take their admin/cancellation fee but so did the broker. After a couple months use, there was less than half in way of refund due to 2 x admin fees - after cancellation, broker costs accounted to about 1/3rd of annual premium. Double fees may also apply for policy adjustments.
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Jason71
Well-Known Member
I got a policy through a price comparison site and did not even realise it was a broker on the comparison site and I got stung for double cancelation fees when I cancelled as well
WannabeOwner
Well-Known Member
Yup
That's not my primary requirement. I want a reliable insurer who will pay up if I need them to, and I won't fall foul of umpteen small-print wigglers (in particular those introduced into the small print at renewal). I am in the category of "Don't have time / value time too much to wade through it"
My broker charges me a fee for his service, and credits me any commission he gets.
He knows the ins and outs of insurance way better than I do, so if he advises me that A-is-better-than-B this renewal then I just rubber-stamp that.
As it happens he doesn't insure my primary Tesla, 'coz when I got first Tesla I needed any-driver cover which he cannot do ("Easy to add a driver, just phone me, but must be office-hours" wasn't good enough for me once-in-a-blue-moon), and I've stayed with them (NFU). This years renewal has just come in and seems to be the same as last years (give-or-take, I didn't look that closely, but the normal seems to have been 50% more, or even think-of-a-number more)
Donkey's years ago we used to use Co-op. They (only - I think?) had agents. Lovely chap looked after us, nothing was too much trouble. Even had an accident or two, and he took care of the whole thing. They had a loyalty bonus (after 6 years I think), which was worth having.
They moved the whole lot to an office in Manchester, made him redundant, and wasted so much of our time trying to get anything done (including telling my wife that she a) wasn't insured and b) hadn't been insured - turned out not to be true, but she was very distressed). Guess what? After decades with Co-op, numerous cars, numerous company colleague also covered, haven't insured anything with them since.
I was quoted £9,000 a year to insure my Tesla Model X
Philip Small had never paid more than £1,000 a year to insure his electric car so was shocked this month to be quoted as much as £8,932.
The Daily Mail have gone for £9000 in their headline. Predictably the comment section has "they spontaneously burst into flames" and "15 minute city" talk in.
Jason71
Well-Known Member
So long as people keep clicking and sharing these stories the tabloids will keep churning them out.I was quoted £9,000 a year to insure my Tesla Model X
Philip Small had never paid more than £1,000 a year to insure his electric car so was shocked this month to be quoted as much as £8,932.www.thisismoney.co.uk
The Daily Mail have gone for £9000 in their headline. Predictably the comment section has "they spontaneously burst into flames" and "15 minute city" talk in.
I had a laugh when I got a quote to add my 21 year old daughter to my car, £9500. (She asked if she would be allowed to do any of the driving on our road trip next year.)
What an I supposed to do?
Option 1) Ignore it because it was for fun.
Option 2) Contact the Sun and Daily Fail and declare the horrendous problem with EV insurance and declare that I'm going back to ICE?
Let me think for a moment...
Pickup any London post code and run a search with best options (garage , max non claim etc) . Then you will know where the numbers come from
So after comparing the Polestar 2 (which I prefer the looks of) and a m3p (which I prefer living with) I've bit the bullet and pick up a 70 plate 9k mile Tesla on Friday.
Managed to get the insurance down to £1300
but will offset the cost by not buying a wall charger for a while, as I can charge at work for free.
Now to sell the V8.
Managed to get the insurance down to £1300
but will offset the cost by not buying a wall charger for a while, as I can charge at work for free.Now to sell the V8.
M1tch
2021 M3P with EAP
In short, the world is full of lying, cheating scum who will do anything for a quick buck. If you own a car, you need insurance. Therefore you must pay so they charge what they want. Almost zero regulation, it’s full of lie and scam after lie and scam solely to make money.
Prices will never come down in any sector because the rich are getting richer and the poor are getting poorer and that’s sadly how our broken, fractured world runs.
Fuel goes up, insurances go up, profits go up, taxes go up, wages go…..oh wait…..
Jason71
Well-Known Member
I don't disagree in principal but so far as the car insurance industry is concerned have profits gone up? I read somewhere not (citation needed)
They are claiming things like parts prices and other repair costs have gone up significantly, which I am sure is true but whether they are using this as an excuse to put up prices more than is necessary who knows?
There are multiple levels of markup of prices by the time the final bill gets passed on to a motorist, too. For instance, the hourly labour rates charged by repair garages are mind-bogglingly high. Insurance companies don't shop around for cheap rates like you or I would. They just pay whatever the rate is at a garage that's on their approved list & local to where the car is. That allows the repairer to take the p*ss & charge a premium rate because they know it will just get paid. You can bet they add on any number of hours to the job, too.
The whole insurance industry is a huge scam and money-printing machine. I know people in the building trade who have contracts with insurance companies & have a completely different set of rates for insurers vs quoted private jobs. Even my dentist does extra unnecessary work every time I go there (like additional x-rays), because I have full cover with insurance and they can charge full price without any comeback.
kelvin 660
White SR+ with LFP battery
Well my wife's car was hit (whilst parked) a few months ago and I didn't want to use the third party insurance company for the repair, as I already had a quote from a good and trusted independent repairer. The insurance said that they only pay £x/hour (I think it was £50/hour) and therefore I must use their repairer. I told them that I can have it repaired, at their cost, wherever I wanted. They said, fine but the repair won't be covered under their warranty... As it was only a minor door damage and wing mirror damage, I forgo the warranty and the independent repairer got the work... Additionally, all the parts used had a fixed "insurance price" (lower than manufactures costs), so there is no margin to be made on parts...
So @Kansalis the insurance companies do seem care very much about their costs... But I think they really only care about their profit!
WannabeOwner
Well-Known Member
Seems to me to be very unlikely it would be anything else
"Approved garages" means, to me, that rates have been negotiated and agreed. They aren't going to be so low that no one will tender, but there are probably some clauses in there to control the cost (e.g. the fixed price they wil pay for parts, as @kelvin 660 said). The garage benefits from getting a steady stream of work , so saves on advertising / getting punters and so on.
They aren't interested in making profit for the repairers. Their scam is typically in conjunction with a particular rental company that supplies loan cars at a special premium price, and who happen to also act as a middle-person to appoint a claims management company.
Do Teslas have what could be classed as a valid tracker? I have ticked no on the LV site and they say that they do not cover without a tracker but on here people say that they have good cover with LV. My cover with Direct Line is due for renewal and I am expecting to be quoted above £1000 perhaps way above.
Not a Thatcham approved one, so it would very much depend on the specific policy/insurance company as to whether they would consider it valid or not - many will not.
Jason71
Well-Known Member
Although the tracking is excellent the hardware is in the same place in every car every professional thief would a) know its there b) know where to find it and disable it
so it does not meet the requirements. Too easy to find and disable
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