Insurance renewal in 2023

[Forty_Two]

How to prevent car theft - Admiral

What will help to keep your car secure? Here, we discuss how to prevent your car from being stolen, as well as where it’s more likely to happen.

www.admiral.com

scroll down this link for some stats on car thefts

Birmingham is the car theft capital of the country, with 293 claims being recorded in the Midlands city, putting it just ahead of Barnet with 289 theft claims:

District	Theft claims	Percent
Birmingham	293	2.4%
Barnet	289	2.3%
Enfield	238	1.9%
Leeds	216	1.7%
Bromley	204	1.6%
Wandsworth	193	1.6%
Manchester	183	1.5%
Ealing	158	1.3%
Bexley	154	1.2%
Croydon	143	1.2%

 

[spooksman]

Just renewed my insurance with LV - multi-car with M3P and a Peugeot e208.

After a quick call (very speedily answered!) got the initial quote (up 20%) reduced to just under 10% more than last year - actually fairly pleased with that after reading this thread. I could possibly have saved a few more pounds if I'd transferred to Admiral, but I'm getting old/lazy, and genuinely couldn't be bothered with the upheaval.

 

[gangzoom]

Looks like we’re also getting bashed with the crazy insurance renewal. Our first year was around £400, second year £600 and now they want almost £1100.

We’re getting stuffed by expensive claims due to lack of parts, I feel.

You would think getting hold of parts on a X wouldn't be easy? Mine had gone up barely just above inflation rate. I could get it to just above £400 with LV but like others really cannot be bothered.

 

[Pink Duck]

Similar thing for my S with Aviva £396 (2021–22), then £398 (2022–23), now £518 on renewal. Q4 2022 up 19% on average year-on-year.

 

[Rirawin]

Time of the year for me too. I paid £834 last year with Admiral (late 30s, parking on street with 8 years NCB) due to the Registered Keeper being a company and not a person. To bring the quotes down I added my elderly mother and her partner to the policy.

Over the weekend I checked on Comparethemarket over the weekend and it was showing quotes for around £1000, over 20% increase. The best quote came from Flow (underwritten by LV) and oddly enough I did not get any quotes returned from Admiral et al.

Rang Admiral this morning and the initial quote was £1009, not bad I thought, but I pushed to see if they could do better. They gave the usual "Oh we don't want to lose a valued customer like you" and transferred me to the "loyalty team". They asked the current value of the car, I gave them the figure provided by the other insurers of £42k, they then asked if I wanted to take the named drivers off the policy if they rarely drive the car (they don't drive it at all), I said let's try it. To my surprise the quote came back at £824, £10 cheaper than the previous year. I always thought having named drivers on the policy helped bring the quote down, but in this case it inflated it - maybe due to their age. I then went back to Comparethemarket, removed the named drivers and managed to get a quote back from Churchill for £846 that had a couple of additional extras thrown in like legal aid and vandalism cover, etc. Nevertheless, decided to stick with Admiral as I wasn't fussed with the legal aid for an extra £22.

 

[greenbottle123]

Expecting a renewal next week. Someone hit into my from the side and it was third party at fault 100%. Anyone can kindly advise how this may affect the premium before I start looking elsewhere. I appreciate it varies but any data points would be useful

 

[Pink Duck]

Can describe as a Non-Fault Not-Settled claim/incident when quoting, but once insurer is informed that will add cost to premiums henceforth just for the fact you were at a location where the collision happened.

 

[Whyone]

I'd expect a 10-20% loading for a not-at-fault claim.

 

[Neil_dsb]

Wifes Performance model 3 £380 last year £592 this year Direct line, no changes :-( quickly checked my Model X hardly changed, i guess its the parts and hire car charges for the model 3...?

 

[Pink Duck]

Managed to get my renewal down to only a 7.35% increase on last year with a bit of market timing, thanks to the nodding dog.

Some interesting bits here to explain why premiums have been hiked this year.

 

[Chanser]

New quote: £805 with Flow
Renewal: £1k with DL

 

[boombap]

Just had the renewal through. Literally a grand more than last year through Directline… Hell naw. Churchill it is then.

 

[LunaJ]

I was quoted £961 for renewal on my M3 with Elephant (Admiral) on a multicar policy. Which was a £150 increase on last year even though I turned 25. However my partner was also a named driver and she turns 25 in a month. For us both to be insured the cheapest other policies I could find were over £900. However, I found that by removing her from the policy I got a quote with Churchill for £630 and then as soon as I took out that policy I scheduled her to be added back on her 25th birthday and they gave me a £50 refund. So essentially we saved £350 on the cheapest quotes by knocking my partner off the insurance for 1 month.

 

[Whyone]

I was quoted £961 for renewal on my M3 with Elephant (Admiral) on a multicar policy. Which was a £150 increase on last year even though I turned 25. However my partner was also a named driver and she turns 25 in a month. For us both to be insured the cheapest other policies I could find were over £900. However, I found that by removing her from the policy I got a quote with Churchill for £630 and then as soon as I took out that policy I scheduled her to be added back on her 25th birthday and they gave me a £50 refund. So essentially we saved £350 on the cheapest quotes by knocking my partner off the insurance for 1 month.

Impressive 'footwork'!

 

[Forty_Two]

Why are the quotes on the comparison sites cheaper than (and considearbly less) than the quotes I get when I go direct to the insurance company . . .. why does cutting out the 'middleman' make it more expensive?

 

[MrBadger]

Wifes Performance model 3 £380 last year £592 this year Direct line, no changes :-( quickly checked my Model X hardly changed, i guess its the parts and hire car charges for the model 3...?

Do a requote on DL website and use that to try and knock it back down.
I did that last year and will be doing same this year as like you, apparently DL have done a ~£200 facelift...

 

[Pink Duck]

Insurance comparison sites get paid by insurers to list or promote their offerings, and they compete among the other comparison sites for an advantage to get the referral sale, another source of their profit. Also the mechanisms by which comparison sites supply the insurer APIs might also mean that claim history and car specific factors may not be the same, affecting premium calculation.

 

[Casss]

I’m having a tin foil hat moment.

Now we know Tesla insurance is almost certainly coming to the U.K., I can’t help but shake the idea that this would be a very good way to swoop in on the market:

1. Keep the number of shops who can do accident repairs artificially low, deprioritise parts to insurance repairs (parts scarcity, increase wait times and thus hire costs pushing up claim costs for insurers and premium costs for customers)
2. Make said parts very expensive (pushes up premiums for existing insurers further)
3. Install a different process for tesla insurance customers (prioritise parts for these repairs, parts at cost or close to it)
4. Undercut everyone else in the market and wave a magic wand “fixing” all of the issues above for tesla insurance customers
5. Rest of the insurance market get shut-out - Profit???

Does this sound entirely crazy?

 

[speedyranger74]

No way to accept to be monitored to save a few ££.
I will start to think if the quote is more than 50% cheaper.

 

[Pink Duck]

Teslas are really inappropriate vehicles for typical telematics products, easily exceeding harsh acceleration force factors in Chill Mode for example. The good thing with Tesla’s own insurance is that they don’t consider frontal acceleration but more genuine factors associated with self-induced crash risk.