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Insurance renewal in 2023
- Thread starter yessuz
- Start date
well, the thing is that you have a lot of different trade names actually underwirtten by the same underwrite or being part of the same group (like churchils...)
in general, although you have different insurance providers, in many cases you buy from the same...
but I wanted to see your faces if you had to insure it for comprehensive insurance in Lithuania
My renewal quote from Diamond has just gone from £493 last year to £750 this year so I have spent the morning on the comparison sites.
I found several quotes similar to last year’s but then discovered something (that most of you probably already know). Comprehensive is no longer comprehensive! If you want proper ‘comprehensive’ (e.g. including cover for driving abroad) you have to go for the new and higher priced (naturally) ‘comprehensive plus.’
After a number of amusing quotes (the AA were particularly hilarious) I have found that Direct Line’s ‘comprehensive plus’ appears to be the best I can get for my Model Y at £551.
I found several quotes similar to last year’s but then discovered something (that most of you probably already know). Comprehensive is no longer comprehensive! If you want proper ‘comprehensive’ (e.g. including cover for driving abroad) you have to go for the new and higher priced (naturally) ‘comprehensive plus.’
After a number of amusing quotes (the AA were particularly hilarious) I have found that Direct Line’s ‘comprehensive plus’ appears to be the best I can get for my Model Y at £551.
scdoubleu
Member
It's now just under 30 days to renewal, so comparison sites are now useful for my MYLR.
£442 plus £35 QuidCo cash back seems like a pretty decent deal - cheaper than last year. Anyone have any experience of "Yoga" insurance?
Funnily enough, even Direct Line have dropped their price as of today; from £650 a week or so ago to £578 today.
I have a feeling that insurance companies have a random number generator in the mix.
£442 plus £35 QuidCo cash back seems like a pretty decent deal - cheaper than last year. Anyone have any experience of "Yoga" insurance?
Funnily enough, even Direct Line have dropped their price as of today; from £650 a week or so ago to £578 today.
I have a feeling that insurance companies have a random number generator in the mix.
No offence but I feel like this is totally specious.
If there was an avenue for a disruptor to come along and reduce prices across the board, they'd clean up. It's such an obvious win that it begs the question why it hasn't been done already, years ago, and why - instead - the insurance industy is highly competitive...
People like to imagine that the whole thing is a cartel because it's an easy answer to a complicated question, when in reality there is no reason any of these companies wouldn't want to get your business, save for the risk being too great for the premium being offered.
There are certainly instances where companies give a ridiculous quote - often that is simply because their underwriter simply doesn't want the risk. The quote given is saying "we don't want you as a risk on our books, but if you insist - this is how much it will cost you (and us) to manage that risk".
There's no point taking any of this stuff personally. It is all just numbers, unemotional risk measurement, and if you're getting silly quotes from everyone then that simply means that you're either too big a risk, or the car is. With Tesla values and long parts lead times, etc I'd say it's both.
I can imagine a world in which a 21 year old living in a major city is trying to get insurance on a group 48D+ car (minimum for a Tesla) and getting silly prices, and thinking the whole industry is corrupt, without actually looking in the mirror.
nrushforth
Member
Insurance renewal with Admiral for MYLR came in at £385, paying via DD over 12 months. Annual cost was £370.
This is with 13yrs NCB and Protected No claims bonus charge.
This is with 13yrs NCB and Protected No claims bonus charge.
Tesla Insurance moves closer to launch in Europe with new job posting
Tesla is looking for Legal Counsel for its European Insurance team, according to job postings from the automaker that were recently published.
www.teslarati.com
Utumno
2 x Model Y LR (2022 Q2 & 2023 Q3)
A “black box” based insurer is hardly disruptive in the UK, is it? Even where the “black box” is the car telematics?Tesla Insurance moves closer to launch in Europe with new job posting
Tesla is looking for Legal Counsel for its European Insurance team, according to job postings from the automaker that were recently published.
scdoubleu
Member
Perhaps the auto industry execs thought the same way before Tesla came along.
Thing is, as per my post just above yours, I'm mostly ok with the price of the policy on which I settled. But it still feels like I'm being taken for a ride by the whole process.
Years ago one generally bought car insurance via a high street broker. Then a disrupter came along in the form of Direct Line, offering a simpler telephone only process and cheaper policies by cutting out the middle man. As a result most brokers disappeared as the industry pivoted en-masse to the new model.
Ironically, the middle men are back in the form of comparison sites, creaming a bit off the top yet again ("a bit" might be an understatement judging by their apparent advertising budgets). This time, though, many of the middle men are ultimately owned by the insurance companies, which puts their impartiality in doubt.
At the other end of the equation, if you find yourself having to make a claim, there are more middle men in the form of claims management companies. I have no personal experience of them as I've been claim free for decades (touch wood), but there's plenty of anecdotal evidence of the potential for extra hassle and cost that they can bring to the process.
There are also reports that insurance companies are exploiting loop holes in the recent legislation to prevent "loyalty penalties" on renewal quotes. Quelle surprise.
I'd like to see more honesty and transparency in this industry, because I'm getting too old and stiff to be grabbing my ankles every 12 months.
Ha, I remember when I cam to uk first in 2012 and went to high street broker (a year or so before they closed) and asked for insurance quote for 599 gbp car... And got quotes 2k
))) when CTM was 700 or so But in my experience, once you are at no fault, you have the best friends in car rental and any possible claim management
))I don't disagree with the thrust of your argument, but insurance is a unemotional numbers game and there's enough competition that any entity grossly overcharging across the board simply won't get any customers and will go out of business. Conversely an entity undercutting everyone to try and "win" on volume with disproportionately low premiums relative to the risk will simply run out of money after a while with the inevitable claims, etc roll in.
I am certainly interested in more intelligent and granular premium calculations - e.g. I do little mileage, usually the same journeys (commuting) and usually during daylight hours. There's no dispensation for considering that I might be lower risk than someone doing a similar number of miles but travelling in to the centre of busy towns, leaving my car there (increased risk of vandalism, etc) and driving around at night. All of this intelligence requires telematics aka "monitoring", which people generally are resistant to. I have a M3P and enjoy booting it from time to time, so I imagine I'd be punished quite badly by Tesla's "acceleration" stats, so this probably wouldn't work for me either.
In terms of comparison sites, my understanding is that when they initially came about the insurance industry was pretty resistant to them, and some of them wouldn't be a part of it (I think some do today advertise saying they're "cheaper than comparison sites"). They ultimately have to follow the trend though - people wanted somewhere they could compare prices instead of filling out X number of forms over and over, so flocked to the comparison sites, and the insurance companies had to acquiesce to them. You're right in so much as they are not independant anymore by any stretch, such is the way of companies being bought out.
I would also agree that there are elements of the insurance industry that are straight up rotten. When I crashed a previous car several years ago, I had no end of calls from accident management companies for months afterwards who knew all of the details of my accident, who would tell me that I can make a personal injury claim (even though the accident was my fault). I had a rant at my insurer after probably the tenth one of these calls asking them how this AMC knew about the particulars of my crash (which could only have come from my insurer) and they didn't have a good answer for it. There seems to be kickbacks galore when it comes to insurers and AMCs.
go compare has an additional £250 excess cover which you get simply by clicking through their site to buy your policy - not sure if that's what you're asking ?
(Edited because I originally said compare the market)
This is all very nice but pretty meaningless in the grand scheme of things. Quoting prices with no context of driver age, location, past claims, convictions and what the car is used for among others isn't helpful as everyones circumstances and requirements vary so much.
nrushforth
Member
All you had to do was ask
Only trying to be helpful and demonstrating that MYLR insurance can be reasonable, and from which insurance company, so others can quote their specific circumstances to see how they fair.
Absolutely no question as to if your trying to be helpful or not. Tesla insurance can be reasonable but as you state in your post "specific circumstances" ...which is what I alluded to in my reply.All you had to do was ask
Only trying to be helpful and demonstrating that MYLR insurance can be reasonable, and from which insurance company, so others can quote their specific circumstances to see how they fair.
nrushforth
Member
For clarity. Age 51, No claims made, no points or convictions, 13 yrs NCD, live in village outside Edinburgh, used for social domestic and commuting, 8000 miles. Added wife who has similar details.
If your details are similar then try Admiral. I called after getting a quote, saying I had better prices and asked if they could apply any further discounts.
I just had a renewal quote from Admiral, ~ £1200 up from ~ £700. Age 50, full NCB, live in Northampton. Car kept on drive, Partner as named driver ..... 20k miles per annum, business use. Cheapest I can find now is via 'Flow' part of the LV group at £850.
The main frustration here is the fact that the outcome of any quote is so apparently chaotic (Chaos Theory: the study of apparently random or unpredictable behaviour in systems governed by deterministic laws). It should all make sense, but it doesn’t. How can the same person with the same circumstances receive quotes ranging between £500 and £2,500? And why does one person get a good renewal offer while another with almost identical circumstances appears to be the butt of an insurance company’s joke. If I had to guess, I’d probably ascribe it to an imp with a set of dice (it makes as much sense as anything else going on)
This thread should serve the purpose of showing that it is possible, with persistence to find something reasonable for your own circumstances. I read most of the posts as meaning don’t give up, you can find something somewhere. So thank you for your post.
Billbrown1982
TM3 LR 2021 | Red | FSD
The sheer fact that emailing to say, I don't wish to renew and getting a reply back with "we've looked at your policy and can offer you this better price" just proves to me how scummy insurance companies actually are.
If they had offered me that price from the off, I actually would have renewed as its like £3 cheaper than the company I ended up going with after doing the comparison round up.
If they had offered me that price from the off, I actually would have renewed as its like £3 cheaper than the company I ended up going with after doing the comparison round up.
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