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LV hiking insurance prices again
- Thread starter spon88
- Start date
I understand what you say but insurance isn't a physical thing like for example a washing machine - a shop selling washing machines have paid money out to get their stock - and that stock is dead money until its sold - so in those circumstances a shop selling on credit means it will take time to get all the monies paid - so I can understand their is a cost to the shop, or if a credit agreement is taken out - the shop gets paid immediately but the finance company pay the shop from their funds - and so they will want interest on loaning that money to the person taking the loan.
With insurance there is no cost to the company for letting you pay over a period because they haven't paid anything out to just say "yes we will insure you"
Insurers don't just hold premiums in a zero interest rate account. A big part of what insurers do is pool premiums and use that to earn investment returns. If you don't pay up front they don't earn those returns, hence you compensate for that if paying by installments.
With price comparison sites the Insurance game is one of the easiest to vote with your feet. If you don't like the price move elsewhere.
CoastalEV
Member
m-i-l
Member
My Churchill renewal came through at £1069.36. Last year it was £842.24. So I went on comparethemarket and got various quotes, starting at £701.50. Interestingly, a Churchill quote was listed at £841.52.
I made the mistake of calling Churchill to see if they could do better than £1069.36 for my renewal. Was on hold for 27 mins, before finally talking to someone who typed something into his computer before saying no, the best idea was to let it lapse and to take out a new policy with them. So I went back to comparethemarket to apply for the new Churchill policy, before realising that it said to call Churchill!
Instead of spending another 27 mins on hold, I thought I'd apply for a new policy online. Spent another 15 mins filling out the forms. The new quote came to £1,449. 07! Was getting a bit hacked off by this time, so decided to get a quote from Direct Line. Spent around 15 mins filling out forms that looked identical to the Churchill ones, and got a quote for £1,621.97!
In desperation, I decided to call Churchill again, this time quoting the comparethemarket reference number. This time they quoted £799.52.
I really don't know what these insurance companies are playing at. I've saved around £260, to get slightly better terms with the same insurer, but at a cost of around 2 hours of my time.
I made the mistake of calling Churchill to see if they could do better than £1069.36 for my renewal. Was on hold for 27 mins, before finally talking to someone who typed something into his computer before saying no, the best idea was to let it lapse and to take out a new policy with them. So I went back to comparethemarket to apply for the new Churchill policy, before realising that it said to call Churchill!
Instead of spending another 27 mins on hold, I thought I'd apply for a new policy online. Spent another 15 mins filling out the forms. The new quote came to £1,449. 07! Was getting a bit hacked off by this time, so decided to get a quote from Direct Line. Spent around 15 mins filling out forms that looked identical to the Churchill ones, and got a quote for £1,621.97!
In desperation, I decided to call Churchill again, this time quoting the comparethemarket reference number. This time they quoted £799.52.
I really don't know what these insurance companies are playing at. I've saved around £260, to get slightly better terms with the same insurer, but at a cost of around 2 hours of my time.
When I got my Y I'd just got a renewal quote from LV for the 3 for about £300. Which I thought was pretty decent, actually.
I put the Y into LVs website and they wanted >1k!
Sure it's a newer car but really they're the same car in a different shell. It doesn't justify 3x the cost.
Eventually went with Admiral at £500 (for which they wanted a black box, but I was such a boring driver they decided they didn't need it after 3 months heh).
Never got DL below 2k, with the same details, even with the 3.. and I live in a small town where nothing ever happens (well, lots of lost cats according to facebook).
I put the Y into LVs website and they wanted >1k!
Sure it's a newer car but really they're the same car in a different shell. It doesn't justify 3x the cost.
Eventually went with Admiral at £500 (for which they wanted a black box, but I was such a boring driver they decided they didn't need it after 3 months heh).
Never got DL below 2k, with the same details, even with the 3.. and I live in a small town where nothing ever happens (well, lots of lost cats according to facebook).
MY is an unknown quantity to insurers. They have no idea about repair costs yet and also whether it lends itself to more spirited driving and is therefore higher risk. M3 is old hat now so insurers have the data to understand it.
TBH I've yet to see anything in this thread which is massively eye opening. Always shop around as loyalty is not rewarded. This has been the same in most consumables markets for many years, whether that is personal insurance, broadband, mobile phones or utilities.
With car insurance once you've created a profile with the top 3 or so comparison sites it's very easy to update each year (usually just changing the number of years NCD is the only change needed) and you get all the latest prices very quickly at your fingertips, and you can easily toggle with the amount of excesses palatable to you to find your ideal policy.
Im having a Faff with insurance from Churchill this time
2019 - £650 (With Churchill)
2020 - £640 (With Churchill)
2021 - £660 (With Churchill)
2022 - £1050 - over 60% increase on premiums (No change what so ever to the previous years except for my age - same address, same occupation, no accidents or claims)
Did all the compare searches and even their own websites and the best is £880 from hastings
Churchill are still the same price or even more on the comparison searches?
What gives? - 3 year old Tech becomes an antique?
It might be interesting to see what would happen if you put a fancy non-Tesla car in for a search. Is it Insurance co's just trying to rake in money from those they deem must be able to afford it or is it to do with Tesla repair costs & difficulties.?
They dont ask you that type of question about salaries - only your occupation (but mine has not changed) and also the salaries dont go up that kind of amount on a yearly bases.
If this was the case then we would all see the same type of increases from the same insurance companies.
I was referring to cost of car, not salary. As to Tesla repair costs..so many folks reporting huge insurance hike on their Tesla makes one wonder if applies to other marques
£526: - Current.
£670: - Renewal quote.
£517: - Revised quote after a whinge and mileage reduction to 10k (only done 19k in three years)
£720: - Estimate for MY in September.
I was on hold for 30 mins, didn't mind that so much, but the "music" they make you endure while waiting is torture. It is like listening to someone eating noisily, and I'm sure it's designed to make you hang up. It nearly succeeded with me.
£670: - Renewal quote.
£517: - Revised quote after a whinge and mileage reduction to 10k (only done 19k in three years)
£720: - Estimate for MY in September.
I was on hold for 30 mins, didn't mind that so much, but the "music" they make you endure while waiting is torture. It is like listening to someone eating noisily, and I'm sure it's designed to make you hang up. It nearly succeeded with me.
My Churchill renewal came through at about £200 more than last year, I went on the website as I wanted to add european cover, as soon as I hit to change the renewal the new quote was back to about the same price as last year. Also adding European cover was about £50 more than upgrading to Comprehensive Plus that includes it alongside other improved terms.
pdk42
Active Member
I got a one of the cheap deals that Peugeot were offering last year (about £300). They've since dropped out of insuring Teslas (as have Direct Line I think) so I'm dreading what the quotes will be like when I renew later this year!
Cardo
Active Member
Direct Line appear to still be Tesla’s insurance partner through their “InsureMyTesla” page, so I’d be surprised if they’ve stopped insuring Teslas!
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