LV insurance hike - quick sense check

[WV72]

Most insurance companies will reduce price when a spouse/partner is added (compared to a sole driver policy).

After all, Tesla is the most expensive in insurance

 

[Wattsisname]

About half what DL quoted me.. no idea why they're so high (currently paying £500 with admiral).

They (DL) want to insure Teslas..... just not too many.

 

[Wattsisname]

After all, Tesla is the most expensive in insurance

In the UK, as per above mentioned, Tesla do not underwrite or market insurance cover but rather steer us to Direct Line. I am not sure that there is even much Tesla "badge" marketing in evidence with the DL offer. Anyone here insured with the Tesla/DL scheme?

 

[pgkevet]

I had DL insurance when I first bought my Tesla in 2018 at a reasonable price. The next year it skyrocketed and I ended up with LV direct for a couple of years. Last year the cheapest quote was RAC, cheaper than LV direct but underwritten by them anyway,!
The renewal quote from RAC after my 2 minor incidents was a staggering £2900+ for this next year and RAC wouldn't budge on it. I've just spent several hours on the phone and comparison sites and got it down to £1360. Still a huge chunk making a mockery of protected NCD. And a heck of a jump from the previous £350.
Even more absurd that Saga is underwritten by LV again.
It really is time for some ombudsmen to look into the racket that's going in here.
Incidentally the comparison site quote before adding my incidents came back as £800. All very smelly and implying insurers just don't want Tesla on their books due to such high repair costs from even minor damage.

 

[Whyone]

I think that protecting NCD is a deception and I'm amazed people fall for it.

It doesn't transfer readily between insurers, especially after any sort of claim, and it is that claim which will weigh far more heavily on the premium charged that NCD (protected or not).

 

[kelvin 660]

Just got my home insurance renewal from Churchill. Up 34% (£250 to £340) and never claimed in 25 years. Easy money me thinks!

 

[AMP_it_up]

Just had my renewal from LV for my 2019 M3P. It went up from £527 last year to £864, which is a 64% increase despite moving to a more rural area. I have full no claims and am 63 years old. After ringing LV to reduce the annual mileage from 15k to 10k, the price was reduced to £740 and then a discount added when I expressed dissatisfaction to £703. I then tried the Meerkats comparison site whose best deal was £1048 with LV! However, using Confused.com resulted in the lowest price of £535 from Admiral Essential which is a pretty basic policy, no windscreen cover, legal cover etc. eventually I settled on Admiral Gold with legal protection and personal injury plus act £654. The Admiral policy has a lower excess £650 compared to LV £950.

 

[pcgtron]

Just had my renewal from Churchill on a 2021 plate tesla LR and it's gone from £430 last year to £936 this year. Nothing's changed and not claimed anything this year. That's over 100% increase for nothing. Cheapest comparison site is £1400. What's going on, got 1 more year left on the lease then I'm moving away from tesla

 

[Kashp]

Just had my renewal from Direct Line - £367 last year, £765 this year. More than 100% increase. Admiral Gold is coming out to £675 which is the cheapest equivalent cover.

 

[PITA]

... as we go into a UK Recession, more people on PCP contracts will want to get out of them.

Unfortunately there are a lot who will risk the Insurance way out... the standard of driving in the Wild-West Midlands is like people want to write their cars off.

Leaving the rest of us to pick up the bill.

My Wife and I have seen some unbelievable driving recently... and there doesn't seem to be any protection from it.

 

[yessuz]

I actually select voluntary excess at around 500. because I think that voluntary + compulsory will be something I can cover in unlikely event of massive insurance claim... but it drives premiums down :/

 

[Whyone]

I actually select voluntary excess at around 500. because I think that voluntary + compulsory will be something I can cover in unlikely event of massive insurance claim... but it drives premiums down :/

I don't think this is a bad strategy at all....for most people making smaller claims (<£1000ish) will over time cost more than the claim pays out, with increased premiums over the next 3-5 years as a consequence of the claim.

 

[Pink Duck]

Worth fiddling to try lower voluntary excess values too, sometimes that will hit the sweet spot.

 

[Overworked]

Just had my renewal from Churchill on a 2021 plate tesla LR and it's gone from £430 last year to £936 this year. Nothing's changed and not claimed anything this year. That's over 100% increase for nothing. Cheapest comparison site is £1400. What's going on, got 1 more year left on the lease then I'm moving away from tesla

I am almost identical to your quote for the same vehicle with them. Other sites are all the same.

 

[AMP_it_up]

Just had my renewal from Churchill on a 2021 plate tesla LR and it's gone from £430 last year to £936 this year. Nothing's changed and not claimed anything this year. That's over 100% increase for nothing. Cheapest comparison site is £1400. What's going on, got 1 more year left on the lease then I'm moving away from tesla

Have you tried a few comparison sites. For me Confused.com was much cheaper than the Meerkats

 

[pgkevet]

Have you tried a few comparison sites. For me Confused.com was much cheaper than the Meerkats

After several hours on PC and phone I was willing to take any hit...

 

[Kenners]

Are there standalone third party NCD policies that will just pay out the increased insurance for a ding? As NCD protection is a very poor return. Or a insurance policy that will chase the insurer of the at fault party for full and complete financial losses, as currently this does not happen.

 

[robbieduncan]

I’m not in the position of renewing the insurance on the Tesla. Seems like insurers have woken up to the performance I’m not being quoted numbers higher than when I had a modified Elise in Zone 2 in London! So far my renewal quote from Hastings Direct is cheaper than any new customer quote including from the same insurer. That’s something that’s never happened to me before!

LV= are about £300 more. I can get a cheaper policy from Admiral if I accept their “little box”. But I don’t want to have their not exactly expert technician messing about in the electrical system of the car. The Direct Line website won’t even get far enough to give me a price. It slow to the point it just stops moving forward. So looks like renewal at a massive hike

Finally got Direct Line to quote. Not worth. The effort! I’ve never had a competitive quote from them and they are continuing this trend

 

[yessuz]

heh.. a friend with regular ICE got quote for insurance renewal from 800 to 2400 didn't get the name of insurance company. but looks like not only teslas are affected

 

[Bantam]

Similar story for me, looking to renew insurance this month (with Churchill). Had 6 pen points fall off my record last month (Clean lics again ), so I was hoping for some good news on the renewal price. Alas, best quote I could get was still 50% jump in costs (eSure Flex), so jumped from just over £500 last year to £770 this year (that's with a hike on the voluntary excess too!!) Dread to think what the price would have been if the pen points had not come off.