M3 insurance renewal price hike

[Jellus]

Had my M3 since August last year. Insurance with Churchill was £680. Just got the renewal notice, and it's jumped to £720. No claims or anything else which I'd expect to have an adverse effect. Eek! Time to start looking around.

 

[Tony Hoyle]

LV did something similar to me.. I just went onto the meerkats, used the same details as last year and got offered the exact same policy for less than I paid this year.

 

[KennethS]

Mine is also up for renewal in three weeks. LV is bumping it up by £35. I went on the Meerkats and their best price is £125 more. So I have just accepted the LV renewal. The insurance market in the UK can be hard to make sense of, as it seems premiums are so varied by small changes in age and location, etc.

I feel I shouldn't complain since my annual premium with LV is around £400.

 

[LongRanger]

680>720 should be sortable with a quick phone call telling them not be plonkers, you will see insurers trying all sorts to accidentally earn more money every year - that is not too gruesome a first try by them I would say.

 

[Bernard_S]

Best bet for a good price is to get quotes about 3 weeks before you need to renew. Taps nose .

 

[SimonTe]

Also factor in any lower mileage you anticipate for post Covid comuting.

I have saved 23% with LV= based on changes to my workplace and mileage from 15k to 10k.

S

 

[Jason71]

Every insurance company I have ever been with has tried to put the price up at renewal almost every year. That's how the industry works. It's not unique to Teslas.

 

[Jellus]

Meerkat quoted £609 with Admiral, so I phoned Churchill to threaten to leave, and they magically applied a loyalty discount to bring my renewal quote down from £720 to £570. That makes it a nice easy decision!

In fairness to Churchill, they did also give me a £40 rebate a month or two back to account for lower mileage during lockdown.

 

[LongRanger]

How jolly convenient ! Nicely done.

 

[DJP31]

so I phoned Churchill to threaten to leave, and they magically applied a loyalty discount to bring my renewal quote down from £720 to £570. That makes it a nice easy decision!

This is exactly the sort of behaviour the FCA are trying to stop. You should have been offered renewal with the 'loyalty discount' already applied.

 

[GeorgeSymonds]

LV seem to be different to others - our renewal came through, slight increase, I entered near enough the same details but slightly different (name and part of the address but occpation, age etc the same) as a fresh quote with them and that cam back £300/70% higher - shopped around around and only one came close so we took the renewal. Not saying its not worth a try but I found the renewal and rewarding renewals better than most

 

[DJP31]

LV seem to be different to others - our renewal came through, slight increase, I entered near enough the same details but slightly different (name and part of the address but occpation, age etc the same) as a fresh quote with them and that cam back £300/70% higher - shopped around around and only one came close so we took the renewal. Not saying its not worth a try but I found the renewal and rewarding renewals better than most

They were fine for me too, until year 3 when the premium rose markedly. I did the usual ring around and Direct Line came up cheaper than LV's year 2 premium.

Very often it's nothing more than an Insurer changing their risk appetite for a particular car, postcode or whatever. That's fine and what insurance is all about, and LV do seem to have the 'treating customers fairly' culture more embedded than some.

 

[Jason71]

Meerkat quoted £609 with Admiral, so I phoned Churchill to threaten to leave, and they magically applied a loyalty discount to bring my renewal quote down from £720 to £570. That makes it a nice easy decision!

In fairness to Churchill, they did also give me a £40 rebate a month or two back to account for lower mileage during lockdown.

Admiral tried to renew me at £700. I used a quote from Direct line (who own Churchill) to beat them down to £570. They are all as bad as one another. Admiral also gave me £40 during lockdown