Worth challenging LV insurance increase?

[spon88]

Well it's insurance renewal time and LV have quoted just over £320 vs last year's £280 - we are long-term drivers with full no claims living in a (theroetically) low risk area and hence the overall low figure.

However, I can't see why they want to push it up £40 - is this the usual insurer incremental annual increase or do you think there is a valid reason? No accidents and only done just over 5k miles.

I'll challenge them on principal but are other folk generally seeing an increase in premiums please, before I waste too much time on what is not a lot of cash. Any competing services worth a shot? LV were the lowest last time and didn't mind that the car has full PPF. Car is M3P.

Cheers

 

[dan223]

It's worth asking, sometimes all it takes is a phone call and insurers will drop the price a little. Insurance prices normally go up on renewal, people just auto renew, and that is why they do it. Your often not rewarded for loyalty and better to swap.

You can also:
Do a quote as a new customer, if cheaper get them to match it
Do a quote with one of the other insurance companies that tend to be good for Tesla, churchill and directline.
Use a price comparison site

But to be honest without knowing your circumstances, I would say you are probably paying less that 95% of people with M3P, so it seems very reasonable either way.

 

[NigelT]

OK, OK, no need to rub it in! My insurance was £1,100 - late 30s, no accidents, points 10k miles a year.

 

[spon88]

Yes, I'll give them a call. I agree that it's relatively low, particularly for a performance version and don't want to spend too much time on it. But it's the principle and I've never really got my head around discriminating against loyal customers! I'll have a quick check around.

 

[spon88]

OK, OK, no need to rub it in! My insurance was £1,100 - late 30s, no accidents, points 10k miles a year.

Ooops - one of the few advantages of knocking on a bit

 

[dan223]

Yes, I'll give them a call. I agree that it's relatively low, particularly for a performance version and don't want to spend too much time on it. But it's the principle and I've never really got my head around discriminating against loyal customers! I'll have a quick check around.

It's so they can offer new customers "discounts" but its the older customers that pay, hardly any industries reward you for being loyal these days. There can be various legitimate reasons for a price rise, there costs have gone up, the M3 has been around a year now in the UK and they now statistics on crashes, cost of repairs etc, they take this all into account, whereas before when you bought it they wouldn't have had this info.

 

[SteveH42]

After putting in my order i just got a quote for a LR AWD best was £650 quite a jump from £280 for my Golf GTE

 

[DaveW]

They've done the similar, but with a bigger bump on my renewal.

Last year, LV on my M3P with protected no claims and guaranteed similar sized hire car = £394.67
Renewal email for the same from them today = £467

Getting an insurance quote directly from them for the exact same cover (also going via the TopCashBack link which should give me £40) = £374.26 (if you need a TopCashBack referral to get you more cash, let me know )

I'll still have to buy excess cover as the compulsory on Tesla's seems high, but an excellent price when they aren't trying to get you to limp blindly into renewing.

 

[CMc1]

Hopefully direct Tesla car insurance in the UK isn’t far off given the recent job adverts. Be interesting to see how they compare.

 

[MrBadger]

I always challenge my car insurance, along with a few other renewals. Invariably I get a price less than the current one let along the new one. Always worth doing your homework ahead of the 'what have you been quoted so far' question.

 

[Jason71]

Well it's insurance renewal time and LV have quoted just over £320 vs last year's £280 - we are long-term drivers with full no claims living in a (theroetically) low risk area and hence the overall low figure.

However, I can't see why they want to push it up £40 - is this the usual insurer incremental annual increase or do you think there is a valid reason? No accidents and only done just over 5k miles.

I'll challenge them on principal but are other folk generally seeing an increase in premiums please, before I waste too much time on what is not a lot of cash. Any competing services worth a shot? LV were the lowest last time and didn't mind that the car has full PPF. Car is M3P.

Cheers

I always challenge but I do it based on lower quotes I am able to get elsewhere. if you can actually say ABC will do it for X that always helps.

 

[spon88]

I've set aside an hour to get some competing quotes and I'll report back if I get something worthwhile. Insurers are in my top 3 hated businesses so I feel the need to push them a bit! Thanks for the feedback

 

[davidmc]

Well it's insurance renewal time and LV have quoted just over £320 vs last year's £280 - we are long-term drivers with full no claims living in a (theroetically) low risk area and hence the overall low figure.

However, I can't see why they want to push it up £40 - is this the usual insurer incremental annual increase or do you think there is a valid reason? No accidents and only done just over 5k miles.

I'll challenge them on principal but are other folk generally seeing an increase in premiums please, before I waste too much time on what is not a lot of cash. Any competing services worth a shot? LV were the lowest last time and didn't mind that the car has full PPF. Car is M3P.

Cheers

Worth asking for a reason to why there is a 14% increase? Say the economy has decreased as well as interest rates (and the current situation has played havoc on the economy). People not driving as much. etc etc

Ask them you should have a 14% discount off last years quoted value.



Ps. when is your renewal date? Mine Aug 22nd

 

[Alistairuk]

Get a quote as if you were a new customer with them if its less - call and try and negotiate - worse case they say no!

If they won't match it, then just cancel and take the new quote Most insurance companies rely on you being too lazy to check or fill the quote form in.

 

[Drew57]

Direct Line & an independent broker both told me that the insurance industry are now wise to Tesla costs & delays, hence premiums are generally higher now there are so many Model 3s appearing.

• Tesla insist their 'approved' repair centres are used, generally high cost
• Parts are frequently on extremely long lead times from the USA...
• ... leading to long periods for insurers to supply a courtesy car which of course is an additional cost to them
• Although the cars are among the safest around, acceleration is a factor for all Model 3s & issues such as phantom braking or swerving are concerning the insurers.

 

[Mr Miserable]

Actually I think Elon is now wise to the insurance industry - hence Tesla Insurance coming to the UK 'by the end of the year'.

 

[MaDProFF]

Seems a lot of insurance companies are hiking Tesla 3 polices up, and a lot more than £40-00 but since covid, everything is going through the roof

 

[rincewind]

I'm with LV for my M3P. 62 years old, full NCB and they charged me £602 pa, that was last December. So you lot got off lightly. I'm now wondering why mine was so high though. I live in a rural low crime area.

 

[SimonTe]

My M3 SR+ LV= quote renewal has gone up 12% from £452 to £505. I will call them and complain!

But also when I took up the policy last August, I/their help desk could only register my M3 as an MS. It still has that designation so I need to change that. Other things equal, a M3's insurance ought to be cheaper than an MS!

S

 

[davidmc]

Regards Insurance, when’s the best time to start looking for quotes? (Renewal) - 30days before or other?