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Premiums this year


Wildwood
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Most people will have noticed that insurers are no longer able to give discounts on new car and house insurance. Previously companies have been giving discounts to buy in business and those who did not change or barter each year were paying for these. My son in law just got his renewal and the premium had dropped approximately £50 so it looks promising for those who did not change regularly. 

If others have had a renewal this year have they seen a similar saving, or a rise in premiums depending on what they did last renewal?

Edited by Wildwood
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Mother-in-Law’s house insurance dropped by £12. I didn’t bother getting another quote, just paid it. Watch the call centre staff cuts going forward. 

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Just had my home insurance renewal from Tesco Bank and it has been increased  by £7 from last years payment.

 

Bailey Pageant Series 6 Champagne 2007    Tow Car Toyota Rav4

 

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Shopping around is a sport which is unlikely to become less popular, in my opinion. We haven't had any renewals yet this year, but when we do, they will be scrutinised as always. Any delightful quotes will be viewed with suspicion. Any which don't delight will be binned. No mercy! :ph34r:

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44 minutes ago, Wildwood said:

Most people will have noticed that insurers are no longer able to give discounts on new car and house insurance. Previously companies have been giving discounts to buy in business and those who did not change or barter each year were paying for these.

Minor point:  Insurance companies can give still offer whatever discounts they wish but they can’t charge existing customers any more for renewal than a new customer would pay for the exact same policy…

 

I am certain that insurance providers will find a way to make their business more attractive than other providers and with insurance it is generally going to be cost rather than added value that sells policies.


 

 

 

 

 

 

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22 hours ago, ReggiePerrin said:

Minor point:  Insurance companies can give still offer whatever discounts they wish but they can’t charge existing customers any more for renewal than a new customer would pay for the exact same policy…

 

I am certain that insurance providers will find a way to make their business more attractive than other providers and with insurance it is generally going to be cost rather than added value that sells policies.

 

Not sure that I follow. If they give a discount it has to go to everybody, so there is no point unless it runs for a short time to attract new customers. I will try checking my renewal quote by putting it through their website when I get it to see if it is the same but that is not until July.

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I got my car quote last October.  It was just over £100 from the year before as I was then a new customer.  I then went on to Comparethemarket, and there were two companies that quoted just over £100 cheaper.  They were Saga and LV.  LV is the one I'm with who quoted me over £100 from previous year.  I rang them up and informed them about my increase.  I told them that I can go to Saga and get it £100 cheaper.  They took off the £100 for me, and it worked out slightly cheaper than the previous year:D, so I'm still with LV.  Personally, I do like to keep to the same company

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Premium on our MX5 has dropped by £27 this year compared to last year. Cheap as chips at £134 all in.

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LV increased my premium on my Santa Fe from £430 to £580. I am no longer with them and didn't bother ringing them. I'v been with them for years and never claimed my name must be on a spreadsheet with 'sucker' next to it :angry:

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Our home insurance was a few pounds cheaper.  Caravan went up as I have new for old. The figure they quoted for a new van was less than its actual cost now. I informed the company and increased  contents cover as well to allow for inflation.  I know if our van is lost we would get a new one!

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On 12/01/2022 at 11:36, Doosan said:

Just had my home insurance renewal from Tesco Bank and it has been increased  by £7 from last years payment.

My Tesco house insurance has gone up by over £80, and I have not made any claims. Shopping around has got the premium to same price as last year.

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On 13/01/2022 at 20:33, zeersplat said:

LV increased my premium on my Santa Fe from £430 to £580. I am no longer with them and didn't bother ringing them. I'v been with them for years and never claimed my name must be on a spreadsheet with 'sucker' next to it :angry:

Wow! Fully comp on my 2017 Santa Fe is £189!

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On 12/01/2022 at 11:10, Wildwood said:

Most people will have noticed that insurers are no longer able to give discounts on new car and house insurance. Previously companies have been giving discounts to buy in business and those who did not change or barter each year were paying for these. My son in law just got his renewal and the premium had dropped approximately £50 so it looks promising for those who did not change regularly. 

If others have had a renewal this year have they seen a similar saving, or a rise in premiums depending on what they did last renewal?

Buildings and contents a increase of £128.00  on  last years cost of £ 255 = 50%  

covered  with L V insurance , phoned them but not the slightest bit  interested in reducing  , ask them why,   girl said not sure but it could be to do with adverse weather in your area or the amount of burglary's , these comments ridiculous but not in a funny way , just reinsured with better cover cost £ 241.00 .

Therefore it wasn't a promising experience for me .

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LV look to be the problem, but they have been bought out. Possibly the increases are the result of the new owners changing direction. 

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1 hour ago, Wildwood said:

LV look to be the problem, but they have been bought out. Possibly the increases are the result of the new owners changing direction. 

The insurance arm of LV was sold to Allianz (I think back in 2020).

 

17 hours ago, lazydaze said:

Buildings and contents a increase of £128.00  on  last years cost of £ 255 = 50%  

covered  with L V insurance , phoned them but not the slightest bit  interested in reducing  , ask them why,   girl said not sure but it could be to do with adverse weather in your area or the amount of burglary's , these comments ridiculous but not in a funny way , just reinsured with better cover cost £ 241.00 .

Therefore it wasn't a promising experience for me .

May not bee as ridiculous as it sounds. Insurance is a collective fund - the premiums of the many pay for the claims of the not so many.

So if your underwriter has been making a lot of payouts, especially if in your general area, then everybody's premium goes up to pay for it. Although 50% sounds a bit gasp-making, certainly would have prompted me to switch.

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I always shop around at renewal time, checking the Meerkats and Go compare, however this year (car, January) I did some direct quotes on the companies websites. Current insurer wanted £290 to renew, Saga £485, LV £359 and Axa £249.50, I forgot about the glass claim I had 18 months ago and had to amend the form which increased the premium from Axa by ...61p. Guess which company I went with. :D

Edited by Flat_at
Doh, again
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