Jump to content

Increasing Car Insurance


LongTimeCaravaner
 Share

Recommended Posts

Does this sound right to you?

 

We renewed our car insurance on our five years old Kia Sorrento a couple of weeks ago at a value of £7500 and today rang the insurance company to tell them that we have changed the car to a new Sorrento value £28. 000. They only wanted £20 for a mid term alteration but nothing for the increased value of the car. I can't believe that in the event of a payout they will pay four times the value for no increase in premiums but she was certain that was the case.

 

Has anyone recent experience of changing their car insurance who can confirm that this is correct?

Kia Sorrento towing a Coachman VIP 575/4

 

Our blog: jennyandjohngocaravanning. wordpress. com

Link to comment
Share on other sites

Premiums are generally lower due to reduced claims, thefts and EU legislation. If only the insurance companies would stop paying out money to Claims companies and regulate replacement car hire costs they would be even lower.

2010 Bailey Unicorn Valencia, 2012 Volvo XC60 D4 SE AWD

Link to comment
Share on other sites

It is all about risk so the actual car value has less and less relevence to the actual insurance premium.

Graham

Unless otherwise stated all posts are my personal opinion 

Link to comment
Share on other sites

I've had a quote for swapping our xtrail for a brand new volvo xc90 and it came out cheaper, I'm not gonna complain

Link to comment
Share on other sites

On a similar theme, my motorhome insurance costs less than car insurance yet the motorhome has six times the value.

 

Russell

Online blog and travels, although sometimes there is a lack of travel due to work!

 

It's an uncharted sea, it's an unopened door but you've got to reach out and you've got to explore.

Link to comment
Share on other sites

Thank you all of you. You have put my mind at rest.

Kia Sorrento towing a Coachman VIP 575/4

 

Our blog: jennyandjohngocaravanning. wordpress. com

Link to comment
Share on other sites

On our NFU policies all it states regarding value is that it is less than £75,000.

Says that on all my policies from them. No individual values are shown at all.

Defender 90  cruising along with a Coachman Laser 640/4.  :)

Link to comment
Share on other sites

They will get you at renewal time! I went from a smax to the merc and it was £20 extra. Renewal came through it was £300 more!

They would reduce it down, so went with another insurance for the same as previous car, amazingly when I went back to the original ins co they dropped by £170. Still left as it was another £130 cheaper. Oh, and it had better excess terms too

Link to comment
Share on other sites

The higher risk these days is to the 3rd party. I. e. your car might be worth £100 or £100k but it still cost insurers the same in whiplash claims to 3rd party drivers and passengers when you hig them. There's more probability of you bumping into someone else than there is for a total loss (theft, owner damage, fire etc) on your own car.

Link to comment
Share on other sites

There's more probability of you bumping into someone else than there is for a total loss (theft, owner damage, fire etc) on your own car.

You have seen me drive then :D

Kia Sorrento towing a Coachman VIP 575/4

 

Our blog: jennyandjohngocaravanning. wordpress. com

Link to comment
Share on other sites

As said it's the risk . The newer vehicle although more value might have better security systems and immobilisers.

 

Dave

Jeep Commander 3. 0 V6 CRD

Isuzu D- Max Utah Auto

Elddis Crusader Storm 2000 Kgs, Unipart Royal Atlas Mover .

 

Link to comment
Share on other sites

Just make sure it's new for old, ie replaced with a brand new one if stolen/written off.

Isuzu D Max pulling Bailey Unicorn 2 Valencia

Bailey Autograph 740 MH: Isuzu for sale LOL

Link to comment
Share on other sites

Just to add. ... Son and I renew around the same time each year. He mentioned in chatting that he'd saved £500 on his renewal by checking out a 'comparison' websites. (Not sure if I can name here :)

 

Anyway, as I'm usually lazy, this time my renewal came through, and I thought Id just check mine too. Put a new search through Go Compare, and was shocked that I too saved £600! Rang current insurer to say what can you do to match this, to which they replied "nothing".

Anyway, as I was speaking to them on the phone, I was scrolling through the search results, and lo and behold my current insurer came up as one of the comparative quotes online! (is this making sense . ....let me know if Ive lost you here) I told them there and then, that they were offering me a £580 cheaper quote online, versus what they were telling me on my renewal and the phone, so he took the online quote reference, went off and then came back and said 'oh yes, that's correct, we can do the online quote'. I then instantly cancelled with them as I was outraged they quite simply rely on existing customers not shopping around, and bank the mark up as 100% profit. (They will pay on only the same premium to the underwriters, as all the other companies do too).

 

I was staggered by the variances, and annoyed at myself that for the last few years Ive just let my policies renew. Just wanted to share this as yes, shopping around each year may indeed save you hundreds of pounds, and also, there's no need to wait to renewal time, if you find your savings are in the hundreds, it's worth the cancellation fee to change insurers through a part year. Francesca.

 

PS Meant to say, yes agree with earlier posts, this year certainly, insurance seems to have taken a significant drop!

Edited by Francesca
Link to comment
Share on other sites

I too have had a similar episode with renewing my car insurance. Last year my insurance company sent me a renewal notice and the premium had risen from £185 to £230 so I went back to a comparison site and found a quote with the same conditions for £179 and it was with the same company !!! They sent me a letter a week later saying I had not replied to the quote and when I phoned them they said the departments were not the same. This is supposed to be the age of communications. This year they sent me a renewal quote for £220 so I went on line and got a quote for £167 from the same company again!!!

Edited by Capricorn12

2004 Citroen C5 2. 0ltr diesel auto VTR and 2011 Bailey Orion 430/4

Link to comment
Share on other sites

I too have had a similar episode with renewing my car insurance. Last year my insurance company sent me a renewal notice and the premium had risen from £185 to £230 so I went back to a comparison site and found a quote with the same conditions for £179 and it was with the same company !!! They sent me a letter a week later saying I had not replied to the quote and when I phoned them they said the departments were not the same. This is supposed to be the age of communications. This year they sent me a renewal quote for £220 so I went on line and got a quote for £167 from the same company again!!!

Generally this happens when your are insured through an intermediary.

 

The new business quote will be whatever underwriter they can provide cheapest possible.

 

The renewal will be what your soon to expire underwriter has offered for that next year. This isnt always the cheapest, so if you call your intermediary for a new (business) quote it will generally be cheaper.

 

Fly in the ointment is when you get greedy renewal sales people gunning for the commission on your inflated renewal premium.

 

Despite fully understanding the system, it still makes no sense whatsoever that underwriters offer differant premiums and discounts for differant intermediaries. So you can be quoted differant prices by differant intermediaries offering insurance through the same quotation scheme.

 

Guess who are the winners?

Link to comment
Share on other sites

Use a comparison site first, then a cash back site to buy the product, but make sure you delete your cookies and browsing history after using the comparison site and before using the cash back site.

 

Russ

Online blog and travels, although sometimes there is a lack of travel due to work!

 

It's an uncharted sea, it's an unopened door but you've got to reach out and you've got to explore.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...