So who thinks this will actually make insurance cheaper?

Know a good deal ?
Post Reply
User avatar
vet111s
Posts: 577
Joined: Sun Sep 03, 2006 3:19 pm
Location: North Glasgow

So who thinks this will actually make insurance cheaper?

Post by vet111s » Sat Jul 06, 2013 2:16 pm

At last insurance sales, especially auto-renew, is being looked into. However, am I just being cynical to think that it will end up simply making insurance that little more expensive across the board while insurance companies try to claw back the huge auto-renew policy income while making a token gesture to lessen the huge increases in premiums offered to "loyal customers"?
http://m.bbc.co.uk/news/uk-23209067

User avatar
renmure
Posts: 3559
Joined: Sun Mar 20, 2005 4:13 pm
Location: Arbroath(ish)

Re: So who thinks this will actually make insurance cheaper?

Post by renmure » Sat Jul 06, 2013 3:29 pm

Interesting timing.
I just got my auto-renewal through for my Mini which is with Elephant. Premium was down to £120 from £145. I was surprised at the fact it had gone down and that it was so low. Not sure if shopping around can bring it down much further but at that price I will show a bit of loyalty and just let it run.
Planes, Trains and Automobiles. Wanted: Train.

User avatar
j2 lot
Posts: 7650
Joined: Tue Dec 19, 2006 8:47 pm
Location: Strathaven / Glasgow

Re: So who thinks this will actually make insurance cheaper?

Post by j2 lot » Sat Jul 06, 2013 6:28 pm

My AA auto renew dropped from £470 to £410 for the Europa but as the excess jumped to £650 I checked with the Meerkats and had a surprise £210 quote with an unknown company with a high excess so ended up with Admiral, £290 with legal included and a £250xs. :thumbsup
2015 Lotus Evora
2020 Skoda Kodiaq Sportline

User avatar
Corranga
Posts: 4377
Joined: Fri Apr 27, 2007 5:43 pm
Location: Fundee, Sundee, SCUMDEE!

Re: So who thinks this will actually make insurance cheaper?

Post by Corranga » Wed Aug 28, 2013 8:33 am

I think they'll continue to do what they like.

Erica just changed from a 2001 Vx220 2.2 to 2003 Mitsubishi Carisma 1.6 - so a high risk fibreglass sportscar with a value of £8k and 0-60 of 6.5 to a 5 seat shopping trolley with a value of £1k and a 0-60 of 13 years.

The cost for such a swap - £45.

The reason for the cost increase (so she was told by the call centre woman) - The car is newer :lol:

Made the change anyway as it worked out more or less the same as refunding and taking another policy out as it seems that the Carisma costs more to insure across the board :scratch

Chris
'16 MINI Cooper S - Family fun hatch
'98 Lotus Elise - Fun day car
'07 Fiat Panda 100HP - Daily puddle jumper
'04 Maserati Coupe GT - Manual, v8, Italian...

User avatar
Lazydonkey
Posts: 5137
Joined: Sun Aug 07, 2005 6:24 pm
Location: Glasgow
Contact:

Re: So who thinks this will actually make insurance cheaper?

Post by Lazydonkey » Wed Aug 28, 2013 9:30 am

Random number generators.

Mrs Donkey lowers the cost of the VX but increases the cost of the CTR policy. Our VX is now £36 more expensive than our 1.2 panda to insure.
i3s, Volvo and more pushbikes than strictly necessary.

....did i ever tell you about the Evora and VX220 i used to own?

User avatar
H8OAG
Posts: 2546
Joined: Thu Apr 27, 2006 4:23 pm
Location: Comrie (God's Waiting Room)

Re: So who thinks this will actually make insurance cheaper?

Post by H8OAG » Wed Aug 28, 2013 9:41 am

In the main , the insurance companies are the new "Bankers" and deserve the current bad press they are receiving over "auto - renew".
Bring back the days of the Norwich Union Drivers/Riders policy where you paid an annual insurance fee and could drive anything you wished
Details of vehicles owned only had to be provided at the beginning of the policy year.
NFU still offer this type of policy albeit at a price considerably higher than the norm.
I know one person back in the Seventies, who upgraded from a Mini Cooper S to a Ferrari 308GTB without policy increase........... :thumbsup

This month, I wasted the usual inordinate amount of time cancelling auto - renews on three vehicles /studying insurance comparisons sites/beating up existing insurers etc

Porsche £174 - SAGA.............Phoned them up /equalled my best competitor quote/gave me free European Recovery
BMW X6 £300 - Hastings Direct (Premium policy which includes absolutely everything recovery/legal/uninsured driver/contents and business mileage)
Jeep £150 - Hastings Direct..........Now Departed
Mini First - A mind blowing £1900 with Sabre to start Holly on her first Motor Insurance Policy

The Insurers could shave a load of their COS (cost of sale)

Close the third world call centres in Liverpool/Cardiff/Mumbai

Stop paying referral costs to intermediaries/comparison sites

.............Just by offering a competitive renewal quote therefore retaining existing margins



:cheers
Younger member of Team Still Game

99 Lotus Elise 111S.....Heterosexual Spec ...S1
BMW Z4M40i
Range Rover Velar
2022 Spec Mini JCW
BMW R9T Scrambler Sport
Monkey Bike with 125cc conversion
Honda 250 Race Quad
Womaniser Liberty

User avatar
tut
Barefoot Ninja
Posts: 22975
Joined: Tue Mar 15, 2005 5:53 pm
Location: Tut End, Glen of Newmill

Re: So who thinks this will actually make insurance cheaper?

Post by tut » Wed Aug 28, 2013 1:19 pm

Or just specialise in insuring responsible over 70's drivers with no claims and no points.

tut

User avatar
ikarl
Posts: 346
Joined: Mon May 28, 2007 9:47 pm
Location: Hamilton

Re: So who thinks this will actually make insurance cheaper?

Post by ikarl » Wed Aug 28, 2013 1:32 pm

tut wrote:Or just specialise in insuring responsible over 70's drivers with no claims and no points.

tut
:lol:
VX220 s/c
330xd estate

User avatar
mwmackenzie
Posts: 4308
Joined: Thu Feb 22, 2007 10:22 pm
Location: Edinburgh

Re: So who thinks this will actually make insurance cheaper?

Post by mwmackenzie » Wed Aug 28, 2013 4:45 pm

tut wrote:Or just specialise in insuring responsible over 70's drivers with no claims and no points.

tut
:damnfunny You only have no claims as your car is held together with Gaffa tape and love.... :damnfunny
Mark MacKenzie

BMW Z4 3.0si, [R14 MMK] To be Ring ready soon

Fancy Ass Merc thingy S [R4 MMK] 85% MacKenzie'd Family Spec

User avatar
highlander
Posts: 394
Joined: Sat Apr 13, 2013 9:11 am
Location: Perthshire

Re: So who thinks this will actually make insurance cheaper?

Post by highlander » Wed Aug 28, 2013 8:28 pm

Don't get me started on insurance companies.......better start another thread!!

User avatar
mwmackenzie
Posts: 4308
Joined: Thu Feb 22, 2007 10:22 pm
Location: Edinburgh

Re: So who thinks this will actually make insurance cheaper?

Post by mwmackenzie » Fri Aug 30, 2013 8:57 pm

Just got my passat renewal in... £400, that's up on last year but when I go for a fresh quote on-line it's £325?? WTF Best so far is £285 but I have some calls to make to see if I can reduce that further.. Insurance shopping is a ballache :(
Mark MacKenzie

BMW Z4 3.0si, [R14 MMK] To be Ring ready soon

Fancy Ass Merc thingy S [R4 MMK] 85% MacKenzie'd Family Spec

User avatar
Corranga
Posts: 4377
Joined: Fri Apr 27, 2007 5:43 pm
Location: Fundee, Sundee, SCUMDEE!

Re: So who thinks this will actually make insurance cheaper?

Post by Corranga » Tue Sep 24, 2013 12:46 pm

Alfa renewal was 290, 18 minutes on the phone later, it's just under 230.

With Admiral and all by 'matching' their sister company Elephant, which has happened 2 years running now.

Sorting out renewals so they are realistic would mean less call centre staff required, so a saving there for the insurance company.
Realistically, when the companies all inflate their prices to keep up with the loss, due to lazy people who are willing to spend the 60 quid extra (see above), so I suspect that my renewal would come in at say 270, but all the other companies would be similar.

Net result - renewals are cheaper, but insurance costs more across the board + insurance companies can reduce staff due to less renewal calls = many more profits

Eternally the cynic?

Chris
'16 MINI Cooper S - Family fun hatch
'98 Lotus Elise - Fun day car
'07 Fiat Panda 100HP - Daily puddle jumper
'04 Maserati Coupe GT - Manual, v8, Italian...

Post Reply