V90 CC 2021 B5 --insurance renewal

[deepsix]

Originally Posted by 100K+

Read a news article after weeks back saying a major insurance company had lost many customers( could have been 1000's or even 10,000's) due to hugely increasing premiums. Can't remember the name,but when interviewed they claimed to not be worried,cos those who stayed were paying the higher premium and so maintaining profit margins.


Edit.
Found article but can't do link
Article claims Admiral lost 380, 000 customers over last year..

Cheers Bob

https://www.bbc.co.uk/news/business-66521490

[neilgorin]

I had it confirmed by a broker that a lot of these rises are due to the excesses not having kept pace with inflation - where people were happy with a £200 excess 20 years ago, they still expect a £200 excess and that causes higher premiums. He's not wrong, having played around with Meercat myself on my wife's car which was renewed last month, the renewal was almost double but I got the increase down to around 10% when I put the excess up to £400 from it's former £200.

£400 is a bad scratch these days, for which we wouldn't be making a claim so it does make some sense.

[Fastpatsilents]

We have a multi car policy for a V90CC, Mazda Mx5 and a Motorhome, its just gone DOWN by £126 to £1,040. Sometimes it pays to be in a mutual. NFU.

[sk546]

Originally Posted by neilgorin

I had it confirmed by a broker that a lot of these rises are due to the excesses not having kept pace with inflation - where people were happy with a £200 excess 20 years ago, they still expect a £200 excess and that causes higher premiums. He's not wrong, having played around with Meercat myself on my wife's car which was renewed last month, the renewal was almost double but I got the increase down to around 10% when I put the excess up to £400 from it's former £200.

£400 is a bad scratch these days, for which we wouldn't be making a claim so it does make some sense.

Both of the cars on my mulit-car policy (the XC60 PE and the Mini GP3) have a £500 compulsory excess anyway and when I played about with the voluntary excess, it didnt make as big a change as I would have expected so kept it as zero on both for the renewal.
When I shopped around trying to get a cheaper price, most of the other 5* insurers wanted at least a £500 compulsory (with some £750) and adjusting the voluntary excess made quite a big difference but even setting it at £500 (so a combined £1,000 excess), the policy was still alot more expensive than my renewal quote so I'm expecting next year to be stupid expensive.

[OldEngineer]

Just adding to this debate.

I have a multi car through Aviva (probably for 6 years) covering a V40CC and a V90. The renewal came in at £1156 (last year £984). Aviva don’t make it easy to renew because of an automated phone system that does not have the right options. I eventually yelled “operator” and in its melt down finally gave a ring tone. Nice operator that said I could do it all on line. You can’t. I wanted to swap the primary drivers between cars. She said it can happen after renewal but could not forecast the effect of the change.

So I went to LV+ and got a quote of £931 but hiding the APR for monthly payments. This turned out to be 24.9% so it became £1017 (Aviva 13.5%)

Then I investigated Volvo. Turns out it is organised by a subsidiary of LV+
All owned by Allianz. In fact, Wrisk Transfer Limited are the administrators but underwritten by Highway Insurance Company Limited a division of LV+ trading from the site of Allianz.

The quote is Monthly (without multicar available) but becomes £869 with no interest rate charged. And lower excesses (even windscreen). So, the real comparison…

Aviva £1156
LV+ £1017
Volvo £869

[OldEngineer]

The ‘Excess’ comparison.
Aviva; Repair £350 and Windscreen £115
LV+; Repair £300 plus £200 Compulsory, Windscreen £100
Volvo; Repair £250 and Windscreen £75 (or zero if it can be repaired)

And, of course, no arguments over using a proper Volvo screen! All Volvo repairs are at a Volvo Approved Repairer.