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Insurance rises?

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Harry
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Insurance rises?

Post by Harry » Sat Sep 14, 2019 4:23 pm

Perhaps I should get on to my insurance company first but I thought I'd put it to you guys and see if the same is happening to others. Basically I have a 65.7% hike in my renewal statement. Seems a bit excessive. Anyone else experiencing such large increases?

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Re: Insurance rises?

Post by manxie49 » Sat Sep 14, 2019 4:53 pm

wow! I would certainly shop around, unless anything has changed to warrant an increase (claims, change of bike, change of address, etc) then I would certainly say your insurers are taking the P--s! Mine actually came down slightly this year, although I have heard that some insurers have increased premiums but not by that much.

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Re: Insurance rises?

Post by fastbob » Sat Sep 14, 2019 5:28 pm

Mine's been REDUCED by Β£78 without me even asking . πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†πŸ˜†

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Re: Insurance rises?

Post by Mississippi Bullfrog » Sat Sep 14, 2019 6:21 pm

It's very common for them to hike the price when you renew - usually driven by two trends, a) they gave you a discount to get your business and now they're charging you the going rate and b) the going rate is high in the hope people are too lazy/gullible to shop round.

It annoys me that existing customers get ripped off. The number of times I've had a renewal, shopped round for a cheaper quote, then rung my current insurer to tell them I'm not renewing with them - and then they say they can do it for cheaper. Well, it you can do it for cheaper why did you ask me for more?
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Re: Insurance rises?

Post by S-Westerly » Sat Sep 14, 2019 7:34 pm

Mine was half what it was last year but that's due to me coming back to biking after quite a few years. I managed not to fall off it or damage anything or anyone so the premium was a lot less and the excess about 25 percent less.
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Harry
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Re: Insurance rises?

Post by Harry » Sat Sep 14, 2019 8:32 pm

Hi all. Okay so there hasn't been some revelation I've missed regarding motorcycle insurance rises then! The insurers website says there could well be rises of 20/25% for some motorcyclists but that's a fair bit away from the 65.7% I've been quoted! I'll give them a ring tomorrow and let you know what the score is. I'll have to check if there is a cancellation fee as my last cancellation with another insurer cost me Β£60.

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Re: Insurance rises?

Post by Marino » Sat Sep 14, 2019 8:33 pm

Insurance are the robbing bast*rds, all of them,

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Re: Insurance rises?

Post by Mississippi Bullfrog » Sat Sep 14, 2019 8:49 pm

Harry wrote: ↑
Sat Sep 14, 2019 8:32 pm
Hi all. Okay so there hasn't been some revelation I've missed regarding motorcycle insurance rises then! The insurers website says there could well be rises of 20/25% for some motorcyclists but that's a fair bit away from the 65.7% I've been quoted! I'll give them a ring tomorrow and let you know what the score is. I'll have to check if there is a cancellation fee as my last cancellation with another insurer cost me Β£60.
They shouldn't be charging a cancellation fee if your annual renewal is due and you choose not to renew with them. It only applies if you cancel part way through the year.
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Re: Insurance rises?

Post by skyrider » Sat Sep 14, 2019 8:54 pm

anything to do with motor vehicles is a licence to print money :bang:
i dont know where im going but i will when i get there

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Re: Insurance rises?

Post by bonio » Sun Sep 15, 2019 12:04 am

Something like this happens every year to me: a hike of somewhere between 30% and 50% on the previous year, along with a paragraph saying why they've unfortunately have had to put their prices up this year.
The way I deal with it is: I go online, get a couple of quotes, and buy the one I like the look of more. This is always enough to get the price back to roughly I'd paid the year before, and sometimes this is with the same company who sent me the renewal with the explanation of why they had no choice but to put their prices up.
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Re: Insurance rises?

Post by Harry » Mon Sep 16, 2019 8:11 pm

That's the first time I've had to ring an insurer and play games over an insurance renewal! The end result was that they got it down to 'almost' what it was last year. Which of course begs the questions ... why not offer that deal in the first place? ... and what if I hadn't checked the renewal statement? ... not impressed, told them so, but still decided to stay with them!

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Re: Insurance rises?

Post by skyrider » Thu Sep 26, 2019 8:52 pm

manxie49 wrote: ↑
Sat Sep 14, 2019 4:53 pm
wow! I would certainly shop around, unless anything has changed to warrant an increase (claims, change of bike, change of address, etc) then I would certainly say your insurers are taking the P--s! Mine actually came down slightly this year, although I have heard that some insurers have increased premiums but not by that much.
is the kestrel company just a broker over there :?:
i dont know where im going but i will when i get there

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manxie49
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Re: Insurance rises?

Post by manxie49 » Fri Sep 27, 2019 10:26 am

skyrider wrote: ↑
Thu Sep 26, 2019 8:52 pm
manxie49 wrote: ↑
Sat Sep 14, 2019 4:53 pm
wow! I would certainly shop around, unless anything has changed to warrant an increase (claims, change of bike, change of address, etc) then I would certainly say your insurers are taking the P--s! Mine actually came down slightly this year, although I have heard that some insurers have increased premiums but not by that much.
is the kestrel company just a broker over there :?:
Yes just a broker .... OK for some things but I didn't find them competitive for bike insurance

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Re: Insurance rises?

Post by Gerontious » Fri Sep 27, 2019 10:56 am

Harry wrote: ↑
Mon Sep 16, 2019 8:11 pm
That's the first time I've had to ring an insurer and play games over an insurance renewal! The end result was that they got it down to 'almost' what it was last year. Which of course begs the questions ... why not offer that deal in the first place? ... and what if I hadn't checked the renewal statement? ... not impressed, told them so, but still decided to stay with them!
Your renewal quote was generated by a computer.. and I believe these are automatically higher (almost every time) because a number of those insured will simply renew without challenging the quote. Inertia is a powerful thing. Its the same reason that people tend to stay with a power supplier despite the fact that moving is very simple and can lead to significant savings. Banks are the same. ISP's even worse. Its called a "loyalty penalty".

You mentioned a cancellation fee. they cannot charge this at renewal time if you choose not to renew.

My own renewal is coming up in November and I am expecting a reduction. If this does not appear then I will definitely move insurers.
I go round in circles.

hawkeyefxr
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Re: Insurance rises?

Post by hawkeyefxr » Sun Sep 29, 2019 4:12 pm

First off i worked at an Insurance for about ten years, not in the insurance side of it but we had our monthly meetings and it was very enlightening.
They put up their insurance quotes every year as there is ALWAYS some who will just cough up as it it the easy way to go. They rely on that.
If you go to a compare site get a quote and contact your existing insurance company and ask if they match quotes you have got online. You will be surprised how much they drop their previous quote!!
If they don't just tell them they have lost a customer, it will be their loss not yours. They do not do you any favours after all.

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