Insurance Renewal Time

[wecpc]

I did a Go-Compare for my insurance which is due in 21 days and my cheapest quote was £869 from iGO4, when my current insurance from LV via Adrian flux was £582 last year, a 49% increase, but this year they said the cheapest quote they could get was over £1200, which would have been over 100% increase. So goodbye to Adrian Flux who I have been with for several years, insuring 3 previous Jaguar's with them. There was no change in circumstances, in fact I even reduced my mileage from 6000 miles to 5000 miles as I only did around 3000 in my current year. 

I have now decided that my ES300h is going to go sometime later this year, when the cost of getting out of my PCP deal is manageable, due to all the recent thefts being reported, resulting in ridiculous high insurance quotes and the TOTAL LACK of interest from Lexus on the matter. So this is my first and it will be the last Lexus I will have ever have. I will buy a smaller non EV car which will be cheaper to insure and purchase outright, to see me through my remaining few years of driving, before hanging up my keys.

Colin

[ColinBarber]

Hi Colin

It's a bad time for motorists. Is it the ES thefts are causing premiums to increase or it is just the industry wide increases that are being applied? Difficult to know unless you have quotes to compare for similar vehicles but it is probably a bit of both. I certainly know people who have seen 40 to 70% YoY increases in the last couple of months, and these are non Toyota/Lexus vehicles so it isn't theft related.

[eric skerritt]

Just renewed RX with AA who I was with last year (due 20th Jan) for £734 (12000 miles, £200 excess). Up from £411 last year but the cheapest I could find by at least £200. In fact better than I had expected despite the massive % increase,

Coincidentally my wifes' insurance is due on the same date. Rang AA who were again quoting the lowest price on comparison sites (£413.00 with 6000 miles,£300 excess and son as a second named driver) and was hoping for a 2nd car discount. That'll be £1030 sir. Work that one out if you can.

Other dual policy companies were off the scale stupid.

 

 

[DAN@ADRIAN FLUX]

Hi.

I'm sorry that we were unable to offer you a competitive insurance premium for your renewal. We never like losing existing customers but unfortunately it does happen I'm afriad.

Regards,

Dan.

[Tonyw]

I also had a look today, not due till April but best to prepare myself for the shock.

£630 this year with Lloyds, compare meerkat came up at £920 or £810 with a tracker 

a tracker really, I have been driving nearly 30 years

Mine is 6000 miles with business use

[Mincey]

31 minutes ago, Tonyw said:

I also had a look today, not due till April but best to prepare myself for the shock.

£630 this year with Lloyds, compare meerkat came up at £920 or £810 with a tracker 

a tracker really, I have been driving nearly 30 years

Mine is 6000 miles with business use

Sheesh - I dread to think what my renewal will be. My mileage is quite a bit north of yours. 

[ColinBarber]

51 minutes ago, Mincey said:

Sheesh - I dread to think what my renewal will be. My mileage is quite a bit north of yours. 

It might be less, cannot be stolen if you are driving it 🤭

[SH20]

The public are never going to see reasonable increases regardless of what you want to cover, Car, Home, Pet, Travel etc   100% increases are and will be common place now. Every industry that is involved in the world of insurance repair work or issuing cover for an insurance product are now finally making sure the public pick up every aspect of cost related to increased claim costs.  No favours for anyone who doesn't claim and by definition is a good risk.  They pay as well.

A great example would be a truly massive massive increase in what vehicle body shops now charge for paint materials.  Forget cost of replacement parts for the moment, just think of paint materials which all insurance body repairs inevitably need.

A 2023 Toyota Yaris (wife's car) had a new near side rear door fitted along with a significant repair (Not replacement) of the near side rear wing and inner wheel arch.   Blending paint work of the front door and repainting/repair to the corner of the rear bumper, again not replaced. The only new parts were a door shell and 2 black pillar transfers for the doors.     The colour was Red Mica Metallic base coat and finished off with the top coats of clear lacquer.    In total 4 body parts actually in need of painting.   Cost of paint materials alone,  £775 !!  plus a £30 allowance charge sanctioned by the Government for every job the body shop carries out involving painting parts to cover the  fuel (Gas normally) to heat the repairer's paint ovens.  Plus EPA charges for every job.       Blamed entirely on the raw material increases, transport cost increase, covid and the world wars going on. 

Same for storm/flood   home insurance repairs, timber, bricks, plasterboard, roofing materials etc etc same related reasons and it's a free for all at our expense because no one  can refuse to pay.   There will come a day when car insurance is so far out of reach for people that cars which require compulsory  comprehensive  cover  such as PCP's,  Finance agreements (HP) and any other agreement involving a lender who wants that asset fully insured will see cars handed back because the monthly cost of an insurance policy is greater than the car loan each month.     

Medical conditions:    If you have one, or God forbid  several manageable medical conditions and you are not as fit as a butcher's dog, a weeks cover for a trip abroad will and does cost several hundred pounds for 7 days !!      

We are the cash cow and  Insurers know it.    

 

[wecpc]

15 hours ago, Tonyw said:

I also had a look today, not due till April but best to prepare myself for the shock.

£630 this year with Lloyds, compare meerkat came up at £920 or £810 with a tracker 

a tracker really, I have been driving nearly 30 years

Mine is 6000 miles with business use

I had 1 lower quote of £694 but that was for a telematic policy as well, and I have been driving for 59 years after passing my test first time when I was 17, absolutely ridiculous. 

[wharfhouse]

23 minutes ago, wecpc said:

I had 1 lower quote of £694 but that was for a telematic policy as well, and I have been driving for 59 years after passing my test first time when I was 17, absolutely ridiculous. 

I wonder if the telematics are because the insurance company could then potentially track down the car if it was stolen? 

[wecpc]

19 minutes ago, wharfhouse said:

I wonder if the telematics are because the insurance company could then potentially track down the car if it was stolen? 

No, telematics is a device or app to monitor your driving habits and tendencies, which they can monitor.

[Dippo]

I would be very wary of a telematics policy given the proliferation of 20 mph speed limits. I must confess I don't always drive at 19 mph on all dual carriageways.

[wharfhouse]

2 hours ago, wecpc said:

No, telematics is a device or app to monitor your driving habits and tendencies, which they can monitor.

Yes, just was thinking as it must transmit the cars GPS position whether this could be used for recovery purposes?

[wecpc]

On 1/4/2024 at 3:54 PM, wecpc said:

I did a Go-Compare for my insurance which is due in 21 days and my cheapest quote was £869 from iGO4, when my current insurance from LV via Adrian flux was £582 last year, a 49% increase, but this year they said the cheapest quote they could get was over £1200, which would have been over 100% increase. So goodbye to Adrian Flux who I have been with for several years, insuring 3 previous Jaguar's with them. There was no change in circumstances, in fact I even reduced my mileage from 6000 miles to 5000 miles as I only did around 3000 in my current year. 

I have now decided that my ES300h is going to go sometime later this year, when the cost of getting out of my PCP deal is manageable, due to all the recent thefts being reported, resulting in ridiculous high insurance quotes and the TOTAL LACK of interest from Lexus on the matter. So this is my first and it will be the last Lexus I will have ever have. I will buy a smaller non EV car which will be cheaper to insure and purchase outright, to see me through my remaining few years of driving, before hanging up my keys.

Colin

UPDATE

Just had an email today from Adrian Flux with a renewal quote of £730.76, so I phoned them to find what on earth was going on. I explained that I phoned yesterday to see what my renewal quote was going to be, as I had checked on Go.Compere for prices, and I was told it was £1200+ so he set it to cancel as I was not prepared to pay that price, and now today one day later, I receive this cheaper renewal quote, which was actually generated the day before I phoned, so it should have been on their system. The advisor tried to get LV to honour the renewal price, but they would not come down, so I was told incorrect info which cannot now be corrected, through no fault of mine. I will get my own back though when my home insurance is due shortly, also with LV, so they can go and whistle. If they had honoured it, it still would have cost me £60 to cancel the other  policy, but I would still had saved at least some money. TOTALLY CHEESED OFF.

Colin

[Steven C]

Insurance for anything has always been a postcode lottery. Cars being the worst hit.  

[Tickedon]

On 1/5/2024 at 4:17 PM, wecpc said:

UPDATE

. I will get my own back though when my home insurance is due shortly, also with LV, so they can go and whistle. If they had honoured it, it still would have cost me £60 to cancel the other  policy, but I would still had saved at least some money. TOTALLY CHEESED OFF.

Colin

I’m surprised it would have cost you £60 - as the new policy hasn’t started yet (presumably, based on dates here), it should have been a free cancellation…?

[wecpc]

20 hours ago, Tickedon said:

I’m surprised it would have cost you £60 - as the new policy hasn’t started yet (presumably, based on dates here), it should have been a free cancellation…?

It was what I assumed looking at their terms & conditions, but that does not arise now as I am staying with them for hopefully more than 1 year, but who knows what the future will bring.

[Doug JB]

Like many others on this site I have just experienced a large increase in my Lexus UX insurance renewal premium. Budget Insurance increased the amount from around £300 last January to over £500 so having done my annual price comparisons I’m now with a slightly more competitive premium with Ageas (via Quidco Compare).

Having many years experience working in Personal Lines Insurance (motor, home, travel etc) it appears there has been a huge increase in all insurance premiums in the past 10 months. The significant increased car insurance costs on Lexus models are no worse than any other motor manufacturers.  I accept car repair costs have increased but dare I suggest there may be a cartel across all the larger insurance companies to agree to implement this huge increase across the board?

[SH20]

I agree, I worked for Direct Line as an Engineering Manager (Motor Cliams) and once loyal to the brand as an employee and after retirement  that lotalty was abused year after year in premium increases which bore no relation to any adverse risk. I shop around 2 months at renewal every year noticing that hybrid car premiums are being targeted as a high yield premium for Insurers.  Manufacturers also are charging astronomical figures for parts fueling repair costs which drive premiums up.  Cartel? Yes.

[Malc1]

Insurers have forever operated an effective CARTEL in all but name and there’s bugger all the Competition Authorities can do about it I’m sure ……. it’s a complex business and the insured simply gets screwed over whatever the product being bought 

I can’t believe this will ever be unravelled to the financial, premium reducing benefit of us punters 

Just summat we have to live with if we want to run cars I’m afraid 

I think I’m being a realist 🥵

Malc

[Dippo]

Last year I paid £760; this year's renewal quote is £1,135. I've tried the comparison sites, and the cheapest is about £970, but for equivalent cover (Europe, Legal, Protected NCB) it's about £1,100. Lexus Insurance want £1,220. I thought I'd try Adrian Flux, as they have their own dedicated page on the forum - £3,300.

 

They did say I should phone them to see if they could improve on that!

[Malc1]

Have you tried Chris Knott ….. tried and tested and often good on pricing 👍

Malc 

[DAN@ADRIAN FLUX]

On 2/7/2024 at 2:30 PM, Dippo said:

Last year I paid £760; this year's renewal quote is £1,135. I've tried the comparison sites, and the cheapest is about £970, but for equivalent cover (Europe, Legal, Protected NCB) it's about £1,100. Lexus Insurance want £1,220. I thought I'd try Adrian Flux, as they have their own dedicated page on the forum - £3,300.

 

They did say I should phone them to see if they could improve on that!

Hi.

I'm sorry we couldn't offer you a competitive insurance quotation. Unfortunately we can't be competitive on every risk I'm afraid. I only wish we could.

Regards,

Dan.

[beyond the blue]

47 minutes ago, DAN@ADRIAN FLUX said:

Hi.

I'm sorry we couldn't offer you a competitive insurance quotation. Unfortunately we can't be competitive on every risk I'm afraid. I only wish we could.

Regards,

Dan.

Hi, can you be more specific on what you mean by "every" risk. What area of car insurance are you confident you can be competitive on, age, car type, area, cover etc? Any help you can give to reduce premiums yet still offer quality cover would be welcomed on this forum. I have approached you in the past but your quote was over twice what I finished up paying. What is your area of expertise?

[rayaans]

On 2/7/2024 at 2:30 PM, Dippo said:

Last year I paid £760; this year's renewal quote is £1,135. I've tried the comparison sites, and the cheapest is about £970, but for equivalent cover (Europe, Legal, Protected NCB) it's about £1,100. Lexus Insurance want £1,220. I thought I'd try Adrian Flux, as they have their own dedicated page on the forum - £3,300.

 

They did say I should phone them to see if they could improve on that!

I've given up on Adrian Flux - they've almost always quoted more than double what any mainstream insurer has provided me with for a number of years running.