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Model specific boards => Golf mk7 => Topic started by: rwleigh on 09 May 2023, 07:20
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Just had my renewal through from LV, how much! :huh:
Any recommendations on who to try next?
(https://i.postimg.cc/7PSqJ2XR/LV.jpg)
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There's an entire thread 'insurance quote' a few threads down were owners have talked about the resent rises and how to get it cheaper :wink:
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Just had my renewal through from LV, how much! :huh:
Any recommendations on who to try next?
(https://i.postimg.cc/7PSqJ2XR/LV.jpg)
My CS is insured with AA insurance ( I am not a member), it was <£200 last year, slightly > £200 this year.
Obviously age, ncb, driving record makes a difference to the final quotation.
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My CS is insured with AA insurance ( I am not a member), it was <£200 last year, slightly > £200 this year.
Obviously age, ncb, driving record makes a difference to the final quotation.
Thanks for that, do you mind me asking your age and ncb?
I'm 51 with 7 years.
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My CS is insured with AA insurance ( I am not a member), it was <£200 last year, slightly > £200 this year.
Obviously age, ncb, driving record makes a difference to the final quotation.
Agree that individual risk factors or combinations of risk factors can make a big difference to the premium.
A bit of a brain dump below, so apologies for the long post :embarrassed:
Insurance companies premium calculation algorithms are so complex these days and they use multiple risk factors - some of which aren’t even directly related to the insurance risk - e.g. pretty much all insurance companies will now also use a person’s credit score / credit rating as a risk factor as their risk stats have shown there’s a strong correlation between the insurance risk and a person’s credit rating and their ability to pay their premium / how they pay (monthly or by a single annual payment).
Insurance companies will be analysing the risk and claims data of their car insurance portfolio on an ongoing basis to identify which types of risk are generating claims, and it could be that desirable hot hatches like the mk7 / mk7.5 Golf GTI / Clubsport or certain policyholder risk profiles are generating a disproportionately high frequency of claims and high average claims costs. If so then an insurer is likely to increase premium rates for all of those types of risk in their portfolio. With supply chain issues affecting the number of new cars being built and long wait times, it’s likely that insurance companies have also seen an increase in thefts of desirable, late date cars.
@rwleigh; IMHO comparing one person’s premium to another person’s is of limited value as it’s highly unlikely any two people will have identical risk profiles, and one difference (e.g. post code, driver age, a person’s credit score etc.) can make a significant difference to the premium. As @Snoopy has suggested, it’s always worth looking at ways to reduce the premium - e.g.
- increasing the excess
- fitting an insurer approved security device (not all insurance companies will offer a discount so worth checking first to establish whether or not they would)
- reviewing your estimated annual mileage driven to see if it can legitimately be reduced
- review any add-ons you currently have under your policy to see if you still need them. If not, delete them and save the cost of paying for them.
There may be others in addition to the above.
As for recommendations on who to try for alternative quotes;
- Get a range of alternative quotes from one of the comparison sites. That will give you a good idea whether or not the premium quoted by LV is broadly in line with most other insurance companies or whether it’s just LV quoting a high price.
- Speak to LV to see if there’s any scope to reduce the premium they’ve quoted - their renewal retention team may have authority to offer a reduction on the price quoted to retain your business.
- Contact a traditional high street insurance broker to search the market for a competitive premium quote; many brokers will have access to insurance companies who aren’t on the comparison sites. They may also have special scheme arrangements with some insurance companies that give them preferential insurance rates.
- Contact insurance companies direct that aren’t on comparison sites - e.g. Direct Line, Aviva (there will be others).
- Try a broker who specialises in cover for high performance cars; try an internet search for ‘Performance car insurance’.
Finally, bear in mind that if you find a really cheap price, it might be cheap for a reason - e.g. poor customer service, poor claims service, low level of cover. IMHO an insurance company with a good reputation for its claims service is worth paying a bit extra for; if you’re unfortunate enough to need to claim, that’s when you want good service.
@rwleigh; please update this post once you’ve found a renewal price you’re happy with.
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I use a broker, A-Plan. Not much off a lot of the deals as offered online by those pesky little southern African mongooses but they are also mod friendly and able to negotiate. Not had to make a claim with them but the service during renewal is good.
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Ours went from £180 to £222, so went on comparisions and got for £200
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I’m with A-Plan, local branch in Wilmslow. Always found them cheaper than the on-line comparison sites. Good service as well.
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@rwleigh - mine was also a similar p take this year with no explanation.
Quick trip to the meerkats gave me a price similar to last year.
As SRGTD says there are a megaton of reasons why insurance companies might load your premium.... one of them is the risk level that the scheme (insurance policies are actually an investment vehicle...) desires this year. Loaded premiums are like a builder who quotes high because he doesn't want to do the job.... but if you say yes he'll take your money for the job and be quids in.
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A slightly left field suggestion, but have you tried VW insurance for a quote.
I wouldn't have even considered getting a quote from a manufacturers broker, but last year when I got my new SQ5 and needed comprehensive insurance for myself, wife and 26 year old daughter including business use, I tried Audi Insurance as the quotes I was getting from the comparison sites were in the £1200 to £1400 price range and all needed a tracker fitting (another £500 or thereabouts).
As I had signed up for the 5 day cover through Audi I thought I would get a quote out of curiosity and they came in at £870. This years renewal dropped to £740, so I didn't even bother searching around.
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Just had my renewal from LV, 20% increase compared to your 40%. I'll shop around but I do like LV as an insurer, I've had a good experience with them both as a claimant and third party.
(https://i.postimg.cc/XNcKxgdR/image.png) (https://postimages.org/)
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Just had my renewal from LV, 20% increase compared to your 40%. I'll shop around but I do like LV as an insurer, I've had a good experience with them both as a claimant and third party.
I recently renewed for a second year with LV; my premium increased by around 14% over last year’s premium.
I got competitor quotes from a comparison site and apart from a couple of companies I’d never heard of, LV’s premium was pretty much the cheapest so I stayed with them. I couldn’t find any customer reviews for the two companies I’d never heard of, which was another reason for staying with LV as they’re well established and their claims and customer service is good.
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A slightly left field suggestion, but have you tried VW insurance for a quote.
I wouldn't have even considered getting a quote from a manufacturers broker, but last year when I got my new SQ5 and needed comprehensive insurance for myself, wife and 26 year old daughter including business use, I tried Audi Insurance as the quotes I was getting from the comparison sites were in the £1200 to £1400 price range and all needed a tracker fitting (another £500 or thereabouts).
As I had signed up for the 5 day cover through Audi I thought I would get a quote out of curiosity and they came in at £870. This years renewal dropped to £740, so I didn't even bother searching around.
Just filled in in my details and to my surprise, this is quite some difference!
Can't quite believe it but i think i might have to take them up on their offer...
(https://i.postimg.cc/8z3LLsQX/VW-insurance.png)
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Does that include the modifications?
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Does that include the modifications?
There wasn't an option to add any so I might have to ring them.
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Mine on VW insurance was £339 which was £58 more than I paid a few weeks ago. VW cheaper than the comparison sites I looked at in March though by about £60. Definitely pays to check every year, only takes a few minutes.
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Just to update this thread i have now gone with Sheila's' Wheels believe it or not, mainly because they were with best price with modifications declared but also because they got better reviews as a company. Saw a lot of bad reviews for VW insurance which put me off. Still managed to save over 200 quid from the LV quote so I'm happy with that.
(https://i.postimg.cc/5NkpXJpQ/sheilas.jpg)
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Just to update this thread i have now gone with Sheila's' Wheels believe it or not, mainly because they were with best price with modifications declared but also because they got better reviews as a company. Saw a lot of bad reviews for VW insurance which put me off. Still managed to save over 200 quid from the LV quote so I'm happy with that.
That's interesting as Audi Insurance is underwritten by UK Insurance Limited which is owned by Direct Line and they usually get above average reviews. I presume that VW Insurance is managed in the same way.
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Mines due next month so have just done a quote, £218 with VW and i lowered the excess to £100 too. :smiley:
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Anybody know what the European cover is on the VW insurance? This one of the reasons I go with LV as it's included in my at no extra cost.
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Anybody know what the European cover is on the VW insurance? This one of the reasons I go with LV as it's included in my at no extra cost.
Presumably as per Section G of the policy booklet - link below;
https://insurewithvolkswagen.co.uk/media/1152/vw-mspb-1221-web.pdf
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I'd suggest A-Plan Private Clients. I use the High Wycombe branch. I'm sure if I refer you, I'll get at least a 50% discount on my renewal and undying gratitude from their general manager.
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I got a good deal last time through Quidco.
The quote that was offered was similar to other comparison sites but I got £35 cashback after a couple of months.
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Was with Admiral who put my renewal up 60% even though I've not claimed.
Shopped around with the help of some meerkats and ended up getting it cheaper than last year with Aviva. Plus £30 Topcashback.
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Was with Admiral who put my renewal up 60% even though I've not claimed.
Shopped around with the help of some meerkats and ended up getting it cheaper than last year with Aviva. Plus £30 Topcashback.
Admiral are a bunch of c**ts for that, it's the same sh!t every year
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Just had my renewal from Flow, an increase of about 50% on last year. :sad:
VW insurance are cheaper than what i paid last year?? :smiley: