Insurance increases on the way

[Catnapper]

I believe the law is changing so Insurance companies cannot give you a higher premium than a new customer.
Every year I look to change both car & motorcycle insurance companies without fail.

[Aidey]

Just had my renewal in the post , fully comp , full ncd, £400 this year

[RM]

I believe the law is changing so Insurance companies cannot give you a higher premium than a new customer.
Every year I look to change both car & motorcycle insurance companies without fail.

I really hope that happens. I remember a daft conversation with Direct Line about a renewal, which they had beaten if I got another quote online but they couldn’t honour as a renewal. Even their customer service rep laughed at how dumb it was. I had to cancel, then go through the process as a new customer.

[fredgroves]

I believe the law is changing so Insurance companies cannot give you a higher premium than a new customer.

I've not read that, but like the much vaunted charging male and female drivers the same episode, all that will remain is everyone paying the same - the higher non-discounted price.

You have to try to understand how insurance works - it doesn't exist to provide you with a service, it exists to create a profit for investors. Its a financial investment vehicle. It has all sorts of elements within it around structure that delivers the returns promised to investors and its really complex - which is why actuaries are quite clever people.

[RM]

That’s business. We can only hope that market forces and plenty of competition brings prices back down again.

[Catnapper]

I believe the law is changing so Insurance companies cannot give you a higher premium than a new customer.

I've not read that, but like the much vaunted charging male and female drivers the same episode, all that will remain is everyone paying the same - the higher non-discounted price.

You have to try to understand how insurance works - it doesn't exist to provide you with a service, it exists to create a profit for investors. Its a financial investment vehicle. It has all sorts of elements within it around structure that delivers the returns promised to investors and its really complex - which is why actuaries are quite clever people.

Going to be a while I'm afraid
https://www.moneysavingexpert.com/news/2020/09/insurers-face-ban-on-hiking-prices-for-existing-customers-at-ren/

[Aidey]

Decided to shop about and got myself a renewal with Axa for £201.... 200 cheaper

[Gnasher]

When I sold the GTI a couple of months ago and got my TTRS, my current insurer said they wouldn't cover that car at all, so I had to cancel and got a quote from the broker (HIC - who I'll never use again) of somewhere between £850 and £900.

Now bear in mind I'd already done a compare the market search to make sure I didn't get the car and then find out I couldn't insure it with quotes coming back in the region of £400 with similar excess and extras. I went back to HIC with this info and that was "The best they could do"

So I went to confirm cancellation and they then have the cheek to charge me £30 to cancel the policy that they can't provide because I wont pay more than double to insure my car with them. Robbing gits!!

On the plus side, I got a free sleepy Oleg toy from compare the market lol.

[Watts]

When I sold the GTI a couple of months ago and got my TTRS, my current insurer said they wouldn't cover that car at all, so I had to cancel and got a quote from the broker (HIC - who I'll never use again) of somewhere between £850 and £900.

Now bear in mind I'd already done a compare the market search to make sure I didn't get the car and then find out I couldn't insure it with quotes coming back in the region of £400 with similar excess and extras. I went back to HIC with this info and that was "The best they could do"

So I went to confirm cancellation and they then have the cheek to charge me £30 to cancel the policy that they can't provide because I wont pay more than double to insure my car with them. Robbing gits!!

On the plus side, I got a free sleepy Oleg toy from compare the market lol.

You should've been charging them not the other way around!

How are you getting on with your new toy?

[king monkey]

When I sold the GTI a couple of months ago and got my TTRS, my current insurer said they wouldn't cover that car at all, so I had to cancel and got a quote from the broker (HIC - who I'll never use again) of somewhere between £850 and £900.

Now bear in mind I'd already done a compare the market search to make sure I didn't get the car and then find out I couldn't insure it with quotes coming back in the region of £400 with similar excess and extras. I went back to HIC with this info and that was "The best they could do"

So I went to confirm cancellation and they then have the cheek to charge me £30 to cancel the policy that they can't provide because I wont pay more than double to insure my car with them. Robbing gits!!

On the plus side, I got a free sleepy Oleg toy from compare the market lol.

That’s really not on. Imagine that happening in any other business! Tesco can’t sell you the bag of apples but charge you a cancellation fee for them changing their minds.