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Insurance Renewal Time - Get out the Lube

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Mungel
Scooby Slapper



Joined: 21 Apr 2005
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PostPosted: 19:17 - 14 May 2012    Post subject: Insurance Renewal Time - Get out the Lube Reply with quote

Shocked
[rant]
Why oh why do these bloody insurance companies think that I will just accept a 100% increase in my premium year on year?

Last year, 6 years no claims, bike valued at £2000 Shifty = £98
This year, 7 years no claims, bike valued at £1500 = £204

No new convictions, no change of address, no claims, a year older and wiser... it just doesn't make sense..

Obviously, the obligatory haggling phone call will occur, but I can see me switching to another new policy.
Whatever happened to looking after your customers and encouraging renewals. Surely that makes good business sense, no?
[/rant]
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Mungel
ZZR600 (dead) - ZX9R (sold) - FZ1S
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arry
Super Spammer



Joined: 03 Jan 2009
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PostPosted: 19:24 - 14 May 2012    Post subject: Re: Insurance Renewal Time - Get out the Lube Reply with quote

Mungel wrote:

No new convictions, no change of address, no claims, a year older and wiser... it just doesn't make sense..

Whatever happened to looking after your customers and encouraging renewals. Surely that makes good business sense, no?
[/rant]


Unfortunately there's no 'sense' in it any more as there's no underwriting, just pricing. The pricing model changes month on month, and if it so happens that 39 year olds on Ducati Monsters have had a sharp upturn in claims that month then everyone getting their renewal the month after in that category will feel that burn or move elsewhere. The market price doesn't always = the right technical price, and vice versa. That is to say, just because someone accepted you last year at £100 doesn't mean they priced it right then, nor does it mean £200 is what the market will want for you this year if you go somewhere that's not had a bad experience with your risk category.

On my old CBR - mine went from £108 to £228 but shopping around I got to £122 fairly quickly. There is a general shift in market upwards at the moment, as bike rates didn't have the pressured hit that car rates did over the course of the last few years.

If you're with an intermediary then call them and ask them to re-broke your risk to their panel and see what they can come back with - always good to give them a chance to retain you if the service has been good. If you're direct, then shop about and see what happens.

Don't forget price is only part of the equation though. There are plenty of other things to consider; like claims service, documentation service, administration fees etc.
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Rogerborg
nimbA



Joined: 26 Oct 2010
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PostPosted: 07:11 - 15 May 2012    Post subject: Reply with quote

It's a loyalty punishment. The thought of "renewing" insurance just fills me with mirth. New quotes every year, no exception.
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 11:31 - 15 May 2012    Post subject: Reply with quote

New Insurance for me this year to. Just got my renewal through.

Last Year 5 years NCB on Suzuki GSR600 = £348
This Year 6 years NCB = £667.60 = Get fucked, you robbing bastards.

Done a new quote on bike insurer £232.20
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chris-red
Have you considered a TDM?



Joined: 21 Sep 2005
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PostPosted: 11:53 - 15 May 2012    Post subject: Reply with quote

I went with my renewal it went down by about £65 Very Happy
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Redoko
World Chat Champion



Joined: 04 Nov 2009
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PostPosted: 12:06 - 15 May 2012    Post subject: Reply with quote

My renewal came in cheaper than they offered me redoing a quote on a comparison site.

And yes, all aspects are legit.

£294 TPFT whole year.

Covered on other bikes too.
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cb1rocket
World Chat Champion



Joined: 30 Jan 2010
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PostPosted: 12:25 - 15 May 2012    Post subject: Reply with quote

My renewal 57 quid Laughing
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Alpha-9
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Joined: 19 Jan 2012
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PostPosted: 12:52 - 15 May 2012    Post subject: Reply with quote

Ya but what was the bike?

Probably some bum statistic that more people have crashed and claimed on X bike than Y

I imagine

Either that or black magic witchcraft darkness motherfucker
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EazyDuz
World Chat Champion



Joined: 11 Apr 2011
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PostPosted: 13:06 - 15 May 2012    Post subject: Reply with quote

I was with carole nash for all of 8 months, cost me 200 quid on a 125cc, they offered 470 for my virago with breakdown.
I found insurance for 220, and an additional £39 for AA breakdown, fuck them, new quotes every time
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Darylw27
Nova Slayer



Joined: 19 May 2011
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PostPosted: 19:52 - 15 May 2012    Post subject: Reply with quote

I work for one of the devils out there. It's just down to how the underwriters perceive the risk for that year. If Joe Blogs and his 30 mates have the same bike as you and they all claim regardless of fault it screws you over as much as them. Plus a large number of companies don't offer discount over 5 years NCB, after 5 it's mostly just age. Pays to shop around every renewal just because they were cheapest last year doesn't mean they will be this year.
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MG
Traffic Copper



Joined: 10 Oct 2011
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PostPosted: 20:56 - 15 May 2012    Post subject: Reply with quote

EazyDuz wrote:
I was with carole nash for all of 8 months, cost me 200 quid on a 125cc, they offered 470 for my virago with breakdown.
I found insurance for 220, and an additional £39 for AA breakdown, fuck them, new quotes every time


So did you throw away a year's no claims for the sake of 4 months?
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cb1rocket
World Chat Champion



Joined: 30 Jan 2010
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PostPosted: 21:04 - 15 May 2012    Post subject: Reply with quote

Alpha-9 wrote:
Ya but what was the bike?

Probably some bum statistic that more people have crashed and claimed on X bike than Y

I imagine

Either that or black magic witchcraft darkness motherfucker


57 quid on a cb1, aka CB400F
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