Renewals

AzimScot

Hi,

I am wondering if anyone knows when your renewal figure comes in just before your insurance is about to expire how they calculate the fee? Say you had no claims or modifications to vehicle do they take it from your last years figure and knock a percentage off? I have 4 years NCB however my premimum is quite high for a 28 year old and it seems to only change slightly it reduces about £50 per year. I used to give motor insurance quotes and people with 5-7 years NCB insurance was under 200 per year? my car is standard and 11 years old now and my postcode is not really high risk.

mikey72

You do shop around every year, and use all the comparison sites?

Quote

...and waste loads of time which you'll never get back...

mikey72

Quote wrote: »

...and waste loads of time which you'll never get back...

:rotfl::rotfl::rotfl::rotfl:

Either desperation, or brokers are earning far, far, too much.
As one poster has just saved £2400, it's probably worth a few hours to most people.

https://forums.moneysavingexpert.com/discussion/2737135

Use the comparison sites, ring round, include brokers (even Swintons), get the best value for money you can.
Just remember to cancel the auto-renew in writing, and get it signed for.

iamana1ias

AzimScot wrote: »

Hi,

I am wondering if anyone knows when your renewal figure comes in just before your insurance is about to expire how they calculate the fee? Say you had no claims or modifications to vehicle do they take it from your last years figure and knock a percentage off? I have 4 years NCB however my premimum is quite high for a 28 year old and it seems to only change slightly it reduces about £50 per year. I used to give motor insurance quotes and people with 5-7 years NCB insurance was under 200 per year? my car is standard and 11 years old now and my postcode is not really high risk.

Nope! Expect it to increase if anything.

Ian_W

Quote wrote: »

...and waste loads of time which you'll never get back...

As opposed to wasting loads of money which you'll never get back ....

No point in trying to second guess how your insurer arrive at the renewal premium, too many variables that you're unaware of. Just check to make sure it's the going rate.
Example - 08/09 policy year I made a £700 claim on my household insurance, paid out with no major drama and the follwing year premium went up by £40. Renewed with same insurer. This year premium went up by £200 (almost double) so I shopped around and found a dozen or so reputable insurers offering same or better cover much cheaper.

Took a couple of hours to save £200, if QUOTE (or anyone else) wants to pay me £100 an hour - I'm free!

Dangermac

mikey72 wrote: »

:rotfl::rotfl::rotfl::rotfl:

Either desperation, or brokers are earning far, far, too much.
As one poster has just saved £2400, it's probably worth a few hours to most people.

https://forums.moneysavingexpert.com/discussion/2737135

Use the comparison sites, ring round, include brokers (even Swintons), get the best value for money you can.
Just remember to cancel the auto-renew in writing, and get it signed for.

Brokers are earning far too much! Dont make me laugh.

I am a broker and stay well clear of personal insurances because it simply doesnt make financial sense.

Isnt it funny though, when posters on this site have an insurance problem, they are usually pointed in the direction of a friendly broker.

I reckon that brokers should stop doing personal insurance altogether (and it is going in this direction anyway). Then let's see who is there to pick up the pieces when a risk is presented that doesnt quite fit the boxes and pigeon holes that are the acceptance criteria laid down by the direct insurers and comparison sites.

mikey72

Dangermac wrote: »

Brokers are earning far too much! Dont make me laugh.

I am a broker and stay well clear of personal insurances because it simply doesnt make financial sense.

Isnt it funny though, when posters on this site have an insurance problem, they are usually pointed in the direction of a friendly broker.

I reckon that brokers should stop doing personal insurance altogether (and it is going in this direction anyway). Then let's see who is there to pick up the pieces when a risk is presented that doesnt quite fit the boxes and pigeon holes that are the acceptance criteria laid down by the direct insurers and comparison sites.

Must be desperation then.

I think there used to be a lot of helpful replies, in fact there still are.
However, it's still a money saving website.
Notwithstanding decent advice on insurance problems, there is recently a great deal of rubbish posted on why people should pay a dear premium, rather than get an online quote, and even get a pricematch, why shopping around even manages to increase the auto renewal price, compared to the online price, and finally the nonsense above about "wasting time" using comparison sites.
Maybe the brokers on here should stick to answering technical insurance questions, and stop beating the drum for money.

Dangermac

mikey72 wrote: »

Must be desperation then.

I think there used to be a lot of helpful replies, in fact there still are.
However, it's still a money saving website.
Notwithstanding decent advice on insurance problems, there is recently a great deal of rubbish posted on why people should pay a dear premium, rather than get an online quote, and even get a pricematch, why shopping around even manages to increase the auto renewal price, compared to the online price, and finally the nonsense above about "wasting time" using comparison sites.
Maybe the brokers on here should stick to answering technical insurance questions, and stop beating the drum for money.

Mikey72. You are clearly of low-intelligence, so I will try and make this response simple.

I dont do personal insurances. I said - I dont do personal insurance. I cant compete with companies who have a multi-million pound marketing budget, and sell a product which will not be profitable to the insurer.

That is why many insurers are not now appearing on comparison sites.

It is also why you will continue to see tales of woe on this forum, where someone has bought on-line, and found out that the product is flawed. There will also be a massive rise going forward in people who are having their insurance cancelled due to (innocent) non-disclosure and who will have this stigma attached to them for life.

I am not saying that people should pay more than they have to for insurance. I am just saying that cheapest isnt always best, and that comparison sites arent the holy grail.

Be warned

mikey72

Dangermac wrote: »

Mikey72. You are clearly of low-intelligence, so I will try and make this response simple.

I dont do personal insurances. I said - I dont do personal insurance. I cant compete with companies who have a multi-million pound marketing budget, and sell a product which will not be profitable to the insurer.

That is why many insurers are not now appearing on comparison sites.

It is also why you will continue to see tales of woe on this forum, where someone has bought on-line, and found out that the product is flawed. There will also be a massive rise going forward in people who are having their insurance cancelled due to (innocent) non-disclosure and who will have this stigma attached to them for life.

I am not saying that people should pay more than they have to for insurance. I am just saying that cheapest isnt always best, and that comparison sites arent the holy grail.

Be warned

I can see why brokers are failing, possibly it is the method of explanation to your customers that may need to be addressed.
I have said too that insurance is becoming the successor to double glazing, maybe you should be shouting,
"buy one get one free, I said, buy one get one free"
instead.

Dangermac

mikey72 wrote: »

I can see why brokers are failing, possibly it is the method of explanation to your customers that may need to be addressed.
I have said too that insurance is becoming the successor to double glazing, maybe you should be shouting,
"buy one get one free, I said, buy one get one free"
instead.

We're doing very nicely, thank you very much.

Concentrating on the areas that we are best at, can add value to, and can make a living from.

We dont win business solely on price. That would be a mistake.

Just keeep watching this forum, matey boy, and we'll see how many people wish they hadnt used a comparison site and/or done a DIY insurance job.