It's Car Ins. renewal time - and once again its gone up 41%

dunstonh

Some providers focus on new business. Others focus on retention. Those that focus on new business tend to have a higher annual premium but use marketing discounts. Some of these marketing discounts can be as high as 40%. So, if you lose the marketing discount, you get a big increase.

I have only had two insurers in the last 10 years. Most years I have renewed with same provider and only suffered premium increases around £5 a year. I do check every year but prefer consistency. It also helps that I am in a low risk area and I am a low risk driver. Higher risk drivers/areas seem to "suffer" more with the need to use marketing discounts and shop around each year.

tbourner

Cubbington wrote: »

NB: I'd check the job description thing as last year when I took out my new policy my job could be described in varying ways and the difference was about £20 (my job title is nice and ambigious)

I used the MSE Job Picker to clear up my wishy washy title, I've been using the same title for all quotes for the last few years.

MikeyMacbeth

dunstonh wrote: »

Some providers focus on new business. Others focus on retention. Those that focus on new business tend to have a higher annual premium but use marketing discounts. Some of these marketing discounts can be as high as 40%. So, if you lose the marketing discount, you get a big increase.

I have only had two insurers in the last 10 years. Most years I have renewed with same provider and only suffered premium increases around £5 a year. I do check every year but prefer consistency. It also helps that I am in a low risk area and I am a low risk driver. Higher risk drivers/areas seem to "suffer" more with the need to use marketing discounts and shop around each year.

I'd say I'm a low risk driver (but who wouldn't!) no penalty points (stopped once by police in thirty years - routine check only), 6 years NCD (three claims in my entire life - all of them other parties' fault) , trouble is higher risk postcode & on-street parking for me I suspect, but I can't afford to move for sake of lower premiums (I'd love to!)

Care to name the two insurers you've been with? (or if that breaks forum rules then PM me) I'd like to see what they quote me - I've never experienced as low a renewal rise as £5 in my life!

The way I calculate if it's worth shopping around is to assume it'll take me around three hours or so to get all the quotes, multiply by my hourly working pay rate (so not a lot alas :-( ), and if the saving I get is more than the increase - then I've come out ahead of the game! - so far it's always been worth my while shopping around...

lisyloo

IAM Surety (for IAM members) gave my husband a good renewal quote, so I believe there are some companies around that do it.
The insure is Adelaide but the specific surety product is for IAM members.

dunstonh

Care to name the two insurers you've been with? (or if that breaks forum rules then PM me) I'd like to see what they quote me - I've never experienced as low a renewal rise as £5 in my life!

Esure & LV. Esure had about 7 years with virtually the same premium until my wife managed to get 3 points. They cherry pick and the 3 points added nearly 20% to the premium. So, shopped around as usual and was able to get LV at the same price as esure pre the points declaration. Had a renewal with them since and it was just a £5 increase on previous year.

mikey72

LV are very hit and miss

https://forums.moneysavingexpert.com/discussion/3087564

and while I wouldn't want to split hairs,

dunstonh wrote: »

My wife's insurance with LV went up by just £23 and that included the provision of protected no claims this year which was not included last year. Quote sites offered lower premiums than last years quote. Although not by enough to make it worth changing.

dunstonh

and while I wouldn't want to split hairs,

The cover was changed on renewal. Hence the small increase compared to had it been left without protected NCD.

mikey72

dunstonh wrote: »

The cover was changed on renewal. Hence the small increase compared to had it been left without protected NCD.

I'll let you off this time then, while it's you.
That's the problem round here, always some picky b*gger about!