Car Insurance premium query

jim2

Hi,

I have changed my car twice in the last year but each time there has been no premium adjustment. Last September I traded my 1996 BMW X3 2.0 Diesel for a 2010 Ford C Max 1.6 Diesel , then just last week I traded that in for a 2019 Toyota Aygo 1.0. I find it convenient for the insurance company to inform me there’s no change in price each time.Is this standard practice from insurance companies? I would have thought at on at least one of those occasions I would have been due a refund ?

Thanks in advance,

Jim2.

Inner_Zone

jim2 wrote: »

Hi,

I have changed my car twice in the last year but each time there has been no premium adjustment. Last September I traded my 1996 BMW X3 2.0 Diesel for a 2010 Ford C Max 1.6 Diesel , then just last week I traded that in for a 2019 Toyota Aygo 1.0. I find it convenient for the insurance company to inform me there’s no change in price each time.Is this standard practice from insurance companies? I would have thought at on at least one of those occasions I would have been due a refund ?

Thanks in advance,

Jim2.

According to Wikipedia the BMW X3 was introduced in 2003, so how was yours seven years older?



Anyway, no administration fees each time?


And I assume each newer car is probably more expensive than the last so the liability to the insurance company increases each time?


If so would have thought an increase was more likely.

EssexExile

Insurance has gone up this year, that & admin charges will probably outweigh any refund.

Ebe_Scrooge

There are many factors involved in the pricing of an insurance policy. One is the statistical likelihood of that car being involved in an accident, another is the cost to repair it to the standard it was in before the damage. It may be that the cost to replace a 2019 Aygo is similar to the cost to replace a 2010 C Max with an equivalent (the Aygo being newer) in the event of a write-off. Also you need to factor in the admin fee that many companies will charge to change the details mid-policy. So it could be that the premium for the new car was £30 less than the existing premium, but they also charged a £30 admin fee which swallowed up any rebate. Perhaps if you were swapping from a Ferrari to a Mini you'd have got a rebate, but I suspect that in your circumstances the premiums were close enough as makes no difference, allowing for an admin fee each time.

jim2

Hi and many thanks for replies.

Whoops, yes my beemer was a 2006 btw !

With the Ford and BMW having a significantly higher insurance group than the Toyota I would have expected a dramatic drop in premium, And, yes , there was a £30 admin charge both times.

Thanks again all who replied, your input is greatly appreciated,

Jim2.