Car Insurance

Billyblueboy9

Hi all, 
After listening to Martin Lewis talking about reduced rates for insurance during the Covid Pandemic ,  I got in touch with my insures , Hastings, and was told even though my mileage is for 7000 per year and My mileage for the last 6 months is only 700 miles my reduction would be 40p. I did ask why this was and couldn't get an answer, anyone else had the same problem. 
Kind Regards Bill

Grumpy_chap

I would imagine at 7k miles, you are already on a low premium with no extra added for mileage.
In fact, the risk may now be higher if you only did 700 miles, are you keeping your skill level up?

TooManyPoints

A couple of years back I added 1,000 miles on to my policy when it seemed I would exceed the 3,000 I stated on my proposal. It cost me £18.50 (about 7%).

williamgriffin

I got fifty quid back. 

Ectophile

The formulae for calculating insurance premiums are only known to the insurance companies.  And each company has a different formula.

Sometimes a limited mileage policy is cheaper.  Sometimes it isn't.  Sometimes they want to know how many miles you do a year, and sometimes they ask but it makes no difference.

Sandtree

Last time I did Motor pricing mileage was effectively a U shaped line if you plotted mileage against impact. Therefore having ultra low mileage like 1,500 was more expensive than having 5,000 miles but 10,000 was more expensive than either etc. The intent however was to change the curve if you declared you had access to other cars.

Each insurer has its own pricing logic, many insurers have more than one version of their own too, but it wouldnt be particularly surprising if going from low mileage to ultra low mileage resulted in minimal premium change.

Did you ask if they were charging an admin fee? Could be there was a larger rebate but it was almost wiped out by the fee for making the change.

Brewer20

I got £32 reduction for dropping my mileage from 6k to 5k, that's for 2 cars, so £16 each. They'd already sent me the renewal which as always I contest to get the price down. With no much leeway on price they agreed the mileage price reduction.
I'd already had £50 off them last term for the lockdown restrictions, I only covered around 3k in both cars total, if that. I'm with Admiral, I wonder if it's offered again (£25 each policy) this term, I ain't done 500 miles since renewal in November, one car has actually been stored off road since the beginning of December.

ivtechcivic

Hasting is a crap company. A disaster to use, in called multiple times trying to get my No Claim Bonus, many times phone would cut off. 

AVOID Hasting aka People's Choice