Con the Market - insurance

[CrossyN]

This might not be news to everyone and of course everyone's circumstances are different, but I thought I'd share this as it's a shocker for me.

My insurance renewal is up with Elephant (F32 Comp Pack) and they quoted £940 on the renewal, 7 yrs NCD, no accidents or claims, 37 y/o, that was a £90 increase on the renewal which is an insult. It just mysteriously went up £90 when it's supposed to go down if you don't claim. Anyway.

So I went to Compare the Market - I must have submitted 70+ quotes as you do, changing job titles, where the car is parked, named drivers, combinations of excess amounts and all sorts, it's a right pain. Cheapest I could get was £700 with my parents as named drivers, and I'm 37!

However, my car has 3 mods. Wheel spacers, CF diffuser and CF exhaust tips.

With declaring the mods, only 9 companies quoted me, cheapest quote was LV and Flux at £1000 with a £2000 excess. F**** outrageous. Without my parents on the policy, I was looking at £1300+ annual price on the comparison site.

So I went to Churchills website, did a quote without the mods, no named drivers, and it came in at £529. However they don't let you declare mods on their website.

So I called them up, explained to the UK based guy that the car has spacers, diffuser and tips... he said meh they're non-performance parts, made a note on the policy about them and honoured the £529 price.

Moral of the story, these comparison sites take advantage of peoples laziness, and make false statements about not being able to get cheaper by going direct. The mods nearly double your premium, but if you ring them up, they don't appear to care about the mods.

Banging my head against the wall at how much time I waste every year doing this, how close I come to being royally ripped off, but now buzzing to have a decent quote and a problem solved for a year.

So yea, if you're livid over the comparison site prices, ring them up. I'd rather not - I'm lazy, but I just saved £500 for half an hours hassle.

[Zippee]

Had a similar experience too. Just about to swap my F32 435d for the M4CP. Currently with Hastings who I pay £250 or so a year with. Using comparison sites, Hastings came up as £700+ with the cheapest being £600. I'm 50, full NCD, I live in the middle of nowhere, secure garage at home and work and all the other good premium lowering stuff. I thought it was far too expensive. Went on Hastings website and it was £275. Same details entered on all sites.

As you say, it seems they are cashing in on peoples laziness, naivety and the previous hype the comparison sites had. Like a lot of online 'services', they seem to be a victim of their own success and the established old fashioned methods seem to have the longevity.

Makes me think these 'impartial comparison sites arent so impartial and sway the figures to suit.

[CrossyN]

I don't think I'll ever be blessed with a premium that low, my post code is tainted by a rough as balls area up the road.

But yea the entire experience is infuriating and nonsensical. At 37, why the hell does my premium drop by £300 across the board with all insurers when I add my parents as named drivers?! In what world does that make any sense.

There's an urgent need for tighter regulation on car insurance especially as its a legal requirement, it's way past the point of being suspicious and we're into the realms of outright vigilante arbitrary pricing based on undiluted pure discrimination.

[antych]

Those sites are commercial services primarily designed to make money for their creators. You don't have to use them. Sometimes you get a good price, sometimes you don't. What's with the drama.

[ravibasuta]

Will try Churchills in a month when i need to renew. So far Hastings been really good with 2 cars on my policy.

[Zippee]

Originally Posted by antych

Those sites are commercial services primarily designed to make money for their creators. You don't have to use them. Sometimes you get a good price, sometimes you don't. What's with the drama.

I think thats what most fail to realise with these comparison sites. They do seem to think they are free services doing good for the consumer. The likes of the multi-millionaire Martin Lewis championed the 'fair consumer' mantra and really put the idea of doing the punter a favour by giving them fair comparisons. Esther Rantzen he aint (hence why he sold his company for £80 million). You are quite right that people have a choice and again correct that they do sometimes show you the better deals. They aren't the ultimate though and I think thats what the OP was highlighting. No drama.

[t5pilot]

Isn't it strange how varied all the quotes are though? It's purely a lottery.
Mine's due for renewal at the start of November, so I've started getting quotes. Last year, no one could touch LV for mine (£349). They haven't sent my figure through for this time yet, but comparison sites have LV at £482 for me this year.
Hastings won't even quote me, which I found strange.
For the 1st time in years, I actually used a telephone & rung NFU Mutual (they don't do insurance online). I have to say, I was surprised.
You have no options re breakdown, legal cover & guaranteed hire car - It comes as standard & can't be removed. But even so, including NCB protection, they've come in at just £400. Which I believe will be pretty much unbeatable by anyone else.

[CrossyN]

Aye, so you've just gained another years experience driving the car you're insuring (they often penalise you for insuring a new car that you have no experience with), another years NCD, another year older, but your premium goes UP.

I don't even bother paying to protect my NCD any more. It costs more to protect your NCD than what you save by having it. With the added joy that if you ever do make a claim, NCD protected or not, you get penalised regardless for declaring the fact you made a claim. That's if they don't find a way to void your insurance because you didn't tell them you'd changed an interior fitting at some point.

This kind of BS goes on in all walks of life, it's just super infuriating because these services are enforced by law.

[t5pilot]

Originally Posted by TFI

Aye, so you've just gained another years experience driving the car you're insuring (they often penalise you for insuring a new car that you have no experience with), another years NCD, another year older, but your premium goes UP.

I don't even bother paying to protect my NCD any more. It costs more to protect your NCD than what you save by having it. With the added joy that if you ever do make a claim, NCD protected or not, you get penalised regardless for declaring the fact you made a claim. That's if they don't find a way to void your insurance because you didn't tell them you'd changed an interior fitting at some point.

This kind of BS goes on in all walks of life, it's just super infuriating because these services are enforced by law.

I posted too soon! Renewal just in from LV... It's actually gone down for my 2nd year with them! £329, winner

[Colinv6]

I was with Privaledge on my M3, and wife’s 116d, and when I swapped to M4CS, rang hen up and they said no problem it’ll be £50 extra for the remainder... BUT we need a tracker on the M4, I said how come a tracker was never required on the M3 it’s the same car basically.

She couldn’t give me a reason, but I cancelled the policy, went direct to LV and saved over £250! Oh and it also went down £200 by removing my Dad which is bizarre!! He has clean licence and no claims..

So £510 for the year, 33 years old, wife is 30. I can live with that

[bry777]

68 Plate M3 CP DCT with LV and CSMA discount including Class 1 business use and drive parking is £415 year. They asked about a tracker and garage parking so I asked them to also quote me if it had a tracker and garage parking. The difference was a big fat ZERO.

The tracker thing is dependent on where you live. My previous address in a little dales village came up with a tracker required, whereas the current urban address near Durham City doesn't.

[CrossyN]

You'd think that if this product is enforced by law, and they can make you pay more because they say where you live is high crime risk, you'd think they would be required to provide the stats they're going off to justify their quotations.

I'm in Newcastle and have lived in this area all my life, all 37 years, my estate and the surrounding area is hardly middle earth or Baghdad.

[dsmclark]

I paid about £1200 for my F10 M5 with tracker (they wanted £2700 without...). Thats was with £500 excess, 12+ years protected no claims and I am 34 (was 33 when I took out the policy). That said I always believe you get what you pay for with insurance! The admiral group are great when you are non fault but I have heard that can be difficult when you're at fault! Had a total loss on the M5 after a nail took out the oil cooler on the motorway and the insurance company were great and absolutely no quibble what so ever! even gave higher than I expected on the car value!

[too hot]

Just received my renewal in from Admiral multi car policy. On breaking down the cars BMW 330d touring msport + £349 BMW M4comp,£235 !! Two cars are poles apart one is worth £20k the other £50k,how they work out these premiums is anyone’s guess.As luck would have it I will have to contact them to try to do better,M4,S3 both sold so they will come off the total (which has gone up by £300 this year for no apparent reason!!)
I will await their revised quote with baited breath !

[tommysains]

I just got my M4 comp. I have on street parking in Windsor and there's been a lot of car break ins lately so insurance was a bastard. Cheapest quote from anyone, not just comparison sites was £1600 with £1200. Had one at £7000. Went for the cheapest.

The day I collected the car I did bmw 7 day free insurance. To activate it you need to get a 12 month quote. Anyway, came out at under £900 with £100 excess with everything else the same as the £1600.

I cancelled the £1600 one during the 14 day cooling off period and went with BMW.

BMW insurance is worth looking at. I might move my E class estate there at renewal. 😂