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Offline Winger

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Insurance
« on: February 12, 2018, 01:50:27 PM »
How can an insurer send a renewal saying it’s the best they can do and when you hit  e’m over the head with another quote knock 50 quid off  :230:

Offline forestboy

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Re: Insurance
« Reply #1 on: February 12, 2018, 03:07:40 PM »
Flying a kite innit. :002:
There are still some daft buggers  that'll just pay up.  :005: :087:
We. use comparison sites for everything nowadays, loyalty is a mugs game.

Offline Dicey

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Re: Insurance
« Reply #2 on: February 12, 2018, 07:08:00 PM »
Got my renewal in up £45 from last year, going to phone them tomorrow and tell them I'm not renewing,see what they say,I've got a quote £60 cheaper from the bike insurer, £20 cheaper than last year with same cover!!

Offline Gatsoburner

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Re: Insurance
« Reply #3 on: February 12, 2018, 08:11:47 PM »
Insure it to isle of skye, 1000 miles a year and your 50 year old..

Works for loads trapping around Manchester on a daily basis...

Tell the insurance company and all they'll want is the money to adjust the premium, cancel the contract when they ask for your money and that's the end of it, f😠😠kin joke. I thought it was fraud..and insurance companies know all about that the way they dream up renewal prices !!
Therapy...

You'll never see a motorbike parked outside a psychiatrists.

Offline PaulS1000XR

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Re: Insurance
« Reply #4 on: February 13, 2018, 10:21:00 AM »
*Originally Posted by Winger [+]
How can an insurer send a renewal saying it’s the best they can do and when you hit  e’m over the head with another quote knock 50 quid off  :230:

Yep - they all do that presumably think that there will be those daft enough to just pay it. Its a waste of time but now rather than renew I shop around and always get a much better deal and when thee original insurers offer an improved deal I tell them I am not interested. Maybe they will get the message but I doubt it  :004:
PSH

Offline Mareng1

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Re: Insurance
« Reply #5 on: February 13, 2018, 10:54:13 AM »
Has anyone narrowed down - who is doing the "ripping-off"?

Underwriters or Brokers?

I'd suggest that the underwriters have a fixed premium (to the broker) - based upon their perceived risk, and in some cases - if they took a bath on the previous year.

£500. (for example)

For normal profit , the Broker adds on £150 (that's business after all)
So - if 30% of punters balk - the broker has  'some' leeway to retain the business, but it would be disingenuous to cut back their profit on all transactions - maintaining market share means nothing, if you are not making a reasonable profit overall.

Now - if you are alleging that Brokers are applying too high a mark-up normally, that is one thing - but I am not sure how you would substantiate this.  But - the broker still has to be competitive, especially in this "comparison website" society. 

What do we all do, if we say - sell a bike on Biketrader or  eBay Classifieds?     We advertise at £8,250 to build in a bit of 'wriggle-room' as most buyers will expect a discount.   Seems like what the Brokers are doing?


As an aside:
Underwriting is a lucrative earner for people/syndicates with great wealth, as they only require to 'pledge' the funds, meanwhile those funds are earning more wealth elsewhere.   They only have to dip into those funds/profits on bad years where claims have exceeded premiums.   A good year, can just as easily be followed by a year or two of risk-miscalculations/insufficient premiums.

(Doesn't really add to the rant, I know  :431: )
« Last Edit: February 13, 2018, 10:56:02 AM by Mareng1 »

Offline Mta1000XR

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Re: Insurance
« Reply #6 on: February 13, 2018, 01:05:47 PM »
Insurance is such a rip off. At least it got cheaper with age lol
Ride That Thang!

Offline grizzle

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Re: Insurance
« Reply #7 on: February 13, 2018, 03:22:59 PM »
Renewal came through from Bennetts last week
Last year £148 fully comp, £350 excess, protected no claims, no claims made / no convictions / to include pillion / ride other bikes / 90 days Europe
This year £188
Comparison site Bennets were second place at £168, same spec as above
Phoned them, they said just cancel this one when it ends and take the new policy off the comparison site, twenty quid cheaper
by the way, best price was MCE at £126 with £1500 excess!!!!!!!!!!! WTF
So I phoned Bikesure, they gave me all the same as I had with Bennets for £143 to include legal protection with LV insurance
What a faff

Offline Winger

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Re: Insurance
« Reply #8 on: February 13, 2018, 03:32:35 PM »
I used Bike Sure to beat auntie carol over the head i’m A bloody million miles away from your price but the majority of that is post code sadly.

Offline grizzle

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Re: Insurance
« Reply #9 on: February 13, 2018, 03:51:48 PM »
Hi Winger

Yup - welsh postcode nearer 60 than 50 years of age - 18 years no claims but they only count up to 9

It's still a lottery

 


dysfunctional