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23 Apr 21, 08:20 AM
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BMW S1000XR
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S1000XR - General Chat
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Insurance
23 Apr 21, 08:20 AM
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Topic: Insurance (Read 6427 times)
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Winger
XR God
Topic Author
Posts: 2956
Town: Birmingham
Country:
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
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#1
forestboy
XR Pro
Posts: 282
Bike: S1000XR SE Sport
Country:
Re: Insurance
Reply #1 on:
February 12, 2018, 03:07:40 PM
Flying a kite innit.
There are still some daft buggers that'll just pay up.
We. use comparison sites for everything nowadays, loyalty is a mugs game.
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#2
Dicey
XR Member
Posts: 82
Bike: S1000xr
Town: Mintlaw
Country:
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!!
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#3
Gatsoburner
XR Pro
Posts: 386
Bike: Red XR SE
Town: Manchester
Country:
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 !!
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Therapy...
You'll never see a motorbike parked outside a psychiatrists.
#4
PaulS1000XR
XR God
Posts: 1152
Bike: S1000XR 2021 TE
Town: Worcester, UK
Country:
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
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
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PSH
#5
Mareng1
XR God
Posts: 1119
Bike: S1000XR
Town: Cumbria
Country:
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
)
Last Edit: February 13, 2018, 10:56:02 AM by Mareng1
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#6
Mta1000XR
XR Member
Posts: 80
Bike: 2018 S1000XR
Town: Connecticut
Country:
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
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Ride That Thang!
#7
grizzle
XR Pro
Posts: 327
Bike: HP Motorsport
Town: North Wales
Country:
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
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#8
Winger
XR God
Topic Author
Posts: 2956
Town: Birmingham
Country:
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.
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#9
grizzle
XR Pro
Posts: 327
Bike: HP Motorsport
Town: North Wales
Country:
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
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