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Offline lexy

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BMW insurance - not renewing, moved to LV
« on: May 18, 2019, 11:33:04 AM »
Hi,

Just to ket you know I've shifted my renewal in June from BMW Insurance to LV - and have halved the cost. Couldn't believe the cost difference. Both were multi-bike policies. All terms were the same.

I also needed to cancel one of my 3 bikes off the BMW cover immediately as it's sold, and they wanted to charge me £55! They were kind enough to offer to waive this if I agreed to renew, which of course I wouldn't do. I challenged them on this charge as I said we're always changing bikes on multi-bike policies - I was then told I have 30 days grace to find a new bike. Great, let's do that, to which they said but you don't have a different bike - I said I have 30 days to find one!

The reason I wanted to cancel immediately is that I read in Bike magazine a while back that if the new owner doesn't insure it and has an accident, you're liable as you're the only one with insurance cover. Even if you don't own the bike! BMW insurance confirmed this even though they suggested I just let it lapse at renewal.

Anyway, upshot is the bike is off the policy immediately, I won't be renewing with BMW, and I'm not being charged £55 for the change. Oh, and I've halved my insurance costs at renewal.

Thought I'd share - shame it's not a good-news share. Ride safe everyone as I can't imagine claiming off these guys is ever fun if renewal is like this!

Cheers

Offline Mareng1

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Re: BMW insurance - not renewing, moved to LV
« Reply #1 on: May 18, 2019, 11:49:14 AM »
How are LV for multi-bike insurance, with modifications?

Most (if not - all) will make an admin charge for a change of bike, or removal of a bike when sold - and yes, a third party could make a claim against your insurance for your sold bike.

Then, the insurer comes at you, personally for their payout.   It could bankrupt you.

If you continue to be a customer - they can be enticed to waive the charge, but if you are leaving - they have no incentive.

How many bikes have you - on the multibike policy?

Offline lexy

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Re: BMW insurance - not renewing, moved to LV
« Reply #2 on: May 18, 2019, 11:51:25 AM »
LV will cover up to 6, but I have 2 now with them (it was 3 with BMW).

Not sure about mods though.

Offline Bree

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Re: BMW insurance - not renewing, moved to LV
« Reply #3 on: May 18, 2019, 04:33:06 PM »
Yes that old Insurance conundrum. Prior to my present insurance company I would normally change every year, As most insurance companies do not appear to be very loyal.
I now use Bemoto for a multi bike policy and they have been the first company that reduced my premium without threats or being asked to
do better.  But everyone has varying experiences so go with what floats your boat.
Everything  Will Be Alright In The End, If Not Then Its Not The End.

Offline Winger

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Re: BMW insurance - not renewing, moved to LV
« Reply #4 on: May 20, 2019, 08:32:50 AM »
My recently acquired KTM is bike number 6 when I came to insure it thought it would be 5 minute job instead turned into a real drama of hours on the phone i’d be typing all day explaining what went on but the bottom line the insurance are not to keen on too many modern day bikes but so long as you have one classic (pre 89) they will take as many as you like!!! My insurer said ‘we’ll fiddle it this year’ you’ve got 12 months to buy an old bike  :015:

Offline wessie

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Re: BMW insurance - not renewing, moved to LV
« Reply #5 on: May 20, 2019, 11:12:39 AM »
*Originally Posted by Winger [+]
My recently acquired KTM is bike number 6 when I came to insure it thought it would be 5 minute job instead turned into a real drama of hours on the phone i’d be typing all day explaining what went on but the bottom line the insurance are not to keen on too many modern day bikes but so long as you have one classic (pre 89) they will take as many as you like!!! My insurer said ‘we’ll fiddle it this year’ you’ve got 12 months to buy an old bike  :015:

just get a scrap MZ, SORN it as a "restoration project" and use it as a ground anchor

Offline Winger

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Re: BMW insurance - not renewing, moved to LV
« Reply #6 on: May 21, 2019, 07:57:49 AM »
That's the plan B if I don't buy a good u'n,rather ironic that I have a mate who has way more bikes than me and between the two long phone calls he told me about you must have a classic and I didn't believe him and while I'm giving a very short reply to a very long winded story cost me £75 to insure my KTM the bottom line insurers just do what the hell they like there is zero bench mark for anything between any of them.