Advice vehicle insurance renewal?

[MissFM]

I was unsure where to post this and hope this is OK.

One of our vehicles is due for insurance renewal and, as usual, the premium has risen steeply for no good reason.

Having done searches on the "comparison" websites, I have found as good and better cover (on the face of it) for up to several hundred pounds less.

Can anyone advise as to the pitfalls and the reasons for this?

Thank you xx

[des8]

Re: Advice vehicle insurance renewal?

There could be any number of reasons.
The most obvious is that different insurance companies aim at different markets.
If a company has decided to target a (for them) new section they will offer reduced rates to create a "book"

If it is a quote from a broker it could be that they have negotiated for a short time only with the insurance company to offer lower rates (possibly at the cost of lower commission for themselves)

Company rates do differ and they do have different underwriting criteria

The cover could be inferior.

Just check carefully the wordings, and see what their record is like on paying claims.
A quick scan of tinternet will show up the poor performers.

As a matter of interest who is the cheapie?

[Tools]

Re: Advice vehicle insurance renewal?

I regularly use comparison sites and have had no problems to date.

Last year my existing insurer quoted around an extra £100 to renew, I went online and checked out the comparison sites. My original insurer was quoting me £30 less than last years policy!! I rang them and they said because I was an existing customer this did not apply, that price was for new customers only.

It seems the low quotes you get through comparison sites are to get your business in the hope that next year you will just renew without going through the hassle of changing providers.

Look at the online quotes, see whether they cover your needs (you may not need breakdown cover etc) and choose the best for you.

[Inca]

Re: Advice vehicle insurance renewal?

My brother (corporate lawyer in insurances field) tells me to do exactly what Tools suggests....make a list of exactly what cover you require......go online....compare (and send me the cute meerkat).....and choose what's right for you xxxx

[MissFM]

Re: Advice vehicle insurance renewal?

Thank you very much guys!

Have looked now at the reviews and the one I'd thought offered the best value (OneCall) turns out to have execrable reviews.... but then have looked for good reviews on any of them and there just don't seem to be many (except for some that look like company "plants" to trap the unwary). Maybe people only review for revenge, lol.

Also found our present insurers offering the same cover for £200 less than they are asking for renewal.

AAAARRRGGGHHH!

Should I go for the One Call one despite the ghastly reviews?

Should I go direct to the underwriters?

Any help appreciated and I'll even consider relinquishing the meerkat toy....:tinysmile_cry_t

[des8]

Re: Advice vehicle insurance renewal?

You probably won't get the same premium direct from the Insurance company, if they will even deal directly with you.
It's nothing personal... just like wholesalers who don't do retail. Brokers often get special deals which are lower than the insurers standard premiums.

You could try going to your existing intermediary as if you are new to them I know that Swintons do their renewals through local branches, but if you go online you get "new business" rates, and then deal with their branch.

One other aspect to keep in mind are broker administration fees. If there is a chance you will want to change the insurance (add or delete a driver, cancel etc) the broker will charge his fee on top of the insurance company,,,,,,,,,,, and some of those fees are horrendous.