Author Topic: It's all OUR fault, apparently...  (Read 3550 times)

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Offline chubbleybear

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It's all OUR fault, apparently...
on: 16 September, 2016, 03:56:13 AM
Some twerp representing the insurance industry was on the radio the other day: apparently the latest general hike in premiums is due to more and more consumers (that's you and me) shopping around at renewal instead of accepting the grossly over-inflated ripoffs automatically handed out by the insurers. This has 'impacted their profits' Excuse me while I  :019: D
Now don't you just feel awful about this?
No good deed goes unpunished.

#1

Offline illmor

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Re: It's all OUR fault, apparently...
Reply #1 on: 16 September, 2016, 05:52:37 AM
Pure greed. What a muppet

 


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Offline SaturnV

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Re: It's all OUR fault, apparently...
Reply #2 on: 16 September, 2016, 09:59:00 AM
*Originally Posted by chubbleybear [+]
Some twerp representing the insurance industry was on the radio the other day: apparently the latest general hike in premiums is due to more and more consumers (that's you and me) shopping around at renewal instead of accepting the grossly over-inflated ripoffs automatically handed out by the insurers. This has 'impacted their profits' Excuse me while I  :019: D
Now don't you just feel awful about this?
:460: :460: :460: :0461:
couldn't agree more with your remarks mate!  That's what anyone with any type of insurance (particularly motor policies) should have realised over the past 10 or 20 years or so, if they bother to check their renewal statements.  Trouble is the ones who just let the auto-renewal go through cos they're 'too busy' to check their post (how long does it take to read a letter once a year lol) are allowing the big rip-off to continue.

Insurance brokers have a bagful of excuses in their armoury: inflation (bullsh*t these days obviously), increased risk, more claims, fake whiplash claims, etc, etc.  I wish everyone would get wise and disable the auto-renew 'feature' on their premiums and cancel direct debits (after they've paid the current year premium of course!).  Maybe they have 'more money than sense' if they can afford at least 20% more each year despite having extra year's No Claims 'Discount'...

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Offline Westbury71

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Re: It's all OUR fault, apparently...
Reply #3 on: 16 September, 2016, 10:48:40 AM
I agree, the whole industry really does need to be reviewed by a motivated regulatory body. Hugely inflated credit hire claims, personal injuries etc etc the list really does go on and on.

FYI From 04/2017, insurers will have to disclose last years premium on their renewal documents. A move in the right direction.

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Offline SaturnV

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Re: It's all OUR fault, apparently...
Reply #4 on: 16 September, 2016, 10:54:48 AM
*Originally Posted by Westbury71 [+]
I agree, the whole industry really does need to be reviewed by a motivated regulatory body. Hugely inflated credit hire claims, personal injuries etc etc the list really does go on and on.

FYI From 04/2017, insurers will have to disclose last years premium on their renewal documents. A move in the right direction.

Wow! that IS a positive move - think they should also be forced to state the percentage increase over last year's premium for the benefit of those who can't use a calculator lol

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Offline Biker Mike

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Re: It's all OUR fault, apparently...
Reply #5 on: 16 September, 2016, 12:38:58 PM
On my car policy, LV tried a 17% increase this time around, until I negotiated a 'loyalty' discount of about half that.
Still too much though.
The bike's with Carole Nash, although I haven't seen such a dramatic increase over last year's premium. Only in the order of a few quid.

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Offline Rev Ken

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Re: It's all OUR fault, apparently...
Reply #6 on: 17 September, 2016, 04:10:36 PM
*Originally Posted by Biker Mike [+]
On my car policy, LV tried a 17% increase this time around, until I negotiated a 'loyalty' discount of about half that.
Still too much though.
The bike's with Carole Nash, although I haven't seen such a dramatic increase over last year's premium. Only in the order of a few quid.

CN wanted to double my insurance when I moved from a Deauville to my Biffer to over 400 (and I had 13 claim free years with them). They wouldn't budge until I got a quote from Surety for half that amount - then they had a special offer at 10 cheaper - what a con! So although I rate CN's service as good - I don't rate their treatment of long standing customers!
Never ride faster than your Angel can fly.

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Offline SaturnV

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Re: It's all OUR fault, apparently...
Reply #7 on: 17 September, 2016, 04:33:11 PM
*Originally Posted by Rev Ken [+]
CN wanted to double my insurance when I moved from a Deauville to my Biffer to over 400 (and I had 13 claim free years with them). They wouldn't budge until I got a quote from Surety for half that amount - then they had a special offer at 10 cheaper - what a con! So although I rate CN's service as good - I don't rate their treatment of long standing customers!

Both Carole Nash & Bennetts are giving me quotes about 70-80% higher than anywhere else so starting to think they shouldn't be complacent just because they have traditionally been 'specialist' bike insurers.  There's plenty of competition out there now with a lot of car insurance companies offering bike policies now (e.g. Hastings).

But it's not just vehicle insurance companies that try to rip me off - AVOID auto renewal with any type of insurance IMHO.  The AA offer attractive rates to 'first time' customers then whack up the cost (typically 66% increase on renewal in my experience.)  That's why I've been a 'first-time customer' with them for several years running now - me and my brother take turns to join as new customers each year so keep the costs to a reasonable level.  We never had to call them yet so it's just for peace of mind but you never know - maybe when the stator pops I'll need a lift home lol.

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Offline kingstonr

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Re: It's all OUR fault, apparently...
Reply #8 on: 20 September, 2016, 06:39:12 PM
*Originally Posted by chubbleybear [+]
Some twerp representing the insurance industry was on the radio the other day: apparently the latest general hike in premiums is due to more and more consumers (that's you and me) shopping around at renewal instead of accepting the grossly overinflated ripoffs automatically handed out by the insurers. This has 'impacted their profits' Excuse me while I  :019: D
Now don't you just feel awful about this?

I work in insurance, but not in the bike, car, household market, and to put the above into some context.  I have worked in insurance for over 25 years and started out calculating premiums with a pen and paper.  Computers and then the internet have changed the industry, like many others, drastically.  Since the growth of the price comparison websites there has been a race to the bottom in order for brokers / insurers to appear at the top of the list.  The advertised premiums are often less than cost and policy benefits are reduced to make the premium even cheaper.  The supplier has to pay the comparison website a fee and has to pay to transfer the data onto its own IT systems.  The result is often that the insurer has paid you to be a customer hoping to make a profit from you in following years or maybe make money when you have a claim eg a referral fee from a solicitor.

The price comparison websites are huge businesses and it is in their interest to keep customers coming back year after year to earn their fees.  Look at how much these companies are worth and how much their advertising spend is.  Gocompare is floating soon with an estimated value of 400m.  Most companies on comparison websites are low quality, with inferior policy cover and often based outside of the UK as established UK based insurers pulled out of comparison websites years ago.

My opinion is that the model has failed as too many suppliers are not making a profit hence the increase in premiums in the last year or so.  This is also why the FCA have made it a requirement to show the previous years premium.  This model relies on policyholder apathy which is the opposite interest to the comparison websites. 

I have had an old manual non electronic / internet policy with Aviva since 2006 and the premium has hardly changed over the last 10 years and I pay less than 180 for two bikes.   Aviva still write these old Premier Bike  policies but it involves picking up the phone and speaking to underwriters.  Not popular in the internet age but I get a good policy at a fair premium.

Just my two penneth.


#9

Offline Bifferman

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Re: It's all OUR fault, apparently...
Reply #9 on: 20 September, 2016, 06:46:37 PM
 :460: kingstonr :028:

Make mental note NOT to invest in Go Compare, I hate the advertising with that fat arse with the twiddlie moostach anyway.  And as for the comparison site with the builders v the (is it) Bankers ? (or similar :191:), - makes me cringe.