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Offline cbrog

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Why the big increase ?
« on: 22 May, 2018, 09:12:26 AM »
Just got my renewal from current company , last year £166 this year £203 . I was expecting an increase as I now have newer bike MK2 , but not that much , been on the usual compare stuff and Hastings quoting £109 ! anyone used Hastings ? :465:

Offline Ali-bear

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Re: Why the big increase ?
« Reply #1 on: 22 May, 2018, 11:18:01 AM »
I have not used Hastings I am with Carole Nash multi-bike at the moment.
Your premium has gone up but its still pretty cheap. You do have to move it every couple of years to get better pricing on premiums.
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Offline Rev Ken

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Re: Why the big increase ?
« Reply #2 on: 22 May, 2018, 12:17:39 PM »
*Originally Posted by cbrog [+]
Just got my renewal from current company , last year £166 this year £203 . I was expecting an increase as I now have newer bike MK2 , but not that much , been on the usual compare stuff and Hastings quoting £109 ! anyone used Hastings ? :465:
Go back to your insurers and tell them what Hastings are offering and say you are considering changing - I'd be surprised if they don't lower their offer to you!
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Offline Steelworker

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Re: Why the big increase ?
« Reply #3 on: 22 May, 2018, 12:54:36 PM »
I went with Hastings last month. I was quoted £210 from current insurer on my MK1 but got the same policy with a better compulsory excess deal from Hastings at £98.
Just have to see what I'm quoted next April.

Offline Ianrobbo1

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Re: Why the big increase ?
« Reply #4 on: 22 May, 2018, 02:09:18 PM »
I never stay with one set of thieves, if you ask why the increase, they often say you had the new customers deal or some other bulls**t, always call the robbing twats up and ask for the same deal or better, 9 times out of 10 they will give it to you, if they won't, just go to a different set of blackmailing crooks.

You may detect a touch of cynicism in my thread, I had it all explained to me by an insurance assessor. 
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Offline Silverdart

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Re: Why the big increase ?
« Reply #5 on: 22 May, 2018, 03:14:45 PM »
I can't speak for how it works in the UK, but here in Canada there are a lot of things at play.

Insurance companies - I used to work for one so I have some inside knowledge - make most of their money from investments. Shareholders pretty much demand a 15% return on their money every year. So during years when stock market returns are a little low, premiums increase to cover that 15% return.

The increase you're seeing is to cover the losses that the stock market took when the BREXIT vote took place.

Of course, when the stock market performs well, shareholders enjoy an even better return, but you're unlikely to see a corresponding reduction in premiums.
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Online phild

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Re: Why the big increase ?
« Reply #6 on: 22 May, 2018, 04:40:06 PM »
Letís see.....over the years Iíve been with Adelaide, Cornmarket, Hastings, Bikesure, MCE, Carol whatís her name, Red Star, Honda (via the Co-op) and many more.

It really doesnít matter who youíre with, at renewal time the only way to save money is to shop around.

 :028:

Online alan sh

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Re: Why the big increase ?
« Reply #7 on: 22 May, 2018, 10:51:49 PM »
Iím with Hastings. This year my insurance went up by £7 so I will probably stay with them
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Offline Ian

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Re: Why the big increase ?
« Reply #8 on: 27 May, 2018, 08:12:06 PM »
Silverdart, I see you are in Kitchener. Not too many CBF's in Canada. I have to smile when I see our brothers across the pond complain about insurance.  :125: I just got back into riding 2 1/2 years ago and because I had not been insured on a bike since the mid 80's I am starting at the beginning again as far as the insurance companies go. I pay $700 a year on my V Strom and $950 on the CBF and thats third party liability only. Thank god I,m 58. I priced insurance for my son on my EX500 Ninja. Cheapest quote was $1800 because he lives in Toronto. Did not even want to know that he drove a bike for 4 years when he lived in Peru :084:

Offline SaturnV

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Re: Why the big increase ?
« Reply #9 on: 28 May, 2018, 08:58:45 AM »
*Originally Posted by cbrog [+]
Just got my renewal from current company , last year £166 this year £203 . I was expecting an increase as I now have newer bike MK2 , but not that much , been on the usual compare stuff and Hastings quoting £109 ! anyone used Hastings ? :465:
Hastings are ok IMO, been with them for years on & off with cars & bikes - UK helpdesk based in (you guessed it) Hastings - or Battle just down the road!

TBH though they're all similar though - even though for years Hastings had the cheapest quotes of the 'proper' insurance brokers ('proper' in my book meaning those with a UK telephone h/d - not just online or email claims centres like some).

But even so they're still just Brokers and I've still been p**sed off with them a few times. E.g. last year they refused to even quote for renewal on my Toyota Corolla policy and that car is in a fairly low group with 10 years NCD!  No reason given...

This year on my Biffer with 3 years NCD they increased premium by 40% (yes REALLY!!) from 106 to 143 quid.  Also it's only 3rd Party F&T cos the Comp policy would have been even more.  And they auto-renewed without sending me the mandatory 2 letters and/or emails.  When I queried it they claimed they had sent the letters and they were showing on my only policy docs but I insisted they cancel the auto card renewal for next year.

Anyway the 'happy ending' (until next policy renewal) is that the nice chap on the phone immediately 'reduced' my premium to £116 with no quibbles.

The specialist bike brokers now seem to be really pricey now which is surprising given that they have a lot more competition nowadays with all the car insurers doing bikes too.  I know that all insurance rises by many times the rate of inflation every year and they also say it's down to increased claims but I reckon that the single biggest reason for increases this year (in London at least) is all those idiots nicking scooters to carry out other crimes.  with the rise in food delivery companies too (e.g. Pizza Hut, Deliveroo, Ubereats, etc.)  there's a seemingly unlimited supply of nickable scooters around too  :003:

P.S.  You never REALLY know how good your insurance is until you have to make a claim - claimed once with Hastings 4 years ago when a small lorry rear-ended the said Toyota - claim was painless enough and they recovered all costs from the other party (rightly so cos I was minding my own business at a Zebra crossing when he pranged me).  Didn't have to pay a penny and my NCD remained intact.  Hastings didn't really do much they passed it onto a claims handler but apparently that's standard procedure in no fault claims...
« Last Edit: 28 May, 2018, 09:05:25 AM by SaturnV »