Car Insurance renewal

[Ray L]

I attach a copy of an e-mail I have just sent to L V ie the Liverpool Victoria Insurance Co.

Quote.

"I have just received my car renewal details and am in some shock and dismay!

In this day and age one has become somewhat used to costs increasing but not when they increase extortionately.

Last year my premium was £611.83, this year's renewal premium you are seeking £1,354.04 an increase of £742.21 which is some 120%.

Have any of my circumstances changed. No, apart from my having another Birthday. Yes, one might expect a certain increase in one's annual premium, but by some 120%. I think not. Could a mistake have been made? Or could one of your actuary's have over imbibed at lunchtime. Possibly.

As a loyal customer of yours for many years, with a very long no claims record, you will understand that I feel not only taken advantage of, but abused and quite plainly ripped off !

You will not be surprised therefore to learn that I will NOT be accepting your offer to renew my above policy. I shall however let it be known amongst my family, friends, acquaintances and the many thousands of members of my Car Club the treatment you have given me and what they might expect as a L V customer."


To members

Yes I am now of vintage years (and some) but retired and I have 20 years of no claims, no convictions or health problems, drive less than 5000 miles annually and keep the car within a locked compound day and night in a
fairly non crime district.

I welcome your comments.

[VVC-Geeza]

For your age,driving record,NCB and limited mileage I would say £611 is far too much.Why not see if you can get it on a classic policy.

[gnu]

Yes, shop around.

[macafee2]

Earlier this year I paid £240'ish fully comp on a remapped saloon
Try Adrian Flux

macafee2

[Ray L]

Originally Posted by macafee2

Earlier this year I paid £240'ish fully comp on a remapped saloon
Try Adrian Flux

macafee2

I did last year A F refused to offer, so did Lancaster. Because of my age?

I have been offered best £687 on Go Compare.

Year 22/23 my premium was £401.53 from LV so in two years they have increased by £952.51 or 337%.

I repeat I have an ideal record, only my age seems against me.


Ray L

[VVC-Geeza]

May I ask your age Ray?

[YHT]

When the kids were young the cars they used were my property and they were on my insurance; lot less cost that their own insurance.
Has the time come for us to transfer our cars to the kids and get us as additional drivers on their Insurance???

[wraymond]

Good idea! Sadly, they are wise to it! It was rumbled some time ago (almost pre-online) when a minion smelled a rat wrapped up in a promise.

A trade-wide realisation dawned and internal surveys showed percentages were somewhat distorted. These days, or at least from about 15/20 years ago, an unaccounted-for blip caused raised eyebrows and, lo, underwriters got bigger bonuses. Not that I'm prejudiced though.

In the industry, volumes dictate. The millions of cars easily make up for any change or limitation of benefits. A bandwagon of usurers.

The problems come from a widespread misunderstanding of the legal meanings of prospective policy conditions. Briefly, Comprehensive isn't, it is only partial and then with a double entendre in the term. The rest is if/buts/maybes.

[MSS]

Originally Posted by YHT

When the kids were young the cars they used were my property and they were on my insurance; lot less cost that their own insurance.
Has the time come for us to transfer our cars to the kids and get us as additional drivers on their Insurance???

Then, at the time of a claim you would discover that your car did not have insurance. This is because the policy holder has to declare who will be the main driver and the insurance premium is based on the main driver's risk profile. If you take out a policy in a youngster's name withought declaring that an 89 year young is the main driver, the concept is known as fraud which voids the policy.

[wraymond]

Originally Posted by MSS

Then, at the time of a claim you would discover that your car did not have insurance. This is because the policy holder has to declare who will be the main driver and the insurance premium is based on the main driver's risk profile. If you take out a policy in a youngster's name withought declaring that an 89 year young is the main driver, the concept is known as fraud which voids the policy.

What YHT has questioned does not necessarily constitute a fraud. YHT’s words were:
Has the time come for us to transfer our cars to the kids and get us as additional drivers on their Insurance???
To take, as written, there is nothing wrong with the proposal if the younger completed the proposal, named any additional driver with details of age/experience and signed their own name. At inception there is neither expectation nor statement concerning guarantee or expectation of ‘main driver’ status (generally). In YHT’s post there is no indication of anything approaching fraud. I would expect, supposedly with the same insurer, that all details would be checkable anyway.

Good idea YHT, why not do us all a favour and try it. Just a quote would serve the purpose. Make sure you give your current details, and ask the same insurer, in full.

If a fraud were discovered or suspected, your own, and the third party’s, damage would be an invalid claim.
In this case, prosecution might well not be a consequence.