Insurance costs.

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Fri 15 Feb 2002 16:00
Insurance costs. - David W
My trade motor insurance renewal arrived today, 18% up on last year. In fact over the past five years, despite having gone from nil to max trade no claims, the cost has doubled.

My company comment....

"Unfortunately, due to changing market conditions, caused by the increasingly litigious nature of the general public, higher court awards for personal injury claims and hardening reinsurance premiums, insurers have carried out extensive reviews of their underwriting. As a result renewal premiums in 2002 have inevitably increased"

Simple choice guys, only claim where essential because I *will* put it on you bills!

David
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Fri 15 Feb 2002 16:03
Re: Insurance costs. - Mark (Brazil)
I trust that you're shopping around David, you have a history now and it shouldn't be that difficult. Sometimes the premiums can be dramatially different.
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Fri 15 Feb 2002 21:08
Re: Insurance costs. - David W
Ah they were crafty Mark. After asking for my current info they came back with the quote just 5 working days before renewal. I'm on direct debit and they know damm well there is hardly time to phone round for alternative quotes. So I didn't and I've rolled over again this year.

Next year I'm setting a diary note four weeks prior to renewal and will phone around.

As I'm sure you can guess trade insurance is a pig to get hold of compared with normal private insurance.

David
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Sat 16 Feb 2002 13:28
Re: Insurance costs. - Tomo
My broker used to be quite good, but they now do this last minute thing; so does the classic lot and it would appear to be general practice.

Another bad thing about this is now, having got the indent for the amount and sent off the cheque ASAP, I don't get the new certificate till about a week after the old one has run out, and dread going out at all - just the time one would be stopped.
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Sat 16 Feb 2002 10:55
Re: Insurance costs. - Dave N
They did that to me last year, but as like you, I wised up. So when they sent me a letter saying they 'had scoured the market, and couldn't find a better deal', I sent them one back saying that I too, had scoured the market, and had found a better deal. It wasn't any cheaper, but had a lot less exclusions, and also covered my bike. So I effectively saved. Do you take out 'service liability'?
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Sat 16 Feb 2002 08:19
Re: Insurance costs. - Dwight Van Driver
David

You confirm what has been previously reported in the Press that due to a real pasting of the Insurance Industry - 9-11, weather -litigation - Selby rail etc, premiums will be rising by as much as 30 % plus.

I am dreading the renewal of SHMBO's hot hatch in April which will be more than the darned things worth. Loyalty means nothing nowadays, in the old days they rewarded you for your custom.

DVD
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