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?

[Arctic]

All insurance companies are age discrimination, it should be stopped by law, it is no different to gender discrimination, colour discrimination.

Let it be known age discrimination is alive and being used against anyone over 65.

Ask your insurance why they are discriminate towards you see what they have to say, and that you intend to pass this information to all those of a certain age not to insure with your company.

https://www.citizensadvice.org.uk/co...on-is-allowed/


https://www.citizensadvice.org.uk/co...s-or-services/

[MSS]

Before the OP wastes his and the insurer's time, this is not a case of age discrimination.

Age is a protected characteristic but insurance premiums are risk based on the basis of claims history in geographical areas, age groups etc.

Insurers have to be able to demonstrate in court the basis of their underwriting algorithms and if they are able to demonstrate a correlation between age and claims history then age based premium differentiation is perfectly acceptable and reasonable. I believe this has been tested in the courts.

It is well recognised that insurance premiums increase from the age of around 70.

Just ask yourselves, how many of you have experienced elderly men and women driving at 40MPH in the middle lane of the M25 or another motorway in the dark and moderate traffic. I have on numerous occasions recently. Having earned extensive NCD from the age of 55 is of little relevance at the age of 75 when thinking and reaction times are likely to be significantly different, as are the average motorist's driving habbits!

I suspect the OP is now firmly in that "high risk" motorist group due to age - the group that even the young amongst us Rover drivers are slowly approaching!


PS My experience of LV and their lack of jacking up premiums every year has been excellent. Also, I have just insured the 75 for £131 although I will admit that I live in a post code where news getting out of a resident receving a parking or speeding ticket would be a stain on the family name!

[wraymond]

PostCOVcosts

As we all know, risks are based on increasing age and location of owners and Insurer’s overall claims experience. That’s as well as new young drivers where often the insurance is the same as the cost of the first car. Not merely in terms of frequency, but the huge increases put on the cost of just about everything.

Beware unnecessary add-ons you will be highly unlikely to need. A full month before renewal, get 4 quotes, not all on line, together with the attached conditions and excesses. Most of all, remember the companies do not have any regard for loyalty to you.

But that’s not all. In a burgeoning monetary world regular and increasing margins are essential to maintain growth. Oh, and one other thing. Every market has its ceiling and depends to a large extent on the reluctance the public (and/or misplaced loyalty) to manage their renewal.

Two weeks before yet another claim-free renewal date, let your broker/Insurer know you are looking for no more than an official rise of the inflation figure. You probably won’t get it, but there just might be some movement. Forget the pulling power of the Insurer’s name, all that matters is the cover.

From a personal point of view, I’m a dinosaur. 25 years as an insurance agent (nickname ‘Old Septic Knuckles’) and I thoroughly enjoyed every minute. An envelope, impersonally shoved through the letter box, never smiles.

[Dave47]

I also have been hit by the excessive increases of insurance,
I've heard about regional issues, high number of claims caused by the floods,
and age, I suspect age is factor,
My insurance in May came in at 110 % over 2023,
I phoned them told them I was not renewing and they said OK!
I've been driving for 59 years, Last claim (ice v P5b) was in 1989 and cover around 3,500 mile per year.

I'm also an Advanced Driver with the I.A.M. and currently driving a Freelander 2.