Insurance

[Tig170]

It all gone ridiculous, as the scrap salvage values on EV's are at an all time low, as no one (the general repairers) wants them as a catogiresed vehicle, so insurance compaines are now labelling them as CAT B, which means that they cant be put back on the road, and only major recyclers (e.g. charles trent et al) are officially allowed to deal with them, due to the High Voltage requirement from government. which means that at present, the general public in premiums have to pay for the ridiculous situation from the insurance companies - I like cars for paul who has had a problem with his tesla (in that he wasn't allowed to charge in CCS mode on any charger, and now on an ID3, where they put the pyro battery fuse inside the battery, which for safetly fuses after 20 seconds after a small bump!)

 

[Ian Key]

For most of us when we first insured our new MG4 it would have been higher then it could have been as we were unable to give the 26 to 30 day notice to the insurers to get the best prices and only a few companies would quote on it so there was very little competition to drive the price down.

Now, just as we were looking forward to cheaper insurance because we can give plenty of notice they have all put their prices up.

 

[DBedford]

We are in our 60’s my wife had an own fault RTI early this year in her old Juke she was quoted £1200 for this years insurance for our ZS TLR, using compare the market I found insurance at £550 with Budget for me as her name main driver. We’ll just try and not hit anything this year, God willing ?

 

[siteguru]

When I got my car last November, the cheapest way to insure it (due to not knowing the VRM until the day before) was to add it to our Admiral home insurance as multi-cover - that equated to about £360 annually. That expired at the end of May. For the next year Admiral were wanting (from memory) about £590! I did a Meerkat and ended up going with Aviva Zero for about £345 annually.

 

[Vipar]

Had a quote today from a girl in a branch of Santander. She quoted me wait for it.
£4,530 yes £4,530
Went home rang them and was quoted the same???
I have decided to stay with Direct Line £950.
I can only think that it’s because I’m 81 had a small ding last year no damage to my car less than £500 to the other car.
I had 60 years ncb until last year. 300 miles annual mileage

 

[Pat]

Just looked (comparethemartket) Trophy here -

56 years old - nothing, nada, on driving licence, £440.

Me & wife (she has an SP30) £450 (Okay so I have to do this or I will be killed - she enjoys driving the car)

21-year-old daughter is in FTE at Uni (No points) £869

20-year-old son £2K + WTF?

(This is a 'him' problem not a 'me' problem)

 

[bowfer]

The increases are incredible.
Our daughter passed her test in December 2020, she was around £800 without a box and £650 with one (we elected to go without)
We have friends going through the rigmarole again with younger siblings now and £3000 is the new norm.
That’s if they can find cover at all, many are just saying no.
Car companies need to pressure insurance companies or the whole business has no future.

 

[Rolfe]

Box?

 

[siteguru]

Tracker/monitor, often called a black box ... it checks speed, g-forces (so how you're driving), GPS (so where), time (of day/night) ... that sort of thing.

 

[Rolfe]

Well, every day is a school day.

 

[NickHeynes]

I didn't have any problems getting a decent quote when I took delivery last October. I've recently been quoted £56/ month on an Xpower . Having a test drive when my SR is in for a service .
If I can make the pcp figures work I'll be seriously tempted!!!

 

[Tig170]

Managed to renew for a similar price to last year, but its been very hard work*. In the end I went from Saga (last year £450, renewal £700 - underwritten by LV), this year direct with LV (protected-but never had a claim/accident in nearly 40 years), via Quidco (3K miles less (to 10kpa) & higher excess- £750 EX) ~ £464 - £47 cashback (hopefully).

* the usual comparison sites & Aviva direct, Direct Line, esure, Admiral etc. all around £800-£1000 (EDIT, and this from that my VW T5 camper is £150, BMW Z4 £122, VW T-ROC £160, with similar companies - why is a basic EV 2-3 times the standard price!)

 

[tonybridge]

I renewed the insurance on my 3.5 litre BMW gas-guzzler on Sept 1st. The quotes went up from £345 last year to around £585 I assume I'm paying for other people's claims. On Friday 8th, I got the call from my dealer saying that my new Trophy LR would be ready on Wednesday morning, yayy!! Here comes cheaper insurance, I thought. Lol, It's going to cost me £100 more ?

You might just as well open your wallet and say 'Take what you want...'

 

[PristDean]

The increases are incredible.
Our daughter passed her test in December 2020, she was around £800 without a box and £650 with one (we elected to go without)
We have friends going through the rigmarole again with younger siblings now and £3000 is the new norm.
That’s if they can find cover at all, many are just saying no.
Car companies need to pressure insurance companies or the whole business has no future.

I really cannot get my head around the business justification for such price increases, the pessimist in me thinks they are trying to force people out of cars altogether at this rate, or increase the crime rate of driving with no insurance or just pure greed.

 

[bowfer]

I really cannot get my head around the business justification for such price increases, the pessimist in me thinks they are trying to force people out of cars altogether at this rate, or increase the crime rate of driving with no insurance or just pure greed.

I just think it’s profiteering.
They’ve seen energy companies make unjustified massive profits with no reaction from the government or the public and have thought “well do that”
It’s passive Britain at its worst. ?
The french/Spanish/Italian would set fire to stuff.

 

[Brettus]

I checked if giving more notice for my potential pick up later this month would drop the price I’d seen when the xpower was first showing up on systems but nope, still £800 42 with 5yrs ncb
Bit up from the £400 on my i30 estate but so is the fun/power/risk/value I guess so all in all…

 

[Deleted member 11291]

I have been quoted £440 for the XPower on the meerkat site, but I'am older than you with 10 years ncb. It does vary due to a lot of issues.

 

[PristDean]

Risk + Likelihood. Many variables in that with these companies i'm sure, adding to them and tweaking all the time as crime rates, population & congestion increase, wangling the internal figures to suit them I suspect.

 

[ph79]

Hey all,
Like everyone my insurance quote jumped a crazy amount. I'm with Admiral as many MG4 owners will be (as there was very few options for those who were in the first few batches). I was on verge of moving to LV which was about £50 cheaper on Compare the market but i did go to Admiral site to see if any discount would be applied if i said i wasn't renewing. I clicked i want to leave and it gave a price pretty much the same. I then clicked the button 'still unhappy' and it took £140 off!
(fyi I added my wife last year as it reduced the amount and did a test without her on and it went higher so she stays on)
I know i'm teaching people to suck eggs but its worth a try to minimise the increase.

What was good is i didn't have to phone anyone and be on hold to have that awkward negotiation so its well worth clicking through just to see if price can be bettered before switching.
Good luck!

 

[siteguru]

I think you posted about this in the MG4 Facebook group? I replied there (along similar lines to my reply earlier in this thread).