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Mercftw

Insurance

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Posted (edited)

Hi lads 


Has anyone else’s insurance increased dramatically this year?

who would you guys recommend as a broker?

Edited by Mercftw

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Posted (edited)

Whilst I don't post often in this forum, just as a point of reference, if you are insured with Axa, Allianz, Aviva - (not Tradex, Granite, Arch or NIG) and paying less than £10k last year, I can help you. If you have a combined policy, are claim free and can pass a survey, (you do what you are legally required to, first aid box, fire extinguishers, etc), I can guarantee 10% off last year’s premium. We have a price match and discount facility, this is for customers that represent good risks. Many moons ago, I worked as an auto electrician, and given my time in garages a small panel of insurers have said to me, 'if it's right and you endorse it', we can discount last year’s premium. I have to select the right garages, flood areas are a big concern from some of the insurers, but having done the job, I am not looking for shinny floors - I want people who know what they are doing and don’t 'play at it'.   

The market trend for increases is coming off the back of increased claims costs, as everyone on here knows, cars can spend weeks parked up waiting for more expensive parts, hire cars are needed for longer periods and as they are not readily available - the cost of claims has been hit. The bodyshop guys will be upset that vehicles can be laid up for extended periods with insurers stating they will not pay beyond a couple of weeks 'that being a reasonable period' - but in truth, it's no longer reasonable. The balance is, insurers take the premiums paid and invest this income, with increasing interest rates a greater return on investment income takes a little bit of the sting out of the increased cost of claims - this is however only just beginning to happen and a concern exists about a recession. If insurers can't make more money out of the premiums paid, premiums will be set to increase, hopefully not as much as a barrel of oil, but it could happen. 

I am not looking to advertise or pull clients away from brokers that do the job through this forum, if you are claim free the best course of action, is to highlight that claim free position. In truth the motor trade insurance market is made up of several specialist brokers and most of these brokers have specialisms within the motor trade. If you have a road risks only policy it is one set of brokers, if your spending £200k plus on insurance it's another set, and if you operate a garage it's another set (apart from Gallaghers previously known as Bollington’s, who look to cover everything). To get the best price and to be honest the best advice you need to find the right adviser, if you feel you have the right adviser tell them to sharpen the pencil and see what comes back. At a level, the brokers know who is best at certain types of risk, but most will not turn any clients away. Unless you know enough about your insurance it is exceedingly difficult to test those who know a little more than you, so the key is getting someone you can trust to protect your livelihood. This is really important, no two insurance policies are the same, it can be as close as a Skoda to a VW or Audi, but some differences exist, and if you have the right adviser, they should tell you what the differences are.

The massive brokers tend to have large teams dealing with commercial clients and this in my opinion, makes the job hard work. The smaller brokers often struggle to get the rates required from the insurers and are not always as competitive. The process is not helped by Google, many of the companies listed in the first few pages are agents or have a limited panel, so you are calling a representative who is only going to provide options from a small number of insurers. Quotezone, who pay to be near the top of Google sell the information they collect to several of the highest paying brokers, I have tried this and it is expensive, we do not charge enough for this to work for us. You should also be aware that insurer do not react well to receiving enquiries through several different brokers, so, if you go on a mission and call three or more, chances are the premium will go up not down. We get favours off mates at insurers for clients we suggest are worth a favour, if the client has asked others to quote our argument dissolves and the rate gets pushed back to standard rating. (That's wrong, but it's the way it works and nobody is admitting to it, apart from me just now).    

So, if you don't have a decent relationship with the existing broker, research an alternative broker if you want an alternative quote, and then take the best option for you. Dont just phone a couple to test the water, it seldom works and if it does you still may not get the best deal. 

If you want any of the above clarifying let me know, I hope it is informative and helps you.

John.

      

Edited by Premier Insurance
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