Insurance discounts

[metcars 397]

I noticed an article online about insurance companies offering discounts due to the ‘Rona. This had crossed my mind, premiums are built on ‘risk’ and the risk has changed significantly for many of us. So, discounts all round and cheaper premiums on the way?

[Casper 272]

5 minutes ago, metcars said:

I noticed an article online about insurance companies offering discounts due to the ‘Rona. This had crossed my mind, premiums are built on ‘risk’ and the risk has changed significantly for many of us. So, discounts all round and cheaper premiums on the way?

Yes in theory . I think it will change a lot of things read an article about house prices falling etc also 

wait to see you the amount of mot stations that are up for sale soon with this extension in place there was many for sale before .   

[justina3 518]

I don’t quite follow the logic bad soon as restrictions are lifted every man and his dog are going to be out and about after going stir crazy therefore the risk is going to be doubled 

[Casper 272]

2 minutes ago, justina3 said:

I don’t quite follow the logic bad soon as restrictions are lifted every man and his dog are going to be out and about after going stir crazy therefore the risk is going to be doubled 

This is true i don't think you any the two of you are wrong there when thinking about maybe they should have reduced or part refunded due to lockdown  . Though something else worth considering is that most days people travel to work and home shop at weekends I've neighbours who are out driving more now than they ever did when life is normal 

[TangoVictor32 90]

23 minutes ago, metcars said:

I noticed an article online about insurance companies offering discounts due to the ‘Rona. This had crossed my mind, premiums are built on ‘risk’ and the risk has changed significantly for many of us. So, discounts all round and cheaper premiums on the way?

Most definitely yes. 

As said in another post my lad had his renewal dropped by the same broker and underwriter within 6 days by £600.

Initially the broker insisted 'your risk levels are the reason the price is £100 more this year'. 

But be careful, if the country opens up again in 3 weeks prices may stay a little low or might even jump up. 

If lockdown is extended then they will drop more. 

And it all depends on when your renewals are due. 

Keep shopping around. 

Edited April 21, 2020 by TangoVictor32

[New year revolutions...... 197]

https://news.sky.com/story/coronavirus-insurer-to-give-25-back-to-drivers-as-claims-fall-during-lockdown-11976637

Article here

 

I think well done admiral they weren't forced remember 

[TangoVictor32 90]

46 minutes ago, New year revolutions...... said:

https://news.sky.com/story/coronavirus-insurer-to-give-25-back-to-drivers-as-claims-fall-during-lockdown-11976637

Article here

 

I think well done admiral they weren't forced remember 

Aye. Considering that could sat in some fat boss' "bonus" package. 

[New year revolutions...... 197]

48 minutes ago, TangoVictor32 said:

Aye. Considering that could sat in some fat boss' "bonus" package. 

Now now

[metcars 397]

According to the department of transport vehicle use has fallen by two thirds. That must have an impact on premiums?

[BHM 994]

29 minutes ago, metcars said:

According to the department of transport vehicle use has fallen by two thirds. That must have an impact on premiums?

I wouldn’t think so - I’m assuming this lockdown isn’t a permanent thing!

[New year revolutions...... 197]

43 minutes ago, metcars said:

According to the department of transport vehicle use has fallen by two thirds. That must have an impact on premiums?

I try not to have an impact as I know it will affect my premiums

[Casper 272]

1 hour ago, BHM said:

I wouldn’t think so - I’m assuming this lockdown isn’t a permanent thing!

Its starting to feel like it now though the first 3.5 weeks i didn't mind so much . And don't mind the next 2 for the cause. But getting bored now mentality wise   

[Mark101 536]

I would say that road risk has reduced but theft risk has dramatically increased. All those abandoned car sites......

[metcars 397]

30 minutes ago, Mark101 said:

I would say that road risk has reduced but theft risk has dramatically increased. All those abandoned car sites......

That’s true but two thirds less cars on the road is significant?

1 hour ago, BHM said:

I wouldn’t think so - I’m assuming this lockdown isn’t a permanent thing!

True, but some insurance companies have observed the change in risk and voluntarily refunded customers? Considering how much we pay, even a months worth of ‘reduced risk’ refund will be a pizza?

30 minutes ago, Mark101 said:

I would say that road risk has reduced but theft risk has dramatically increased. All those abandoned car sites......

But consider there are more Police, being more active (not sitting in the station eating biscuits). And how many fewer motorists there are on significantly quieter roads. 

Edited April 22, 2020 by metcars

[BHM 994]

12 minutes ago, metcars said:

But consider there are more Police, being more active (not sitting in the station eating biscuits). And how many fewer motorists there are on significantly quieter roads. 

I imagine they’ll be making hay while the sun shines & catching a few criminals. I also imagine the drug taking classes must be screaming for their fixes (surely there’s much less available?) and hopefully those scallywags delivering are being swept up whilst driving around the housing estates on a night.

[TangoVictor32 90]

42 minutes ago, Mark101 said:

I would say that road risk has reduced but theft risk has dramatically increased. All those abandoned car sites......

Very true. 

We have pulled the fuses of all our cars, enveloped them. Keys at home. 

Use duplicate keys all you like. Car won't turn over. Oldest trick in the book. 

Or you can leave a big dog at your sife 

1 minute ago, BHM said:

I imagine they’ll be making hay while the sun shines & catching a few criminals. I also imagine the drug taking classes must be screaming for their fixes (surely there’s much less available?) and hopefully those scallywags delivering are being swept up whilst driving around the housing estates on a night.

Drug dealers are being caught left right and centre. They're sticking out like sore thumbs. 

[metcars 397]

So the popo are in reality keeping our streets safer meaning less crime. Which is good? Again lower risks for insurance 

[Paul C 75]

2 hours ago, metcars said:

True, but some insurance companies have observed the change in risk and voluntarily refunded customers? Considering how much we pay, even a months worth of ‘reduced risk’ refund will be a pizza?

 

Presumably there is a fairly even spread through the year of when renewals fall. Maybe they've done the sums and realised its better for customer retention to "be good" and offer a part-refund because a number of people are realising they could get along quite well without the car (even if/when lockdown is lifted).

I never thought I'd say it but I could do it (and at road tax £325/year......)

[craigpughcars 13]

Last week had a renewal through for a private car which had increased by £75 , checked online and as they state a new customer was slightly less than my last years premium , to my surprise I got quoted £150 less than this years renewal and when I told them I would like proof of no claims and to stop their auto renew they muttered about price match , needless to say they won't be getting the business . Now I have to wait for business insurance renewal price next month 

[New year revolutions...... 197]

I've been looking to renew the wifes personal insurance today,once again martin Lewis shows the internet rules

So annoying that using an auto renewal is akin to pulling your pants down in Trafalgar square

[TangoVictor32 90]

14 minutes ago, New year revolutions...... said:

I've been looking to renew the wifes personal insurance today,once again martin Lewis shows the internet rules

So annoying that using an auto renewal is akin to pulling your pants down in Trafalgar square

Social distancing will be prolonged but is this with the lockdown or not? I don't know. 

Stick her car on your mid and drive her around unless she's a keyworker? And wait a few weeks to see if premiums drop. They surely can't increase. 

[craigpughcars 13]

The increased number of e mails from the Seagull and his friends is getting annoying and it's only been a few days 

[Umer 5]

Don’t think the premiums will be effected however my insurance company has offered a payment holiday period of 3 months, which is good enough I guess.