News of a modest renewal premium

See our earlier NEWS items on renewal premiums. More

Posted: 180105
Following the NEWS items on the V8BB, a member reports "I had a renewal this week from Hastings Direct who insure my BMW 28i auto Z4 which increased my premium by around £54 or 10% to £597. A telephone call to them suggesting the car was worth £2,000 less and opting for 5,000 miles per annum, it was reduced to £457. They did not want a compulsory excess and are happy with my voluntary £250 excess. I did explain I felt the over 80s are a soft touch! All other quotes from the usual online companies wanted considerably higher excesses some as much as £750."

Revising the value of the car, limiting the annual mileage and accepting higher excess amounts does have a considerable and welcome effect on the renewal premium for a daily car. In this case the revised premium of £457 is about £86 or 15% lower than the previous year's premium and £140 or 23% lower than the renewal quote! An example of how it pays to discuss the renewal premium and haggle if necessary.