Motor insurance renewals
Fellow members are noticing their motor insurance renewal premiums are rising and in most cases by a substantial amount. Why is this happening, who are the targets for insurers and what can policyholders do to get an insurance renewal at a lower rate. See our NEWS items on this topic alongside.

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Insurers braced for "loyalty penalty" crackdown
Insurers braced for "loyalty penalty" crackdown was the headline for an article in the Financial Times today which reported the "industry's pricing practices face reform while the cost of car and home claims has risen". The article notes "the way insurers decide what to charge loyal customers for home and motor cover is set for a shake-up this year as regulators complete an investigation into the industry's pricing practices". 190111 More

Negotiating an acceptable insurance renewal premium
One member has been in touch to say "I received my insurance renewal and once again it showed an increase in the renewal premium of 15%, far in excess of my annual salary increase at work, so I took my usual approach with the insurer. 190102 More

Claims loyal customers are losing on average £877 a year prompt action by the consumer watchdog
Sadly loyalty counts for very little these days or worse - some insurers and utility providers regard loyal customers as fodder ripe for a rip off. The excess "loyal stuffees" pay up on renewals goes to subsidise the competitive quotes the providers offer in the market to those shopping around. But haggling is not a natural activity for many but sadly one most will have to accept now if they do not simply roll over on renewal and pay up as a "loyal stuffee".
181219 More

"Loyal stuffees" continue to be ripped off by insurers & utility companies
Customers who stay loyal with the same insurer or utility provider are increasingly finding their renewal premium or charge has big increases. Why? - well customers who stay with the same provider and don’t haggle for a better deal are being hit with loyalty penalties. For broadband customers the Which? magazine (UK's leading consumer group) reports renewal "penalties" of up to £220 a year on average. In effect loyal customers are seen as less likely to shop around as they believe the provider will value loyalty and reward their loyal customers with good renewal charges. Sadly the providers simply regard them as "loyal stuffees" - yes customers on whom they can load their renewal charges and reap a bumper harvest from the inflated renewal charges. 181208 More

Insurer's policy . . . is to milk customer loyalty
In a whole page article in the Sunday Times on 14th January 2018, Stephen Bleach (Travel Editor) describes how his insurer sent him a renewal premium notice 2½ times as much for almost identical cover he obtained by seeking a quote from the same insurer as a new customer. More 180114

High increases with motor insurance renewals
seen from members' feedback

If you have been following our NEWS items on the high increases with motor insurance renewals the chart alongside may interest you. So far we have had only four members provide details of the renewal experience with their daily car but what it shows is interesting. More 180107

News of a modest renewal premium
A member reports "I had a renewal this week from my insurer for my BMW 28i auto Z4 which increased my premium by around 10% to £597." He called them and by reducing the value, annual mileage and accepting a higher excess, the renewal premium was then 23% lower than the renewal quote! More 180105

How did a fellow member respond to a premium increase for an RV8?
Following our earlier NEWS items on high motor insurance renewal premiums, a fellow member has been in touch saying "shortly after seeing the news item on insurance renewals on the V8 Website, I had the renewal for the RV8 arrive today showing an increase from £198 to £233 for next year." He explained how he successfully negotiated a lower premium. More 171228

Time to haggle on motor insurance renewals

As a sequel to the NEWS item released yesterday - Loyalty rewarded - sadly the opposite can be true - the comments made by the chief executive of Eon before MPs on the business select committee underline the problem in an extraordinary way. More 171220

Loyalty rewarded - sadly the opposite can be true
The consumer magazine Which? has a lead feature in its January 2018 issue on "why loyalty doesn't pay" noting how providers of motor insurance and other essential services are quietly taking advantage of their most loyal customers (often older customers) whilst offering new customers attractive deals. Sadly you have to haggle these days to get a fair deal rather than meekly accept a high renewal premium as a passive "loyal stuffee". More 171219

Have you seen some large insurance renewal premium increases for your daily car?
Recently a V8 Register member received the annual renewal notice from his broker for the motor insurance cover for his daily car and was astonished to see the premium had increased from £352.61 to £574.02 - an increase of £194.41 or 55%. As nothing had changed in terms of the risk or his driving record, naturally he could not understand why there was such a massive increase so he queried the renewal premium with his broker. This NEWS item sets out the reply he received and also has links to other information on premium rises. More 170930
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