2024 insurance costs

[dunf]

How you all getting on with insurance premiums lately? I was made aware of potential increases this year due to AXA and other major underwriters withdrawing from the motorcycle market. My mate did an article on this recently - https://scooterlab.uk/having-insurance-renewal-issues-axa-stops-all-motorcycle-policies-news/

So with one of my renewals due in a couple of weeks i nervously gave my broker a call for this years price.

Multi policy with Monster 1200S MY2020 and 3 x high value, highly customised classic scooters. I'm in a low risk postcode, all garaged, trackers on everything. I'm wrong side of 50 years now, been riding 30 plus years. 19 years NCB. SACU race licence, IAMS advanced, and ROSPA Gold. No other riders, no pillions, no commuting. Under 3k annual miles on each. So pretty much as low risk as it gets.

Last 5 years the price has ranged between £375 and £475 for all four machines, including agreed values and all engineering modifications documented.

This year.......... £800. wow. I have shopped about but can't get any lower.

I've another two bikes on a different policy due in May. Suspect that will be the same.

Cost of living eh? But nigh on 100% increase seems a tad excessive. :thumbsdown:

[350TSS]

I often wonder if the availability of price comparison sites benefits the consumer or the provider, given that insurers seem to be able to share personal information related to the consumer between themselves what is to stop them pre-checking in real time quotes before submitting them. I wonder if the Competition and Markets authority would be interested an investigation? I doubt it somehow.

[walkingpictures]

Funnily enough I have just had a letter from my brokers....Wicked Quotes.....to tell me they'll send this years quote in a few days,will let you know how it goes.

Kimbo

[Mr Gazza]

Don't suppose you tried BikeSure?

They're on our side. Click on their ad at the top of the page and it will take you straight to their website.

[motomartin11]

My renewal from Carole Nash last September for a 6 Wheel (one basic car and 5 bikes probably worth no more in total than £15K - £17.5K market value) was a not unreasonable £587.17-which I think was around the same or even slightly less than what I paid the year before.

[crawsue]

My 6 wheel policy with CN expires next week….£17k car + 3 bikes @ 3k mls each plus a classic British single at 1000 mls…..price quoted was 5% more for the bikes at £230 but 35% more for the car at £480….I asked for justification regarding the huge percentage difference and got a gobbledygook response. Unfortunately my renewal was compromised by an encounter with plod which resulted in 3 points….my first motoring conviction in nearly 40 years….(unmarked car at the Rest and be Thankful). When CN got that info everything basically doubled…..so I’ve now separated cars and bikes and gone to Bikesure for the bikes at £340…..

[s4rmark]

Mine went down from £170 to £143 on my 1200r this year with Bemoto.

[SteveG]

Amazingly mine also went down this year on renewal. Last year £140. This year £104. Swinton Insurance, fully comp 1200R.

[Nickj]

Main 'excuse' seems to be that repair costs have increased in cars, cited were new cars, EV's and big loss claims.
Supposedly the price you pay is based on personal risk, rather then everyone elses, that makes the risk and cost more associated with these drivers & cars/bikes rather than the average 'other' insured person. Clearly that is a load of *substitute appropriate word(s) here*

In 2033 a run of the mill company, Admiral, had about 300,000 LESS customers but still made a reasonable profits increase. A summary of their actual 22-23 figures is > https://admiralgroup.co.uk/news-releases/news-release-details/annual-financial-report < and they say "We enter 2024 with much improved margins across our insurance businesses"
It's supposed to be, or projected to be by the insurers themselves, a bit of a lean year but the change in their gross measure used to justify rises isn't 30% up on last year, more like 11%.
Keep an eye on the profits of the insurers and they'll be back up to 10%+ by the end of the year.

All we can do is go Bahhh Bahhh and wait to be fleeced again

[dunf]

Don't suppose you tried BikeSure?

They're on our side. Click on their ad at the top of the page and it will take you straight to their website.

I had but at time of posting they hadn't got back to me. They now have and its decent. A smidge over £500, which represents a good saving over the renewal price and only around a 5% increase on last year. I've taken them up on the proposal. :thumbsup:

Couple of negative points though. They do charge an additional £15 per agreed value certificate (which I have never ever heard of). So that's another £45 on top. Also i had a painful 2 hours on phone after taking out policy when they sent me requests for tracker declarations. My trackers don't 'comply' with their requirements as they are not hard wired. But seeing as these vehicles don't have their own battery there is a reason I use self powered trackers! They should really make that clear up front - as I did.

[walkingpictures]

£286 for two bikes,very similar to last year.

Used www.wickedquotes.co.uk

Kimbo

[Dukedesmo]

Just renewed mine, £58 up on last year which I'm not happy with.

They wouldn't drop it any when I called, unlike my car insurance which was quoted at almost double last years but when we did 'the dance' it came down to less than last year! but, I really can't be bothered calling round, waiting on hold, explaining different bikes, various modifications etc. - takes an age and likely to be no cheaper anyway, maybe next year...

[900Rebuilder]

Just got a quote for an m900 and it's about 90 quid fully comp and barely changed over the years so a bit amazed tbh but that's with no mods (lol) declared

[dunf]

Ahhh. where do i begin with this insurance nightmare i've been having...

Bikesure = shambolic. Absolute waste of time. Spent a couple hours on phone two weeks ago listing all the bikes, details, modifications and agreed value requirements. Got price. Accepted. Paid.

Last week i tried to initiate the agreed value process. Usually involves sending in pics and engineers reports for the modifications etc. Bikesure then informed me they no longer do agreed values as of April 1st. I explained i paid for my policy prior to that, but they insisted the cut off was policy start, not payment date. Reason they gave was that all their underwriters have now removed this provision so they are no longer able to honour it. They agreed they had mis-sold me my cover, and would refund, but perhaps no point as this will affect the whole market?

So i did some investigating, and could not find any other person that was aware of these conditions since April 1st. I spoke to underwriters, brokers and a motor journalist. I also received a call from a corporate contact in a large insurer who heard about my situation and offered me a quote (including agreed value!) to assist.

So are BS just spouting BS? Who knows. They have processed a refund in full now (will take 10 days though), but refused to let me enter their complaints process and would not confirm in writing what they had told me verbally about the agreed values.

Fair to say I won't be calling them for another quote any time soon.