Insurance renewal - that annual pain

#1

So I’m doing the rounds again for insurance and am surprised.

Last year I paid £158.80 and this year, having an extra year of no claims, and being a year further away from my SP30, the quotes are all higher:

1.Bike Insurer - MCE £198.70 (but with stupid comp excess of £1,075)
2.Go Compare - MCE £198.70 (ditto)
3.Compare The Market - MCE £189.65 (ditto)
4.MCN - MCE £186.15 (ditto)
5.Carol Nash £518.62
6.Bennetts - £447.95
7.Hastings - won’t quote online, I have to call them

So it seems MCE are trying to steal the market but with stupid excesses.

Any recommendations as to who else to try? Cheers

#2

Try Cornmarket aka Surety, the IAM preferred insurer on 028 9033 2111 (calls may be recorded) or [email protected].

#3

I’ve just got my renewal, no claims another years bonus, and it has gone from £175 to £250. As the bike is on a sorn, I can’t ride so I’m going to can the insurance tell next year.

#4

My renewal came through during the week, down from £198 to £190, had a look on thebikeinsurer and got a best quote of £163…with the same insurer

#5

It is worth bearing in mind that the only time the excess becomes an issue is if you have a crash that is your fault.

If you have a crash caused by someone else, then your excess is covered under the claim for special damages and the uninsured losses part of the claim as you are claiming off the third party and not your own policy.

Just something to think about,

1 Like
#6

I got decent quotes from Principal, if that helps

#7

Cheers guys. Principal came up second in every quote so they’re also keen.

Thanks for the shout Aceman. I’ll call IAM tomorrow.

#8

iam will try to match your best quote also

#9

Cornmarket/Surety used to have a policy, to IAM members, to match the content of a competitors policy and beat them by either 10% or £20. They did not do that in the last 2 years, and as such, have lost my custom as I got a better price elsewhere.

#10

Funny as for past two years they have matched if not beaten it for me …

#11

Try Lexham. Had them for the past two years.

#12

But, surely your excess will become an issue if your bike is pinched? Especially if it’s happened to be recovered and the damage amounts to less than your excess. Then you’ll be doubly whammed, as without exceeding your silly excess, there is no claim, so even a separate excess insurance policy won’t cover you. (that was my understanding at least, but do correct me if I’m wrong)

#13

@Arfa That is why I emphasised the point that the excess is not an issue if the claim is non fault.

Whilst I accept that theft is an issue, proportionatly, bike thefts account for a very small percentage of claims, but I take your point.

I only mentioned it as a by the by.

#14

my insurance is due, the renewal quote is actually quite reasonable but as ever I go and do a check… and what the actual f*&k all other renewals are at least 50% more.

I’ll probably end up staying as is, but I still think that is a little high…

That being said, I was waiting for it to go up was only a matter of time.

#15

One option is to whack the excess up on your bike policy then take out an excess protection policy.

My house buildings and contents insurance covers my pushbikes as well. They were all pretty expensive and insuring them costs a fortune.
My insurance company put a high excess on the policy which allows them to cover the bikes under your house contents without having the ridiculous premium that they attract. When you buy the hous einsurance you take out an excess protection policy which essentially insures your excess. if you claim on your insurance and have to pay the excess then you use the excess protection policy to claim back your excess.

It’s all actually much simpler than it sounds.

I’ve just had a claim for a pushbike and the insurance paid out nearly £3k. My excess protection policy will now pay out my £350 excess that I’ve paid. The excess policy only cost about £50!

One word of advice though if you do this, don’t take the excess protect policy through Direct Group, they’re absolutely bloody useless, and that’s me being nice about them :rofl:

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#16

“Whilst I accept that theft is an issue, proportionatly, bike thefts account for a very small percentage of claims, but I take your point.”

Do you have a cite for that? Not disputing that may be the case but I would love to see the breakdown. It was my understanding that theft was the main issue in London these days? (Hence my insurance quotes in MK being £600, in London £3200.)

I was specifically told by my insurers a few weeks back when I wanted to upgrade my bike that they would not be willing to insure purely on the basis of theft.

#17

Just had my renewal through from IAM’s Surety:
£235 for a 2007 FZ6 (£2.5k value), TPTF, £250 excess, class 1 biz use, 10k/year mileage. I’ve 7 years no claims, 1 fault incident (from a car prang) and on drive parking in Dagenham. Last year it was £200, but that was my older 2003 FZS600 with a value of £1.5k.

On MCNCompare I get:
£230 from MCE (who I hear are crap if you claim), but £1k excess and no riding other bikes.
£350+ from everyone else, with ~£800 excesses

So, TBH I’m probably not gonna bother shopping around any more and just renew with Surety…

#18

that is pretty much the same as mine! I knew it would go up slightly but the amount it has gone up is just unreasonable…

#19

Well, just paid up with Surety, but get this:-
Stuck wife back on policy as named rider (had to remove her when it was dual bike policy) - premium dropped £25.
Queried how much Fully Comp was, just an extra £50!

So, I’ve just paid £257 for FC cover, £250 excess, 10k mileage, class 1 biz use and £100k legal cover, for a £2.5k bike with zero security devices parked on drive in Dagenham. Not bad at all I thought.

#20

Good price.

It must also offer up a professional’s view that your wife is lower risk rider than you are :rofl::rofl::rofl: