Reply With QuoteWhat's w.e.f.?
Switching car insurance at renewal ... new rules
https://www.cambridge-news.co.uk/new...nyone-22374470
"Well they would say that ... wouldn't they!"
What's w.e.f.?
With effect from - i would guess
cheers
matt
To summarise - prices may go up , shop around to get a good deal….
Good heads up although renewal is usually maximum 30-days in advance from what I've seen. So, those that are renewing before end of January can get quotes prior to the rule change but the rest of us just have to suck it up I guess.
Lots of drivers shop around at the renewal date to obtain the lowest quote ... but w.e.f. Jan 1 no discounts will be given to 'new customers' ... so existing established insured motorists will no longer be subsidising 'new customers' .. and established insureds may find their premiums are reduced ... because the 'premiums pot' will include higher premiums for new customers.
"Well they would say that ... wouldn't they!"
What's stopping all the prices just going up across the board?
EDIT: Nothing, and that's exactly what will happen. Not due for renewal until February.
Last edited by Onelasttime; 6th December 2021 at 16:14.
Each company has to be competitive with other insurers. Expect actuaries will be revising forecast premium income in accordance with 'no first time customer discounts' ... and revising actual premium rates within each insured's group . Does not mean that all companies will be offering the same rates ... some motor insurers' quotes will still be cheaper than others ... e.g. if they have better systems and lower overheads. So still worth shopping around ... but don't expect 'new customer discounts'Originally Posted by Onelasttime
Last edited by sundial; 6th December 2021 at 16:52.
"Well they would say that ... wouldn't they!"
If renewing with the same company your premium could be reduced ... because they can maybe afford to reduce if no longer offering discounts to first time customers ... you will no longer be funding first time customers' discounts via your premium
"Well they would say that ... wouldn't they!"
I know this is the G&D so I’ll not say as much as I would like to, but governments sticking their noses into how private enterprises price their products is too far down a dangerous and slippery slope for my liking.
Tell us something we don't know. Does it EVER go down ?
Yes - mine have consistently gone down (UK)
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
This year mine went down by approx 300 quid. Daughters 1100 quid but she is a new driver. I always get quotes 30 days in advance then give my current insurers the chance to match...they rarely do . Can't see the new rules making much difference tbh as most people still use a broker/comparison site .
Seems a good thing in the long run TBH if it cuts out the nonsense of having to ring round and change insurer to get the best price every year.
Edit - Wonder why no insurer has come up with the idea of a fixed price for 2 or 3 years (as energy suppliers do/did) - obviously if circumstances don't change.
Last edited by Kingstepper; 6th December 2021 at 22:22.
Think Saga do
Saga definitely do this....
Cheers,
Adam.
Received my motor insurance renewal quote from Liverpool Victoria (LV) yesterday and very surprised to find it's increased by £80 .. I was expecting a reduction. Long story short I did some comparisons online and have changed to RAC insurance and RAC breakdown cover . I was previously paying £93 Boundless membership which included breakdown insurance and a magazine full of offers (often silly / gimmicky offers) never taken up. Happy to break the bond with LV and Boundless after 16 years ... LV is not the company it used to be since being taken over by Allianz. Overall I'm saving £88 per year by changing to RAC insurance and RAC breakdown cover. Terms / conditions / excesses / PNCD etc with RAC are better overall than those with LV.
dunk
Last edited by sundial; 18th December 2021 at 05:30.
"Well they would say that ... wouldn't they!"
Useful to know/thanks - I've been with LV for years and for most of them typically paying around 230gbp pa (including when I had a Type R). But last year it was 280 for a CRV, so maybe that was the start of the end for very reasonable premiums with them - I will definitely shop around next year.
Posting Permissions
