Outrageous insurance renewal quote from...

[Phmode]

...Bennetts.

Last year's cover for all three bikes cost me £290.

Just got the auto renewal quote and got prepared for a fight before I opened the envelope.

Total cost...£254.87.

Not like me at all, but I can't even be bothered to hit the Meerkat. Sign me up folks 

[black-k1]

It's nice in these days of over 9% inflation to know that some things can still be cheaper!

[Phmode]

Absolutely! And without the hassle of having to phone up and play hell with them like I had to with the car insurance; 40% increase in a year   

I might have saved a few pounds if I'd gone to the Meerkat, but to be honest, I was well pleased.

[richtea]

It may be this FCA ruling kicking in:
https://www.theguardian.com/money/2021/dec/30/landmark-uk-insurance-shakeup-poised-to-benefit-loyal-customers

I usually swap every year because of the standard hike in prices, but that didn't happen this year.
Both bike and car insurance have both gone up, but not by the usually extortionate rate, and the best alternatives are also up by similar amounts - in the 20% region.

On both I have still swapped, but at no gain for the bike, probably due to newer K1300S being more valuable:
- £124 for the newer bike versus £100 for the older one

With Carole Nash rather than Bennetts this time.

To make up for it the BMW warranty on the new bike came down by about the same amount.

[Phmode]

Well...

That ruling was in force when I re-insured the car back in Feb and LV tried to charge me almost 50% more than the previous year whereas on the Meerkat they were the second or third cheapest (and the only one of the three I had heard of) and their quote for this 'first time buyer' was about £4 more than my previous year's bill.

I had an interesting conversation with them on the phone and they wriggled and squirmed and found a couple of minute things different (annual mileage, value etc.) and came in about £10 cheaper from memory.

They hate that new ruling with a passion and I bet a lot of folks are still being ripped off.

[richtea]

The bizarre bit is that it's pretty expensive to gain a new customer, and cheap to keep an existing one, so you want to make it really easy for people to stay with you. A loyalty discount would be the way to go, rather than a loyalty over-charge. Supermarkets and cafes with their loyalty cards understand that.

My previous employee, a mobile operator who shall be nameless but involved a magic number, estimated the cost to gain a new customer was a £200 overhead (initial call/walk-in, account set up, set up phone, sending SIM out, first contract letter, initial support, etc) - which was maybe 9 months of an average 24 month contract.

Having said that, their customer service leaves ever such a lot to be desired, so I know where they've tried to claw the £200 back. 

[richtea]

And now it's 2024, and it's an 'Outrageous insurance renewal quote from...'
Bennetts!

A 100% increase from £174 to £350. Say whaa?

That's with a drop in predicted mileage from 10k to 8k, and the bike is worth a grand less this year.

I understand there are inflationary pressures, tough trading conditions, etc, but come on - that is seriously taking the p*ss.
Any other company and I might think they were trying to exit the market, but it's Bennnetts.

Anyway, Devitt to the rescue:
- lower voluntary excess (£250 instead of £350)
- 10% off SportsBikeShop
- £174

Deja vue again. As they say.

[Phmode]

Let your fingers do the walking. And your feet do the talking!

[richtea]

Anyway, Devitt to the rescue:
- lower voluntary excess (£250 instead of £350)
- 10% off SportsBikeShop
- £174

Hmm, further to this I realised I had omitted to mention my IAM and RoSPA observing - a regular annual hiccup because the online forms don't allow random info to be entered.

And it turns out, to paraphrase Ms Devitt, that:
- if I observe (i.e. follow from behind) I am covered
- if I train (i.e. ride in front to demonstrate something) I am not covered

So that insurance was refunded before it started, and I have gone with Cornmarket - the IAM insurers - instead. At the cost of £220.
Still, better than Tony Bennett's £350.

I wonder what insurers say about leading a group ride - IAM or otherwise.

[Phmode]

'Not me occifer! I have no idea who the feck they are but I have been trying to shake them off for miles, hence the rather inappropriate speed as you say occifer!'