Today had my insurance renewal from Flux, price gone up - why ?, shopped around, obtained quote from General Accident over £ 100 cheaper including add ons & full modifications, they advise " as owners have not used their cars over the past 12 months we have reduced premiums to basically compensate for lack of use" , obviously not in Fluxs’ method of trading,
thought they as one of the Clubs “favoured” insurers we would get some decent treatment, guess not seems like sheer profiteering,
My previous post about this on FB has been removed !, aren’t we allowed to criticise items & suppliers such as this, comments please Iain.
Not another thread…the forum, indeed the internet is full of them…A lot of underwriters are running large losses so need to recoup from so somewhere.
Why is it a “rip off”? It’s a free market and you can shop around.
Do you complain when Tesco increases the price for a tin of beans but Sainsbury’ doesn’t?
Manufacturers and club recommended underwriters are rarely competitive as they rely on customer inertia and a false belief that good terms are offered.
As ever, DYoR (do your own research) and shop around as you do for any other purchase.
Yes thankfully we have a system where we can look at a lot of alternatives…like we do when we shop. Imagine if insurance was nationalised. You pay what the government sets and no arguments. Imagine what we would all be paying. Just spend an hour shopping around. But never just go for the cheapest. Look at what you are getting for your money. Check the excess and Google the company for their customer service rating. Also don’t for get the high street brokers who offer a personal service as well.
Mine did the same with Adrian Flux, I asked them about a classic insurance as it was now 10 years old and they offered it to me at £150 plus £15 for agreed value.
Does not include business use though but with working from home I do very few business miles now so can use the other car.
Maybe this is a benefit of COVID ?
Thank you for the replies, as you read my original post I did shop around, my query was with Flux how can you justify a premium increase plus be over £ 100 more expensive than another insurer (General Accident) that can offer better cover ?, plus this morning have had a call from GA asking if I am ok with what they offer and for a small additional fee will cover me 3rd Party for 3 nominated track days, I am one of 3 MX5 owners in the Oxford area who have moved away from Flux because of premium increases etc, how many more country wide ?, perhaps it is because of customers moving away that causes premiums to increase for those that are left ?.
So I go happily motoring on under the cover of my new insurer with extra in my pocket, end of post for me have had my say.
AF are not insurers but agents and as we have said, there is competition. It’s like asking why one supermarket can sell cabbages for less than an other. Horses for courses. At one time of year one insurer can be more competitive than another then it can swing the other way. It’s just the way it works.
Premium differences occur due to the state of the underwriters book, their appetite for new / renewed business and the value of any commission agreements the broker has.