does insurance get to a minimum limit?

Got my renewal through today -gone up 30 odd quid and thats with an extra years no claims, i phone and question this, get told economic climate blah blah, i question the fact broker fee went from 5 quid last year to 39 this year they say thats where they make money, but we'll knock 20 quid off takes it down to 130'ish-ok i said, i'm a qualified advanced police motorcyclist can you add that in and see how much you can reduce it further-she says-it doesn't effect it and won't result in any further reduction!!!!! i said it asks for any advanced qualifications on there form-no difference she says- WTF!-am i missing something here-they got us over a barrel and their making us say please.

[MisterTommyH]

Yup, they're all putting the prices up because they're making nothing on the investment market.

I know it's not good, but at least it was only £30. My renewal went up by about £75, nothing changed, another years no claims and couldn't swap companies because they were all hundreds of pounds more.

They only have these boxes to tick to make it seem like your getting a discount.
Husky if you cant get a discount for your level of training, what hope have we got ?
Whats the point of doing recognised training, apart from the obvious.

Originally Posted by specialone

They only have these boxes to tick to make it seem like your getting a discount.
Husky if you cant get a discount for your level of training, what hope have we got ?
Whats the point of doing recognised training, apart from the obvious.

the "reduced" premium is the only reason i was going to AIM but have heard from some of my mum n dad's friends that they dont seem get any discount (any more)

Yes.

Insurance is made up of several parts. Normally;
Underwriting
Broker cost/profit
IPT (Insurance premium tax - The same as VAT really)

Underwriting is based on the risk so down to your history, location, security, bike and the average cost per claim so this is based on historical information and is called "burn rate" in the trade.
Broker costs are down to the admin costs and profit the company want to make. They normally take any diacounts from here.
IPT is down to the government but can be 2 rates (I think) 5% and 17.5% depending on if the policy was brought or a giveaway (free insurance with a bike purchase)

A lot of rises are due to "no win no fee" costs which can be more than the cost of repairs and replacement of the bike.

Just as a thing to remember, if you claim you use a security chain or lock and the bike gets nicked when it is not fitted then you may get no payout. The difference between me using an Oxford Granite or not was a fiver reduction in premium.

[yorkie_chris]

Originally Posted by B1k3R

The difference between me using an Oxford Granite or not was a fiver reduction in premium.

I found the same... the discount from a security device was worth less than the time to put it on and the worry/risk if you forget one day.

[Mr Speirs]

Yeh I didn't mention any of my security items...just gives them something to scrutinise if the worst should happen.

[timwilky]

I advised my internet broker that I would not be taking up their renewal as I had found cheaper more appropriate cover (adding commuting and protected no claims) and suddenly they were able to knock £35 off their original quote. I do not get it, surely they should go in at their minimum price at day one rather than loose an existing customer to somebody else's "introductory offer". Or do they simply assume people are lazy and unlikely to shop round.

What my broker (A-Quote) had said in their letter was that my current insurere (Aviva) had declined to renew my policy and they were now offering me an alternative. Surprisingly my daughters renewal from Footman James said similar. I can only surmise that some companies have been hit to the extent that they are pulling out of certain market segments.

They are not interested in retaining customers, as the market is so price sensitive and it's so easy to shop around. So basically, go and shop around! As with Tim once they know you are shopping around you may suddenly get a better price. After a recent thread on insurance where half the org were trying to tell me that insurance companies weren't affected by competition and they were all raking it in, glad to see some knowledgeable posts in here.

If you have a chain listed on your insurance and it's feasible that the chain was on it when it got nicked (ie: in your garage or in front of your house) then just show the chain to police and tell them the thieves must have taken the cut padlock with them.

[yorkie_chris]

Originally Posted by timwilky

Or do they simply assume people are lazy and unlikely to shop round.

Yes, why do you think they offer such hilarious renewal prices (especially if you're on direct debit...)