Insurance Quote Smaller Than Last Year

ChippingSodbury

Hi,
I recently received my Insurance Renewal for this year. It's cheaper than last year. €390 as opposed to €417 this year. Nothing has changed on my part (I still have 6+ years No Claims, over 30, same car etc.). Are premiums dropping again? Is there any point in shopping around (it's a Class 3 policy)? I switched companies last year after almost 20 years with the previous shower and these guys were the cheapest at the time.

dahamsta

<imagines panic in the industry as this thread is forwarded internally>

Colonel Sanders

ChippingSodbury wrote: »

Hi,
I recently received my Insurance Renewal for this year. It's cheaper than last year. €390 as opposed to €417 this year. Nothing has changed on my part (I still have 6+ years No Claims, over 30, same car etc.). Are premiums dropping again? Is there any point in shopping around (it's a Class 3 policy)? I switched companies last year after almost 20 years with the previous shower and these guys were the cheapest at the time.

Are you female?

Many companies dropped female rates to try hoover up as many females as possible before the gender directive becomes law.

On the other hand your company might price differently for all ages (so even being 1 year older could make a difference). If they rate on licence age you'd obviously hold your licence 1 extra year & may give you a slightly lower price

leeroybrown

Premiums aren't dropping. Insurance companies rebalance their actuarial tables and customer base all the time. If they decide they have too few or too many customers in particular risk brackets they'll bias the cost for that grouping slightly to gain/lose business there. As was pointed out above insurers are particularly interested in getting women on their books while they are still allowed to gender-bias quotes. It's also possible that they're automatically giving a small reduction on year two renewals for customers with a large NCB in order to make them lazy about shopping around.

In short no one (not-tied agent insurance brokers aside) can ever really answer these questions online and the only getting quotes will answer your question.

ChippingSodbury

No, I'm male.

Maybe I'm just surprised because it seemed the last guys put the premium up almost every year without fail: it's nice to have it going in the opposite direction for a change!

Aren't insurance companies great?!

joke

MugMugs

I'd still shop around.

Padkir

MugMugs wrote: »

I'd still shop around.

Definitely still shop around! Could easily pick up another €20/€30 saving there!

Just got my own insurance renewed there actually. Was paying €1530 last year (1st time in my own name). Dropped to €899 by Chill after my current broker came in with a renewal of €1360 first, then €1170, and then told me I'd never get it for less than a grand! Was delighted!:D:D

Bohrio

Padkir wrote: »

Definitely still shop around! Could easily pick up another €20/€30 saving there!

Just got my own insurance renewed there actually. Was paying €1530 last year (1st time in my own name). Dropped to €899 by Chill after my current broker came in with a renewal of €1360 first, then €1170, and then told me I'd never get it for less than a grand! Was delighted!:D:D

I can beat that... my insurance has gone down this year from 2160 euro to 770 euro... same cover, no changes, I had to ring twice to check they hadnt make any mistakes! I am very happy now