Insurance Premium Hike.

GSTourer

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Anyone else's gone up by around 25% this year?

Insured with Ebike Insurance.

Riding for 17 years.

At least 5 years NCD.

2017 basic GS, with the 'usual' farkles fitted.

Last year's premium £271.

This year's renewal £335.

Retired, so not used for commuting.

Seems a 'bit' steep to me, especially as I thought last years was too but went ahead nonetheless.
 
Anyone else's gone up by around 25% this year?

Insured with Ebike Insurance.

Riding for 17 years.

At least 5 years NCD.

2017 basic GS, with the 'usual' farkles fitted.

Last year's premium £271.

This year's renewal £335.

Retired, so not used for commuting.

Seems a 'bit' steep to me, especially as I thought last years was too but went ahead nonetheless.
Ask them why abi are claiming drop of £60 per policy due to changes in whiplash claims.

Worth a laugh.

Sent from my SM-N910F using Tapatalk
 
Anyone else's gone up by around 25% this year?

Insured with Ebike Insurance.

Riding for 17 years.

At least 5 years NCD.

2017 basic GS, with the 'usual' farkles fitted.

Last year's premium £271.

This year's renewal £335.

Retired, so not used for commuting.

Seems a 'bit' steep to me, especially as I thought last years was too but went ahead nonetheless.

Go elsewhere !
 
Ask them why abi are claiming drop of £60 per policy due to changes in whiplash claims.

Worth a laugh.

Sent from my SM-N910F using Tapatalk

A quote from their renewal letter is:

"Be aware that premiums have increased across the industry over recent months, with insurance Premium Tax increasing from 6% to 12%, in just over a year."

Still doesn't explain the rise in my premium though.
 
A quote from their renewal letter is:

"Be aware that premiums have increased across the industry over recent months, with insurance Premium Tax increasing from 6% to 12%, in just over a year."

Still doesn't explain the rise in my premium though.
Same bastards who go on the telly saying insurance is going down with changes to Ogden rules and whiplash claims.

I think they speak with forked tongue.

Sent from my SM-N910F using Tapatalk
 
My renewal went up the same, but miraculously came down once I had shopped around and went back to them.
 
Do you know...I'd never thought of that! :blast

Yes sarcastic slap on the wrist accepted

The twats I had last year put the premium up for renewal time and as it was originally an outlandish price last year i went on the Bikeinsurer web site and saved myself 50% of renewal premium and i didnt take the cheapest they offered me either !

Give them a go
 
Anyone else's gone up by around 25% this year?

Insured with Ebike Insurance.

Riding for 17 years.

At least 5 years NCD.

2017 basic GS, with the 'usual' farkles fitted.

Last year's premium £271.

This year's renewal £335.

Retired, so not used for commuting.

Seems a 'bit' steep to me, especially as I thought last years was too but went ahead nonetheless.

Yes this is normal, Insurance companies are try to claw back money cos they have been loosing a fortune.
 
Yes this is normal, Insurance companies are try to claw back money cos they have been loosing a fortune.
No, they have not, because if they were trading as insolvent then they're in breach of their licence.

What insurers suggest is for every £100 in premiums they pay out £103, poor little them, but ignores the returns they make on the investment of that £100 which could be £112 so infact they're £9 in the black not £3 in the red.

So next you hear this spouted wonder, how do they pay their staff, taxes (???), running costs and the expensive ads they seem to be able to afford; if they're operating at a loss.

How exactly did the accounts get signed off and the dividends approved ?



Sent from my SM-N910F using Tapatalk
 
No, they have not, because if they were trading as insolvent then they're in breach of their licence.

What insurers suggest is for every £100 in premiums they pay out £103, poor little them, but ignores the returns they make on the investment of that £100 which could be £112 so infact they're £9 in the black not £3 in the red.

So next you hear this spouted wonder, how do they pay their staff, taxes (???), running costs and the expensive ads they seem to be able to afford; if they're operating at a loss.

How exactly did the accounts get signed off and the dividends approved ?



Sent from my SM-N910F using Tapatalk

Agreed

If they were running at a loss all those "names" at Lloyds would be putting there hands in their pockets way more than they are

But then on the other hand there is a saying somewhere that if you are struggling spend more on advertising
 
Anyone else's gone up by around 25% this year?

Insured with Ebike Insurance.

Riding for 17 years.

At least 5 years NCD.

2017 basic GS, with the 'usual' farkles fitted.

Last year's premium £271.

This year's renewal £335.

Retired, so not used for commuting.

Seems a 'bit' steep to me, especially as I thought last years was too but went ahead nonetheless.

Ah yes …. just had the renewal notification for the GS come through from Bennetts

Last year £196.20 this year £357.08 :yikes

I've just been through the Bike Insurer advertised on this very site and came up with a quote for the same level of insurance excluding breakdown cover and with addition of a £200 voluntary excess with Hastings Direct at £136.48 or £99.56 if I don't have the clothing/helmet cover :augie

I called the peeps at Bennetts at 14.20 this afternoon and a lady (with a non European accent) said they were exceptionally busy and that she would get someone to call me back shortly.

I've just called again and a gentleman this time (probably her brother) said they were exceptionally busy and that he would get someone to call me back within 24 hours :blast

Still it gives me plenty of time prepare a speech involving lots of fucks :thumb
 
Ah yes …. just had the renewal notification for the GS come through from Bennetts

Last year £196.20 this year £357.08 :yikes

I've just been through the Bike Insurer advertised on this very site and came up with a quote for the same level of insurance excluding breakdown cover and with addition of a £200 voluntary excess with Hastings Direct at £136.48 or £99.56 if I don't have the clothing/helmet cover :augie

I called the peeps at Bennetts at 14.20 this afternoon and a lady (with a non European accent) said they were exceptionally busy and that she would get someone to call me back shortly.

I've just called again and a gentleman this time (probably her brother) said they were exceptionally busy and that he would get someone to call me back within 24 hours :blast

Still it gives me plenty of time prepare a speech involving lots of fucks :thumb

Got back to Ebike Insurance who tried to tell me the substantial rise was due to the Insurance Premium Tax rising from 6% to 12%...I asked her which part of mine having gone up 25% she didn't understand AND that last years insurance was already subject to the aforesaid 12% tax rise anyway and it had STILL risen 25%. She went offline for a few seconds and then came back with a quote £30 less.I told her it was still no good and she lost interest.

Been on Bikeinsure (thanks for the heads up Rick) and there are quotes there between £98 and more than my quote from EBikeinsure.

So....I have chosen something mid ground (£200) from the AA and will get in touch in the next couple of days to confirm it and hopefully sort it all out.

Many thanks all.

Good luck with yours.
 
Got back to Ebike Insurance who tried to tell me the substantial rise was due to the Insurance Premium Tax rising from 6% to 12%...I asked her which part of mine having gone up 25% she didn't understand AND that last years insurance was already subject to the aforesaid 12% tax rise anyway and it had STILL risen 25%. She went offline for a few seconds and then came back with a quote £30 less.I told her it was still no good and she lost interest.

Been on Bikeinsure (thanks for the heads up Rick) and there are quotes there between £98 and more than my quote from EBikeinsure.

So....I have chosen something mid ground (£200) from the AA and will get in touch in the next couple of days to confirm it and hopefully sort it all out.

Many thanks all.

Good luck with yours.
It was the AA that i picked too
Their level of cover seemed as good if not better than most and of course I have heard of them and they have a name. That probably means nothing

Also they were not hung up on aftermarket exhausts etc etc and didn't have a list of exclusions and endorsements as long as my arm as my previous insurer did

Time will tell but ho;efulli wont need their services
 
They’re out to make as much money as they can. When I took out a multibike policy for the GS and the 1290, the GS was the highest risk bike so was the more expensive bike to insure. When I sold the bike three months into the policy, they back tracked and said the KTM is the higher risk bike, and refunded me around 5% of the premium I had paid for the GS.
 
No, they have not, because if they were trading as insolvent then they're in breach of their licence.

What insurers suggest is for every £100 in premiums they pay out £103, poor little them, but ignores the returns they make on the investment of that £100 which could be £112 so infact they're £9 in the black not £3 in the red.

So next you hear this spouted wonder, how do they pay their staff, taxes (???), running costs and the expensive ads they seem to be able to afford; if they're operating at a loss.

How exactly did the accounts get signed off and the dividends approved ?



Sent from my SM-N910F using Tapatalk

There is a big difference between profit and loss account and a balance sheet - one can run at a loss for a period of time as long as you have cash in the bank, but you need to get back into profit before the cash runs out.
 
There is a big difference between profit and loss account and a balance sheet - one can run at a loss for a period of time as long as you have cash in the bank, but you need to get back into profit before the cash runs out.

But you cant pay dividends to directors without there being a profit ! which i believe was one point being made.
 
There is a big difference between profit and loss account and a balance sheet - one can run at a loss for a period of time as long as you have cash in the bank, but you need to get back into profit before the cash runs out.
That's why banks now have to pass eu stress testing and insurance companies have had too for years. Running at a loss and the regulator will cease you trading.

Sent from my SM-N910F using Tapatalk
 
Agreed

If they were running at a loss all those "names" at Lloyds would be putting there hands in their pockets way more than they are

But then on the other hand there is a saying somewhere that if you are struggling spend more on advertising

There are, to all intents and purposes, no private ‘names’ left at Lloyd’s. With a very few exceptions, the syndicates are now corporate, each owned by one company. The principle of unlimited personal liability went out of the window with what was known as R&R and Equitas, several years ago.

As to whether insurers can underwrite to a loss ratio (the ratio of claims in one year versus premiums in one year) of greater than 100%? Yes they can; but obviously not for an extended period of years or they’d run out of reserves and capital, going bust in the process. Has it happened? Yes, of course it has.

As to insurers being able to live of their investment returns? Has anyone looked at interest rates recently? Excactly the same very low rates of return apply to insurers just as much as they do to Big Bob Bikermate from Barnsley.

PS There’s always an apostrophe in Lloyd’s of London, so as to differentiate from Lloyds bank, which did go bust.
 


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