Tiger 800 / 900 - Main Discussion Section > Insurance

Bike insurance

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chico:
it seems like you boys in the UK have to play the same ridiculous game regarding insurance policy costs as we do here in the States. It's a mystery to me why a company gives better rates to new customers then to existing ones. Don't they realize that retaining a customer is easier than getting new ones or having the ones that left to come back?
I'm assuming that there are capable people working at the insurance companies and that they have good reasons for this practice. :112:

Chico

Fazer:
Originally Posted by chico it seems like you boys in the UK have to play the same ridiculous game regarding insurance policy costs as we do here in the States. It's a mystery to me why a company gives better rates to new customers then to existing ones. Don't they realize that retaining a customer is easier than getting new ones or having the ones that left to come back?
I'm assuming that there are capable people working at the insurance companies and that they have good reasons for this practice. :112:

Chico

Iíve no idea how people in the USA behave with respect to insurance. However, in the UK many people donít bother to shop around when it comes to insurance renewals so they are an easy target for ripping off by insurance companies. Personally, Iím in favour of this state of affairs because it means I can easily get a very competitive price by expending a bit of effort getting comparative quotes. Unfortunately, this situation is going to stop soon in the UK because our financial watchdog, the FCA,  has ruled that insurance companies must stop giving better quotes to new customers than they do to loyal customers. That probably means weíll all end up paying more!  :157:

YorkieBoy:
18 months ago I missed the renewal reminder and had my 800 XRt premium bounced up from £102 to £128 (70 years old, max NCB). I decided to let it run and be poised for the next year (March, 2021). Sure enough, it was bounced up to £168, so cancelled & insured with AA for £84.48. My age will now tell against me, I am told, and it will now tell against me and start to creep up. I know an active 80 year old who now has to pay more than £500 to continue his riding.

Stevie.P:
Originally Posted by YorkieBoy ... My age will now tell against me, I am told, and it will now tell against me and start to creep up.
Yes, regardless of state of health the UK insurance industry use 70 as the trigger point to start hiking your premiums up on the obvious like auto and travel insurance.  :006:

Fazer:
Originally Posted by YorkieBoy Ö. My age will now tell against me, I am told, and it will now tell against me and start to creep up. I know an active 80 year old who now has to pay more than £500 to continue his riding.

Iím 74 and paid £115 in Oct 2020. I havenít particularly noticed my premiums increasing for my car or bike since reaching 70.

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