Insurers under pressure

Jeff Sutcliffe

A2OC Donor
The insurance on my A2 is due for renewal on 30th March and so, in accordance with lots of advice, three weeks ago I used four different comparison sites to find the cheapest price for renewal, intending to take up the best offered in good time before the 30th.

This morning I went back to the 'saved' site intending to pay the premium for the policy I had decided on, only to find that the insurer in question, along with my second choice, were not taking on new business because of staff shortages due to the coronavirus. The upshot, after re-using (possibly a made up word) the four comparison sites, was that I'm paying £50 more than I would have needed to pay if I'd bought a policy twenty days ago.

If you have a renewal due in the next few weeks, perhaps buy when you find the best price as the situation is going to get worse before it gets better.
 

in9999

Member
The insurance on my A2 is due for renewal on 30th March and so, in accordance with lots of advice, three weeks ago I used four different comparison sites to find the cheapest price for renewal, intending to take up the best offered in good time before the 30th.

This morning I went back to the 'saved' site intending to pay the premium for the policy I had decided on, only to find that the insurer in question, along with my second choice, were not taking on new business because of staff shortages due to the coronavirus. The upshot, after re-using (possibly a made up word) the four comparison sites, was that I'm paying £50 more than I would have needed to pay if I'd bought a policy twenty days ago.

If you have a renewal due in the next few weeks, perhaps buy when you find the best price as the situation is going to get worse before it gets better.
That's naughty
 

Jeff Sutcliffe

A2OC Donor
Just to clarify, it wasn't my first or second choice insurers that increased their prices; they simply would not accept my business. The reason I have had to pay £50 more was because I had to go with a different insurer, whose quote was higher.
 

Jmywil

Member
It’s very likely not their fault, unlike the Dr who’s made a million or two in a week selling Coronavirus testing kits at inflated prices.... the insurer may just not be able to fulfil business volumes at present, particularly if you’re a new customer. Just been on a conference call with a major global accounting firm, updating clients on what to do/expect as a result of COVID-19, and based on direct feedback from what is happening now in Spain and Italy, they warn of deteriorating basic digital and physical services as companies increasingly struggle with availability of people to deliver. It’s a particular issue for companies which offshored fulfilment centres, apparently, as other countries with less ability to work flexibly go into lockdown. Just SORNED two of mine due next month but will still have to insure, not sure if I’ll be helping them by contacting them early 🤔
 

Jeetesh

Member
Go for a big company and one that doesn’t do travel insurance too, maybe?
I’d agree, go for a insurance company that has a good and solvent business themselves and very solvent underwriter. The insurers will have lots of claims under business interruption so they will get hammered in the current climate.

Yes we’ll all be using our cars less but as mentioned insurance companies tend to insure across a number of risks.
 

Jeff Sutcliffe

A2OC Donor
The best day to buy motor insurance

https://www.moneysavingexpert.com/news/2018/07/revealed-the-best-day-to-buy-car-insurance-to-slash-costs-by-100s/

... is three weeks in advance of renewal date (2018 article).
Yes, that's why I did my comparison site searches three weeks ago, which is something I've been doing following moneysavingexpert and other similar sites' advice with both my vehicles for a couple of years. The comparison sites say that the prices will be guaranteed for 30 days but, on this occasion, the two best value companies said they weren't able to take on new business because of staff shortages due to people's self isolation rather than an increase in claims.
 
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