Insurer backing out of a quote

5 messages
18/03/2012 at 10:41
Hey guys,

Problem shared problem halved and all...
Well my problem is that I managed to pass my test on friday, I've lined up a nice Ktm 690Duke as my first bike.

I have completed a suitable (Lots and lots) number of insurance quotes and got one back from Hastings stating that they would cover my with fully comp for £314 of our finest english pounds.

This quote is one of the reasons I went for the Duke originally they quoted me £249 but that was a month or two ago, in this time I have put a nice deposit down on the bike.
When I have gone to take the insurance out they have put the price up to £1000 any idea's on what I can do? The quote was originally through the bike insurer with £249 through Mcncompare.

This is going to cause a significant problem because I cannot justify a £1000 insurance policy and as said I have already paid the deposit for the bike and really don't want to loose that.

Thanks

Chris
18/03/2012 at 17:01

Try over again looking for quotes - I find Confused is better than MCNcompare.

It's possily due to you entering 'full licence', which means that you are no longer supervised and more willing to give it some stick. Unfortunately that's the way risk goes.

19/03/2012 at 12:33

I may be repeating what everybody else already knew, but I found out that the insurance underwriters can change their rates on a daily basis and that’s up and down. I had a cheaper renewal quote for my wife’s car come through with no need to do anything, her cover would just carry on over to the new rate.

Just before the old cover ran out I phoned them up and they gave me an even cheaper quote. I asked how come and was told the renewal rate was still valid but on a new search found another underwriter was now offering it even cheaper than the original renewal. So keep phoning and if you hit it right you may phone on a cheap day, or unlucky on an expensive day!

20/03/2012 at 16:22

Staps is right.

After checking out insurance comparison sites I got a reasonable quote from Hastings Insurance for 265 pounds.The following day I checked the quote online and it had gone up by 20 pounds.I was told by Hastings that new legislation now allows insurance companies to change their prices on a daily basis even if the comparison site assures you your quote is valid for 30 days.

I have also noticed that requesting you bike insurance cover to start within a few days will be more expensive than requesting it to start say, in a months time.I did several insurance comparison checks for bike insurance, starting within the week.I then made the same checks, requesting the starting date in 4 weeks time.These quotes were all cheaper by 30-50 pounds.

Edited: 20/03/2012 at 16:23
20/03/2012 at 21:12
More of the same for me, I had a renewal quote with KGM through Swinton of £230 ('valued customer' apparently), turned it down then went through the Meerkats the same evening - now insured with KGM, through Swinton for £108. They pretty much make it up as they go along these days, so definitely worth another look.
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