Prius Gen 4 Insurance renewal.

[Chris Dance]

I received the insurance renewal for our Gen 4 Prius today from Toyota Insurance. I was amazed at this years increase. The premium is £147 42p more than last year. I have not queried the increase in premium yet but it seems excessive. On the renewal document it states that as I have I have been with them for a number of years, I may get a better price if I shop around. I have 9 years no claims. ( No discount for loyal customers.)I am reluctant to change insurance companies as Toyota insurance is very good even though their premium is high. Is this large increase normal for insurance renewal this next year with other insurance companies?  I would appreciate other members views.

[DAF XF]

All depends on your premium last year if it was £300 then I'd say wildly excessive. If it was £600 then maybe it would be seen as being in line with (a) all the insurance increases and stuff that have been reported in the media over the last few months due to changes in claims etc http://www.bbc.co.uk/news/business-39558258 and (b) the usual of extracting as much as possible in the hope you can't be bothered to shop around.

mine was £540 last year and I got my quote in this year at £620 but managed to get it down to £490. I'm always cautious of online insurance quotes from companies I've never heard of on comparison websites but I use it as the usually lowest price to try and get insurers id be happy to use to beat or at least meet.

Unfortunately just like with utility providers and banks loyalty these days means nothing and you have to constantly shop around to get value for money. 

I never knew Toyota gave insurance I assume it's underwritten by a major insurance company?

[DAN@ADRIAN FLUX]

Hi.

Unfortunately due to a number of well documented reasons insurance has increased considerably over the last 12 months I'm afraid. If you did want to try an alternative then please feel free to give us a try if you wish.

Regards,

Dan.

[Heidfirst]

My renewal is due & this year is about 13% higher than last.  Interestingly both last year & this my renewal quote has been the cheapest I could find - in years previous they would try it on with a big increase, I would check around & then go back to them saying I can get it elsewhere for less ... They always at least were able to match if not beat the other quotes on that basis. 

[FROSTYBALLS]

Toyota Insurance is provided by Toyota Insurance Management - a subsidiary of MS&AD (known in Europe as Aioi Nissay Dowa Insurance Europe) and they are Asia's largest insurer. 

[danowat]

Yeah, both myself and my wife got similar increases this year, although shopping around has negated that increase, but I will get in touch with my current provider and see if they can match the quotes I got. 

[Harters]

I have just renewed with Aviva and it was £440 for my Prius and my partners Renault Zoe using their multi car policy.  Very happy with that 👍

I have been with Aviva for many years now and they always seem to be best for our car situation (Zoe with rented batteries). 

[FROSTYBALLS]

Two changes may affect insurance renewals:

1. The insurance premium tax has been increased by 2%.

2. A new formula for calculating compensation payments was introduced by Government from March - http://www.bbc.co.uk/news/business-39101829

[Chris Dance]

Thanks for replies:  I am very reluctant to change Toyota insurance but this years increase works out 25.5%.

I have home insurance with Aviva so I may try getting a quote from them. It amazes me that on the Toyota renewal document they suggest you can get a cheaper quote elsewhere; it gives an impression they do not want your custom.. Thanks for the BBC link DAF.

[fordulike]

Try Direct Line, they seem pretty reasonable.

[FROSTYBALLS]

1 hour ago, Chris Dance said:

It amazes me that on the Toyota renewal document they suggest you can get a cheaper quote elsewhere; it gives an impression they do not want your custom.

From 1st April 2017, the Financial Conduct Authority (FCA) rules on insurance renewals changed:

"The new rules stipulate that FCA regulated firms must provide the following when offering renewal of a policy:

• Inform the customer of last year’s premium.

• Provide wording encouraging the customer to check their insurance cover meets their needs, and asking whether they’ve considered shopping around to find the best deal for the cover they want.

• Renewals invited for the 4th time (and each renewal from then on) must provide the below mandated wording to the customer: “You have been with us for a number of years. You may be able to get insurance cover you want at a better price”.

Firms should disclose the previous year’s premium on the renewal notices sent to clients. Where a customer’s circumstances have changed during the course of the policy year, for example a mid-term adjustment, the disclosure must show the customer an annualised premium reflecting any changes. The previous year’s premium can then be compared with the quoted renewal premium."

[Duffryn]

My Toyota Insurance (via Aioi etc.) went up by 13.33% last April (now £364 to include Legal and Excess Protection).

[Chris Dance]

Just got on line quote from Aviva. Cover was the same as Toyota. Only one thing worried me and that was that Aviva would prefer to use only Aviva recommended repairers who can use non standard parts. You can ask for your car to go to a Toyota repair centre but I think it could be a hassle and increased excess.

I contacted Toyota they agreed it is a large increase on the renewal. Toyota gave me a slightly better quote  and now it is £170 more than the Aviva quote. Do I pay the extra for peace of mind in the event of an accident?  I do not want a new gen 4 to go to any old repairer. The claim I had last year does increase the renewal quote with Toyota but Aviva know all about that claim as well.

Regarding Direct Line. My son had lots of trouble with that company.

[Duffryn]

My son had a non-at-fault accident in his few months old Avensis some while ago - and it ended up at the local Ford dealer for repair. I went to pick it up for him, and had to initially refuse it as some trim had been incorrectly/very poorly fitted.

I also read somewhere that a less scrupulous repairer might even resort to using second-hand parts.

[kithmo]

My Toyota insurance renewal quote in March, was 30% up on the previous year, so I changed to Privilege, which was half the price for the same cover.

[johalareewi]

You could always lodge £500,000 with the accountant general of the senior courts then you are insured to drive any vehicle you own.

Road Traffic Act 1988 section 144.

http://www.legislation.gov.uk/ukpga/1988/52/part/VI/crossheading/compulsory-insurance-or-security-against-thirdparty-risks

 

[barrycoll]

After taking delivery of the Gen 4 in April, and so replacing the Gen 3, the insurance went from £350 to £1400.......after changing my underpants, I phoned the brokers who are the Institute of Advanced Motorists underpinned by Cornhill.

I was told that the new car had gone from 90 bhp to 120 bhp (groan!!) and was now in the same bracket as a Seat Leon Cupra.......no amount of explanation would make them budge, even the fact that we had the IQ with the, the house with them and even holiday cover......which they have now lost all, and at an agreeable saving for me.

totally fed up I shopped around and went with Direct Line, as they were easy to speak to on the phone, no Indian call centre, and just generally very helpful....and apremium of £290 but with £350 excess, although with protected NCB, legal cover etc.

Not many insurers seem interested in giving any further discount for folks who have spent time and effort becoming members of the IAM (now RoadSmart) or ROSPA

 

[Duffryn]

Well, Direct Line lost my business several years ago when they made a valiant (and stupid) attempt to convince me that my wifes' 20 year old Corolla (3K m.p.a) was in the same insurance bracket as my 4 year old Avensis (7K m.p.a.), and weren't interested in budging even when I informed them I was going to ditch their insurance.

[FROSTYBALLS]

Article in the Telegraph today - http://www.telegraph.co.uk/insurance/car/uninsured-driver-claims-rise-pushing-car-insurance-costs/

[Chris Dance]

On the TV news it was reported that there are lots more uninsured drivers on the roads. The local radio was discussing today about the poor standard of driving on UK roads hence more accidents.

Regarding your insurance with Direct Line Barry.  Your annual premium for your new car is lower than mine was two years ago for a GEN 3. In the event of an accident are you required to use a Direct Line repair centre? It is also a lot less than the quote I have just had from Aviva.

 

 

[MichaelM]

When Liverpool Victoria renewed the insurance on my Gen4 Prius in July the premium increased 25% on the previous year.

I checked around and found that despite the increase LV were still competitive.

Frostyballs is correct in that increases in insurance tax (it has doubled in recent years) plus the government's change to its compensation claims formula, both add to the rise in the cost of motor insurance. 

 

[johalareewi]

LV have a strange renewal policy.  Their renewal quotes are always a big increase on the previous year.  if you go online and pretend to be a new customer or use comparison sites, you can get a better quote, quite often from LV.  You then ring them up and tell them and they beat the best quote you can get (even their own).  Happens to me and my OH every year.

[barrycoll]

I did not enquire just who the Direct Line repairer would be, Chris, as I did not know that from the IAM Insurance either.

A bit of a head-in-the-sand attitude, but has served me reasonably well for the last 60 years of motoring.

The IAM did use the AA for replacement windscreen on the GEN 3 Prius, as there was a real worry about whether the HUD would have a double image from any poor glass lamination......I needn't have worried

The IAM too (as per Alan's experience) wanted to try and match the Direct Line quote, but their intransigence over the 'new' 120 bhp engined Prius being a new engine as compared with the 90 bhp Gen 3, was just too unnecessarily upsetting.

[Chris Dance]

I have decided to stay with Toyota Insurance even though it is expensive. Having bought a new car I would not want it repaired in the event of an accident by any company other than a Toyota repair centre.

I have had quotes from other companies and the quotes refer to using their approved repair centre and state that non standard parts maybe used. I know you can insist that any repairs are carried out at a repair centre of your choice but as Parts King has stated on this forum you would have to "jump through hoops" to achieve this.

 

[Duffryn]

13 hours ago, Chris Dance said:

I have decided to stay with Toyota Insurance even though it is expensive. Having bought a new car I would not want it repaired in the event of an accident by any company other than a Toyota repair centre.

I have had quotes from other companies and the quotes refer to using their approved repair centre and state that non standard parts maybe used. I know you can insist that any repairs are carried out at a repair centre of your choice but as Parts King has stated on this forum you would have to "jump through hoops" to achieve this.

 

 

Agree 100% with that sentiment Chris - however, how many Toyota dealerships actually have their own repair centres I wonder? Presumably a lot of work (esp. bodywork?) could be subcontracted out to a 3rd party, possibly even to a rival manufacturers' dealership. Who then guarantees the quality of work done - Toyota, the repairer, Aioi etc.?

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