Insurance hike

P R

P R

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1,386
Renewal time on the Ghibli, and Aviva want an eye watering 40% increase on my last years premium (up to £780)

No details have changed since last year.

I have shopped around and it seems I will be in for a substantial hike no matter who I go with (have got a new quote from Aviva which is a bit less but still a lot).

Has anyone else noticed a hike? Are there any recommendations on where to go? I do get hammered for having 20k miles pa on the policy but then again I did last year!
 
MrMickS

MrMickS

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3,959
Ouch. I'm on 20k pa on the Ghibli S with 3 years no claims and one other named driver. My renewal with Admiral multi car is under £600. Still debating about whether to extend the tracker cover*. If I take it off that will add another £45 or so to the Maserati.

All in all the price would have been about the same as last year but I increased the mileage.

* In financial terms it makes no sense to extend the tracker cover and, if the car was stolen in the UK, I'm not sure I'd want it back. I am considering it though to have the tracking whilst traveling through Europe.
 
MrMickS

MrMickS

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It is taking the p***. I'm paying less than your £780 for the Ghibli and a Mito. New policy starts on Thursday.
 
P R

P R

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Ive seen previously that multi car is quite cheap. I only have one though :( lol

So, 42 years old, Full no claims, private driveway parking in decent area, 20k miles, father (70) is named driver, lab manager for an oil company.. how the f*** is it so expensive?? SP30 and 3pts on licence

Another issue is that quite a few of the companies don't have the car listed (ie aren't interested in insuring a Maserati, even though its a Fiat tractor underneath ;))
 
GeoffCapes

GeoffCapes

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Not sure it's all down to that. My best mate is an Underwriter at Lloyds and premiums have been hiked due to the increase in IPT (Insurance Premium tax).
From 1st October last year for some premiums (Maserati's would be part of that) the IPT is 20% However, you may say it was 20% before 1st October 2016. It was.
But they have had a reclassification of what vehicles should be in the higher IPT band. Maserati's, Ferrari's, Lambos (all supercars basically) were previously in the lower band.
Commercial vehicles were traditionally in the higher band, but now supercars and a number of executive cars have now been included.

Stealth tax I hear you cry????
 
MrMickS

MrMickS

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Has to be postcode lottery or something. I park on the street at the side of the house. I'm 10 years older and have no points though.
 
outrun

outrun

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They also always take the P at renewal time because a certain number of people just auto-renew regardless hence they chance their arm. I'd plus the details into a comparison site and use that as ammunition against them. Do this every year with Admiral who offer better pricing for new clients that existing and adjust to suit after a phone call and moan. Saved hundreds over the years doing this.
 
Needamaser

Needamaser

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1,499
GeoffCapes said:
Not sure it's all down to that. My best mate is an Underwriter at Lloyds and premiums have been hiked due to the increase in IPT (Insurance Premium tax).
From 1st October last year for some premiums (Maserati's would be part of that) the IPT is 20% However, you may say it was 20% before 1st October 2016. It was.
But they have had a reclassification of what vehicles should be in the higher IPT band. Maserati's, Ferrari's, Lambos (all supercars basically) were previously in the lower band.
Commercial vehicles were traditionally in the higher band, but now supercars and a number of executive cars have now been included.

Stealth tax I hear you cry????
Click to expand...
iPT has gone from 6% to 9.5% and now 10% in last 2 years and it goes up to 12% in June.
Only 20% iPT is on travel insurance which mirrors VAT.
All insurance policies whether private car, commercial vehicles or business insurances have the same iPT rate.
IPT is fixed and what is being insured makes no difference to the rate.
Your Maserati or Mazda are presently being taxed at 10% and since iPT introduced at 2.5% (from memory) there has never been any differentiation.
Rate hike covered on another thread recently and as I said then the new rules on injury payments will cost the industry approx £7bn a year.
 
hoyin

hoyin

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P R said:
Ive seen previously that multi car is quite cheap. I only have one though :( lol

So, 42 years old, Full no claims, private driveway parking in decent area, 20k miles, father (70) is named driver, lab manager for an oil company.. how the f*** is it so expensive?? SP30 and 3pts on licence

Another issue is that quite a few of the companies don't have the car listed (ie aren't interested in insuring a Maserati, even though its a Fiat tractor underneath ;))
Click to expand...

Surely it must increase your premium with your father being 70 on it?

Have you seen what the difference is without him in it. Though I appreciate it has gone up considerably from last year with no change.

I am going to get absolutely shafted aren't I?? Bummer. My car insurance bill for my cars in total was £4K!!


Sent from my iPhone using Tapatalk
 
GeoffCapes

GeoffCapes

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14,000
Needamaser said:
iPT has gone from 6% to 9.5% and now 10% in last 2 years and it goes up to 12% in June.
Only 20% iPT is on travel insurance which mirrors VAT.
All insurance policies whether private car, commercial vehicles or business insurances have the same iPT rate.
IPT is fixed and what is being insured makes no difference to the rate.
Your Maserati or Mazda are presently being taxed at 10% and since iPT introduced at 2.5% (from memory) there has never been any differentiation.
Rate hike covered on another thread recently and as I said then the new rules on injury payments will cost the industry approx £7bn a year.
Click to expand...

https://www.gov.uk/government/publi...rance-premium-tax/insurance-premium-tax-rates

What you have stated was previously true. However as I mentioned there was a reclassification of some motor insurance.
Basically high value vehicles.
 
FF1078

FF1078

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1,123
My renewal on the GT/s was £365
3 years NCB
Parked in garage near York

Mines gone down quite a lot.

Called same insurer for a quote on Stradale and they wanted £700, Rang around and got the Strad down to £540 with privilege.
 
highlander

highlander

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5,218
I follow the basic rules of seeking quotes a month before renewal but how they come to a final figure remains a black art mystery to me. Marci's Classic insurance did not change at just over £300 with all the add ons (agreed value, buy back etc) but the Alfa GT went up by 20% with no claims on either.......go figure! Black arts or a dart board, that's what I think ;)
 
Needamaser

Needamaser

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1,499
GeoffCapes said:
https://www.gov.uk/government/publi...rance-premium-tax/insurance-premium-tax-rates

What you have stated was previously true. However as I mentioned there was a reclassification of some motor insurance.
Basically high value vehicles.
Click to expand...
There was some changes in iPT rules but all private car insurance in the uk which is bought from insurers direct, comparison sites and brokers is at a flat 10% rate. Doesn't matter what car it is or value it is 10%.
https://www.gov.uk/government/publi...premium-tax/notice-ipt1-insurance-premium-tax
The higher rate would hit people/firms supplying cars along with insurance. Refer to section 2.4. Also see 6.8 which clarifies this situation.
Insurances arranged in the UK for vehicles or liability or whatever which are not in the uk but in the EU are subject to the iPT rate of the country concerned. Now lloyds arrange a lot of this and it could well be the rate for the country concerned is a lot more than 10%.
I work with lloyds underwriters and brokers as well as every major insurer in the UK and I can assure you if you go onto your favourite comparison website or whoever and get a quote for your Stradale it will be 10% iPT. The quote will show the premium and iPT separately so really easy to check.
I usually ignore comments about insurance on here but in this case it is a matter of facts rather than opinions. Sorry for beating it to death! ;-)
In the "spirit" of the forum Mark if you go onto a comparison website for a quote for a maserati through a UK insurer for a car in this country and they quote 20% iPT I will send you a bottle of Glenmorangie.
 
MrMickS

MrMickS

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3,959
I did look at individual quotes for both cars and the Ghibli was coming in at around the price I was getting both insured for with Admiral on the multi-car so I'm quite happy to stay for this year at least. Based on the quotes I was getting the £711 seems on par to me.
 
GeoffCapes

GeoffCapes

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14,000
Needamaser said:
There was some changes in iPT rules but all private car insurance in the uk which is bought from insurers direct, comparison sites and brokers is at a flat 10% rate. Doesn't matter what car it is or value it is 10%.
https://www.gov.uk/government/publi...premium-tax/notice-ipt1-insurance-premium-tax
The higher rate would hit people/firms supplying cars along with insurance. Refer to section 2.4. Also see 6.8 which clarifies this situation.
Insurances arranged in the UK for vehicles or liability or whatever which are not in the uk but in the EU are subject to the iPT rate of the country concerned. Now lloyds arrange a lot of this and it could well be the rate for the country concerned is a lot more than 10%.
I work with lloyds underwriters and brokers as well as every major insurer in the UK and I can assure you if you go onto your favourite comparison website or whoever and get a quote for your Stradale it will be 10% iPT. The quote will show the premium and iPT separately so really easy to check.
I usually ignore comments about insurance on here but in this case it is a matter of facts rather than opinions. Sorry for beating it to death! ;-)
In the "spirit" of the forum Mark if you go onto a comparison website for a quote for a maserati through a UK insurer for a car in this country and they quote 20% iPT I will send you a bottle of Glenmorangie.
Click to expand...

I bow to your superior knowledge. I was speaking with my friend who Underwrites Cargo Insurance, and he mentioned that because I have a Maser my premiums may be substantially higher on renewal because of the reclassification of some cars with regards to IPT. He didn't know about the specifics (as he writes cargo business) but thought it would have an effect as taxes generally hit what he termed as 'luxury goods' before anything else.
Good to see that we're just being clobbered in another way!

With regards to the bottle of Glenmorangie, I could get an ex colleague to quote my Maser with 20% IPT if you like, however, that wouldn't be in the 'spirit' of things! :lol2:
 
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