Arti
Well-Known Member
Got my van renewal quote today and its went up by 83%....................:-0.
so sent them an email asking how it could possibly rise by this amount and here is there reply:
Thank you for your email.
I confirm that the renewal premium offered is higher than the price you paid last year. In an ideal world, the premiums would go down each year that an increased No Claim Discount was earned; however there are external factors which affect the insurance rates.
Whilst your details may not have changed, other external factors affect monetary markets and rates of insurance, therefore our quoted premium will reflect this. A major contributory factor is an insurer’s claims loss ratio – the greater the volume of claims reported, the higher the premium charged. A high exposure to claims would affect all policyholders, not just those who claim, as insurers are required to have sufficient funds to meet all future claims.
We strive to provide the best possible prices and service to all our customers. We apologise that we have been unable to meet your expectations with our premium this year.
Yours sincerely,
Sarah Ward Customer Services
Its all to do with external factors & Claim loss ratios................................:RpS_confused:
so sent them an email asking how it could possibly rise by this amount and here is there reply:
Thank you for your email.
I confirm that the renewal premium offered is higher than the price you paid last year. In an ideal world, the premiums would go down each year that an increased No Claim Discount was earned; however there are external factors which affect the insurance rates.
Whilst your details may not have changed, other external factors affect monetary markets and rates of insurance, therefore our quoted premium will reflect this. A major contributory factor is an insurer’s claims loss ratio – the greater the volume of claims reported, the higher the premium charged. A high exposure to claims would affect all policyholders, not just those who claim, as insurers are required to have sufficient funds to meet all future claims.
We strive to provide the best possible prices and service to all our customers. We apologise that we have been unable to meet your expectations with our premium this year.
Yours sincerely,
Sarah Ward Customer Services
Its all to do with external factors & Claim loss ratios................................:RpS_confused: