I renewed my policy with 1st Central at the beginning of the month when I still had my 205 1.8xrtd -£262 fully comp. I bought my 2006 Fabia 1.4TDi last week and called to update my policy......they want an EXTRA £221 for the year!?! £483? Really?!

If I cancel the policy, the 'admin' charges (does it really cost that much to tap a few keys on a keyboard?), cancellation fee and something else nearly amount to the increase!

I had a look on compare the market and the vast majority of the quotes were under £300, the cheapest ironically was £221!

I realise it's a newer car, but I've gone down several insurance groups.....

Something similar happened a few years ago.....I went from a group 14 sporty number, to a poxy little 1.2 group 4 and the price more than doubled!

Has anyone else had similar or found a way to avoid the price hike?

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I would question your insurance company to justify the price hike, as i suspect they may be either putting incorrect details in or taking the  "pith", ask for all the charges to cancel in writing from them & complain to the insurance company that 221 is excessive, if no joy complain to the insurance ombudsman.

I am not a fan of the smaller companies as you have found they load all sorts of penalties,  

My insurance company will charge £25 to make changes to the policy ( at thier discression ), & I have yet to be asked to pay it, even when  my policy cost has cost less part way through the year, i even have had a refund equivalent to 1 month payment.

 

Whenever i change i always check insurance & if i get charged any extra that seems unreasonable i move.

I am changing from an Octy vRS to a Yeti L&K 1.8 petrol  & having same policy of me & SWMBO & I have added business there will be no change to my costs for the remainder of the policy ( approx 5 months)

 

However i have actually found that a brand new cars can be cheaper than the same 2nd hand 3+yr old one,  when i asked was told it was down to the NCAP & the fact that newer cars are safer & parts can be cheaper to source.

Cancel it and get another policy , the penalty would be minimal but the gains would be massive

We've had this before on another forum. We suggest that you get a breakdown of the cost increase so you can see where in their rating factors the load has been placed. I suspect it's because of the value of the newer car if nothing else has changed but it may also be down to that insurer's claim experience with Fabias. i.e they've had a few claims on Fabias so they jack the rate up on them. Another provider will view them differently, hence your lower quotes elesewhere.

Edited 21 March, 201412 yr by ChrisKnottIns

Cancel it and get another policy , the penalty would be minimal but the gains would be massive

 

Not always the case.

I had a policy with Prestige and the underwriter cancellation fee was £15 plus 10%.

Then Prestige slapped a £200 fee on top for themselves.  On a £480 policy so far more than their commission was.

 

Absolute joke.

Wow that's bad ! I've never come across such penalties , when I went from a seat altea to a superb 2 it was about £30 more for the 4 months left on the policy ? Another case of if they can get away with it !

Thanks for the advice guys, definitely asking for a breakdown of the cost increase and cancellation fees.....either way, if I do have to pay, they've got me over a barrel. Roll on my next renewal date!

Had something similar a few years ago when I changed jobs, and managed to have the price increase reversed. They wanted an extra £430 over the year when I started working for the police, we're my car would be kept in a secure station car park during the day. I had previously worked for a company targeted by protestors who have a history of planting car bombs!! Eventually they realised they couldn't justify the increase.....

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See what they say when you tell them the new car has coilovers... might be that they can't cover the mod and you can cancel the policy with different terms.

Ironically my bargain basement MG of a fraction of the value and 100 odd BHP less power and unmodified costs £200 a year more than the vRS did lol. 

Could you take out another policy and stop paying the old one. The old one will cancel after a couple of missed payments.

 

Not sure if they'll send the baliffs round admittedly but we did this with a life policy with no consequences.

I had thought of that, but just applying for a mortgage at the mo.....

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Insurance makes no sense, best one I did was go from a 2.2 DCI Xtrail, paying £700 a year on, to a 4.0 V6 Dodge Dayvan which went down to £280, shame the fuel costs went right up though!