The 20-26 day rule seems to work

[roadtripper]

So I had never really paid much attention to the research done by Martin Lewis and team that the best time to buy motor insurance was about 20 - 26 days before it was needed.

But this year my LV multicar went from £420 to £720 with no change of circumstances.

I did shop around a week ago, as soon as I got the renewal quote, but that £720 was about the best I could do.

Just renewed now (at 25 days) for £620

I appreciate not everyone here can use "stock" insurance - but food for thought even if you have to try more specialist insurance.

I also found the tool on his site useful for getting a rough view of the insurance market and tweaking a few things to get the right cover at the right price.

 

[Bav]

I've never heard of the 20-26 days rule TBH, but there is some logic behind it.

Historically, insurers updated their underwriting every 6 months, as they were constrained by the time & cost of printing physical underwriting guides and distributing these to their brokers.

In the '80s, third party software houses codified all the leading insurers' underwriting guides and created a desktop application - effectively an early form of comparison system for use in a brokers office. An updated version of the app was distributed monthly, which enabled (if not encouraged) insurers to make underwriting updates every month. This release cycle is why, even today, online quotations are only "valid for 30 days" and I suspect this is the origin of the 26 days in the rule.

Today, aggregator/comparison websites interface directly with insurers' in-house systems, which enables underwriting and pricing to be adjusted instantly, based on real-time analysis of incoming business. This "live pricing" is used, amongst other things, to up the premium for those seeking a quotation close to the date they wish start cover. I suspect this is the origin of the 20 days in the rule.

 

[dubber36]

Anyone remember going into the brokers and he got out his massive book of prices?

 

[oldiebut goodie]

Yes, and getting a discount for being a student at the time! Now the young get penalized for being young.

 

[Ricardo T]

The CIS guy used to pop round, have a cup of tea and write the cover note out there and then with a carbon copy.

 

[oldiebut goodie]

Yep - 1st name terms with the CIS guy back in the day when there was a personal touch.

 

[Newadventurer]

So I had never really paid much attention to the research done by Martin Lewis and team that the best time to buy motor insurance was about 20 - 26 days before it was needed.

But this year my LV multicar went from £420 to £720 with no change of circumstances.

I did shop around a week ago, as soon as I got the renewal quote, but that £720 was about the best I could do.

Just renewed now (at 25 days) for £620

I appreciate not everyone here can use "stock" insurance - but food for thought even if you have to try more specialist insurance.

I also found the tool on his site useful for getting a rough view of the insurance market and tweaking a few things to get the right cover at the right price.

no worries at all , who did you use in the end ?

 

[roadtripper]

no worries at all , who did you use in the end ?

Still LV multicar. It's a good fit for us as we can have a mix of drivers AND specify different uses for each vehicle which other multicar seems not to offer.

 

[Drive Wayne]

So I had never really paid much attention to the research done by Martin Lewis and team that the best time to buy motor insurance was about 20 - 26 days before it was needed.

But this year my LV multicar went from £420 to £720 with no change of circumstances.

I did shop around a week ago, as soon as I got the renewal quote, but that £720 was about the best I could do.

Just renewed now (at 25 days) for £620

I appreciate not everyone here can use "stock" insurance - but food for thought even if you have to try more specialist insurance.

I also found the tool on his site useful for getting a rough view of the insurance market and tweaking a few things to get the right cover at the right price.

Great info @roadtripper , was that with an Agreed Value?

 

[roadtripper]

Great info @roadtripper , was that with an Agreed Value?

I drive a Caravelle so that was just "normal" insurance on that and the XC70

 

[Drive Wayne]

Just had the renewal quote with LV for the wife's Evoque. Up from £420 to £730. No change in circumstances. Followed by a nice email informing me how expensive repairs are these days! Looks like a day spent on the comparison sites... Van due next month with A Plan/KGB, slight sweat developing...

 

[Chippie1]

Read an article of how insurers for some reason are going in hard on land rover owners for insurance premiums

 

[Drive Wayne]

Just done the supermarket sweep comparison and our quote from LV is cheaper than all of them... 'kin 'ell....

 

[Drive Wayne]

£691 final offer from LV. With RCN discount the quote was £775. How do they work that one?!!
Gone with them reluctantly.

 

[Paynewright]

I’ve just renewed with A plan and it was within a few ££s to last year <£400 all mods declared.

 

[dubber36]

I've heard and read a lot about increases in Land Rover premiums.

I wonder if owners are setting fire, flooding, burying them... Anything to not have to keep paying to fix them over and over again.

 

[Drive Wayne]

Through KGM?

 

[DaveD]

I've heard and read a lot about increases in Land Rover premiums.

I wonder if owners are setting fire, flooding, burying them... Anything to not have to keep paying to fix them over and over again.

I think the newer ones are getting stolen a lot by "relay thieves" (keyless ignition, great idea!) and the older models are frequently stripped for parts by thieves.

 

[T6Paul]

Thefts of Land Rovers has rocketed which has hit insurance and used values having spoken to someone in work who has just sold his.

 

[dubber36]

Thefts of Land Rovers has rocketed which has hit insurance and used values having spoken to someone in work who has just sold his.

So he managed to sell his as opposed to erhum, having it 'stolen' ?