Renewal e-mail hit my in box last week and as expected, my broker has just been on the phone to earn his ‘arrangement fee’ The premium was disappointing so we had a lot to talk about. Upshot though, most Underwriters in their ‘panel’ have increased premiums by 10% across the board and the number of Underwriters prepared to carry the risk of high mileage (up to 10,000 miles pa) and high value (usually capped at £25,000) has fallen. I have a multi bike policy that has an agreed combined mileage across 4 bikes of 12,000 miles and 1 bike still seems to have a market value of around £30,000 depending on which seller you look at. Bottom line, very little reduction in premium for reducing annual mileage BUT approximately 30% reduction by agreeing a (25% in my case) lower value. The moral, don’t overestimate the value of your pride and joy ....... the Underwriter will only pay out what the assessor thinks is market value on total loss anyway. Still going to pay a fairly big wedge but about £400 less than where the figure started. Andy
