Insurance Rant- Be Moto

All of my bikes are on a classic/collection policy with Richardson Hosken, I just give them the reg number, they ask if it is to go on the same policy settings, as per mileage and other stuff, no real bother

 

Shameless plug...

 

I had been with bemoto for years but my renewal more than doubled this year with no changes. I called and asked why and they said they had to change underwriters. I went elsewhere

 

Look at the small print and perhaps the words says K.Starmer..............

It's a bloody lottery.!

 

Yep I got a 50% increase from them, this year. I went elsewhere. They were fairly pi55y about it too. I think you have to move every 2/3 years

 

Sad to read this about BeMoto. I migrated to them on the basis of recommendations on here and they've long seemed superior to the opposition - keenly priced but with good service.

 

I’ve been with Bemoto for a few years. They had always been competitive or cheaper than others. However this year I got the same cover elsewhere for half the cost!

 

Bemoto seems to be struggling, I think they managed to do both my bikes for around £400 but was tricky to get the right underwriter and so my excess is savage.

 

How does it compare to separate policies? Thinking I have 2 and may get another and one is due so wondering if worth buying a policy I can add other bikes to

 

The bikes on my RH policy are as follows

1958 Royal Enfield 350
1980 Honda CB250N Superdream
1990 Yamaha FZR400 3TJ
1996 Ducati 916
1999 Ducati 996
2005 Suzuki GSXR1000 K5 (just old enough to qualify)

I pay around £300 per year, all on one policy, I have them all on a limited mileage of 1500 miles per year, per bike, 916 is on a guaranteed value, if I write a bike off, they pay out, AND, I keep the bike

I once put a 2009 Suzuki GSXR1000 K9 on the policy, separate policy, same number, premium doubled, as that bike was too new for the main policy

 

ive tried all the big ones that get plugged on YT, all absolutely take the piss, too the point where you feel like phoning them up to tell that that their shitty ads about "being bikers themselves" and "motorbike specialists" are bullshit.

its a whole new world now, the days of being with the same insurance company for a decade or more are long gone, they dont reward for any loyalty now.

i gota multi vehicle policy that was a big waste of time, first year, sweet as, second year it jumped £900

 

I’m with Hastings, id had a break from biking when I bought my latest 899 and had 6 points on my licence from driving with no insurance (don’t ask!) my policy last year was £450 and was the cheapest quoted including those pigs at MCE
Got my renewal this year and it was just over £300.
Like someone else said I think you need to change every two or three years it’s a bit of a lottery especially with those minging search engines.

 

Bemoto were not good for me this year either.
I expressed my disappointment with their service to the operator dealing with my renewal. He said there were several underwriters that had pulled out the market.
They were pissy with me last year also but this year even worse. They were barely willing to insure with a pair of forged aluminium marchesinis on my monster.
Additionally they Quoted me £790 for a 180cc Italjet scooter, I snort laughed down the phone.

 

There is a theme developing here, underwriter panels are either losing members or are deciding to withdraw from covering (perceived) high risk activities. I will shortly be having a conversation with my broker and I have a feeling it's not going to be pleasant. Andy

 

There has been some large scale increasing in all markets this year again. For brokers, who rely on often high commissions, they also can get caught out imaging high risks in one of the panel and burning them. They soon run out of panel

 

Had exactly the same happen with BeMoto, found another insurer. Will never try them again.

 

For the what/why behind policy increases, follow the money trail. Sabre, underwriters to some policies, their CEO stated this in their Q1 2024 interim statement here:

I am very pleased that the strong trading we experienced throughout the latter half of 2023 has continued into 2024. We have delivered high levels of premium growth whilst also increasing prices to cover fully forward-looking claims inflation of circa 10%, illustrating both our commitment to, and the success of, our long-standing "profitability as a target, volume as an output" strategy.

It is encouraging that both expected profitability and volume are in a strong position and our outlook for the year remains unchanged. We are particularly pleased that all three of our products are expected to make a positive contribution to profit this year.

As demonstrated by the strong solvency position, we are also benefiting from expected improvements in profitability as our disciplined pricing approach continues to earn through from the business written last year.

Looking forward, we continue to anticipate above-inflation growth in full-year GWP, providing market pricing remains rational, and an overall COR within our target range of 75% to 80%.​

COR = Combined Operating Ratio.
“Disciplined Pricing Approach” = No discounting or competing on price.
“We have delivered high levels of premium growth”

They are looking for inflation busting growth and a margin of 20-25%.

Says it all really, competition has left the market, underwriters are taking advantage of the lack of competition and making hay. Sabre half year statement here (more of the same).

 

They are all crooks to a degree. watched this about the insurance game a few weeks ago.
very interesting and similar to many bikers experience with insurance companies;