I was contemplating switching from Comprehensive to 3rd Party with Fire and Theft cover for my car. It's now getting on a bit in age, since it's 7 years old.
For reference, last year I already did a few quotes for 3rd party cover which came in around $400, which I thought was reasonable as I've been paying about $1000 - $1200 per year for Comprehensive (with a budget brand).
I just did another quote with one of those same brands from last year, under the IAG umbrella. They now say: "We cannot offer you this insurance product because the value of your car is too high". Or something like that. They will offer Comprehensive for over $2k, which is about almost 15% of the car's value.
This is the first time I've ever been refused a 3rd party quote from what I recall. Also, my agreed value dropped by like $3k this past year. So, it makes no sense that last year I could get a quote, but this year I cannot.
Did anyone else have a similar experience?
Are insurers getting in early before further household spending tightening this year, by putting up barriers to getting a better deal?
That's a bit ruff.