Car Insurance Premiums

[ricardo 7,395]

Just had mine in and up about 40% on last year. Got it down a little with a bit of argee bargee but seems like a huge rise this year.

[Yellow Fever 3,786]

3 minutes ago, ricardo said:

Just had mine in and up about 40% on last year. Got it down a little with a bit of argee bargee but seems like a huge rise this year.

I saw this a few days ago.

Yikes for EV revolution!

https://www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs

[Aggy 755]

1 hour ago, Yellow Fever said:

I saw this a few days ago.

Yikes for EV revolution!

https://www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs

I’ve got an electric car (not a Tesla), insurance renewed last month - barely noticed the difference.

[TheRock 171]

Shop around using the comparison websites. Rarely is it beneficial renewing with the same Company.

[ricardo 7,395]

1 minute ago, TheRock said:

Shop around using the comparison websites. Rarely is it beneficial renewing with the same Company.

Indeed but when I had a look around everything had gone up by about 40% from last year.

[keelansgrandad 6,679]

49 minutes ago, ricardo said:

Indeed but when I had a look around everything had gone up by about 40% from last year.

We had the same but I did manage to save the  increase by changing.

[dylanisabaddog 4,925]

Mine increased by 30% in August but when I checked the comparison sites it was competitive. A lot of car parts were made in Ukraine and costs have gone through the roof because of the Russians. 

[ricardo 7,395]

26 minutes ago, dylanisabaddog said:

Mine increased by 30% in August but when I checked the comparison sites it was competitive. A lot of car parts were made in Ukraine and costs have gone through the roof because of the Russians. 

Yes, same here.

[Mello Yello 2,294]

Make it up as they go along....

[KiwiScot 1,443]

They just think they can increase it 20-50% no matter what.

[Capt. Pants 4,234]

It's personal injury awards as well which just go up and up. We can thank our very own Flynn Clarke for contributing towards that.

Brexit and Covid caused massive supply chain and parts availability issues. So many cars are write offs as a result.

Edited October 2, 2023 by Capt. Pants

[keelansgrandad 6,679]

And don't forget the selfish idiots who don't even have insurance and put up the costs for those of us who do.

[KiwiScot 1,443]

2 hours ago, Capt. Pants said:

So many cars are write offs as a result.

They easily have been for good while before that even if repairable

[FenwayFrank 2,459]

Just renewed for my vespa, £9 cheaper than last year 😀

[dylanisabaddog 4,925]

Insurance renewals

Just listening to Martin Lewis on Radio 5. When your insurance company sends you a renewal notice get quotes from other companies immediately. Apparently you pay less the earlier you do it as insurance companies consider people who leave it till the last minute to be higher risk.
A listener tested this theory and got a quote of £900 for a policy starting in a month's time and £1,500 for one starting tomorrow.

[KiwiScot 1,443]

2 hours ago, dylanisabaddog said:

Insurance renewals

Just listening to Martin Lewis on Radio 5. When your insurance company sends you a renewal notice get quotes from other companies immediately. Apparently you pay less the earlier you do it as insurance companies consider people who leave it till the last minute to be higher risk.
A listener tested this theory and got a quote of £900 for a policy starting in a month's time and £1,500 for one starting tomorrow.

There is also that law they introduced that they cannot offer renewals at higher prices than a new customer with the same details would get. However the catch 22 is only on the day the renewal is issued. So you have to be checking online for that day they start doing quotes.

[ron obvious 1,502]

Just had my house buildings renewal quote.

Gone up from £240 to £588

Nothing has changed regarding risk or claims.

I'm not happy.

[Iwans Big Toe 312]

On 02/10/2023 at 15:32, ricardo said:

Just had mine in and up about 40% on last year. Got it down a little with a bit of argee bargee but seems like a huge rise this year.

Yep mine has gone up about the same. All I can Imagine is people have been randomly driving at full speed into walls.

 

 

[Iwans Big Toe 312]

Either that or the insurance companies know something we don't

 

 

[TheGunnShow 5,940]

Stuff like this is why I decided never to bother with learning to drive in the first place - and it's played a huge part in keeping living costs down for me.

[jaberry2 550]

Nothing is easy nowadays. Get your renewal through and the insurance companies try & pull you pants down initially. Then shop around and argue with your existing provider about how they are meant to offer the most competitive terms, but dont every time. 

[Worthy Nigelton 1,048]

The insurance industry will change dramatically in the next 10 years primarily due to climate related losses. Its already happening in Florida and California but nowhere is safe from insurers jacking up premiums or just refusing to cover certain risks. It's an economic disaster waiting to happen.

[Canary Wundaboy 1,359]

Can’t judge this too well as I changed car this time, it’s worth about half my previous vehicle and the insurance dropped by about £300.

Im not looking forward to my EV renewal but I only bought that 3 or 4 months ago and the price was comparable with my 9 year old BMW it replaced.

[Barry Brockes 147]

How many cars were damaged or destroyed at Luton Airport earlier in the week? The repairs and replacements all have to be paid for - ultimately by all motorists.

[Ulfotto 634]

Car insurance will continue to rise, the industry as a whole is not profitable. The claims far outweigh the premiums the main reason is fraud. 

[KiwiScot 1,443]

My renewal just in. 32% increase and they increased the compulsary excess.

[dylanisabaddog 4,925]

10 hours ago, KiwiScot said:

My renewal just in. 32% increase and they increased the compulsary excess.

Have a look on comparison sites immediately, see my post above. The longer you leave it the more expensive it gets. Good luck! 

[A Load of Squit 5,164]

1 hour ago, dylanisabaddog said:

Have a look on comparison sites immediately, see my post above. The longer you leave it the more expensive it gets. Good luck! 

Money Saving Expert, Martin Lewis says that 1 month before the renewal date is the best to get a new price.

 

[KiwiScot 1,443]

6 hours ago, dylanisabaddog said:

Have a look on comparison sites immediately, see my post above. The longer you leave it the more expensive it gets. Good luck! 

I'm on it, but it renews at the worse time of year. I did some searches last night to cover the same day, but surprised not much more cheaper out there.

One thing. I'm with LV and LV seem to be missing from the comparison sites I visited. Do they not show your current providers quotes or something?

[dylanisabaddog 4,925]

21 minutes ago, KiwiScot said:

I'm on it, but it renews at the worse time of year. I did some searches last night to cover the same day, but surprised not much more cheaper out there.

One thing. I'm with LV and LV seem to be missing from the comparison sites I visited. Do they not show your current providers quotes or something?

That's strange. They showed up on mine this year on Compare the Market. In fact their quote online was cheaper than the renewal they sent me (very naughty) . I know Direct Line don't use comparison sites so worth checking them.