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[Misc] Car Insurance cost



Horses Arse

Well-known member
Jun 25, 2004
4,571
here and there
Just got a renewal advice through - tells me that last years premium of £465 will now be £792. No change beyond another year passing. 70% increase FFS!

Didn't bother me that much initially given that they always try it on, but checking comparison sites indicates this is the new norm. Might save £50 but that's it

Is this generally now being experienced by everyone? I've not known a hike quite like this in the past, although it always seems to increase
 




Gazwag

5 millionth post poster
Mar 4, 2004
30,730
Bexhill-on-Sea
We have our car, daughters car, our house B&C, daughters house B&C and premium went up 52%. Phone them up, immediately got about £100 off for loyalty discount and eventually saved almost £400 but still a bit higher but accepted that was due to two motor claims I had made, first was my fault but the second was a stupid women in a car park, luckily I was putting stuff in the boot so I caught her but even if its not your fault your risk still goes up with the premium

Tip - if they ask the value of the car estimate high as if you go lower it increases the premium - lady told me on the phone
 


HeaviestTed

I’m eating
NSC Patron
Mar 23, 2023
2,124
My house insurance renewal came through today, £500 more - no reason, no claims made. Suppose I’ll have to look around, I’ll add it to the list of a million things I gotta do, thanks insurance ****s.
 


Horses Arse

Well-known member
Jun 25, 2004
4,571
here and there
My house insurance renewal came through today, £500 more - no reason, no claims made. Suppose I’ll have to look around, I’ll add it to the list of a million things I gotta do, thanks insurance ****s.
It's insane. I've looked around and can't see anything worth changing for, which means there's little I can do to reduce the price. I may try lying to see what they can do I guess, pretend I've found a lower quote somewhere
 


swindonseagull

Well-known member
Aug 6, 2003
9,405
Swindon, but used to be Manila
My direct line car policy went up £250 so called them. Had a moan, knocked off hire car…( I have a company car as well) dropped the mileage to 10k per year ( all footie travel is in the CC) knocked off Green flag ( bank account covers that)
Guess what ?? It saved £300 so was £50 cheaper than last year….result
 




Horses Arse

Well-known member
Jun 25, 2004
4,571
here and there
My direct line car policy went up £250 so called them. Had a moan, knocked off hire car…( I have a company car as well) dropped the mileage to 10k per year ( all footie travel is in the CC) knocked off Green flag ( bank account covers that)
Guess what ?? It saved £300 so was £50 cheaper than last year….result
Bloody good result. I tried contacting aviva, who I'm with. No telephone support, only online support. On line policy states no reduction in renewal price, take it or f@ck off. Given that comparison sites have similar costs stated I guess I'm stuck with it.
 


Adders1

Active member
Jan 14, 2013
369
Just got a renewal advice through - tells me that last years premium of £465 will now be £792. No change beyond another year passing. 70% increase FFS!

Didn't bother me that much initially given that they always try it on, but checking comparison sites indicates this is the new norm. Might save £50 but that's it

Is this generally now being experienced by everyone? I've not known a hike quite like this in the past, although it always seems to increase
I work in insurance (not retail) but they are blaming inflation

There are a number of companies spruiking at the moment. I hate the advert but go compare.

In insurance you have something called a combined operating ratio which is financial (premium and other revenue) income vs cost ratio

Motor insurance companies are ‘claiming’ that because of inflation, they have to pay their staff more (bollocks, because most of it besides claims is model or internet based) or having to pay their approved repairers more (supply chain issues caused by EU/ Brexit and the global issues faced from moving parts from Asia - probably some truth to that) and more people driving around after lockdowns - which is also bollocks.

What they don’t mention is that a lot of these companies are effectively agencies for larger reinsurers, which means that they are also beholden to the larger companies’ debt servicing

My advice - go with reputable good quality and well known insurer that is not funded by debt

We made the mistake of going with the cheapest insurer here in Australia and we ended up in court (which we won convincingly but cost so much time and effort ) - you pay for what you get unfortunately.
 


Guinness Boy

Tofu eating wokerati
Helpful Moderator
NSC Patron
Jul 23, 2003
37,338
Up and Coming Sunny Portslade
Car insurance has gone up by around 43% across the board. Inflation is partly to blame with the costs of parts going through the roof. Higher cost of risk / repair = higher premiums. Cars are now increasingly being written off due to software or battery issues after only a few years. And there is a Brexit premium but God forbid I discuss it on here.

Major players like Admiral are happy to lose some customers in order to maintain margin. https://www.insurtechinsights.com/admiral-car-insurance-experiences-customer-exodus-following-premium-price-rises/#:~:text=Leading Auto insurance provider Admiral,rising premiums, executives have revealed.
 








Guinness Boy

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Helpful Moderator
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Jul 23, 2003
37,338
Up and Coming Sunny Portslade
Why would that affect insurance premiums
Because you get more write offs more often and that affects the risk - i.e. what the insurer thinks they will pay out. Higher claims experience always equals higher premium.

You can have a line of code go wrong in a car now and it won't work. Back in the day it pretty much had to be totalled and even then that could have been the other chap's fault.
 




aberllefenni

Active member
Jan 15, 2009
467
Just had my quote through, up from £230 (where it's been for the past 3 years) to £630. Think I'll be looking elsewhere.
 


Gazwag

5 millionth post poster
Mar 4, 2004
30,730
Bexhill-on-Sea
Because you get more write offs more often and that affects the risk - i.e. what the insurer thinks they will pay out. Higher claims experience always equals higher premium.

You can have a line of code go wrong in a car now and it won't work. Back in the day it pretty much had to be totalled and even then that could have been the other chap's fault.
Ah I see so only in accidents
 


Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Long delays in parts arriving means charges for courtesy cars potentially bump up the expenditure by the Insurance companies. If you can, bin the courtesy car option.
 




Guinness Boy

Tofu eating wokerati
Helpful Moderator
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Jul 23, 2003
37,338
Up and Coming Sunny Portslade
Admiral put ours up by a bit. We called and asked them not to. They said OK.
You can often negotiate if you've been with a carrier for a long time and have a good no claims record. If you moved last year on the aggregators and have already had a claim? Not so much.

Admiral are generally decent though. I know a few people there, have very competitive pet insurance with them and have had car in the past.
 


mejonaNO12 aka riskit

Well-known member
Dec 4, 2003
21,920
England
Admiral are generally decent though. I know a few people there, have very competitive pet insurance with them and have had car in the past.
I imagine insurance on very competitive pets can be high as well. Huge risk of injuries to those animals at various ad-hoc races or arm wrestles.
 


Guinness Boy

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Helpful Moderator
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Jul 23, 2003
37,338
Up and Coming Sunny Portslade
I imagine insurance on very competitive pets can be high as well. Huge risk of injuries to those animals at various ad-hoc races or arm wrestles.
Well Done Applause GIF by MOODMAN
 






Guinness Boy

Tofu eating wokerati
Helpful Moderator
NSC Patron
Jul 23, 2003
37,338
Up and Coming Sunny Portslade
Long delays in parts arriving means charges for courtesy cars potentially bump up the expenditure by the Insurance companies. If you can, bin the courtesy car option.

This is partly the Brexit premium. Supply chain delays are increasing costs anyway, whether you have a courtesy car or not. But it's not all Brexit. The average age of a garage owner in the UK is now 65 and the number of auto body shops has decreased by 20%. Finding someone to do the work competitively is getting harder. Insurers have to start working better with large repair networks IMO.
 


Since1982

Well-known member
Sep 30, 2006
1,611
Burgess Hill
Theft is an increasing issue - mainly high end Range Rovers etc which are stolen to order and shipped to east Europe. But that extra claims costs impacts all customers. A friend of mine struggled to get cover for his Range Rover and a condition of insurance is either gates across his drive, a bollard on the drive or one of those steering wheel disc locks to be used whenever the car left unattended. Not a problem for my Kia...
 


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