Insurance renewal

[EdT]

I've grown weary of many years of 'insurance is going up for everybody in the UK' as mine never did.. but for the 1st time.. mine has actually risen. Annoying.
Is everyone finding the same?

[KungFuPanda]

Mine went down by £20.

[Riley Blue]

When does the 2% insurance tax rise announced last autumn take effect? Everyone's insurance will increase then.

[anonymous-user]

Difficult one to quantify as for an awful lot of people any increase that might have happened could be reduced or wiped out by being a year older and also any other changes like a different address or different car.

[Mound Dawg]

Mine went down but probably because I turned 55 so went into the next age group.

Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?

[richs2891]

Mound Dawg said:

Mine went down but probably because I turned 55 so went into the next age group.

Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?

OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?

[Mazinbrum]

richs2891 said:

OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?

http://www.telegraph.co.uk/news/2017/02/27/insurance-premiums-young-drivers-could-rise-1000-government/

My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.

[Ninja59]

The discount rate aspect will definitely not be helping as insurers will need to pass on the costs somewhere (more so going from 2.5% to -0.75%.

IPT increase is not until June...12% will be the new level from then.

[eztiger328]

Mine went down £50

[anonymous-user]

Mazinbrum said:

My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.

Tried calling some independent brokers? Not all the best schemes are available via the internet.

[jamoor]

charltjr said:

Mazinbrum said:

My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.

Tried calling some independent brokers? Not all the best schemes are available via the internet.

Becomes a time thing though.

[TheBALDpuma]

richs2891 said:

Mound Dawg said:

Mine went down but probably because I turned 55 so went into the next age group.

Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?

OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?

Because the risk for a 45 YO man driving a black BMW 335d with maximum NCD and no convictions is the same as the same man, driving the same car, with the same variables when hes 46.

[TwigtheWonderkid]

richs2891 said:

OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?

Because once you hit max ncb, stats show that the risk doesn't improve. So someone with 10 years claim free driving is no better risk than someone with 9. Whereas someone with 4 yrs claim free driving is a better risk than someone with 3.

If you are no better risk than you were last year, and the insurance company overheads have increased due to inflation/tax increase/Ogden table/ etc. why shouldn't your premium go up?

[Mound Dawg]

TwigtheWonderkid said:

richs2891 said:

OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?

Because once you hit max ncb, stats show that the risk doesn't improve. So someone with 10 years claim free driving is no better risk than someone with 9. Whereas someone with 4 yrs claim free driving is a better risk than someone with 3.

If you are no better risk than you were last year, and the insurance company overheads have increased due to inflation/tax increase/Ogden table/ etc. why shouldn't your premium go up?

Beat me to it!

[Patrick Bateman]

I've never had a renewal through that was as good as the current premium but I've only failed to better the current premium once after looking around.

[Pieman68]

Got my renewal through the other day and based upon monthly payments they were asking for an additional £190 (nearly 30% extra). Only change was a claim for a replacement windscreen

Went on the web, rung them up and after a bit of to and fro ended up £300 cheaper in total

£502 all in with legal, breakdown, personal accident, protected no claims and class 1 business use

Suppose it's one advantage of getting old

Now to get the debts paid off so that I can afford something decent now that I can afford the insurance!

[LordHaveMurci]

eztiger328 said:

Mine went down £50

One of mine is due on Monday, renewal quote is about £50 less before any haggling or shopping around.

[EdT]

jamoor said:

Becomes a time thing though.

Same for me. It's a somewhat modified Fabia vRS. I wouldn't be comfortable going with an online quote due to this. This means calling broker after broker - perhaps 30 mins a pop.

[EdT]

Mound Dawg said:

Mine went down but probably because I turned 55 so went into the next age group.

Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?

I've recently turned 50 so had hoped = a milestone reduction!

[kiethton]

Mine has gone up too, by 79%!!!

I've gone from 26-27 and have another years' NCB but have also accrued a 6 point SP50 and have one "unresolved" (I've been paid out but liability not settled) claim added, even when this is resolved it's still up 59%!