MPs to debate £1200 insurance cap for under 25s.
Discussion
TwigtheWonderkid said:
No it isn't it's just fine. I'm old. I pay f
k all for my car insurance. Love it.
Life insurance, now that's out of control. They charge a bloody fortune for people of my age. And I've never died before, so it's really unfair. My sons pay a fraction of what I pay. Because they're 21 & 18. Bloody youngster, getting dirt cheap cover. I reckon we should have a cap on life insurance premiums for the over 50s, to be funded by people in their 20s. How's that for a suggestion.
k all for my car insurance. Love it.Life insurance, now that's out of control. They charge a bloody fortune for people of my age. And I've never died before, so it's really unfair. My sons pay a fraction of what I pay. Because they're 21 & 18. Bloody youngster, getting dirt cheap cover. I reckon we should have a cap on life insurance premiums for the over 50s, to be funded by people in their 20s. How's that for a suggestion.
I didn't die last year either. I should get 50% of my premium back.
fblm said:
TwigtheWonderkid said:
No it isn't it's just fine. I'm old. I pay fk all for my car insurance. Love it.
Life insurance, now that's out of control. They charge a bloody fortune for people of my age. And I've never died before, so it's really unfair. My sons pay a fraction of what I pay. Because they're 21 & 18. Bloody youngster, getting dirt cheap cover. I reckon we should have a cap on life insurance premiums for the over 50s, to be funded by people in their 20s. How's that for a suggestion.
k all for my car insurance. Love it.Life insurance, now that's out of control. They charge a bloody fortune for people of my age. And I've never died before, so it's really unfair. My sons pay a fraction of what I pay. Because they're 21 & 18. Bloody youngster, getting dirt cheap cover. I reckon we should have a cap on life insurance premiums for the over 50s, to be funded by people in their 20s. How's that for a suggestion.
I didn't die last year either. I should get 50% of my premium back.
ikarl said:
Under 25, insurance group 1 car, with approved alarm/immobiliser, driver with no claims/convictions on their record..... sure, a cap might not be a bad shout (though maybe more than £1200)
It is a bad shout. Why not just let all the different insurance companies assess the risk based on their own stats and come up with a figure at which they think they can write business like this, and use the premiums from the claim free drivers to pay the claims the others incur, whilst managing to pay all their overheads and still make a profit (which is why any company is in business and shouldn't have to apologise for). Then the punter picks the best offer. If the best offer is £3000, then pay it or get the bus.
Uggers said:
It has been an age old problem that will always be there. If young people find it too expensive then they aren't serious about driving. 20 years ago I paid £950 3rd party for a battered 13 year old Polo. A huge amount of money considering I earnt £84 a week as an aporentice. I still managed it as driving was a priority for me. It paid off quick as premiums came down quickly if you kept your record clean.
Young drivers don't need anymore help, they just need to realise it was no different from any other generation. In a world where £700 mobile phone contracts and Sky subscriptions is the norm, somehow the benefits of insuring yourself and more importantly insuring others in an accident has been lost.
Ding ding ding, jackpot. Young drivers don't need anymore help, they just need to realise it was no different from any other generation. In a world where £700 mobile phone contracts and Sky subscriptions is the norm, somehow the benefits of insuring yourself and more importantly insuring others in an accident has been lost.
Same for me, at 17, in 1987 I paid 670 tpft for a 1.1 fiesta pop plus, three years old that cost me £1500! It dropped below £500 when I turned 20. I kept that car for 11 years, although the last three it was my race car with a big motor!!
There was no conversation on fully comp, it just wasn't an option. My first fully comp policy was when I was 27 on a GTI 8 valve, could not insure a 16v affordably!
But there was no 50 quid a month internet, no PS4, no IPhone 7, no gigs, festivals, meals out, cocktail p[arties. I earned f
k all and I ran my car, paid my rent and that was it! I have spent more than 8k on one car in my life, when I was 38, I kept that for 8 years. I have had one claim in 30 years, non fault, was for £6k thoughIt's just a system that we all have had to play. I still pay over £1200 a year on vehicle insurance, although it includes my van, two cars and two motorbikes. I only drive / ride one at a time though! Where's the gubberment free money cap for me?
Edited by s3fella on Thursday 23 March 13:22
s3fella said:
Ding ding ding, jackpot.
Same for me, at 17, in 1987 I paid 670 tpft for a 1.1 fiesta pop plus, three years old that cost me £1500!
That's over £1,700 in today's money.Same for me, at 17, in 1987 I paid 670 tpft for a 1.1 fiesta pop plus, three years old that cost me £1500!
I wonder if you picked a similar car, same address, same age etc and ran your details through a price comparison site today - would you find a premium lower (like I did).
Edited by Moonhawk on Thursday 23 March 13:36
aka_kerrly said:
For reference, 17 years ago it cost me £800 to insure a 1.0l Fiesta , adjusting for inflation that is about £1200! I could afford that working a part time job whilst in 6th form. The difference today is every 17 year old wants a £900 IPhone, wants a less than 3 year old car, wants £200 jeans, spends £30 for a bowl of chicken and a coke in Nandos and thinks saving for a car is unfair.
This hits the nail on the head in my opinion. Though I also think there's an element of parents remembering how little their insurance cost them at 17 and not adjusting for inflation or comparing it to what it costs them now, forgetting that they're getting a discount for experience as well as no-claims. My 12-year old 170k mile Golf GTI cost me £700-odd for TPFT back in '01. Now I spend half that insuring an 18-month old Tiguan fully Comp. But I'm now a married homeowner with kids - makes you more responsible in an Underwriter's eyes apparently - and have been driving 21 years without incident.
Good things come to those who wait and owning your own car at 17 isn't a right anyway. Even as a car-mad 17yo I didn't feel I could afford to run my own car and had to settle for Mum's Astra and subsequent Corsas until I was out of Uni.
£6,500 in 3 years for insurance for me, and it's not like I drive a Bugatti Veyron. 
The first two years I had to use a black box and the mileage was very restricted. I could of gotten more allowance but for £250 per 1000 miles, I just couldn't.
I'm just hoping that the insurance price is less than £1000 when it comes up for renewal..
No accidents, no claims, no points, did Pass Plus and now over 21 but still extremely high
Insurance prices are the single thing that stops me from getting a better car.
s.
The first two years I had to use a black box and the mileage was very restricted. I could of gotten more allowance but for £250 per 1000 miles, I just couldn't.
I'm just hoping that the insurance price is less than £1000 when it comes up for renewal..
No accidents, no claims, no points, did Pass Plus and now over 21 but still extremely high
Insurance prices are the single thing that stops me from getting a better car.
s. Edited by -Michael- on Thursday 23 March 14:27
Moonhawk said:
What do you drive though?
Given the insurance premiums you seem to be paying - I suspect it's rather more powerful and desirable than a beige, insurance group 1 eco box?
1.2 Corsa (52 reg), it was the cheapest car I could afford + insurance, and have money left over incase anything went wrong etc Given the insurance premiums you seem to be paying - I suspect it's rather more powerful and desirable than a beige, insurance group 1 eco box?
-Michael- said:
£6,500 in 3 years for insurance for me, and it's not like I drive a Bugatti Veyron.
I'm just hoping that the insurance price is less than £1000 when it comes up for renewal..
No accidents, no claims, no points, did Pass Plus and now over 21 but still extremely high
Insurance prices are the single thing that stops me from getting a better car.
s.
You've been driving for three years and still don't know what you're paying insurance for. It doesn't matter a huge amount which car you're driving, as you can do just as much damage at 30mph in a 52 plate Corsa as you can in a 65 plate Veyron. I'm just hoping that the insurance price is less than £1000 when it comes up for renewal..
No accidents, no claims, no points, did Pass Plus and now over 21 but still extremely high
Insurance prices are the single thing that stops me from getting a better car.
s. You pay insurance for the damage you can do to other people and young kids in cars tend to crash a lot, either into other people and their cars, or even just into a wall on their own, but with a car full of whiplash claiming mates.
When I was looking to buy my first car 30 years ago, my Dad offered to buy me any car at all that I wanted, on the one proviso that I had to pay for fully comp insurance on it. I had no idea how much insurance was back then. I ended up with a 10 year old VW Polo paying around £700 a year for it (and my Dad didn't pay for it!). A few years later my awful driving record meant I was priced off the road for a few years. That was my own fault and the amount I was charged initially was way too low for the damage I caused to others.
Insurance is a simple business the premiums of the many pay for the claims of the few. If the pot isn't big enough then it runs at a loss and people have to pay more. Young drivers' pots are running on an overdraft so prices keep going up to compensate.
Gavia said:
You've been driving for three years and still don't know what you're paying insurance for. It doesn't matter a huge amount which car you're driving, as you can do just as much damage at 30mph in a 52 plate Corsa as you can in a 65 plate Veyron.
You pay insurance for the damage you can do to other people and young kids in cars tend to crash a lot, either into other people and their cars, or even just into a wall on their own, but with a car full of whiplash claiming mates.
When I was looking to buy my first car 30 years ago, my Dad offered to buy me any car at all that I wanted, on the one proviso that I had to pay for fully comp insurance on it. I had no idea how much insurance was back then. I ended up with a 10 year old VW Polo paying around £700 a year for it (and my Dad didn't pay for it!). A few years later my awful driving record meant I was priced off the road for a few years. That was my own fault and the amount I was charged initially was way too low for the damage I caused to others.
Insurance is a simple business the premiums of the many pay for the claims of the few. If the pot isn't big enough then it runs at a loss and people have to pay more. Young drivers' pots are running on an overdraft so prices keep going up to compensate.
Very valid points, which I accept, but that doesn't make it fair on the people who dont get into accidents and have to pay many times the value of the car just to be on the road. I forgot to mention that in my first two years, I had to have a black box too and my mileage was VERY restricted, that much that I had to basically stop using the car or pay another £250 per 1000 miles (only option I could of chosen) You pay insurance for the damage you can do to other people and young kids in cars tend to crash a lot, either into other people and their cars, or even just into a wall on their own, but with a car full of whiplash claiming mates.
When I was looking to buy my first car 30 years ago, my Dad offered to buy me any car at all that I wanted, on the one proviso that I had to pay for fully comp insurance on it. I had no idea how much insurance was back then. I ended up with a 10 year old VW Polo paying around £700 a year for it (and my Dad didn't pay for it!). A few years later my awful driving record meant I was priced off the road for a few years. That was my own fault and the amount I was charged initially was way too low for the damage I caused to others.
Insurance is a simple business the premiums of the many pay for the claims of the few. If the pot isn't big enough then it runs at a loss and people have to pay more. Young drivers' pots are running on an overdraft so prices keep going up to compensate.
vsonix said:
s3fella said:
£1200 is not a lot of money
err.... It's close to a month's take home wages if you work minimum wage - which if you're under 25 is quite likely. If you reckon it's too high, you should establish the insurance company that will shoulder those risks for less. You'll win all the business and make a fortune.
-Michael- said:
Very valid points, which I accept, but that doesn't make it fair on the people who dont get into accidents and have to pay many times the value of the car just to be on the road. I forgot to mention that in my first two years, I had to have a black box too and my mileage was VERY restricted, that much that I had to basically stop using the car or pay another £250 per 1000 miles (only option I could of chosen)
You've paid far less in premiums than I have in my 30 years on the road and, excluding my first two years, Ihave only claimed once. That's the whole point of insurance, it covers you if you need it. If you didn't need it, then it's arguably wasted money, but the one time you do need it, then it will be the best investment you'll ever make in your life. You are currently in a high risk group of drivers, in time you'll hopefully become a low risk, assuming you don't claim. I've just been quoted £298 to insure a new Alfa Giulia Quadrifoglio, which is great, but at 18 I was being quoted thousands for an Alfasud. Arguably I'm still the same person, reality is that I'm far more mature and experienced and less prone to making the kind of piss poor decisions I did in my teens.
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