MPs to debate £1200 insurance cap for under 25s.
Discussion
Gavia said:
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.
Work this one out then, a 55 plate golf 1.6L would cost me £3000 to insure, but a 55 plate BMW 330ci 3L would cost me £1500 to insure which is slightly more than my current years of insurance on the corsa cost..? 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.
In 2004 I paid £900 to insure my 306xnd for TP. I have just done an exact same car, exact same experience (17 years old, no NCD, no experience) quote on compare the market and the lowest price was £4485 and highest £8131. That increase is far higher than inflation - today's money would be around £1300.
Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
bulldong said:
In 2004 I paid £900 to insure my 306xnd for TP. I have just done an exact same car, exact same experience (17 years old, no NCD, no experience) quote on compare the market and the lowest price was £4485 and highest £8131. That increase is far higher than inflation - today's money would be around £1300.
Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
If you have done exactly the same car then perhaps the age of the car is the problem. The car is 13 years older than when you first insured it.Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
I just re-ran the quote I did earlier using the oldest fiesta I could find on Autotrader (H-reg, £250, 1.0L). The cheapest quote that came back this time was £1,424 (£400 more than the cheapest quote I got for a 10 year old 1.2L Fiesta worth £1300).
Perhaps older cars are considered higher risk.
(out of interest I also ran a 306XND, 1.9 Diesel - oldest one I could find on Autotrader was a P reg for £269). Got quotes between £1,575 and £11,370
Edited by Moonhawk on Thursday 23 March 15:20
There are some great suggestions here, but people miss the basic principal of insurance being;
The premiums of the many pay for the claims of the few, whilst we all hate insurers UK motor writers aren't making a fortune of money from the pure underwriting aspect of car insurance.
If the government wanted to address the cost of insurance for young people, it should somehow improve driving standards - not easy I know.
What you drive is irrelevant when you injure a third party, a £1m long term disability claim is the same whether you are in a supercar or supermini.
How many of those complaining about the cost of their insurance have or would make a claim should they suffer a minor injury ? I know of several people who have made whiplash claims when there is no real injury, they got £5000 though.
The premiums of the many pay for the claims of the few, whilst we all hate insurers UK motor writers aren't making a fortune of money from the pure underwriting aspect of car insurance.
If the government wanted to address the cost of insurance for young people, it should somehow improve driving standards - not easy I know.
What you drive is irrelevant when you injure a third party, a £1m long term disability claim is the same whether you are in a supercar or supermini.
How many of those complaining about the cost of their insurance have or would make a claim should they suffer a minor injury ? I know of several people who have made whiplash claims when there is no real injury, they got £5000 though.
bulldong said:
In 2004 I paid £900 to insure my 306xnd for TP. I have just done an exact same car, exact same experience (17 years old, no NCD, no experience) quote on compare the market and the lowest price was £4485 and highest £8131. That increase is far higher than inflation - today's money would be around £1300.
Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
Yes.Car worth £250 but has the Third Party risk profile changed that significantly in the last 13 years?
When I was 22 I bought an Esprit S3. I had 5 years NCD and I paid £1000 for fully comp insurance. Allowing for inflation, that's now £2100. I've just stuck the same car into comparethemeerkat, with the same details (i.e. address, NCD and age as 22). It came out with £1500.
So if someone now at 22 wanted to insure the same car as I had when I was 22 (25 years ago) they would be paying £500 less than I paid 25 years ago !
So if someone now at 22 wanted to insure the same car as I had when I was 22 (25 years ago) they would be paying £500 less than I paid 25 years ago !
ikarl said:
Under 25's should just drive uninsured then as the penalty for being caught is 'only' £300 and, being realistic, what's the chance of being caught?
Think there are currently 1m+ drivers that are uninsured
Chances of being caught are now high, those darned cameras spot reg plates and link to insurance and tax. Not up to date expect. fine in t322439681639322439681639Think there are currently 1m+ drivers that are uninsured
-Michael- said:
1.2 Corsa (52 reg), it was the cheapest car I could afford + insurance, and have money left over incase anything went wrong etc
Why the hell get a Corsa? They are young drivers' favourite car and have a dreadful record as a result when driven by young drivers. If you'd have bought a Micra, you'd have paid far less for your insurance.But I guess as a young bloke, you wouldn't want to be seen dead in a Micra. It's an old biddies car. And it's just that immature decision making that keeps your premiums high.
TwigtheWonderkid said:
Why the hell get a Corsa? They are young drivers' favourite car and have a dreadful record as a result when driven by young drivers. If you'd have bought a Micra, you'd have paid far less for your insurance.
But I guess as a young bloke, you wouldn't want to be seen dead in a Micra. It's an old biddies car. And it's just that immature decision making that keeps your premiums high.
Micra's cost even more to insure, and they still do! But I guess as a young bloke, you wouldn't want to be seen dead in a Micra. It's an old biddies car. And it's just that immature decision making that keeps your premiums high.
-Michael- said:
Work this one out then, a 55 plate golf 1.6L would cost me £3000 to insure, but a 55 plate BMW 330ci 3L would cost me £1500 to insure which is slightly more than my current years of insurance on the corsa cost..?
Each insurer starts from the same position and then applies its own claims history and loads of other things to prices. If they have a high cost or amount of claims for the Golf vs low for the BMW then they'll charge more for the Golf. TwigtheWonderkid said:
But I guess as a young bloke, you wouldn't want to be seen dead in a Micra. It's an old biddies car. And it's just that immature decision making that keeps your premiums high.
I used to own a Micra at the same as I owned an Esprit V8. Nothing wrong with a Micra !-Michael- said:
Work this one out then, a 55 plate golf 1.6L would cost me £3000 to insure, but a 55 plate BMW 330ci 3L would cost me £1500 to insure which is slightly more than my current years of insurance on the corsa cost..?
Always been like that; if the car is statistically speaking driven by idiots who crash you'll obviously pay more for it. When I was 17 I had a 1.3 5 door metro, my friend had a 3 door 1.0 which was relatively cool; his insurance was twice as much as mine. I yumped mine and smashed the engine through the bonnet.Gavia said:
-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.
False whiplash claims are an unfortunate consequence of the ambulance chasing industry which has come about in the last 30 years. Everyone who pays car insurance cops for that, unfortunately. In the one serious motorway accident I was involved in (rear-ended whilst stationary by a non-braking car) I saw it about to happen in the mirror, assumed the brace position, and luckily walked away without injury. It didn't stop some ambulance chasing law firm repeatedly calling me to encourage me to pursue a false claim for whiplash until I told them to foxtrot oscar.
When I was 17 in 1989 I worked for a broker, so could spend most of my time doing quotes on cars I could afford to buy but not insure. I saw some big numbers, but nothing too silly. Back then I was running around in a £2000 VW Beetle, which cost £300/yr for me to insure TPF&T. In those days after I'd paid my tax and some rent to my mum I had about £500/month to spend how I liked - so £25 of that or 5% of my dispoable income on car insurance was bearable.
That BBC article says "MPs were recently told that the average premium for a 17 to 20-year-old driver is £3,878 a year" ... if that is true they would need to have a disposable of £76K pa to match my relative outgoing of 25yrs ago. If that average is true I can see why the yoof of today (future PH-ers) have the hump.
fblm said:
Always been like that; if the car is statistically speaking driven by idiots who crash you'll obviously pay more for it. When I was 17 I had a 1.3 5 door metro, my friend had a 3 door 1.0 which was relatively cool; his insurance was twice as much as mine. I yumped mine and smashed the engine through the bonnet.
Yep - buy a typical boy racer car and you are asking for trouble.Even variants within a model range can vary massively (and unexpectedly) as your example demonstrates.
The 3 door metro was probably one of the the quintessential boy racer cars at the time - whereas the 5 door was probably something your mum would drive, with baby seats in the back. So even though the 5 door was more powerful - it represented a lower calculated risk to the insurer.
snuffy said:
TwigtheWonderkid said:
But I guess as a young bloke, you wouldn't want to be seen dead in a Micra. It's an old biddies car. And it's just that immature decision making that keeps your premiums high.
I used to own a Micra at the same as I owned an Esprit V8. Nothing wrong with a Micra !Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff