Has your insurance gone up?
Discussion
Shnozz said:
Not only that but a steady stream of insurers (non-motor but nonetheless) posting some very profitable combined ratio in their annual results. Aspen this week at 86% iirc.
Not sure what a specialty ( largely Reinsurance based ) Insurer based in Bermuda that writes no motor insurance as a direct UK class has to do with car insurance premiums ?Admiral do appear though to now be making a profit finally of circa 11% although whether that equates to one over the last 3 years combined I doubt.
That said even 11% seems relatively high given the majority of the market in the class always seem to only make single digits so perhaps prices really have peaked.
I've just renewed the company vehicle insurance and spotted these in the notes:
- We are continuing to experience increases on motor fleet premiums due to the rising cost of vehicle repairs and related claims costs, caused by several factors, including advances in vehicle technology and global supply chain delays impacting the availability and cost of spare parts and of courtesy vehicles. These factors continue to significantly impact motor insurance premiums.
- Please bear in mind the following new clause which Aviva have included should you be looking at purchasing a Land Rover or Range Rover in the future. Additional Theft Excess - Where your vehicle is any model of Land Rover or Range Rover and its market value is £25,000 or over, in the event of any loss of, or damage to your vehicle (including its accessories and spare parts) caused by theft, an additional excess will apply to your claim, calculated at five percent of the market value at the time of loss or damage. This additional excess applies in addition to any other excess stated in the policy schedule.
BrettMRC said:
J4CKO said:
BrettMRC said:
I was quoted between £9-11k for the Supra this year via the usual channels, ended up going with the old school route of phoning someone up and got it down to £800...
Jesus, where do you live, Gaza ?
TwigtheWonderkid said:
BrettMRC said:
J4CKO said:
BrettMRC said:
I was quoted between £9-11k for the Supra this year via the usual channels, ended up going with the old school route of phoning someone up and got it down to £800...
Jesus, where do you live, Gaza ?Anyway I just got the renewal for my 2005 BMW 330i and it has gone up from £245.03 to £265.01 which doesn't seem too bad - but I haven't told them about my non-fault incident last year when the other insurer decided it was a Cat N. Which shouldn't make any difference, but most insurers don't need much of an excuse these days.
Mr Tidy said:
I'd rather have Jacob Rees Mogg as my MP than being lumbered with Michael Gove!
Anyway I just got the renewal for my 2005 BMW 330i and it has gone up from £245.03 to £265.01 which doesn't seem too bad - but I haven't told them about my non-fault incident last year when the other insurer decided it was a Cat N. Which shouldn't make any difference, but most insurers don't need much of an excuse these days.
I doubt telling your insurance company would have made any difference to your renewal premium Anyway I just got the renewal for my 2005 BMW 330i and it has gone up from £245.03 to £265.01 which doesn't seem too bad - but I haven't told them about my non-fault incident last year when the other insurer decided it was a Cat N. Which shouldn't make any difference, but most insurers don't need much of an excuse these days.
However a quick search by them (particularly should you make a claim with them) would show your car being written off in a collision and payout made as a result .. which would result in an awkward conversation and likely a breach of the terms of your contract
Possibly result in your insurance being cancelled and your claim not being processed
Plus then you’d have to try and get reinsurance having to admit you’d had your previous policy cancelled
Earthdweller said:
Mr Tidy said:
I'd rather have Jacob Rees Mogg as my MP than being lumbered with Michael Gove!
Anyway I just got the renewal for my 2005 BMW 330i and it has gone up from £245.03 to £265.01 which doesn't seem too bad - but I haven't told them about my non-fault incident last year when the other insurer decided it was a Cat N. Which shouldn't make any difference, but most insurers don't need much of an excuse these days.
I doubt telling your insurance company would have made any difference to your renewal premium Anyway I just got the renewal for my 2005 BMW 330i and it has gone up from £245.03 to £265.01 which doesn't seem too bad - but I haven't told them about my non-fault incident last year when the other insurer decided it was a Cat N. Which shouldn't make any difference, but most insurers don't need much of an excuse these days.
However a quick search by them (particularly should you make a claim with them) would show your car being written off in a collision and payout made as a result .. which would result in an awkward conversation and likely a breach of the terms of your contract
Possibly result in your insurance being cancelled and your claim not being processed
Plus then you’d have to try and get reinsurance having to admit you’d had your previous policy cancelled
I wouldn't chance it, but I would consider anything to do with claims or write offs something the insurer knows, ought to know or is presumed to know and therefore not something they can claim as non disclosure, particularly with an automatic renewal.
After all they are the ones with access to all the insurance industry databases, if write offs or non fault claims are relevant to them and they are all stored in a database they have full access to and the public don't they should be checking at renewal rather that relying on the consumer to read the renewal and discover it's not been automatically included.
After all they are the ones with access to all the insurance industry databases, if write offs or non fault claims are relevant to them and they are all stored in a database they have full access to and the public don't they should be checking at renewal rather that relying on the consumer to read the renewal and discover it's not been automatically included.
e-honda said:
I wouldn't chance it, but I would consider anything to do with claims or write offs something the insurer knows, ought to know or is presumed to know and therefore not something they can claim as non disclosure, particularly with an automatic renewal.
After all they are the ones with access to all the insurance industry databases, if write offs or non fault claims are relevant to them and they are all stored in a database they have full access to and the public don't they should be checking at renewal rather that relying on the consumer to read the renewal and discover it's not been automatically included.
No. If insurers had to do full checks on their customers claims history, dvla conviction check, criminal records check, all of which they could do, for every customer at inception, it would take time and money, more staff, and increase premiums. That's something I gather you're not keen on. Far better for them and us if they rely on the customer to tell them, so they can rate the policy, and do their checks, if they wish to, on the much smaller number of customers that have a claim. To ensure the info provided by the customer was correct. After all they are the ones with access to all the insurance industry databases, if write offs or non fault claims are relevant to them and they are all stored in a database they have full access to and the public don't they should be checking at renewal rather that relying on the consumer to read the renewal and discover it's not been automatically included.
Honestly, with all your industry experience, I'm surprised you hadn't figured this out.
This is quite interesting. Insurance in the UK went up much more than anywhere in Europe.
https://www.theguardian.com/money/2024/apr/06/uk-c...
https://www.theguardian.com/money/2024/apr/06/uk-c...
danashby said:
This is quite interesting. Insurance in the UK went up much more than anywhere in Europe.
https://www.theguardian.com/money/2024/apr/06/uk-c...
Of course! Everything costs more in the UK. Do French car insurers use claims management companies as ours do? There's your cost increase of a "repair" right there - in my case £165 A DAY for the courtesy Volvo where the repair wasn't even authorised for 6 weeks. Kerching.https://www.theguardian.com/money/2024/apr/06/uk-c...
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