Has your insurance gone up?

[Pan Pan Pan]

98elise said:

Pan Pan Pan said:

Does anyone know the reasons behind why insurance premiums have gone up so much?
Could it be that there are more uninsured drivers on the roads, and insurance companies must recoup the cost of a driver being hit by one of these, from those who `do' actually pay for their insurance?
Could it be that EVs are a problem for insurance companies, because of their very high initial purchase costs, and because it does not take too much damage to an EV, for it to be written off by the insurance company. This may also be affected by the insurance companies not wanting to charge vast premiums (commensurate with an EVs high purchase price) to insure an EV, so as to help encourage the public to buy an EV, over an ICEV?
Could it be that the general standard of driving is going down, only held in check by the relative safety of modern vehicles? Could it be that the increased volume of traffic on UK roads, means that the chances of having an RTA for everyone has increased.
Could it be that cost of accident litigation, accident repairs, and replacement parts, has massively increased in the last couple of years?
Anyone got any ideas why insurance for even `ordinary' cars has rocketed so much?

Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.

https://www.thisismoney.co.uk/money/bills/article-...

An EV costs twice, to three or four times more to buy, than its direct ICEV equivalent. Do you believe that insurance companies are going to be able to repair, or replace them, for the same price as a direct equivalent ICEV? Some EVs are written off by insurance companies, after receiving only minor damage.
The money has to come from somewhere, which might be why they are charging all drivers, including those driving ICEVs a lot more money, for no more cover.

[Hoofy]

Square Leg said:

Shnozz said:

brickwall said:

Square Leg said:

My 18 yo lad just had his renewal - with 1 years NCD it’s gone up £6 to £966 with a black box.
2017 Fabia…75bhp.

Honestly, this isn’t bad.

When I learned to drive (>15 years ago) the first year insurance premium was £1,000 for an Aygo (1.0l, 65bhp). Inflation adjusted, that’s £1,700 today.

£2,000 for young drivers these days is far from uncommon.

Indeed. Under a grand at that age sounds a bargain. Mates lad at 18 has just been quoted 4k on a corsa.

I’m not complaining - also expected it to be much more even after a year driving.
He’s been looking to change car and one of his choices is the GT86 or BRZ and has been getting quotes of around £1200, which I also don’t think is bad.

That's quite good! My Nissan Cherry 1.3GS insurance back in 1991 when I was about 18 or 19 was about £1400 a year!

[fatjon]

Sheepshanks said:

...why didn't the renewal go up at least 30%? Would it have dropped 30% in normal circumstances - or do they they just think: "we're getting a couple of £K from him, that seems like enough"?

Or good area and 3 drivers that have never had any claim ever. I did take a very unfair hit some years ago when a neighbour bumped my parked car. Admiral saw it as an opportunity to bump my premium by £500 despite the other guys insurance paying for everything and me claiming nothing. Sacked them and went far a less sharklike alternative who have been better than most for the last few years.

[fatjon]

fatjon said:

Renewal arrived today. Multicar policy with 3 drivers, 33, 46, 56 all clean licences and no claims on Cerbera 4.5, EV6 GT, Ghibli, TR6, Supra 3.0T, 500cc quad. Gone up from £2049 to £2130 but I did go from EV6 GTLS to a GT.

So, the answer is no, not gone up to speak of really and this is a renewal quote so it may even go down with a bit of shopping around and bartering.

And a Berlingo van too. Forgot that one!

[Sheepshanks]

fatjon said:

Or good area and 3 drivers that have never had any claim ever.

I'm a good area and clean claims history. Didn't stop premium going up 68% this year.

Maybe, as some have suggested, it was just too low before. But for that to be true it would means insurance companies must be stupid if they didn't charge enough. And that seems unlikely.

[alscar]

Sheepshanks said:

I'm a good area and clean claims history. Didn't stop premium going up 68% this year.

Maybe, as some have suggested, it was just too low before. But for that to be true it would means insurance companies must be stupid if they didn't charge enough. And that seems unlikely.

Don't be too sure.
At the start of each policy the Insurer is convinced for various reasons they have of course charged the correct price.
12 months later they find that may not have been the case.
Actuaries are good at looking backwards as a rule -they cannot act on data they do not yet have.
Computer modelling results in many aspects of Insurance simply does not work.
That all said, charging someone a few hundred pounds for comp cover is simply not sufficient against the backdrop of their underwriting strategy.

[fatjon]

I suspect it’s a combination of things. Right area, locked garage, unusual cars, claims history. I suppose also the fact that you can only drive one car at a time might help.

[aturnick54]

TwigtheWonderkid said:

Well if you're a young driver, don't by a Corsa, the car of choice for nearly every young driver.

I find this logic strange. In some instances young drivers are paying less for a big powerful diesel than a 1.2 petrol Corsa, simply because fewer young drivers make claims in such powerful cars because they think the insurance would be more expensive. Which is exactly what you'd expect.

I don't understand how they can profile young drivers for risk based on young people writing off the same model of car.

[98elise]

Pan Pan Pan said:

98elise said:

Pan Pan Pan said:

Does anyone know the reasons behind why insurance premiums have gone up so much?
Could it be that there are more uninsured drivers on the roads, and insurance companies must recoup the cost of a driver being hit by one of these, from those who `do' actually pay for their insurance?
Could it be that EVs are a problem for insurance companies, because of their very high initial purchase costs, and because it does not take too much damage to an EV, for it to be written off by the insurance company. This may also be affected by the insurance companies not wanting to charge vast premiums (commensurate with an EVs high purchase price) to insure an EV, so as to help encourage the public to buy an EV, over an ICEV?
Could it be that the general standard of driving is going down, only held in check by the relative safety of modern vehicles? Could it be that the increased volume of traffic on UK roads, means that the chances of having an RTA for everyone has increased.
Could it be that cost of accident litigation, accident repairs, and replacement parts, has massively increased in the last couple of years?
Anyone got any ideas why insurance for even `ordinary' cars has rocketed so much?

Repair costs up 31% from £4.7bn in 2022 to £6.1bn in 2023.
Theft claims up 23% from £543m in 2022 to £669m 2023.
Car replacement costs up 35% from £444m in 2022 to £597m in 2023.

https://www.thisismoney.co.uk/money/bills/article-...

An EV costs twice, to three or four times more to buy, than its direct ICEV equivalent. Do you believe that insurance companies are going to be able to repair, or replace them, for the same price as a direct equivalent ICEV? Some EVs are written off by insurance companies, after receiving only minor damage.
The money has to come from somewhere, which might be why they are charging all drivers, including those driving ICEVs a lot more money, for no more cover.

None of the insurances in our family have gone up by much.

Expensive cars to fix or replace get charged more for insurance, thats always been the case. That's why EVs are expensive to insure.

Same with cars like Range Rovers which have a theft problem. You are not being charged more for Range Rover theft, drivers of Range Rovers are.

[fatjon]

98elise said:

Expensive cars to fix or replace get charged more for insurance, thats always been the case. That's why EVs are expensive to insure.

And the EV's tend to be substantially faster and more powerful too. My mother went from a 110HP Clio to a entry level Niro shopping car with north of 200HP.

[croyde]

My insurance last year for my Duster was £217 last year with Privilege.

Been with them 20 years I think as despite increases every year, a quick call sorts it.

3 months ago I changed cars. New Abarth Competizione so I expected a rise. They took £60 off me to increase my insurance for 3 months, so I thought yep! renewal will be around £400.

It's £890 and on Meerkats there's tons of companies quoting under £400.

Pointed out that I'd been with them 2 decades and the lady got the quote down to £750.

FRO!!

Now with Aviva at £335.

[EmilA]

Ultra Sound Guy said:

EmilA said:

Multi car insurance last year - 1350
Renewal this year - 2400

Doing them separately on compare the market - 1700, and includes one car with 0 NCB as they mirrored it before.

I've still got 3 weeks till renewal so will run a few more comparisons before hand.

Go back to your old insurer and tell them you're getting better quotes! They'll come down in price to keep your business!

Tried this, used the information from compare the market as proof to negotiate a cheaper quote. The best they could do is drop it down from 2474 to about 2300.

Used a new e-mail address for compare the market, prices went from 1700 to about 1400 for both cars. Admiral appeared to be one of the cheapest so I thought I'd try their website directly.
In the end, I've gotten a multi car insurance policy for 1275 for both of my cars! That's basically a £1200 saving by spending 45 minutes doing new quotes.

edit - i just realised my next year's insurance is actually cheaper than last years, not a bad outcome for me considering that insurance costs are increaseing

Edited by EmilA on Tuesday 23 April 11:55

[TwigtheWonderkid]

aturnick54 said:

TwigtheWonderkid said:

Well if you're a young driver, don't by a Corsa, the car of choice for nearly every young driver.

I find this logic strange. In some instances young drivers are paying less for a big powerful diesel than a 1.2 petrol Corsa, simply because fewer young drivers make claims in such powerful cars because they think the insurance would be more expensive. Which is exactly what you'd expect.

I don't understand how they can profile young drivers for risk based on young people writing off the same model of car.

Take 2 young drivers whose details are the same. Apart from the fact that one drives a Corsa and one drives a more powerful Micra or Honda Jazz. I know which one I'd rather insure. It's likely that the Corsa driver wants to be fashionable, in with the crowd, is susceptible to peer pressure. The other doesn't care about any of that stuff, just wants to get from A to B and gran was selling her Jazz at the right time. If they don't care about being mocked for having a "sad" car, they won't care about being mocked for not going faster.

You may think I'm bonkers but the stats don't lie, and Corsas are more expensive for young drivers than most other similar cars, and the reason for that is the average Corsa young driver cost insurers more than the average Micra young driver.

Edited by TwigtheWonderkid on Tuesday 23 April 14:07

[Deranged Rover]

Just had my insurance renewal quote through for the Marcos.

Last year - £159
This year - £156.

Now this trend I like very much!

Range Rover price has gone up from £340 to £380 but I've had a quote from a different company for £300, so they'll be getting my business.

[2172cc]

Renewal quote came through today from Aviva and its gone down £5 from last year.
I've also noticed lots of other insurance companies have been sending me emails to get quotes from them so I suspect they all gather the info on the insurance database when a renewal is due. That must be the only way they get my email address as I've certainly not contacted them.
Probably just save any hassle and stay where I am.

[framerateuk]

I'm with Aviva - Megane 280 Cup

I was expecting a big rise but it went from £237 to £292, which still seems very reasonable compared to lots of the prices I'm seeing here!

[fatjon]

I suspect that the answer is that insurers release press statements predicting huge increases to soften us up, then try it on, hoping you’ll think that the doubling of your premium is normal and everyone is paying it. Well, it’s not and they’re not. Vote with your wallet and the piss taking will stop. Unless you’re under 25 and/or drive a Corsa, BMW, or newish Range Rover or live in or close to an inner city stehole, in which case be prepared to have the piss extracted🤣.

[aturnick54]

Had my renewal price. From £920 to £1262.

Contacted my insurer and they have applied a 'maximum discount' which brought it down to £1165.

They have then gone through policy details. I reduced the value of my car from £21k to £17k, this saved quite a bit. I also removed one named driver which saved another £30.

So my quote came to £1072 in the end. A 16.5% increase, not great but not as bad as some others I've heard.

[alscar]

aturnick54 said:

Had my renewal price. From £920 to £1262.

Contacted my insurer and they have applied a 'maximum discount' which brought it down to £1165.

They have then gone through policy details. I reduced the value of my car from £21k to £17k, this saved quite a bit. I also removed one named driver which saved another £30.

So my quote came to £1072 in the end. A 16.5% increase, not great but not as bad as some others I've heard.

I assume that as regards your car value the reduction is not on an agreed value policy but that just reflects market value ?

[JulianHJ]

I've just had my renewal through for my Focus ST - up from £343 last year to £443. It's an agreed value policy, but even taking that element out the price is broadly similar to the quotes I'm getting from the more reputable firms on the comparison sites. Nothing has changed on the schedule other than another year of NCD added.