Discussion
Steve Campbell said:
Given that the insurance industry is driven by risk factors, what circumstances do they have to justify the vast majority (anecdotal evidence from recent PH posts) of quotes going up 40% plus ? Anyone in the insurance industry like to comment ?
Not in the industry but I heard that last year their total payouts were 109% of premium income.They have to recover that last year deficit & also cater for projected increased costs this year.
fatjon said:
davek_964 said:
fatjon said:
Admiral tried to more than double mine for an SP30, 58 in a 50 on a deserted dual carriageway. They were just figuring that I would not cancel as I was 8 months in and would not get any money back. They were wrong, I cancelled, then I cancelled my wife’s, son’s and company and moved the whole lot elsewhere and saved money. They lost my business permanently. That’s the only way to deal with such companies, vote with your wallet and they eventually get the picture.
Why would they be adjusting the price mid-term? You don't generally have to inform them of stuff like convictions until renewal - so having a price hike due to an SP30 eight months in seems a tad odd.untakenname said:
It's partly due to supply chain issues in the past couple of years, what would be a typical minor accident two week max repair pre covid is taking 2+ months so courtesy cars would be needed for the duration, insurers were writing cars off for really minor damage due to the wait times.
But surely this should only be passed on to those who have had accidents, and caused this issue, and only where parts have been a cause for a larger claim.untakenname said:
There's also the fact that electric cars are more risky to repair so assessors are simply condemning them to be on the safe side in bigger impacts/water damage whereas if it was ICE they would likely be repaired.
Again, up the premiums on Electric cars and those who have had accidents causing an electric car to be written off, not accross the board, if these are genuinely the causes.
AndyNetwork said:
Again, up the premiums on Electric cars and those who have had accidents causing an electric car to be written off, not accross the board, if these are genuinely the causes.
Insurers will have to pass on their overall increase in costs and poor loss ratio rectification to all their customers in varying percentage degree of increases - they won’t recover / make enough money just from those who have had issues or claims. I had this recently. All our family cars (6 cars, 1 van and 1 motorhome) all renew on the same date. One of the cars is with a broker as it's a modified classic and the rest are with Admiral on a multicover policy.
The modified classic went up from £625 to £695 this year and then up to £720 when I updated my occupation (Ops manager to driving instructor). Shopping around got it down to £600 with a new broker and a better insurer (Markerstudy to Ageas).
The rest of them went up a combined total of £2k! Again, updated occupation for me and an at fault accident for one of the drivers but other than that no changes. In the end, I had to remove myself from two cars (saved £600), reduced the mileage down on a few and pester them for loyalty discounts. Gor £1k off after all that so still £1k more than last year.
The modified classic went up from £625 to £695 this year and then up to £720 when I updated my occupation (Ops manager to driving instructor). Shopping around got it down to £600 with a new broker and a better insurer (Markerstudy to Ageas).
The rest of them went up a combined total of £2k! Again, updated occupation for me and an at fault accident for one of the drivers but other than that no changes. In the end, I had to remove myself from two cars (saved £600), reduced the mileage down on a few and pester them for loyalty discounts. Gor £1k off after all that so still £1k more than last year.
I wonder how much the ‘not allowed to quote new customers lower than existing” rule is affecting things?
In the past, they knew you had the ability to move every year and get an intro discount if you could be bothered to do the legwork. Now they know that legwork is mostly pointless.
In the past, they knew you had the ability to move every year and get an intro discount if you could be bothered to do the legwork. Now they know that legwork is mostly pointless.
Edited by Sheepshanks on Saturday 22 July 06:05
Phone them up and haggle. My multi-car policy jumped a lot. I shopped around to get an idea what else was available and called them up and haggled. Whilst I didn’t get it to where I’d like it, I did get a few hundred off.
I would have walked on principal but I was very limited for a multi-car policy with my vehicles.
I would have walked on principal but I was very limited for a multi-car policy with my vehicles.
Rufus Stone said:
We are being ripped off. Insurers are taking the opportunity of increasing their profit margin and blaming it on the cost of living.
Not entirely. amongst other things, the rising price of used cars means they're paying out more for claims and the FCA stopped them from offering new customers discounts over existing ones.Rufus Stone said:
We are being ripped off. Insurers are taking the opportunity of increasing their profit margin and blaming it on the cost of living.
Really? My insurance, despite a 30% increase on last year, is still dirt cheap. It's about a third of what friends in Germany pay with a similar car and profile but living in a more rural location. Most people I know get cheap insurance. Why am I and my friends being spared from being ripped off? 
Had to accept a nigh on 90% increase. Pretty ridiculous really, been the story of my life with car insurance, at 17 I bought a fire Orion Ghia not realising it was an XR3i with a boot, that was pricey, graduated to a Cavalier SRi which was also bloody expensive. Spent my life being told whatever my age is rounded up to the nearest 5 years will see a reduction.
It feels like we are paying for a few rascals who cheat the system.
It feels like we are paying for a few rascals who cheat the system.
TwigtheWonderkid said:
Really? My insurance, despite a 30% increase on last year, is still dirt cheap. It's about a third of what friends in Germany pay with a similar car and profile but living in a more rural location. Most people I know get cheap insurance. Why am I and my friends being spared from being ripped off?
You're not - it went up 30% for no good reason.German insurance is dearer because it's better.
I note you skipped over another ex-insurance colleague's comment.
Sheepshanks said:
TwigtheWonderkid said:
Really? My insurance, despite a 30% increase on last year, is still dirt cheap. It's about a third of what friends in Germany pay with a similar car and profile but living in a more rural location. Most people I know get cheap insurance. Why am I and my friends being spared from being ripped off?
You're not - it went up 30% for no good reason.German insurance is dearer because it's better.
I note you skipped over another ex-insurance colleague's comment.
2. It's not better. It includes everything, unlimited foreign use, any driver. Great if you need it, terrible if you don't. German insurance is like an eat as much as you like restaurant, £20/head. Brilliant if you're a fat pig who wants to stuff their face. Most of us as just moderate eaters, and will only consume about £7 worth of food. Why should I pay £20 for £7 of food so someone else can eat £30 of food for £20. f
k 'em. 3. I've skipped over it because I'm not in the insurance industry. I had a job that gave me extensive dealings with the industry, for over 40 years. If that's what he thinks, fine. My experience was different.
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