Car insurance premiums too high, Competition Commission says

[robinessex]

What a surprise!

http://www.bbc.co.uk/news/business-25403673

[northwest monkey]

Definitely too high. I've just renewed my insurance - £263. fking robdogs.

[robinessex]

northwest monkey said:

Definitely too high. I've just renewed my insurance - £263. fking robdogs.

Blimey! Mines 3x's that. What's it for , a pogo stick?

[kambites]

I don't think that will surprise anyone. The costs associated with insurance claims are ridiculous - from garages taking the piss with repair quotes to the cost of a "like-for-like" hire car while the insurance company procrastinates about the cost of repairs.

Having said that, my insurance isn't too bad these days - I think we pay about 600 quid for the two cars combined.

[matthias73]

its very dependant on other circumstances and whether or not you play the game properly when it comes to getting quotes.

Adding named drivers, insuring the car for a higher value, they can make your quote drop by half when your young.

[dave7692]

For young drivers especially.

I can understand them being cautious with new drivers but I've been 4 years without incident yet I'm still penalised because of my age despite obviously proving I'm a capable driver.

Absolute joke.

[hdrflow]

They should be concerned in regulating the ways insurance quotes are calculated and providing a fixed set of parameters that can be directly influenced by people. Some brokers already do that, i.e a fixed mileage per year. The fact that some quotes are twice as much as others even though the underwriters are the same makes me think someone is trying to have a huge profit in some instances.

My insurance is about £450 a year these days (and my renewal quote has been cheaper each year) so not too bad but it wasn't always like that.

Having said that, I know people that do have fault claims and their insurance is around £250 so not sure is all doom and gloom atm. Maybe I should read the article at some point too

EDIT: to add a small fixed mileage per year like 5k rather than the default 10/12k. Makes a difference in my case.

[Daston]

matthias73 said:

its very dependant on other circumstances and whether or not you play the game properly when it comes to getting quotes.

Adding named drivers, insuring the car for a higher value, they can make your quote drop by half when your young.

How does insuring the car for a higher value decrease your premium?