car insurance premiums
Discussion
Can anyone please explain why car insurance premiums have shot up so much? My renewal is up 24%, which seems like daylight robbery as my circumstances have not changed at all. I planned to upgrade my 2017 2.0 tfsi Audi a4 Avant but quotes for some pretty modest SUVs are hundreds more. I'm in my sixties with full NCB. no accidents etc etc. I can afford to change my car but begrudge paying hundreds more for insurance. I have been on all the comparison sites but all the insurance companies seem to be rinsing us
Don't auto renew. When the renewal notice comes phone them up and challenge the increase normally they will knock it off. At least that's what I've dome every year with Direct Line.
It's annoying yes but they are a business trying to maximise income so if you are too lazy to challenge it then you have no one but yourself to blame.
It's annoying yes but they are a business trying to maximise income so if you are too lazy to challenge it then you have no one but yourself to blame.
lornemalvo said:
My renewal is up 24%, which seems like daylight robbery as my circumstances have not changed at all.
Circumstances have changed. Your insurance company's costs to heat and power their offices have gone thru the roof. Their staff have been hit by cost of living hikes so have received much higher pay increases. Garages have the same issues so their increased costs have been passed onto customers in the form of higher repair costs, which have hit insurers. Why would you think insurance companies are immune to all the cost increases we're all facing?
TwigtheWonderkid said:
lornemalvo said:
My renewal is up 24%, which seems like daylight robbery as my circumstances have not changed at all.
Circumstances have changed. Your insurance company's costs to heat and power their offices have gone thru the roof. Their staff have been hit by cost of living hikes so have received much higher pay increases. Garages have the same issues so their increased costs have been passed onto customers in the form of higher repair costs, which have hit insurers. Why would you think insurance companies are immune to all the cost increases we're all facing?
loskie said:
Don't auto renew. When the renewal notice comes phone them up and challenge the increase normally they will knock it off. At least that's what I've dome every year with Direct Line.
It's annoying yes but they are a business trying to maximise income so if you are too lazy to challenge it then you have no one but yourself to blame.
I never auto renew, and usually do this. Te fact that other quotes are even higher makes me doubt I'll get a result this timeIt's annoying yes but they are a business trying to maximise income so if you are too lazy to challenge it then you have no one but yourself to blame.
the-norseman said:
Renewals are always more! shop around.
But I would imagine an increase in costs (staff, buildings etc), increase in claims and thefts is driving it up.
In my experience, renewals are generally not more nowadays. Insurance companies can no longer give better deals to new customers than existing customersBut I would imagine an increase in costs (staff, buildings etc), increase in claims and thefts is driving it up.
I have been insuring vehicles since 1985 and I have had the same complaint every year .
Back in the day I used to kick off at my broker "Bill" in Tiverton but now I just get an email and a box to fill out on the internet!
I was hoping that some young wizz kid on here would come up with an idea but nothing yet
Devon and Cornwall police keep advertising uninsured vehicles on twitter maybe I should recalculate the financial outcome of this monetary exercise
Back in the day I used to kick off at my broker "Bill" in Tiverton but now I just get an email and a box to fill out on the internet!
I was hoping that some young wizz kid on here would come up with an idea but nothing yet
Devon and Cornwall police keep advertising uninsured vehicles on twitter maybe I should recalculate the financial outcome of this monetary exercise
lornemalvo said:
the-norseman said:
Renewals are always more! shop around.
But I would imagine an increase in costs (staff, buildings etc), increase in claims and thefts is driving it up.
In my experience, renewals are generally not more nowadays. Insurance companies can no longer give better deals to new customers than existing customersBut I would imagine an increase in costs (staff, buildings etc), increase in claims and thefts is driving it up.
Called them up to cancel auto renewal, which could not be done on the customer portal and was told they could reduce the renewal to £520. I thought they weren't allowed to do stuff like that anymore! I actually found deals closer to the £400 mark.
Last year my home insurance was going up (Admiral)
Adding a car knocked £50 off each car.
So i added both cars (agreed pro-rata price from when they kicked in later in the year)
Renewed in Feb this year. Had gone up by £25 but still good, House & 2 cars around £650.
This type of option can work
The drawback, if they hike it up will have to switch all 3!
Adding a car knocked £50 off each car.
So i added both cars (agreed pro-rata price from when they kicked in later in the year)
Renewed in Feb this year. Had gone up by £25 but still good, House & 2 cars around £650.
This type of option can work
The drawback, if they hike it up will have to switch all 3!
I'm having an absolute nightmare with mine.
What I suspect is the main problem: I live in Coventry.
I'm 33 years old, and for about the last 10 years I've been paying in the region of £1000-£1600 ish depending on the car, including protected NCB and legal cover. 2.0 litre sort of things (e.g. I had an evoque at one point) closer to £1000, and stuff like Alpina and BMW M5 closer to £1500-1600. Expensive, I know, but I could as it was still just within my budget.
I have a 2021 CLS 400d right now (2.9 litre diesel, 330hp) and long story short, cheapest is coming out at £2700. 20k miles per annum, no driving offences, 1x windscreen repair last year, no criminal convictions, etc. etc. 8 years no claims bonus. I've tried enquiring the insurance price of similar cars (e.g. BMW 840d gran coupe) and the price is coming out around the same.
Tracker made no difference to the price, and locking it up in the garage made no difference either.
I've tried two brokers already, and I'm just waiting for another broker to get back to me tomorrow hopefully [Edit 12/07/23: final broker came back with prices much higher than £2700]... but the insurance situation is pretty bad in my circumstances.
The only other solution is to move house but that a whole other level of magnitude of cost...
(Just to see what it says, I tried putting in a 2015 Vauxhall Corsa (95 horsepower) into a price comparison site and is coming out at £800 annually for my circumstances...)
What I suspect is the main problem: I live in Coventry.
I'm 33 years old, and for about the last 10 years I've been paying in the region of £1000-£1600 ish depending on the car, including protected NCB and legal cover. 2.0 litre sort of things (e.g. I had an evoque at one point) closer to £1000, and stuff like Alpina and BMW M5 closer to £1500-1600. Expensive, I know, but I could as it was still just within my budget.
I have a 2021 CLS 400d right now (2.9 litre diesel, 330hp) and long story short, cheapest is coming out at £2700. 20k miles per annum, no driving offences, 1x windscreen repair last year, no criminal convictions, etc. etc. 8 years no claims bonus. I've tried enquiring the insurance price of similar cars (e.g. BMW 840d gran coupe) and the price is coming out around the same.
Tracker made no difference to the price, and locking it up in the garage made no difference either.
I've tried two brokers already, and I'm just waiting for another broker to get back to me tomorrow hopefully [Edit 12/07/23: final broker came back with prices much higher than £2700]... but the insurance situation is pretty bad in my circumstances.
The only other solution is to move house but that a whole other level of magnitude of cost...
(Just to see what it says, I tried putting in a 2015 Vauxhall Corsa (95 horsepower) into a price comparison site and is coming out at £800 annually for my circumstances...)
Edited by sonnenschein3000 on Wednesday 12th July 16:50
LV suggested that the renewal for my E350 estate was going up from £296 to £430 (grey hair and live in leafy Cotswolds). The renewal email was accompanied by some patronising drivel on why premiums had increased so much (Ukraine, inflation, bosses wife wants new villa in the Caribbean, etc...). A couple of minutes with the meerkats found several quotes with reputable insurers for not much more than I paid last year. Even the meerkat LV quote was some way below their renewal price, for exactly like-for-like cover.
I have renewed with Tesco Bank for £300.
I have renewed with Tesco Bank for £300.
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