Average car insurance cost in UK nears £1,000
Discussion
Some eye-watering numbers here:
https://www.theguardian.com/money/2024/jan/16/aver...
"Motorists aged between 17 and 20 have seen their premiums double on average over the past 12 months, from £1,423 to £2,877, according to Confused.com. The site, in conjunction with the data firm WTW, compared more than 6m car insurance quotes, and averaged the five cheapest sums to come up with its index.
An 84% increase in the price paid by 18-year-olds means they are now paying more than £3,000 for the first time. All drivers up to the age of 43 can expect to pay £1,000 or more for their car insurance, on average, the study said."
https://www.theguardian.com/money/2024/jan/16/aver...
"Motorists aged between 17 and 20 have seen their premiums double on average over the past 12 months, from £1,423 to £2,877, according to Confused.com. The site, in conjunction with the data firm WTW, compared more than 6m car insurance quotes, and averaged the five cheapest sums to come up with its index.
An 84% increase in the price paid by 18-year-olds means they are now paying more than £3,000 for the first time. All drivers up to the age of 43 can expect to pay £1,000 or more for their car insurance, on average, the study said."
Yep, its an absolute pi55 take.
Unfortunately we have to pay it and there seems no hunger for anyone to do anything about it in the near future. Any meagre pay rise you got at work this year has just been cancelled out by insurance cost rises, food cost, energy etc. Were going backwards as a country
Unfortunately we have to pay it and there seems no hunger for anyone to do anything about it in the near future. Any meagre pay rise you got at work this year has just been cancelled out by insurance cost rises, food cost, energy etc. Were going backwards as a country
It is really shocking, especially for young drivers. Have heard many not really flinching at £2-3k insurance premiums!
My cousin who's 27 albeit been driving less than a year just replaced his car, he's bought a Leon 1.8tfsi and said, "The insurance is only £600 more!". Which as a 41 year old paying half that on cars, that seemed a huge amount.
I doubt much will happen with that, if there is the steer away from personal transport as there seems to be, who's going to step in and try and prevent these outlandish costs.
My cousin who's 27 albeit been driving less than a year just replaced his car, he's bought a Leon 1.8tfsi and said, "The insurance is only £600 more!". Which as a 41 year old paying half that on cars, that seemed a huge amount.
I doubt much will happen with that, if there is the steer away from personal transport as there seems to be, who's going to step in and try and prevent these outlandish costs.
My first ever premium was £1000 in 2003. According to the inflation calculator that is the equivalent of £2000 today.
Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
Hondashark said:
My first ever premium was £1000 in 2003. According to the inflation calculator that is the equivalent of £2000 today.
Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
My First in 2011 was £1800Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
So would equate roughly to just under £3000 on your figures.
Its a shame wages haven't increased to reflect this. Young Apprentices are earning what i was 12 years ago even though everything costs more.
Seasonal Hero said:
Some eye-watering numbers here:
https://www.theguardian.com/money/2024/jan/16/aver...
"Motorists aged between 17 and 20 have seen their premiums double on average over the past 12 months, from £1,423 to £2,877, according to Confused.com. The site, in conjunction with the data firm WTW, compared more than 6m car insurance quotes, and averaged the five cheapest sums to come up with its index.
Careful of the source of this data.https://www.theguardian.com/money/2024/jan/16/aver...
"Motorists aged between 17 and 20 have seen their premiums double on average over the past 12 months, from £1,423 to £2,877, according to Confused.com. The site, in conjunction with the data firm WTW, compared more than 6m car insurance quotes, and averaged the five cheapest sums to come up with its index.
WTW is Willis Towers Watson, they are primarily an insurance company, not as is reported a "data firm", unless you're using a staggeringly elastic definition of "data" to include anything involving money.
AlexGSi2000 said:
Not looking forward to my renewal.
I'm assuming the reason is down to the likes of higher value EV claims and repair costs in general going up?
Yes and the length of time repairs are taking due to parts shortage driving up the hire car costs I believe.I'm assuming the reason is down to the likes of higher value EV claims and repair costs in general going up?
I've just had my renewal through:
Vs. last year, XF up 36%, 911 up 42% (each now just over £400)
Home insurance was up 31% too which I was a little surprised by.
Got a few days for some shopping around but I'm not convinced I'll find any better.
I think the insurance companies got sick of losing money on private car insurance and decided to remedy that by putting premiums up.
Maybe if people made more of an effort not to destroy their cars, and we cant all avoid every having an accident but there seem to be so many avoidable situations.
I always think those idiots driving a BMW or similar through a 75 cm deep flood and wondering why it then grinds to a halt having tried unsuccessfully to achieve what is generally* impossible and compress water using a combustion engine. So you drive your 8 series in, hydro lock it, flood it and the insurance pays out 80k ? for a new one, well done you stupid prick. All for the sake of turning round and finding a way round.
Then there are the hangers on, ambulance chasers, claims companies, car hire companies and the insurance companies themselves, where a £1500 bit of damage becomes 20 grand in claims, car hire and whatever.
Maybe if people made more of an effort not to destroy their cars, and we cant all avoid every having an accident but there seem to be so many avoidable situations.
I always think those idiots driving a BMW or similar through a 75 cm deep flood and wondering why it then grinds to a halt having tried unsuccessfully to achieve what is generally* impossible and compress water using a combustion engine. So you drive your 8 series in, hydro lock it, flood it and the insurance pays out 80k ? for a new one, well done you stupid prick. All for the sake of turning round and finding a way round.
Then there are the hangers on, ambulance chasers, claims companies, car hire companies and the insurance companies themselves, where a £1500 bit of damage becomes 20 grand in claims, car hire and whatever.
- Can theoretically be done, but not with any of the current range of BMW piston engines.
Hondashark said:
My first ever premium was £1000 in 2003. According to the inflation calculator that is the equivalent of £2000 today.
Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
Obviously not a precise equivalent, but i have been trawling around for quotes for my daughter, who will hopefully pass her test in Feb. Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
17 years old, Devon, 2005 Toyota Yaris 1.3 (worth about £1200). Best price is £1250 with a black box, or £1760 without a box. Hoping that price will hold for a few weeks.
boyse7en said:
Hondashark said:
My first ever premium was £1000 in 2003. According to the inflation calculator that is the equivalent of £2000 today.
Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
Obviously not a precise equivalent, but i have been trawling around for quotes for my daughter, who will hopefully pass her test in Feb. Would be interesting to see what my exact circumstances would be in a quote today. 18 on a low value (10 year old at the time) 1.1 Peugeot 205 in a reasonably safe south Yorkshire Post code
17 years old, Devon, 2005 Toyota Yaris 1.3 (worth about £1200). Best price is £1250 with a black box, or £1760 without a box. Hoping that price will hold for a few weeks.
I must be lucky as my car insurance has actually gone down a tiny bit over the 3 years I've owned it.
Renewal quotes are always over the top but they quickly drop it when I call them up.
Outer London, parked on road.
House insurance has surprisingly stayed the same in the past 3 years despite a claim.
Motorbike insurance takes the pee though.
I'll post back on here if my car insurance suddenly spikes come renewal in May.
Renewal quotes are always over the top but they quickly drop it when I call them up.
Outer London, parked on road.
House insurance has surprisingly stayed the same in the past 3 years despite a claim.
Motorbike insurance takes the pee though.
I'll post back on here if my car insurance suddenly spikes come renewal in May.
So many drivers for this, and i can't see it getting any better.
Cars - back in the day, bumpers were bumpy. Have a small prang and you fix / replace bumper.
Now, modern cars are so tightly packaged, any slight issue and the bills are huge. I remember reading that a 5mph parking ding in an alfa Mito can be 2k plus easy, because the bumper has no leeway and 1 headlight, some labour and boom.
Meanwhile, with the rise if accident management cos with silly car rental prices, previously reasonably easily repaired cars will still be written off.
Upshot is things like this:
https://www.gumtree.com/p/alfa-romeo/2022-alfa-rom...
Wants 2 doors and a tiny bit to back wing / arch. 2022 low mileage Giulia written off as cat n, for what appears to be a parking scrape.
Is there any going back now though? If car companies made cars with old school bumoers, they wouldn't sell. Even if they did, the insurer knows the 3rd party yoiu might hit will be in an expensive to repair car, and the 3rd party will use accident co and want a hire cwr at insurer's expense...
Oh, and keyless / ODB hacking. What a farce.
Cars - back in the day, bumpers were bumpy. Have a small prang and you fix / replace bumper.
Now, modern cars are so tightly packaged, any slight issue and the bills are huge. I remember reading that a 5mph parking ding in an alfa Mito can be 2k plus easy, because the bumper has no leeway and 1 headlight, some labour and boom.
Meanwhile, with the rise if accident management cos with silly car rental prices, previously reasonably easily repaired cars will still be written off.
Upshot is things like this:
https://www.gumtree.com/p/alfa-romeo/2022-alfa-rom...
Wants 2 doors and a tiny bit to back wing / arch. 2022 low mileage Giulia written off as cat n, for what appears to be a parking scrape.
Is there any going back now though? If car companies made cars with old school bumoers, they wouldn't sell. Even if they did, the insurer knows the 3rd party yoiu might hit will be in an expensive to repair car, and the 3rd party will use accident co and want a hire cwr at insurer's expense...
Oh, and keyless / ODB hacking. What a farce.
Just wait to til they factor in the Luton car park fire into their accounts for next year...
"You don't expect us to cover the loss do you?"
"Well you are an insurance company,"
"We'll just spread out amongst the customers premiums, you can't expect us to cover something like that which wasn't our fault. Might eat into our profits and therefore our bonuses...."
"You don't expect us to cover the loss do you?"
"Well you are an insurance company,"
"We'll just spread out amongst the customers premiums, you can't expect us to cover something like that which wasn't our fault. Might eat into our profits and therefore our bonuses...."
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