Discussion
I just got a quote last week but couldn’t buy the insurance till a few days later so it started when my current one finished. On checking on the day I could take the policy out it had gone up £55. I’m paying about £80 more than last year. Doesn’t sound much but considering I paid £409 last year and now £489 so overall quite an increase.
I got hit with £200 increase on my BMW M240i and couldn't find it any cheaper so had to suck it up.
Recently had to sort insurance out on my Porsche 986 Boxster and the renewal came through at £560 up from £310 last year but I managed to get cover for that at £205 in the end which I was happy with but thats an old car which is limited mileage and garaged.
Recently had to sort insurance out on my Porsche 986 Boxster and the renewal came through at £560 up from £310 last year but I managed to get cover for that at £205 in the end which I was happy with but thats an old car which is limited mileage and garaged.
Take a look around at how much more expensive cars are (hence payouts for total loss) and parts for cars. Add in supply issues meaning having to either write more cars off or pay for hire cars for much much longer and pay more for repairs and you have massively inflated costs.
Before we get anymore nonsense about it being because they can go check out how much dividend Direct Line are paying in the second half of their financial year. Hint: £0.00.
Despite perception, there isn’t a great amount of profit to be made in car insurance.
Before we get anymore nonsense about it being because they can go check out how much dividend Direct Line are paying in the second half of their financial year. Hint: £0.00.
Despite perception, there isn’t a great amount of profit to be made in car insurance.
Edited by Dingu on Thursday 19th January 19:42
Inflation applies to everything.
For things to stay exactly the same, your 2023 renewal would be 2022+inflation.
Whether you place much weight in any of the official measures (CPI/RPI/whatever) or have your own values (price of bread or whatever), inflation will have an effect.
I'm not suggesting for a second that this is the whole cause, but it would make a chunk of the difference.
For things to stay exactly the same, your 2023 renewal would be 2022+inflation.
Whether you place much weight in any of the official measures (CPI/RPI/whatever) or have your own values (price of bread or whatever), inflation will have an effect.
I'm not suggesting for a second that this is the whole cause, but it would make a chunk of the difference.
gotoPzero said:
I think it's just because they can now. The whole thing seems rigged. I am in my mid 40s, no points or claims ever. Did a comparison site search and about half a dozen providers all within 30 quid of each other and another half a dozen within 100.
Have you considered that is because generally it’s the same data points that are predictive of claims likelihood and these companies likely have enough of a sample size to come to similar conclusions? E.g. if a dozen companies have come to a similar conclusion using independent data and freedom to use different methods then it’s probably a decent representation of the price. Bet it isn’t expensive.
Dingu said:
Take a look around at how much more expensive cars are (hence payouts for total loss) and parts for cars. Add in supply issues meaning having to either write more cars off or pay for hire cars for much much longer and pay more for repairs and you have massively inflated costs.
Before we get anymore nonsense about it being because they can go check out how much dividend Direct Line are paying in the second half of their financial year. Hint: £0.00.
Despite perception, there isn’t a great amount of profit to be made in car insurance.
This. Claims cost are up massively due to increase in parts costs, increase in labour, increase in parts delays, leading to longer periods of hire, which has also increased dramatically. Add in increased costs of hitting an electric car (of which they are many now) and you have massively higher claims costs which need paying for. Before we get anymore nonsense about it being because they can go check out how much dividend Direct Line are paying in the second half of their financial year. Hint: £0.00.
Despite perception, there isn’t a great amount of profit to be made in car insurance.
Edited by Dingu on Thursday 19th January 19:42
After a decent year or so during the worst of Covid, last year was a poor one for UK motor insurance, hence they need more premium this year.
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