Insurance - What the heck?
Discussion
Anyone in the insurance industry knows what in earth is going on?
My wife's 68 reg diesel eurobox has gone from £38 a month to £75 on the renewal quote and nobody on comparing meerkats or go compare can beat that, with the lower end of the quotes in the 76 to 90 quid a month range.
She hasn't acquired any points, has an extra years NCD now the value of the car has gone down due to depreciation.
Looking at quotes with over 2 weeks to spare to renewal, so can count out the "desperation premium" they add to people who need it today / tomorrow as well.
I'm perplexed.
Anyone know what's going on here?!?
My wife's 68 reg diesel eurobox has gone from £38 a month to £75 on the renewal quote and nobody on comparing meerkats or go compare can beat that, with the lower end of the quotes in the 76 to 90 quid a month range.
She hasn't acquired any points, has an extra years NCD now the value of the car has gone down due to depreciation.
Looking at quotes with over 2 weeks to spare to renewal, so can count out the "desperation premium" they add to people who need it today / tomorrow as well.
I'm perplexed.
Anyone know what's going on here?!?
Insurance has gone up due to inflation, delays to repairs and ultimately the cost of claims.
Whether you have or have not had circumstances change the market has, some specific models are suffering with parts theft or entire vehicle theft. The parts theft is in itself is a vicious circle as the parts delays mean more people steal parts for vehicles that then need more parts. Some people have a lack of concern on parts source when purchasing second hand, which does make the situation worse.
Whether you have or have not had circumstances change the market has, some specific models are suffering with parts theft or entire vehicle theft. The parts theft is in itself is a vicious circle as the parts delays mean more people steal parts for vehicles that then need more parts. Some people have a lack of concern on parts source when purchasing second hand, which does make the situation worse.
Reduced stock market returns.
Cost of repairs going up.
I imagine they are expecting the odd car on PCP or non ULEZ compliant vehicles to mysteriously catch fire too. This happened a lot in 2009.
Rates pushing up those that pay monthly.
My car insurance went up 3%. If I had changed companies, I could have got it to drop, but it wasn't worth the hassle for the saving for me.
Cost of repairs going up.
I imagine they are expecting the odd car on PCP or non ULEZ compliant vehicles to mysteriously catch fire too. This happened a lot in 2009.
Rates pushing up those that pay monthly.
My car insurance went up 3%. If I had changed companies, I could have got it to drop, but it wasn't worth the hassle for the saving for me.
Surprised you never noticed one of these threads discussing the increases;
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Edited by cuprabob on Sunday 30th July 21:45
Companies have to offer the same cut price deals to existing customers that they do to new customers.
The result of that is that there are no longer cut price deals to move too…. Therefore they know that they can rise prices and then customers can no longer find a cut price deal elsewhere. So have to swallow the rise.
The law has feked us again. Like when the girls lost out because deals based on sex were seen as sexiest. So instead of everyone getting better rates, everyone got the worst rates.
Add inflation pressure, costs, and interest rates on top, perfect storm.
The result of that is that there are no longer cut price deals to move too…. Therefore they know that they can rise prices and then customers can no longer find a cut price deal elsewhere. So have to swallow the rise.
The law has feked us again. Like when the girls lost out because deals based on sex were seen as sexiest. So instead of everyone getting better rates, everyone got the worst rates.
Add inflation pressure, costs, and interest rates on top, perfect storm.
TTmonkey said:
Companies have to offer the same cut price deals to existing customers that they do to new customers.
The result of that is that there are no longer cut price deals to move too…. Therefore they know that they can rise prices and then customers can no longer find a cut price deal elsewhere. So have to swallow the rise.
The law has feked us again. Like when the girls lost out because deals based on sex were seen as sexiest. So instead of everyone getting better rates, everyone got the worst rates.
Add inflation pressure, costs, and interest rates on top, perfect storm.
You have nailed it. Just been through the annual search, current insurer Co-op (CIS) had more than doubled. Spent two hours searching ,then lost the will to live, and renewed with them. This is where we are at the moment. I suspect that the once useful comparison sites have become cartels. Also, not an original thought, but cars have become overly and unnecessarily complex -several threads on here about that already.The result of that is that there are no longer cut price deals to move too…. Therefore they know that they can rise prices and then customers can no longer find a cut price deal elsewhere. So have to swallow the rise.
The law has feked us again. Like when the girls lost out because deals based on sex were seen as sexiest. So instead of everyone getting better rates, everyone got the worst rates.
Add inflation pressure, costs, and interest rates on top, perfect storm.
It’s been discussed a lot recently.
This is the first time that I’ve stayed with an existing insurer. After threatening to leave they discounted it to within a few quid of the previous year which happened to be cheaper than the alternatives.
My wife’s insurance virtually doubled this year; she paid £190 last year and we eventually bought it for £370.
This is the first time that I’ve stayed with an existing insurer. After threatening to leave they discounted it to within a few quid of the previous year which happened to be cheaper than the alternatives.
My wife’s insurance virtually doubled this year; she paid £190 last year and we eventually bought it for £370.
Ninja59 said:
Insurance has gone up due to inflation, delays to repairs and ultimately the cost of claims.
Whether you have or have not had circumstances change the market has, some specific models are suffering with parts theft or entire vehicle theft. The parts theft is in itself is a vicious circle as the parts delays mean more people steal parts for vehicles that then need more parts. Some people have a lack of concern on parts source when purchasing second hand, which does make the situation worse.
On top of this, parts delays are leading to much longer (and expensive) credit hire claims which are often several times the cost of a minor repair. Electric vehicles are also extremely expensive to fix with a limited number of garages prepared to take on the work. Tesla are in another league again. Reinsurance is also up massively. It’s a perfect storm for insurers and rates are taking a hike across the board. Whether you have or have not had circumstances change the market has, some specific models are suffering with parts theft or entire vehicle theft. The parts theft is in itself is a vicious circle as the parts delays mean more people steal parts for vehicles that then need more parts. Some people have a lack of concern on parts source when purchasing second hand, which does make the situation worse.
but they had switched from Highway to Markerstudy. Check the details, the excess may have risen. Mine had, a lot, from £100 to £400. Forums | General Gassing | Top of Page | What's New | My Stuff