Are young people been conditioned for life long rip off in..

[Yipper]

Benjijames28 said:

Right bit of a rant here.

I am nearly 30 years old, I've had my license 5 years, I have a clean record in every sense with 5 years no claims bonus. I live in a decent post code, I hold a steady job, and I only do 6k a year mileage.

This means my past 5 years insurance prices have been as follows:

1. Renault Clio 1.2 - 1500
2. Renault Clio 1.2 - 1000
3. Ford fiesta 1.2 - 800
4. Ford fiesta 1.2 - 700
5. Audi A3 1.8 tfsi - 1000
6. BMW 520d m sport - 1000

Your personal car insurance cost has declined at least -33% in the past 5 years. If you factor in real inflation, it has fallen a huge -40%. If you factor in the engine-size has almost doubled, your insurance has plunged roughly -50%.

UK car insurance on average for the whole market has increased +10% in the past 5 years.

Your fears look misplaced.

[del mar]

The vast majority of those who complain about the cost of insurance probably wouldn't hesitate to make a whiplash claim ....

[FN2TypeR]

Benjijames28 said:

I'm driving a 5 series cause I have to ferry around kids and a baby, and refuse to buy a fanny wagon.

Judging by some replies I am probably suffering from learning to drive at 23 instead of 18.

Car insurance is just crazy.

fair play

Jokes aside, your relative lack of driving years is likely impacting your premium prices - it's a st business!

[caelite]

del mar said:

The vast majority of those who complain about the cost of insurance probably wouldn't hesitate to make a whiplash claim ....

How else would you break even?

[MethylatedSpirit]

I don't understand why you're paying so much?

I'm 26, driving 6 years and my TVR costs just over £150 to insure.

Things that make it cheaper:

I've had the car since 2013 (cheaper if you've owned the car longer)
3 Years NCB on the car
I'm registered to vote (this sometimes makes a difference since companies credit search you)

[fastbikes76]

I've recently moved from an A post code to a B rated one. My wifes £360 policy went up a further £160 for the remaining 8 months on the policy. My car which was £380 a year went up an extra £47 for the remaining 2 months, and yet my son who is 19 and wrote his last car off 12 months ago got a fkn rebate !!!! How in hells name they work it out I'll never bloody know.

[Sump]

26 on a Panamera. £450 with Aviva...

[Ares]

MethylatedSpirit said:

I don't understand why you're paying so much?

I'm 26, driving 6 years and my TVR costs just over £150 to insure.

Things that make it cheaper:

I've had the car since 2013 (cheaper if you've owned the car longer)
3 Years NCB on the car
I'm registered to vote (this sometimes makes a difference since companies credit search you)

Classed as a special vehicle? My old race Caterham cost me £120/yr fully comp (and included track cover) at a time when an Elise would have cost me over £500.

[BricktopST205]

30 Years old. 3 cars. £800 to insure the lot. One car has a modification list as long as my arm and is the most expensive at £340.

[j4ck100]

bad company said:

How do insurers access internet shopping data?

Through a 3rd party company that sells the data. It's all anonymised and only at postcode level, which is why it's allowed and they don't need your consent.

[Mandat]

bad company said:

I don't see how aggregated data can be used for an individual insurance quote tho.

It's quite simple isn't it?

If they can analyse the average online shopping spend per postcode, they can estimate how affluent each post code is, and consequently set the premiums according to the cost that they think the market will bear.

You could argue that such a practice is immoral/unethical, but presumably it is just market forces at play.

[caelite]

Mandat said:

It's quite simple isn't it?

If they can analyse the average online shopping spend per postcode, they can estimate how affluent each post code is, and consequently set the premiums according to the cost that they think the market will bear.

You could argue that such a practice is immoral/unethical, but presumably it is just market forces at play.

Huh, I never actually thought of that, could be part of the reason my insurance is cheaper than a lot of my peers, nobody at my post code frequently online shops, when I do I am one of the exceedingly rare breed of paranoid freaks who goes to lengths to protect his own data online.

Although it does raise the question, what happens when their risk assessment numbers exceed what they deem the value that that market will support, do they offer an unrealistic quote, turn down business or operate at a loss, statistically speaking this kind of sum may be becoming more frequent as insurance price inflation massively outstrips household incomes.

[TwigtheWonderkid]

Shnozz said:

Considering any Audi RS seems to last about 15 minutes on anyone's driveway I am quite surprised at that.

For the poster that said it was personal injury claims on the up, I would vehemently disagree. In addition, the insurance industry has won a huge victory in the past 5 years in gaining legislation severely limiting legal costs in personal injury cases, so much so that its not worth doing this area of work any more. The savings to the insurance industry will be significant.

The governments decision to amend the Ogden rate in Feb from 2.5% to -0.75% undid all that, and more. Overnight, a 3 million pound claim for a seriously injured 25 y/o turned into an 8 million claim.

[catso]

Benjijames28 said:

Right bit of a rant here.

I am nearly 30 years old, I've had my license 5 years, I have a clean record in every sense with 5 years no claims bonus. I live in a decent post code, I hold a steady job, and I only do 6k a year mileage.

Yet my insurance renewal for a 2 litre diesel 5 series is 1600, and the cheapest cover from a respectable company I can find is 1033 pounds.

I'm not sure it was any better years ago?

I recall paying around £400 TPFT for my first car insurance back in 1981 (for a 5 year old Triumph), consider that at the time that was around a months wages for an average job.

Of course they didn't put any mileage limits or make you jump through as many hoops back then so it was simpler, but it was never cheap.

Now that I'm an old fart, insurance is cheap; a shade over £200 FC, protected NCB etc. for an Audi S4 - one of the few benefits of getting old...

[foxbody-87]

Sometimes if you buy something tasty or unusual and go to a specialist you can save a bit.

I had a diesel Astra which I was paying £950 on, bought a 5-litre Ford Thunderbird and got it for £600 through Adrian Flux. Granted, the extra £350 saving went on petrol That was when I was 21. Currently paying £220 for my Mustang at 30 y.o.

[Shnozz]

TwigtheWonderkid said:

Shnozz said:

Considering any Audi RS seems to last about 15 minutes on anyone's driveway I am quite surprised at that.

For the poster that said it was personal injury claims on the up, I would vehemently disagree. In addition, the insurance industry has won a huge victory in the past 5 years in gaining legislation severely limiting legal costs in personal injury cases, so much so that its not worth doing this area of work any more. The savings to the insurance industry will be significant.

The governments decision to amend the Ogden rate in Feb from 2.5% to -0.75% undid all that, and more. Overnight, a 3 million pound claim for a seriously injured 25 y/o turned into an 8 million claim.

I would be intrigued to see the real world balance sheet effects of the change in discount rate has really made (or will make when the effects filter through). Very few cases that will qualify. I am not so sure its the danger that the insurers (and their political lobbyists) are setting it out to be.

[fastbikes76]

anonymous said:

[redacted]

When I asked at a recent renewal I was told its more expensive in the garage than on the drive because if there is a fire you wont get the car...my reply was 'bloody well watch me !!'

[katz]

6K a year in mileage does not help the OP. Folks think if they declare they are only doing low miles insurance will be less, but the reverse is true. Just like parking in the street can also lower premiums

[Moonhawk]

Benjijames28 said:

I know prices in general have gone up.....

Have they in real terms factoring inflation?

I put my details into a price comparison site a few weeks back as if I was the same age as I was when I bought my first car living at my mums (same occupation, mileage, address, parking etc and as equivalent a car as I could find).

The cheapest quote TPFT came in lower (in real terms) than I was paying back in 1995.

[Douglas Quaid]

andrewparker said:

It’s “being” FFS

Yes OP. Do you understand?