Car Insurance Price Changes + Being 21 Really Does Help

[Greengecko]

Over the last few months I have been looking at getting a Focus ST, but has been put off a few times after going to view two extremely bad examples and then some short term money issues.

Anyhow, in this time I have run quite a few quotes, all with exactly the same details and thought i'd share how insurance prices have changed over the last few months:


Also, in 4 months I turn 21, so I ran the quotes with exactly the same information. Just changing birth date to 4 months earlier, and the results were quite shocking to me:


Looks like I'm waiting 4 months after all

[Funk]

Is it just me, but neither of the pictures surprise me. Very little variation on the first set of numbers - £100 or so difference is neither here nor there really.

No surprise that your risk profile drops when you're over 21 either, one of the benefits of getting older.

[Greengecko]

I was just surprised that there was such a drop in insurance for just 4 months of age - less than half.

The first image was posted just to give an idea of how insurance prices are staying relatively stable, or if anything decreasing slightly.

[Willeh85]

I also found that a few months after you turned 21 or 25 made more of a difference even though you were only a few months older. Again probably something to do with risk profiles

[Willber]

Never thought it would make that much difference! I just ran one through on a Boxster 2.5 for me currently at 24 - £757 fully comp. If I was 25 its £575 fully comp! Not sure if I can wait the 8 months though.....

[16v stretch]

For my Z4 the difference was massive between 21 and 22, like 3k massive.

Made me wait all of 9 days more to buy one! Bar stewards

[Mr2Mike]

Funk said:

Is it just me, but neither of the pictures surprise me.

4 months increase in age reduces you risk so much the premium is around 1/3rd of what it was before? Further proof, if it were needed, that premiums are completely disconnected from real world risk.

[Funk]

Perhaps they're not though; if 21-year-olds were still 'that risky', the premiums would still be much higher. Insurance companies aren't known to miss an opportunity to inflict a walletectomy.

[Greengecko]

Funk said:

Perhaps they're not though; if 21-year-olds were still 'that risky', the premiums would still be much higher. Insurance companies aren't known to miss an opportunity to inflict a walletectomy.

In my opinion it just proves insurance premiums are entirely based on the age, as in you're either 20 or 21. They do not stage it in increments such as 20Years 1 Month, 20 Years 2 Months.

Which I guess makes it easier to calculate premiums, but then on the other hand provides price jumps like above.

[Funk]

Let's not forget that a 20yr old and a 21yr old could be pretty much 2 years apart in age and driving experience.

[mrmr96]

Funk said:

Let's not forget that a 20yr old and a 21yr old could be pretty much 2 years apart in age and driving experience.

Yes, or two days.

[pingu393]

My son was 21 on 6th Dec. I'll look into this. He maybe getting a better Xmas prezzie than he thought!!

[Triumph Man]

I'm looking forward to my renewal time in February!

[Raize]

You do realise the prices will increase due to general increases faster than they will drop due to your age right? Waiting is a false economy.

[pingu393]

pingu393 said:

My son was 21 on 6th Dec. I'll look into this. He maybe getting a better Xmas prezzie than he thought!!

Only an extra £300. Better than the £2,500 last time I looked. Looks like there will be one more 21 year old on the road after Xmas.

[TwigtheWonderkid]

Triumph Man said:

I'm looking forward to my renewal time in February!

Wow! You live a thrilling life. How the winter nights must just fly by!

[Willber]

Raize said:

You do realise the prices will increase due to general increases faster than they will drop due to your age right? Waiting is a false economy.

You think they will rise £175 in 8 months? Maybe you're right, i'm just used to it going down every year as I get more NCB, but I think 5 or more is classed as 'full' nowadays so maybe it's bottomed out for me.

[Greengecko]

Raize said:

You do realise the prices will increase due to general increases faster than they will drop due to your age right? Waiting is a false economy.

This makes no sense at all. Are you trying to argue the that first image is wrong? Or that you have inside knowledge insurance premiums for 21 year olds will more than double in the next 4 months?

[LoonR1]

Greengecko said:

I was just surprised that there was such a drop in insurance for just 4 months of age - less than half.

The first image was posted just to give an idea of how insurance prices are staying relatively stable, or if anything decreasing slightly.

An 8.3% drop in the 6 month timeframe is quite considerable. Certainly an 8.3% rise would have posters head's exploding.

[Greengecko]

LoonR1 said:

An 8.3% drop in the 6 month timeframe is quite considerable. Certainly an 8.3% rise would have posters head's exploding.

Exactly, quite contradictory to the 'insurance has increased' threads we see.

On another note, when is the EU legislation for gender coming in? Or do you reckon this has already been priced in?