Insurance Costs Up Sharply?
Discussion
My insurance is up for renewal shortly, so i was having a quick look on the normal broker sites (confused.com etc).
I was shocked to see that with the same details as last year and a further year's no claims etc, the costs of insurance has nearly doubled?!
Has anyone else had a similar experience?
I know you get a better deal by actually phoning, but i use the sites as a bit of a steer and they were quoting much lower last year.
So, is this a general thing, or is it something to do with me / my area (London)?!
Interested to hear what other people's experiences are.
I was shocked to see that with the same details as last year and a further year's no claims etc, the costs of insurance has nearly doubled?!
Has anyone else had a similar experience?
I know you get a better deal by actually phoning, but i use the sites as a bit of a steer and they were quoting much lower last year.
So, is this a general thing, or is it something to do with me / my area (London)?!
Interested to hear what other people's experiences are.
they have shot up for a number of reasons. Previously insurers were happy to run at a 90-95% loss ratio, and make up the profit by investing the money, but loss ratios are running between 99-115% for most uk MOTOR insurers at the minute. they have lost the investment income due to last years markets too.
and yes, they are getting hammered on PI claims at the minute.
and yes, they are getting hammered on PI claims at the minute.
stigmundfreud said:
kambites said:
Yes, prices are up sharply due to a massive increase in the number of personal injury claims.
hmmm recesssion = higher personal injury claims?I'd imagine the insurance companies are trying to recoup looses from all the accidents that happened in the snow and ice last winter, too.
Same here, insurance for my ST170 went up from £450 to £600, though in my case it seems to be because I made an advisory phonecall to them in September about something that turned out not to have caused damage and hence no cost. If I remove this advisory from an online quote it drops back to £450ish so it seems this call has wrecked my risk rating in my case, which seems disproportionate and unfair. In fact if I add in that the advisory call cost £1,000,000 my quote doesn't budge!
Edited by Flat_Steve on Wednesday 19th May 09:16
The snow increased claims by a MASSIVE amount but to be honest I have still found the opposite to what you are suggesting.
I just renewed my bike insurance.
Renewal qoute came back the same as the previous year which was £450. To be fair they always do that because so many numpties just auto renew.
I rang up and got them down to £320 including Full EU/UK breakdown and recovery. Unlimited mileage, No excess etc.
Not bad for a 26 year old on a 600RR.
I just renewed my bike insurance.
Renewal qoute came back the same as the previous year which was £450. To be fair they always do that because so many numpties just auto renew.
I rang up and got them down to £320 including Full EU/UK breakdown and recovery. Unlimited mileage, No excess etc.
Not bad for a 26 year old on a 600RR.
mdavids said:
Mine actually went down slightly this year and surprisingly the renewal quote from my existing insurer was less than anything on confused - first time this has ever happened for me. Have you tried asking for a bigger excess to bring down the cost?
It's already at the max on the site. I'd discuss it with a broker on the phone though.
t5 dave said:
Just renewed my T5 and with the same company (more than) the cost has gone down. Money Supermnarket etc the cost did increase but not by much, get yourselves a VOLVO!
I did! I picked up an S60 D5 in February which replaced the outgoing Honda Accord Type R.My insurance increased by £50! Go figure. Same postcode, same everything, just a year older with 10 years no claims.
When I looked around for a cheaper quote I found Admiral were beating my current insurers by £70 odd quid so I called them but they had my little accident last Dec on file. :big-brother:
Someone hit my parked car, left details and all sorted without going thru my current insurers, Cost to them nil.
Admiral says it's a non-fault claim and loads me £75. WTF
Go back to my original insurers who did not have it on file but say they don't load for non-faults unlike the cheaper companies.
Cue stay with original company.
Someone hit my parked car, left details and all sorted without going thru my current insurers, Cost to them nil.
Admiral says it's a non-fault claim and loads me £75. WTF
Go back to my original insurers who did not have it on file but say they don't load for non-faults unlike the cheaper companies.
Cue stay with original company.
I got a large increase (30% I think) on my renewal quote this year.
I found the major comparison sites suggested that was about par for the course, but Aviva were actually about 10% cheaper than the previous year, so hunt around and don't assume the comparison sites will find you the best deal... They're in it to make money too remember...
M.
I found the major comparison sites suggested that was about par for the course, but Aviva were actually about 10% cheaper than the previous year, so hunt around and don't assume the comparison sites will find you the best deal... They're in it to make money too remember...
M.
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