Insurance - everyone having a laugh after a winter of bumps?
Discussion
I'd heard that prices had gone up after a winter where every man and his dog made an insurance claim, but this is outrageous.
A few specifics: I'm about to turn 24 (just before I renew), I drive a 3.0i Z4, it will be insured and garaged at a house I'm also about to buy, license for almost 6 years, I'm a teacher, no claims history, about to get 3rd year NCB.
Last July (23, 2 NCB) I insured my Z4 for as near as makes no difference £1,000 through Elephant. This year, Elephant are quoting me little short of a 50% increase. Laughing, I trotted off to the comparison sites and found that no-one else is bettering it by much, if at all.
I thought I'd try Flux on here, too - £3,000.
I've never made a claim and am somehow expected to swallow a near 50% price increase, despite the fact I'm a year older and have a year's more NCB?! How does that work?
I'm waiting on a quote through Chris Knott through the Z4 forum, but does anyone have any other advice (other than to lube up)?
(note: for any brokers reading this, feel free to try your hand: I'm all ears. I might also swing you my house & contents insurance that I'm about to start into the deal)
A few specifics: I'm about to turn 24 (just before I renew), I drive a 3.0i Z4, it will be insured and garaged at a house I'm also about to buy, license for almost 6 years, I'm a teacher, no claims history, about to get 3rd year NCB.
Last July (23, 2 NCB) I insured my Z4 for as near as makes no difference £1,000 through Elephant. This year, Elephant are quoting me little short of a 50% increase. Laughing, I trotted off to the comparison sites and found that no-one else is bettering it by much, if at all.
I thought I'd try Flux on here, too - £3,000.
I've never made a claim and am somehow expected to swallow a near 50% price increase, despite the fact I'm a year older and have a year's more NCB?! How does that work?
I'm waiting on a quote through Chris Knott through the Z4 forum, but does anyone have any other advice (other than to lube up)?
(note: for any brokers reading this, feel free to try your hand: I'm all ears. I might also swing you my house & contents insurance that I'm about to start into the deal)
I think it mostly boils down to:
1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
kambites said:
I think it mostly boils down to:
1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
Yep what he said^^ also its more like the injury claims over the last 5 years or so, insurers have been trying to keep premiums down for the last few years but that could only last a certain amount of time unfortunately alot of factors have resulted in premiums increasing across the board.1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
Yes, bloody annoying but as Zollar says there are several factors all coming together.
Certainly PI claims have rocketed, and everyone is having to adjust reserves. And at the same time we are moving back into a hard Market after several years of heavy competiton forcing prices down. Cycle is about 6/7 years. So sooner or later insurers will start wanting to grab Market share and prices will
fall again.
Certainly PI claims have rocketed, and everyone is having to adjust reserves. And at the same time we are moving back into a hard Market after several years of heavy competiton forcing prices down. Cycle is about 6/7 years. So sooner or later insurers will start wanting to grab Market share and prices will
fall again.
Snaps of execptionally bad weather this winter has left the insurers licking their wounds big time. Couple in whiplash compo culture actively being pushed by third party companies making a living from what is essentially putting words into peoples mouths and inciting fraud (in my opinion anyway) and everyone is suffering this year.
Despite another years NCB, a clean licence and no accidents in my life, mine still went up nearly 20% this year.
Despite another years NCB, a clean licence and no accidents in my life, mine still went up nearly 20% this year.
kambites said:
I think it mostly boils down to:
1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
You are lucky.1) Insurance companies are recouping their losses from last winter's snow.
2) Personal injury claims have risen massively in the last twelve months.
Just to annoy you, I did have an accident in the snow last winter which resulted in a claim and dropped me from 5 to 3 years' no claims bonus and my insurance still went down.
I had an accident, 200 metres from my house, car skidded on black ice at 5mph - classed as "lost control of car" = £££££££££££££s on the renewal
http://pistonheads.co.uk/gassing/topic.asp?h=0&...
I have the exact same problem, 50% increase in what I've been quoted. Interestingly I did hear that another reason for the increase is that insurance companies invested premiums into the stock market to balance the books. Now with the market flat, they have to balance it out by charging you and I more.
I have the exact same problem, 50% increase in what I've been quoted. Interestingly I did hear that another reason for the increase is that insurance companies invested premiums into the stock market to balance the books. Now with the market flat, they have to balance it out by charging you and I more.
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