Car Insurance

Hootsmon · September 2023

Last Year £195.43

This years renewal......£271.71

FFS! You've gotta be kidding me

Moe_Zambeek · September 2023

Average increase this year is 41% according to Martin Lewis…

Cols · September 2023

Yup. They’re completely ripping the piss this year.

munckee · September 2023

Motor insurers have spent £1.10 on claims for every £1 in premium in past 12 months and they want it back!

Hootsmon · September 2023

The world is gonna look like Bladerunner in a few years.......the toffs with money living high above the city and the urchins living in high rise cardboard boxes.....like Dickens all over again

Hootsmon · September 2023

With Fentanyl instead of gin

nero1701 · September 2023

I just quoted out of interest...

2015 M135i

5000 Miles

Fully Comp

12 Years NCD

No Accidents in past 6 years

Private carpark

£414 last year

£690 this year

axisus · September 2023

They will end up with more people not paying insurance ...

notanon · September 2023

There's money to be made and it's a legal requirement, easily enforced with cameras.

Something like 25% of insurance companies' costs are for actual insurance. So many companies paying to run marketing campaigns to get customers to switch, duplicate IT systems, more and more dividends to pay . . . etc, etc. Life is getting more complex and at a cost.

Anybody remember when it was just £5 to drop on your parent's insurance as a learner.

rogd · September 2023

I'm waiting with dread!!

Dominic · September 2023

axisus said:

They will end up with more people not paying insurance ...

Indeed they will but they all have to subscribe and chip in to the Motor Insurers Bureau who cover uninsured claims .
So,in reality, they build in a contingency and we are all paying for those bastards anyway.
There will just be more of them.
I find insurance companies disgusting and dishonourable .......so many problems with various claims in the last 4 years ....
they wriggle ,lie, try to justify delays etc etc ..........they have become like cheap con men until you inevitably have to issue proceedings or go to the ombudsman . Then they cave in and 'honour' the contract they signed with you.
If a normal person or little business behaved like this they would be prosecuted for fraud .....they certainly don't hesitate to cancel a policy if you are 5 mins late paying ..........they're disgusting .
What kind of business can simply increase prices 47% just because they had a loss making year last year ( too bad )........only ones that run a 'ring' /monopoly by concensus and have a product that is a legal compulsory requirement to purchase .
They are pieces of shit.

BillDL · September 2023

My car insurance went up by about the same increment as yours @Hootsmon. ; I went onto comparison sites and there were a few coming back cheaper from companies I've never heard of, but when I drilled deeper and added back in the "extras" I had already ticked at the early stages of the process, they started getting almost up to my renewal quotation.

I hate insurance companies. They are in a risk business that is always going to be a gamble, but why should people that have never claimed in 20 years have to pay a share of the amount they paid out to others via claims?

DuploLicks · September 2023

Is there a known reason why it has increased or has it been suppressed for several years & it is now readjusting?

munckee · September 2023

BillDL said:

My car insurance went up by about the same increment as yours @Hootsmon. ; I went onto comparison sites and there were a few coming back cheaper from companies I've never heard of, but when I drilled deeper and added back in the "extras" I had already ticked at the early stages of the process, they started getting almost up to my renewal quotation.

I hate insurance companies. They are in a risk business that is always going to be a gamble, but why should people that have never claimed in 20 years have to pay a share of the amount they paid out to others via claims?

I understand your annoyance but that is literally the principal of insurance, the premiums of the many pay the losses of the few.

munckee · September 2023

DuploLicks said:

Is there a known reason why it has increased or has it been suppressed for several years & it is now readjusting?

As i mentioned above they are losing money on every policy. It’s mainly due to inflation on claims and delays on new cars and parts meaning they are paying much higher hire car charges etc.

Lodious · September 2023

My premiums went up a lot this year. I tried to get it cheaper but other quotes were even higher. Interesting that two of the insurance companies had ‘don’t bother holding if you have a Tesla or a Range Rover, we won’t cover you’ on hold messages.

I believe EV insurance has gone through the the roof. I’d heard this is because they are worried about minor damage causing issues with the batteries and having to store EV’s away from other cars due to fire risk, but not sure how true that is.

euan · September 2023

Don’t complain too much. You’re still paying massively less than myself with a 1L Fabia.

The cost of repairing cars is going up considerably, shortage of parts, and more complex vehicles are pushing it a lot. Tesla fans are celebrating that massive aluminium casting of entire sides of the car but not thinking about what that does for repair cost.

Penn · September 2023

Her indoors had hers go from £225 to a renewal quote of £750. We paid £590 in the end.

2 years ago a little muppet, who had just passed his test and was busy looking at his phone, decided to shunt her couple of year old car into the car in front of hers. She was sat at traffic lights minding her own business and he ploughed into her. Both front and back of the car were a mess. He was probably doing 50 when he hit her car.

The car was worth maybe 14k and the insurance company spent 12k repairing it. Didn’t seem like a sensible thing for them to do. Suppose we’re paying for it now. The idiot that caused the accident is probably still speeding and on his phone.

mrkb · September 2023

My 18 year old son pays £1 per mile. Stop moaning old dudes

Penn · September 2023

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

munckee · September 2023

Penn said:

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

If so does the fresh pound repair any damage to the car?

mrkb · September 2023

Penn said:

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

Onboard Tracker thats linked to phone - £500 gets 500 miles insurance. Tracker checks driving vs speed limits, acceleration and braking style, sudden movements, checks if phone is used. So much stricter than most of the "experienced" drivers are assessed against.

fretmeister · September 2023

The amount of payouts dropped massively in lockdown because nobody was driving anywhere. So that led to massive profits for about 18 months.

Now it's nearly back to normal (there's still a lot more people doing lower mileage and working from home) but the shareholders still want to maintain the extra profit levels.

The insurers have claimed there is a massive increase in claims - of course.... but only from the tiny amount during lockdown... and they don't mention that anywhere in their 'justification'.

They are full of crap.

munckee · September 2023

fretmeister said:

The amount of payouts dropped massively in lockdown because nobody was driving anywhere. So that led to massive profits for about 18 months.

Now it's nearly back to normal (there's still a lot more people doing lower mileage and working from home) but the shareholders still want to maintain the extra profit levels.

The insurers have claimed there is a massive increase in claims - of course.... but only from the tiny amount during lockdown... and they don't mention that anywhere in their 'justification'.

They are full of crap.

Insurers spent £1.10 for every £1 they took in 2022, the current increases are expected to mean they spend 97,4p for every £1 they take in 2023/4 according to the FT

RaymondLin · September 2023

mrkb said:

Penn said:

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

Onboard Tracker thats linked to phone - £500 gets 500 miles insurance. Tracker checks driving vs speed limits, acceleration and braking style, sudden movements, checks if phone is used. So much stricter than most of the "experienced" drivers are assessed against.

Cheaper to get taxi surely with that level of running cost.

TTony · September 2023

RaymondLin said:

mrkb said:

Penn said:

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

Onboard Tracker thats linked to phone - £500 gets 500 miles insurance. Tracker checks driving vs speed limits, acceleration and braking style, sudden movements, checks if phone is used. So much stricter than most of the "experienced" drivers are assessed against.

Cheaper to get taxi surely with that level of running cost.

Some taxi drivers object to some of the "back seat" activity though

HAL9000 · September 2023

nero1701 said:

I just quoted out of interest...

2015 M135i

5000 Miles

Fully Comp

12 Years NCD

No Accidents in past 6 years

Private carpark

£414 last year

£690 this year

Almost exactly this. My renewal quote arrived yesterday. £434 last year; £682 this year. That’s a 56% increase! Yours looks even worse. I’ve just been on the comparison websites and the cheapest like-for-like quote was £679 (a saving of £3); the most expensive was around the £1400 mark.

Philtheguitar · September 2023

Yep, mine has gone up by around 50% - absolutely disgusted but what can we actually do?

mrkb · September 2023

RaymondLin said:

mrkb said:

Penn said:

mrkb said:

My 18 year old son pays £1 per mile. Stop moaning old dudes

Does he have to feed pound coins into a slot on the dashboard like it’s an arcade game?

Onboard Tracker thats linked to phone - £500 gets 500 miles insurance. Tracker checks driving vs speed limits, acceleration and braking style, sudden movements, checks if phone is used. So much stricter than most of the "experienced" drivers are assessed against.

Cheaper to get taxi surely with that level of running cost.

Nearly, but to get cheaper insurance in future he needs to get driving experience… bit of a vicious circle.

fretmeister · September 2023

munckee said:

fretmeister said:

The amount of payouts dropped massively in lockdown because nobody was driving anywhere. So that led to massive profits for about 18 months.

Now it's nearly back to normal (there's still a lot more people doing lower mileage and working from home) but the shareholders still want to maintain the extra profit levels.

The insurers have claimed there is a massive increase in claims - of course.... but only from the tiny amount during lockdown... and they don't mention that anywhere in their 'justification'.

They are full of crap.

Insurers spent £1.10 for every £1 they took in 2022, the current increases are expected to mean they spend 97,4p for every £1 they take in 2023/4 according to the FT

Did that income include the massive amount they get from selling our data?

Only Admiral have ever been open about that in the past - they said data was actually a larger income than the insurance products themselves.

munckee · September 2023

fretmeister said:

munckee said:

fretmeister said:

The amount of payouts dropped massively in lockdown because nobody was driving anywhere. So that led to massive profits for about 18 months.

Now it's nearly back to normal (there's still a lot more people doing lower mileage and working from home) but the shareholders still want to maintain the extra profit levels.

The insurers have claimed there is a massive increase in claims - of course.... but only from the tiny amount during lockdown... and they don't mention that anywhere in their 'justification'.

They are full of crap.

Insurers spent £1.10 for every £1 they took in 2022, the current increases are expected to mean they spend 97,4p for every £1 they take in 2023/4 according to the FT

Did that income include the massive amount they get from selling our data?

Only Admiral have ever been open about that in the past - they said data was actually a larger income than the insurance products themselves.

I believe GDPR has put paid to that but I might be wrong.

Howdy, Stranger!

Categories

In this Discussion

Become a Subscriber!

Car Insurance

Comments