Insurance Premiums

[Mr220Mike]

I'll apologise for the rant in advance. I've just had my renewal through at £371 last year I paid £200 and the year before that was £160 when all worked out with change to policy part way through the year. It is absolutely crazy to have seen an increase of over £200 in that time frame.

I've already done an initial comparison and got it to £260 but it's so annoying.

When will the madness end.

[jvanzyl]

Rants are needed.. well done for looking around.

[J88TEO]

That's how they work - screwing existing customers but discounting heavily to new customers.
This industry needs a total clean up, just like the utilities industries!

[mr2garageswindon]

You got lucky..
Try to insure a Land rover Velar.... One of my customers has gone up from £320 a year to £1200 a year.
No problem coz Land rover do their own insurance... BUT they don't cover the Velar!
Supposedly the most stolen car in the range (Pardon the pun).
I have also heard some insurance companies offering only 3 month policies..

[rusty0273]

That's how they work - screwing existing customers but discounting heavily to new customers.
This industry needs a total clean up, just like the utilities industries!

That used to be true but since 2022 its illegal to charge existing customers any more than new customers for car insurance. I've seen this myself since, when renewing but along with everyone else, all premiums have shot up this last 6 months.
The industry is definitely crooked when it comes to the claims process. They make their money from car rentals to the 'no fault' party and claim this at extortionate rates from the 'at fault' insurer. It just delays settlement for 12 months due to disputes and means everybody's renewal premium is escalated in the mean-time. Its widespread and completely crooked. I'd recommend taking a car provided by the 'at fault' party who'll be the one paying the bill to avoid this.

[steveash]

I got an email through explaining how inflation has so strongly affected insurance costs to justify an essential unavoidable price increase. I did a quick comparison and took this to my insurer who immediately took the premium back down to last year's figure 

[Alex Knight]

https://www.moneysavingexpert.com/insurance/car-insurance/when-to-renew/

[fawtytoo]

You got lucky..
Try to insure a Land rover Velar.... One of my customers has gone up from £320 a year to £1200 a year.

I'm with Lancaster Insurance for the MR2 and the premium is usually within £20+/- of the previous year.

I bought a 2010 smart fortwo which is only group 7, and it costs nearly twice what the MR2 costs with the same mileage and usage. That's with Churchill.

[J88TEO]

Lancaster upped mine from £198 to £572 and would not give me a reason for this massive increase!
Took my £££ elsewhere!

[fawtytoo]

Mines up for renewal in March, so I'll report back then.

[McMr2]

Amazing how they can often pull a discount of some kind out of the bag when you phone up to moan. In a way it makes it even more infuriating.

[Alex Knight]

When I was renewing the MR2 insurance, I got a decent quote.
But I called them up and way and said:

"Hello there, thanks for the quote. However, I have only saved up £150.00 for my insurance this year, can you do it for less than that?"

He put my on hold for 30 seconds, came back and said:

"I can do it for £149.99".

So that's what I paid.

Don't ask, don't get.

[tomato]

Looking at around £850 with the 20 year old as the main driver and me as registered keeper/owner, not that bad really.

Other cars gone up slightly, but stay with companies as called them all up and they have almost matched last years quotes.

[Joesson]

My 2's insurance is just due for renewal.
New quote, from Churchill, is over 40% up on last year.
GO Compare lowest offer is 10% less than last year, via Marmalade.
Highest is 7x last years price, via Love Your Miles.

As always we make a choice, pay our money and hope we never have need of the "service".

I do like the figure quoted by @Alex Knight as that is lower than my lowest offer at £163.99 and might be from a Company I've heard of!

[Ardent]

Tis a fantastic business model.
Something people are obliged to get, yet never want to use.

[househead]

I get absolutely stung on insurance. I have a life-long medical condition for which I need to notify DVLA, so I have to select "DVLA notified, no restrictions". The list of medical conditions under this banner is huge and vague. The insurer doesn't know which one I have, so from a risk perspective they will be assuming it's at least as risky as the median condition when in actual fact the amount it increases the risk of a claim by is probably tiny. It did get considerably cheaper moving to Preston from London though at least.

The way prices are calculated is a scam. I saw my price comparison website quotes double overnight once, because I'd cancelled a renewal with the existing provider. So my existing provider somehow notified all their competitors and they all decided I was fair game for ripping off. I had about 4 weeks left to fix it and some playing around with job titles and patience later I managed to soften the loss, but I still ended up paying £200 extra.

[Ardent]

a like - dislike - like type post.

[paulj]

Amazing how they can often pull a discount of some kind out of the bag when you phone up to moan. In a way it makes it even more infuriating.

Your discount is paid for by the customers who didnt call up, and probably just renewed automatically on direct debit.

[Ardent]

another - like - dislike - like type post.

[McMr2]

Your discount is paid for by the customers who didnt call up, and probably just renewed automatically on direct debit.

Not quite. I'm inclined to think there is no discount as the premium will still be higher, but usually only by a small amount after some negotiation. Rather, those who didn't dial up are paying over the odds unnecessarily.

Or you could argue it's being paid by higher risk drivers.

[Mr220Mike]

Well, it looks as though £260 is the cheapest I can get. I thought I'd give Adrian Flux a try. They quoted me £500!!!

[Mr220Mike]

What a result. After being a bit side tracked, I realised that I hadn't sorted my insurance that expires tomorrow. I decided to roll the dice and re quote, ended up getting covered for £180. Happy with that.

[Gaz mr-s]

Who from?

[Mr220Mike]

1st Central. 12k per annum, SDP&C, 40 years old, protected NCD etc.

[SuperArt]

What a result indeed.

I renewed mine last September for £275 comprehensive 5,000 per annum and Turbo declared with Lancaster.
34y/o with full NCD.

I didn't think that was too terrible.