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Post by Tim on May 2, 2024 15:59:57 GMT
Aren't we contributing to more general insurance costs though, e.g. claims for flooded houses, etc.
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Post by alf on May 7, 2024 8:57:50 GMT
Now the insurance companies have pulled all our pants down with their hugely increased premiums you can bet they won't reduce them when the supply chain finally gets sorted and parts no longer take 3 or more months to source. I really don't believe that they need to double the premiums to make car insurance financially viable again. This is the trouble. I think the UK was already quite an expensive place to live, but the recent inflation and supply issues have meant a lot of things have gone up in price - and I can't see them coming back down any time soon.... Insurers seem uninterested in addressing the supply side price issues to them (like ridiculous charges for loan cars), they can simply pass the prices on to us. I work with commercial insurers a bit, mostly brokers, selling Telematics/camera systems as I do. The brokers are often up for using technology to reduce premiums, but the tier 1 insurers have faffed about for over a decade. Using telematics data like driver risk scores to affect premiums should not be rocket science, but they treat it as if it is. I'm guessing they have the same half-arsed approach to addressing repair and loan car costs, and "crash for cash" type fake claims, and we carry the can for it all.
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Post by Martin on May 10, 2024 9:27:58 GMT
Deep joy…..
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Post by Boxer6 on May 10, 2024 12:46:30 GMT
Jeezus pleezus .. .. that's some hike!!!
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Post by alf on May 10, 2024 15:35:36 GMT
Oh crap! I'm expecting much the same when my main insurance expires in late June....
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Post by PG on May 10, 2024 15:38:25 GMT
Yikes. And I thought I was getting ripped off at £1,200+.
Does compare the meerkat etc give any cheaper options? Or are Panameras the new Range Rovers?
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Post by Martin on May 10, 2024 16:03:14 GMT
They have also sneakily upped the excess from £750 to £1050!
After a quick look at one of the comparison sites, I’ll be lucky to get it for under £1,600.
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Post by Bob Sacamano v2.0 on May 11, 2024 14:38:37 GMT
This needs investigating. It’s clear the competitive market isn’t working. It looks increasingly like a cartel.
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Post by Martin on May 13, 2024 11:43:23 GMT
I've refreshed some quotes from last year and can just get it to just over £1,400.
Interesting differences in prices based on the ownership (via Meerkat), not sure why the risk profile is different if you've owned the car for a year? - Original Reg, don't own the car yet = £1,308 - Original Reg, owned car since 06/23 = £1,408 - My Reg, owned car since 06/23 = £1,425
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Post by johnc on May 14, 2024 8:31:07 GMT
This needs investigating. It’s clear the competitive market isn’t working. It looks increasingly like a cartel. I quite agree. Only a couple of years ago I was paying £400 and something to insure the M5. That increased to mid £500s last year and this year it is up at £1,000. Next year I fear something like Martin's quote. It's hard to see the logic or fairness in such huge increases.
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Post by alf on May 14, 2024 15:20:45 GMT
It's a total joke. I get that there has been a perfect storm of factors, but the incentive to sort it out, is very limited when they can just pass on cost increases of this magnitude. I wonder if the way they package and resell risk ("reinsurers") means less incentive to actually change practices, e.g. use technology more effectively to reduce costs.
I'm sure the issues with parts availability, and the knock-on effect of huge loan car and repair costs is most of it, but it also seems there are vastly more thefts these days than there were, the tech of the thieves has well overtaken the OEM's, and it doesn't help that UK police seem to see it as a victimless crime. I sometimes wonder what they are interested in, if not in car thefts, burglaries, shoplifting, and a long list of other things they seem to see as barely worth taking a phone call about these days... It's a bit of a side rant but the state of the security of our nation is not amazing, when people can drive luxury cars into container ports, stick them in a container, and ship them off to Africa, Russia and so on, no questions asked. I mean its not dodgy looking at all is it?
I also wonder where the whole car market is going, with new and second hand costs so high, and spiralling insurance/servicing/repair costs. Young people are less interested in cars, Chinese OEM's are coming online with cheaper models, more and more people are being priced out of the luxury cars that so many european jobs rely on.
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Post by johnc on May 14, 2024 16:52:20 GMT
We were out to dinner last week with a friend I grew up with who moved to California in his mid 20's. He was saying that USA is much more expensive than it was even 5 years ago but salaries are far far higher than here. Anyone earning less than $100K is considered relatively poor. Professionals and mid to senior management are on an easy £250K up to $millions.
In his view, eating out and most other expenses in the UK are on a par with USA but salary levels are way lower and no better than half at best. We appear to have let the standard of living and the wealth generation in the UK slip away which makes it easy to see why paying for the NHS and all the other social care etc is proving more and more difficult.
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Post by PG on May 17, 2024 12:04:21 GMT
This needs investigating. It’s clear the competitive market isn’t working. It looks increasingly like a cartel. I quite agree. Only a couple of years ago I was paying £400 and something to insure the M5. That increased to mid £500s last year and this year it is up at £1,000. Next year I fear something like Martin's quote. It's hard to see the logic or fairness in such huge increases. This. It is clearly a cartel, but don't hold your breath for any action by any agency or official department. One theory is that as EV repairs are so expensive - more write offs, huge fires and third party costs potentially etc - they are charging everyone more to make EV insurance look less awful. After all, nothing must stop the EV roll -out.......
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Post by Martin on May 17, 2024 14:19:04 GMT
I thought that too and when I was on a comparison site recently I put a Model 3 Performance in and the price was ‘only’ just under £900, so £500 cheaper than the best price for mine.
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