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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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Post by Martin on May 20, 2024 16:32:08 GMT
I've made a decision and paid for the new insurance today, ended up being £1449 which was a bit higher than the quote because a hire car wasn't included in the event of theft or write off depart the selecting is in the comparison site. There are some particularly poor / light policies being offered eg not including windscreen cover, you really need to read all the small print.
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Post by johnc on May 21, 2024 8:24:10 GMT
My manager got a cracked windscreen at the end of last week and thankfully he is covered because the cost is over £1,600 for a replacement on a Golf GTi. I told him it was good that he had the cover and he said he thought all policies covered it. I told him that some companies were now dropping the cover or including large excesses for glass. He went home last night and checked his wife's policy and it doesn't cover any windscreen damage!!
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Post by Boxer6 on May 21, 2024 22:08:36 GMT
My manager got a cracked windscreen at the end of last week and thankfully he is covered because the cost is over £1,600 for a replacement on a Golf GTi. I told him it was good that he had the cover and he said he thought all policies covered it. I told him that some companies were now dropping the cover or including large excesses for glass. He went home last night and checked his wife's policy and it doesn't cover any windscreen damage!! Bloody Hell!! And I thought £1100 for the Legacy screen was bad!!!  |
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Post by Tim on May 22, 2024 7:36:59 GMT
My manager got a cracked windscreen at the end of last week and thankfully he is covered because the cost is over £1,600 for a replacement on a Golf GTi. I told him it was good that he had the cover and he said he thought all policies covered it. I told him that some companies were now dropping the cover or including large excesses for glass. He went home last night and checked his wife's policy and it doesn't cover any windscreen damage!! Bloody Hell!! And I thought £1100 for the Legacy screen was bad!!! Aye but that was years ago, there's been a lot of inflation since then! |
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Post by Boxer6 on May 22, 2024 12:20:18 GMT
Bloody Hell!! And I thought £1100 for the Legacy screen was bad!!! Aye but that was years ago, there's been a lot of inflation since then! True, and lots of screen have all sorts of sensors etc in them these days, which doubtless pushes the cost up. |
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Post by Alex on May 26, 2024 5:01:04 GMT
Aye but that was years ago, there's been a lot of inflation since then! True, and lots of screen have all sorts of sensors etc in them these days, which doubtless pushes the cost up. Well all new cars now do because of the mandatory requirement for lane assist to be fitted. |
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Post by alf on Jun 4, 2024 8:57:44 GMT
My Aviva quote is in for the renewal of my main car. Went up from £600 (for the XFR) to £900 (for the QF). Considering its worth twice as much, and vastly more appealing to scumbags, being stolen much more, I think I'll just leave that as I'm sick of trying to work out where all my insurance policies are and where to log in! I'm pleasantly suprised, which says a lot about the current market as its still a big % rise
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Post by Martin on Jun 21, 2024 5:37:46 GMT
Just had the renewal letter for the Golf, £686 vs £632 last year.
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Post by ChrisM on Jun 21, 2024 20:43:16 GMT
My younger daughter very recently had the renewal through for her A1... over £100 cheaper than last year with same insurer. She's added another year's NCD following the crash-for-cash scam she was involved with just over 2 years ago, but nevertheless I was very (pleasantly) surprised
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Post by alf on Jun 24, 2024 16:16:49 GMT
I just tried Confused.com and could not get within £200 of rhe renewal quotation! That's a first. I even checked the docs to be sure I had the same cover (with no courtesy car since I have two, which I think they like), but its the same. £900 it is. It's a 50% rise on last year but somehow I still feel relieved.............
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Post by PG on Jun 28, 2024 16:07:12 GMT
From one extreme to the other. I posted above that the Disco Sport came in at £1,225. Just had the tractor renewal through. £293. Both with the NFU. And I've made two claims on the tractor policy over the past years - one for theft and total loss (previous tractor long time ago) and one for damage (to this one).
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Post by Alex on Jun 28, 2024 18:11:33 GMT
Wife's insurance is due and Hastings Direct, who she's been with for about 5 years as they were always the cheapest or there abouts with decent customer service have written to her to say they will not be offering renewal terms. I know she had a claim when the Panda was written off but that was due to a mechanical fault and it was replaced with a 500 with the same 1.2 petrol and she's a 40 YO teacher with clean licence so hardly the biggest risk their underwriters would have ever come across.
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Post by Boxer6 on Jun 28, 2024 21:49:13 GMT
That's a very poor show by them!
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Post by PG on Jun 29, 2024 6:52:20 GMT
Wife's insurance is due and Hastings Direct, who she's been with for about 5 years as they were always the cheapest or there abouts with decent customer service have written to her to say they will not be offering renewal terms. I know she had a claim when the Panda was written off but that was due to a mechanical fault and it was replaced with a 500 with the same 1.2 petrol and she's a 40 YO teacher with clean licence so hardly the biggest risk their underwriters would have ever come across. That's ridiculous. Hopefully you can find somebody more interested in providing a service. |
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Post by Martin on Jun 29, 2024 7:34:00 GMT
That’s crazy Alex. What have the comparison sites come up with?
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Post by Alex on Jun 30, 2024 5:08:21 GMT
That’s crazy Alex. What have the comparison sites come up with? Between 400 and 500 so I'm sure she'll get suitable cover. I'm guessing Hastings underwriters have decided they don't want cars like this on their books or drivers with claims in the last 12 months maybe. |
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