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Post by Bob Sacamano v2.0 on Mar 21, 2023 13:50:29 GMT
. They said the "over 50's" were going to get big hikes this year, I'm not quite there but they were not wrong... What have we done wrong? It's all you youngsters driving aggressively and crashing left right and centre, driving premiums up. |
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Post by ChrisM on Mar 21, 2023 21:37:06 GMT
Porsche renewal is due. Hastings wanted 344 vs 246 last year - and this time includes 2 years NCD, last year was one (on that car). I know insurance is up, but this seems a hell of a hike especially given they are now supposed to offer the same renewal rates as to new customers! Seems I can't save much more than £30 either by shopping around. They said the "over 50's" were going to get big hikes this year, I'm not quite there but they were not wrong... Swap it for a T-Cross; mine is insured with Hastings Direct and it was significantly cheaper than it would have been if I'd kept the Polo for another year. Plus, if you change the number plate (or move house) within IIRC 6 weeks of renewing the policy they waive the usual admin fee....... |
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Post by Martin on Mar 22, 2023 7:09:33 GMT
Porsche renewal is due. Hastings wanted 344 vs 246 last year - and this time includes 2 years NCD, last year was one (on that car). I know insurance is up, but this seems a hell of a hike especially given they are now supposed to offer the same renewal rates as to new customers! Seems I can't save much more than £30 either by shopping around. They said the "over 50's" were going to get big hikes this year, I'm not quite there but they were not wrong... That’s a big % increase, but broadly £344 is still pretty good. No need to swap it for a T-Cross…..  |
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Post by johnc on Mar 22, 2023 10:32:41 GMT
Why should over 50's be singled out for large increases - that is surely as discriminatory as charging males and females different rates.
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Post by racingteatray on Oct 30, 2023 23:12:54 GMT
Just had the renewal quotes through for the Macan and Fiat, which are on a multi car policy with Admiral.
It has gone from £1k (all-in) last year to £2.8k this year. The premium for the Fiat (now 10yrs young) has doubled and the premium for the Macan pretty much tripled!
So they can take a running jump off a high cliff.
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Post by Tim on Oct 31, 2023 8:40:31 GMT
We had our house insurance renewal through recently and it was going to increase by 50%.
Mrs Tim is going to organise something else.
Its not long until the car one will appear and I'm nervous how much that is going to be.
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Post by racingteatray on Oct 31, 2023 9:52:14 GMT
By shopping around extensively, I got the Macan back down to c.£1,200 (about 40% up on last year) and the Fiat back down to c.£170 (roughly the same as last year).
Admiral couldn't get anywhere near that. So obviously after 8 consecutive years insured with Admiral (because they were always cheapest), they've decided they don't like our postcode anymore.
It's across the board. Had to deal with my mother's car insurance for her last month because at renewal her premium had gone from £400ish to over £800. I eventually found her a new policy for £550ish.
These are all with no changes in relevant circumstances besides being one year older and having one year more NCB. I have 21yrs NCB and my wife has 18yrs NCB.
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Post by Tim on Oct 31, 2023 10:32:14 GMT
I had something similar with Admiral a few years ago - paid £750 for the whole fleet one year then got quoted the same for the 370Z alone, had a year with Aviva and then the following year was back to £750 for the whole fleet with Admiral.
Weird.
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Post by racingteatray on Oct 31, 2023 12:04:36 GMT
Yes that's happened to us before. We went off to esure. And then back to Admiral. And guess who is cheapest again this time...yup, esure.
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Post by ChrisM on Oct 31, 2023 20:59:58 GMT
I think it was on the Martin Lewis email earlier today that there was a mention that car insurance prices at the moment are running at just over 60% more than last year. If you have not already shopped round in previous years you may be able to cut your renewal price but for those of us who always do shop around, it could prove very expensive.
I also wonder how many people will be tempted not to bother with car insurance when they see their renewal premium.....
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Post by LandieMark on Oct 31, 2023 21:15:39 GMT
I'm not looking forward to the pickup's renewal in February - commercials are expensive in any event.
I've got my dad's renewal to deal with soon and his age is hammering that each year.
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Post by Alex on Nov 1, 2023 19:34:34 GMT
There was a bit about it on R4 Moneybox at the weekend. Insurance companies are basically no longer wanting to be in the car insurance business as most have been losing money over the last year or so and as a result a number of underwriters have pulled out the market or jacked up premiums to deliberately deter customers. Long lead times for parts and soaring repair costs driven by both labour costs and parts prices plus the massively increased cost of hire cars is mostly to blame. Some makes and models have seen big increases in thefts too which doesn't help.
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Post by racingteatray on Nov 1, 2023 22:29:53 GMT
Personally I have a hard time not considering insurance to be a vast legitimised form of racketeering.
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Post by Tim on Nov 2, 2023 8:22:45 GMT
My best mate is an estimator and QC guy with a bodyshop.
I can assure you labour costs are not soaring!
They do, however, have issues with parts being on back order and the number of courtesy cars required for increasingly stroppy customers is huge compared to the old days.
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Post by Martin on Nov 2, 2023 9:23:04 GMT
My best mate is an estimator and QC guy with a bodyshop. I can assure you labour costs are not soaring! They do, however, have issues with parts being on back order and the number of courtesy cars required for increasingly stroppy customers is huge compared to the old days. Hire cars for non-fault accidents has got to have quite an impact on insurance premiums, as they are usually pretty generous and the charges are way higher than you would pay if booking it direct. One of my transport managers was complaining recently about the fuel cost of running the car he'd been given when his (5-6 year old) SQ5 was in for repair. He'd been given a brand new SQ7 Vorsprung with a 4.0 litre petrol V8 as a suitable replacement. I guess there's a link with it being an 'S' Audi, but I'm sure there were cheaper alternatives. Another example is the Panamera ALFs mate was given as a replacement for a Polestar. |
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Post by racingteatray on Nov 2, 2023 9:43:06 GMT
I never tick the hire car option on our insurance policies because we have more than one car and we live in London, so neither of us commutes by car.
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Post by Martin on Nov 2, 2023 10:15:07 GMT
I never tick the hire car option on our insurance policies because we have more than one car and we live in London, so neither of us commutes by car. That's for an own fault claim or theft, if someone runs into you they will still offer you a hire car. |
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Post by johnc on Nov 24, 2023 10:59:05 GMT
I have been very fortunate to have paid c£450 for insurance of the M5 for the first 3 years. Last year it increased to £560 but this year it is now £1,054.
My broker has tried lots of different companies and I have been online but it looks as though, give or take £50, that it what it is going to cost!!!
Motoring is getting very expensive and I really can't see any justification for such a huge increase.
This year's premium includes £113 of Insurance Premium Tax - something I find very hard to justify in any way shape or form.
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Post by alf on Nov 24, 2023 12:01:42 GMT
Wow, its getting very real isn't it! I guess from yours and Racing's experiences, more of us can expect the same... Servicing is up, insurance is well up, road tax is up, fuel went back up (especially Super which it seems to be has been subject to prifiteering since E10 camer out). It's been a rough year indeed for motor related costs!
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Post by Martin on Nov 24, 2023 12:14:56 GMT
It is! Mine was £878 back in June, I've just updated the quote in the comparison site I used and it would be £2,078 if I renewed now.
I bought the wrong Porsche, it's 50% more than a new 992 GTS.
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Post by alf on Nov 24, 2023 16:58:28 GMT
I can't believe that when I switched to the QF with more than 6 months left, they only took £20... I wonder if they are not allowed to re-set the premium mid-term except on the vehicle type (i.e. they can't apply the price it would be, starting then)...
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Post by ChrisM on Nov 24, 2023 18:31:39 GMT
Just renewed the Kuga.... £265 last year, £400 for the next 12 months but but reducing the mileage to 3000 pa, "only" £330.
The Captur, also due in early December had increased by a similar percentage and again my lowering the annual mileage I have managed to keep it more "reasonable". DIfferent insurance companies involved and they seem unbothered if you say you have found a cheaper quote, just telling me that they can't or won't match.
Much of the increase is supposed to be due to the higher costs of repairing electric cars (I don't have one) and the long time taken for repairs due to continuing parts supply problems, plus the associated high cost of providing a loan car for many weeks/months - in which case, why when I say I don't want a loan car does the premium not reduce at all?
Time for an independent inquiry into car insurance pricing, I think
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Post by Alex on Nov 25, 2023 2:44:56 GMT
Because as much as you might not want a loan car, if you have an accident with a third party who successfully claims liability against you, they very much might want one whilst their car is being repaired.
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Post by johnc on Dec 18, 2023 12:08:42 GMT
Just out of interest I ran through a quote on a Macan GTS and the quotes are coming out at half the cost of the M5. Strangely the best quotes are from Halifax, Lloyds Bank and Bank of Scotland, none of which I would have considered to be in the insurance business. Hastings, the first recognisable insurance company are nearly the same as the M5.
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Post by Boxer6 on Dec 18, 2023 12:48:37 GMT
Just out of interest I ran through a quote on a Macan GTS and the quotes are coming out at half the cost of the M5. Strangely the best quotes are from Halifax, Lloyds Bank and Bank of Scotland, none of which I would have considered to be in the insurance business. Hastings, the first recognisable insurance company are nearly the same as the M5. Are they not all part of the same entity, financially speaking? |
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Post by johnc on Dec 18, 2023 12:53:21 GMT
Just out of interest I ran through a quote on a Macan GTS and the quotes are coming out at half the cost of the M5. Strangely the best quotes are from Halifax, Lloyds Bank and Bank of Scotland, none of which I would have considered to be in the insurance business. Hastings, the first recognisable insurance company are nearly the same as the M5. Are they not all part of the same entity, financially speaking? They are and there is about £150 between the different quotes. |
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Post by Tim on Dec 24, 2023 7:44:50 GMT
Just had my renewal quote through from Admiral and it’s a 25% increase.
That’s not as bad as I was expecting but I’ll still see if other providers can beat it.
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Post by alf on Dec 29, 2023 16:59:07 GMT
My daughter passed her test (first time - I think I was more nervous than I was for my own) last week. Insurance on my dad's old 2010 1.4 Fiesta was £1650 or so, with a black box, which was actually better than I feared (and not much more £ for £ than my first year insurance on my Mk1 1.3 sport fiesta when I was 18 - and the £ must be worth half what it was then).
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Post by Boxer6 on Dec 29, 2023 23:50:08 GMT
My daughter passed her test (first time - I think I was more nervous than I was for my own) last week. Insurance on my dad's old 2010 1.4 Fiesta was £1650 or so, with a black box, which was actually better than I feared (and not much more £ for £ than my first year insurance on my Mk1 1.3 sport fiesta when I was 18 - and the £ must be worth half what it was then). Congratulations Miss Alf!  |
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Post by johnc on Dec 30, 2023 10:51:00 GMT
My daughter passed just over 3 years ago and the first year insurance for a Mini One was c£1,100. The renewal earlier this month was £560 with 3 years NCD.
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