Car Insurance Shock!

[Taxboy]

For the first time ever I cant get what a I regard as a reasonable quote.

Not only has the price gone up so has the excess, with a £400 excess and £500 damage you wont call them and they know it.

The excess is even more if you dont use their repairer.

They also seem to be loading +£200 for a year old SP30 which didnt used to effect policys.

Direct line are sending me £25 though for poor service answering the phones and that.

If it helps you can separately insure your excess I had a quick look and £1000 excess would be about £60 so if increasing your excess to a higher level reduces your premium by more than that it gives a bit of a saving

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[bwest76]

If it helps you can separately insure your excess I had a quick look and £1000 excess would be about £60 so if increasing your excess to a higher level reduces your premium by more than that it gives a bit of a saving

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Who and how does that work?

[Taxboy]

Who and how does that work?

https://www.ala.co.uk/ is one company who offers this cover. Essentially you are buying a separate insurance policy to cover your excess amount. If you have an accident you make a claim for the excess amount

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[bwest76]

Thanks will look into it.

[Ruggertech]

If it helps you can separately insure your excess I had a quick look and £1000 excess would be about £60 so if increasing your excess to a higher level reduces your premium by more than that it gives a bit of a saving

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I've done this myself in the past, cost twenty something pounds for £450 excess if my memory serves me right. The £450 voluntary excess reduced the insurance premium by about a hundred compared to taking the policy with the minimum excess. Quids in when I had to claim.

[beechcustom]

Wow! Just sorting my dad's car insurance. Renewal came in recently and went from £600 to £1000 (Volvo XC40). I was sure they were trying it on so I checked comparison sites etc and they are all around that price. What an increase!!!

[Foxy100]

An interesting story in the Grauniad today from the owner of an early 2000s Honda Jazz which her insurance company has now refused to insure:

https://www.theguardian.com/money/20...risk-to-insure

[wicheda]

I am shocked and appalled at my increase this year, with seemingly no alternatives to get anything cheaper.

A 340i in North London has increased from £800 to over £1,500. No claims in the last 19 years, no speeding tickets. Ridiculous, and the comparison sites don't have anything better it seems.

But fortunately inflation is under control apparantly. 😤

[kevkojak]

Ditto. I'm now paying more to insure my Jag X Type than it cost me to buy!!!
Doubled in the space of a couple of years despite a clean license, no claims, low crime area, parked on a drive. You're not telling me insurance companies costs have double? My mechanic charges about the same for a service as he has for the past 5 years, so they're not being scalped on repair.

This is greed, just a massive industrial case of price fixing and rinsing people for a service they can't refuse to have. I know personally if it were an option I'd be driving uninsured rather than paying £1400 a year to these bloodsuckers

[Mj2k]

Ditto. I'm now paying more to insure my Jag X Type than it cost me to buy!!!
Doubled in the space of a couple of years despite a clean license, no claims, low crime area, parked on a drive. You're not telling me insurance companies costs have double? My mechanic charges about the same for a service as he has for the past 5 years, so they're not being scalped on repair.

This is greed, just a massive industrial case of price fixing and rinsing people for a service they can't refuse to have. I know personally if it were an option I'd be driving uninsured rather than paying £1400 a year to these bloodsuckers

£1400 bloody hell, mental.

[Kingstepper]

Ditto. I'm now paying more to insure my Jag X Type than it cost me to buy!!!
Doubled in the space of a couple of years despite a clean license, no claims, low crime area, parked on a drive. You're not telling me insurance companies costs have double? My mechanic charges about the same for a service as he has for the past 5 years, so they're not being scalped on repair.

This is greed, just a massive industrial case of price fixing and rinsing people for a service they can't refuse to have. I know personally if it were an option I'd be driving uninsured rather than paying £1400 a year to these bloodsuckers

Insurers aren’t making big profits https://www.ey.com/en_uk/news/2023/0...sults-analysis.

Blame the car makers, thieves and uninsured instead of joining them.

[stooo]

Insurers aren’t making big profits https://www.ey.com/en_uk/news/2023/0...sults-analysis.

Blame the car makers, thieves and uninsured instead of joining them.

Did you read it and note the dates and summary?

 UK motor insurers reported a loss-making Net Combined Ratio (NCR) in 2022 of 109.5%, driven by high inflation and lagging premium increases

Sounds like they un-lagged the premiums then.