Car Insurance Shock!

[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.

[Kingstepper]

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.

Saw the dates but doubt 2023 summary is available yet. It's just not a very profitable business despite what many might think.