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MSE News: Record rise in car insurance costs
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The cost of car insurance is rising at its fastest rate on record, research reveals today ..."
"The cost of car insurance is rising at its fastest rate on record, research reveals today ..."
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Comments
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surely you find out the cost of insurance before you buy a car. BBC nradio news spoke to a guy who had a van and a car and he was moaning about the cost of insurance but surely the logical thing to do is to either shop around or sell the car and buy a cheap car which will be less to insure,0
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That's logical but it seems that many newish posters who post on these boards don't do it particularly if they are in a high risk group. They presume because their mother/father/older sister has a low premium they will too.surely you find out the cost of insurance before you buy a car.
Was he complaining about the car insurance or the van insurance?BBC nradio news spoke to a guy who had a van and a car and he was moaning about the cost of insurance but surely the logical thing to do is to either shop around or sell the car and buy a cheap car which will be less to insure,
I've heard that more vans are involved in accidents than cars, and seeing how they are driven I can understand why.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
We predicted big rises about 6 months ago when we discussed the impact of a recession on motor premiums0
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It's hardly surprising. I suspect that there is considerable disparity between various insurer's increases. Those that have chased volume are getting hurt.0
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Got my renewal notice today from More Than: up 56% from £679 last year to £1061. No changes (except my daughter who shares the car has one year more experience - making three years), no claims, no convictions - no excuse for such an extortionate rise. If the average rise is 22% then why am I being targeted?
Now I have to waste a day or two (no MSE, it's not 5 mins per search - what planet do you live on?) going through the whole rigmarole again. Mind you, I would be pleased to get away from our More Than Indian friends (none of whom seem to be able to speak English).0 -
What is this?
Round 2 over a 2009 article?0 -
Got my renewal notice today from More Than: up 56% from £679 last year to £1061. No changes (except my daughter who shares the car has one year more experience - making three years), no claims, no convictions - no excuse for such an extortionate rise. If the average rise is 22% then why am I being targeted?
Because higher risk people are being charged to cover the higher risks. You are higher risk as you have a young and inexperienced driver on the policy. So, a perfectly good reason to charge you more.
If you were lower risk you would see no increase or even a drop this year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Because higher risk people are being charged to cover the higher risks. You are higher risk as you have a young and inexperienced driver on the policy. So, a perfectly good reason to charge you more.
If you were lower risk you would see no increase or even a drop this year.
I was already paying an extra premium for a young driver in 2009. Nothing has changed. You completely failed to see my point. Do you think a 56% premium rise is fair?0 -
I was already paying an extra premium for a young driver in 2009. Nothing has changed. You completely failed to see my point. Do you think a 56% premium rise is fair?
Given the increase in costs for higher risk people then yes I think its fair in as much as someone has to pay for it. Whilst there is cross subsidy across the board, the higher risk people have to pay more than the lower risk to keep the system fair.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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