why has my car insurance shot up

rumnraisan
rumnraisan Posts: 27 Forumite
For the past 4yrs i have been paying approx £180 with Lloyds tsb...this years policy renewal just came through..same address, 7 yrs no claims, no change at all and its £450.
How can they just do this?..i have checked all the comparison sites and they all come out around that price...i literally cant afford it!...the insurance is virtually more than the car is worth!
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Comments

  • Gloomendoom
    Gloomendoom Posts: 16,550
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    Price fixing.

    In any other industry it would be illegal.

    Write to your MP and moan about it. If everybody does it something might get done.
  • mikey72
    mikey72 Posts: 14,680 Forumite
    rumnraisan wrote: »
    For the past 4yrs i have been paying approx £180 with Lloyds tsb...this years policy renewal just came through..same address, 7 yrs no claims, no change at all and its £450.
    How can they just do this?..i have checked all the comparison sites and they all come out around that price...i literally cant afford it!...the insurance is virtually more than the car is worth!

    You've stayed with them too long.
    Shop around, see what prices you get quoted if you move.
  • rumnraisan
    rumnraisan Posts: 27 Forumite
    I feel like shouting from the roofs....is there any campaign to stop this..i cant believe they can impose such huge rises to protect their massive profits. All they are doing is making it harder for people to afford insurance...thus tempting many to drive without cover.
  • rumnraisan
    rumnraisan Posts: 27 Forumite
    mikey72 wrote: »
    You've stayed with them too long.
    Shop around, see what prices you get quoted if you move.

    Have spent 2 days doing just that...the lowest quotes are all coming out the same £400+.

    could it be anything to do with my credit rating?...its taken a battering the last 12 months
  • Gloomendoom
    Gloomendoom Posts: 16,550
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    rumnraisan wrote: »
    I feel like shouting from the roofs....is there any campaign to stop this..i cant believe they can impose such huge rises to protect their massive profits. All they are doing is making it harder for people to afford insurance...thus tempting many to drive without cover.

    I was being serious. If you want a rant, why not rant to someone who can do something about it?
  • wealdroam
    wealdroam Posts: 19,181
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    rumnraisan wrote: »
    ...i literally cant afford it!
    Then sell the car. ;)

    rumnraisan wrote: »
    ...the insurance is virtually more than the car is worth!
    That is not unusual.
    A car worth a few pounds can still cause many thousands of pounds of damage to other people or property.
  • flyingscotno1
    flyingscotno1 Posts: 1,679
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    In short we have the following-
    -Increase in claims
    -Playing out more than they get in
    -Low interest rates and economic factors mean decrease in income from other investments
  • Gloomendoom
    Gloomendoom Posts: 16,550
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    In short we have the following-
    -Increase in claims
    -Playing out more than they get in
    -Low interest rates and economic factors mean decrease in income from other investments

    And the boss of Admiral/Elephant rubbing his hands at the record breaking profits made... despite the above.
  • dannymccann
    dannymccann Posts: 567 Forumite
    Cant believe you have stayed with the for 4 years to be honest! Nowadays there is no place for loyalty to these heinous companies profiting off the necessity to have insurance, they will take you for all you've got if you let them, so shop around and get it as cheap as possible, even making the smallest amount of effort on MoneySupermarket should save you a good £200, then dont forget TopCashback or Quidco, often for people in your situation you can halve your yearly premium (doesnt quite work that way for us young'uns ;))
  • wba31
    wba31 Posts: 2,189 Forumite
    would love to pay only £450 for insurance, im looking at more than double that... it is a big con though, but one we have to go through if we wish to drive our own vehicles...
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