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really high car insurance prices
naz101
Posts: 552 Forumite
I dont know if anyone has any theories about this. Its time for me to renew my car insurance but my renewal has risen by over £200!!!!!
There is no change from my last renewal except I have an extra year for no claims bonus.
Previously I have been involved in an accident and have some points for speeding but these were part of my last renewal!
Why has it gone up so much... in some cases over £400!
sorry this has been posted on another part of this sight too but was recommened that i move it:)
There is no change from my last renewal except I have an extra year for no claims bonus.
Previously I have been involved in an accident and have some points for speeding but these were part of my last renewal!
Why has it gone up so much... in some cases over £400!
sorry this has been posted on another part of this sight too but was recommened that i move it:)
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Comments
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Ours came back higher too but a quick phone call and the threat of going elsewhere brought it straight back down.
They try it on for people who dont bother checking last years price!:mad:Life is a rollercoaster.....ya just gotta ride it:whistle:0 -
mine has gone up £900 :eek:
cheapest i have found is about the same as last year (maybe about £20 a year more) but it has taken 3 comparison sites to establish this as the cheapestthings arent the way they were before, you wouldnt even recognise me anymore- not that you knew me back then
MercilessKiller wrote: »BH is my best mate too, its ok
I trust BH even if he's from Manchester..
all your base are belong to us :eek:0 -
Reasons for increase:
1 - Claims go up in a recession, mainly due to consumer fraud
2 - a number of severe weather events increased claims
3 - investment returns fell
4 - loss of first year discounting on renewals (where the insurer doesnt have loyalty based discounts that follow on)
5 - a reduction in first year discounts appears to be in place at the moment
6 - car insurance is loss making for many requiring profits in other areas. There is less appetite for that with some at the moment.
7 - FSA regulation continues to cost more (some estimate that the cost of regulation and compliance now accounts for around 30% of what you pay)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 -
well after going on the phone for 20 mins, I have actually managed to get my insurance down below last years price by £15.
Not much but if you think about how much it went up, its a relief!!!0 -
same thing happened last year, went from £450 to £1300, got arrogantly told i wont get it cheaper anywhere else.
oh look i didthings arent the way they were before, you wouldnt even recognise me anymore- not that you knew me back thenMercilessKiller wrote: »BH is my best mate too, its ok
I trust BH even if he's from Manchester..
all your base are belong to us :eek:0 -
I have just had a renewal for £178 which i think is expensive considering ive never had an accident in 26 years,drive an old banger worth about £1000. Has the insurance market suddenly gone crazy??
Any tips to get cheaper?Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0 -
C_Mababejive wrote: »I have just had a renewal for £178 which i think is expensive considering ive never had an accident in 26 years,drive an old banger worth about £1000. Has the insurance market suddenly gone crazy??
Any tips to get cheaper?
Its less about the value of your car. Mine is £50k but I pay £340.
its more about the damage you can do to other vehicles, property and people. Personal injury will be as bad (or worse) with a banger as it would by any other car.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 -
Why has it gone up so much... in some cases over £400!
Easy.........greedy Insurance CompaniesCampaigning to recycle Insurance Policies into Toilet Paper :rotfl:
Z0
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