Really peeved with Car Insurance

dori2o

Recently got my car insurance renewal quote and I'm not happy. It's gone up almost £200.

I have 7 years no claims, I'm almost 30, 2 kids, mortgage, live in a decent area, do less than 3k miles a year (as I use public transport to get to work so only go out at weekend), have a decent job, never been convicted of a driving offence, never had insurance cancelled, and my car which I've had for 5 years is a 11 year old Fiat Brava in good condition, serviced every year, car is on the drive all day and night, immobiliser, alarm, no tracker.

Tried all the comparison sites and even TPFT best price is still £100 more than last year.

Any ideas?

needabargin_2

im in the same ish boat as you just had my renewal for both cars we have and it has gone up by over £200!!! went onto the website of same insurer and can get it nearly £300 cheaper last year was the same problem rang them to say found it cheaper on there website even though they offer 10% discount for new customers it worked out i saved again over £200!! which is more than 10%

they must really think we would just pay it out but no they are so wrong,

check there website and call to see if you can haggle it

Mr_K

Get your cheapest quote, give it to your insurer. They more often than not will drop close to it. I have to go through this rigmarole every year now. They must be raking it in from those that don't bother to quibble and are on autorenewal. Better for the rest of us I guess that lots are apathetic and don't realise they can negotiate. Car insurance has gone up across the board i.e they've all clubbed together to increase their profit margins.

If you do end up changing insurer go via a cashback site, that could wipe out most of your £100 increase.

raskazz

Mr_K wrote: »

i.e they've all clubbed together to increase their profit margins.

That's quite a serious allegation. Do you have any evidence of that?

Mr_K

raskazz wrote: »

That's quite a serious allegation. Do you have any evidence of that?

Well they do seem to be doing rather nicely of late, unlike other areas of the economy.

From FT site:-

Premium growth bolsters Admiral
By Martin Arnold and Daniel Thomas
Published: August 25 2010 09:13 | Last updated: August 25 2010 22:06
Admiral, the FTSE 100 car insurance group, increased pre-tax profits by more than a fifth in the six months to June, lifted by rising sales and prices that offset a slump at Confused.com, its price comparison website.

Mirroring a trend of bumper first-half profits at most of the big UK insurers, Admiral met analyst expectations by reporting interim pre-tax profits of £126.9m ($196.2m), compared with £105.3m in the same period a year ago.

sparky7

Mine was about £50 more than last year, then I added a second driver to see how that would affect the price, and it lowered it from £400 to £250.. have you tried that?

hostie1985

When i got my renewal through the post the other week, my quote was £670 (even though i paid £550 last year), i went to the comparision sites and found a cheaper quote for £490 - rung my insurance provider up and said that the quote i found online (even though it is under a different company name) they could match it because 'both company's are under the same insurance umbrella'!!!

hansi

I'm just going through the rigmarole of getting quotes ( my Saga motor policy has increased by £50) but I'm amazed on some sites when inputting my registation number that they stiill come up with my previous car which i sold four years ago. How's that for computer wizardry! I have also found out that it's not worth using cashback sites any more. The premiums have gone up so much that you might as well go direct.

deanos

My renewal has gone up £110 with M+S they would not reduce it so looking around now

dunstonh

Well they do seem to be doing rather nicely of late, unlike other areas of the economy.

Yes. Making a smaller loss or breaking even in general is really doing well.

You are focusing on the retail side and not the underwriting side.

Mr_K

Yes, Dunstonh is right. Insurers have been having a hard time. We should be glad to give hundreds of extra pounds rather than getting the best deal. Stuff Children in Need, Insurers are a far better cause.

For someone who often gives invaluable advice on savings,pensions and investments he doesn't half give some duff opinions/advice on the insurance board. Remember the title of the website - 'Moneysaving' and its supposedly for 'Consumers'. Seems a lot of the regulars on here are attached or benefit from the insurance industry. Maybe they should get their own website/forum.