Help me!

fordy

My insurance on my 10 year old Subaru Impreza (worth about £1100) has gone up 50-60% on last year, roughly £800 from £500. I can't pay 2/3rds of my cars value on insurance, thats ridiculous. So I figured time to get another car, except I've just had a few quotes back on a 2005 Mazda 3 2.0 saloon and its only £50 cheaper.

The Mazda is group 8 the Subaru group 13 and it has modifications.

I had a fault accident in November 2008, it never effected my premium for this years policy, is this a delayed reaction or is it something else?

I live in Liverpool, yes I know its the car crime capital of the UK but this throws the whole insurance group thing out the window.

What is going on? What do I do?

sophievenusdoom

The increase in premium won't take effect til your next renewal, so the likelihood is that you are paying for your accident now. The same happened with me - accident in April '09, premiums were unaffected. November '09 was when my renewal was due and that's when my premiums went up!!

fordy

The next renewal was last october 09, after the accident Nov 08.

shudder

It could be a case of the claim wasn't finalised and the full costs known until this renewal. Was it your fault, much damage to the vehicles?

fordy

Yes the accident was my fault, but according to my insurer the only claim was for the damage to my car (no damage to the other vehicle, typical) and that was £1200.

But the logic of the sliding scale principle of insurance groups should mean a change down 5 groups should be worth more than £50.

And the value of the car only effects premiums when its over £30k according to 2 of the insurers ive spoken to this week.

shudder

Is you no claims bonus protected?

Whilst the group is a significant factor for younger people the older you get the less important it is, my partner has recently changed from a group 2 to a group 11 and the increase was only £75 over the year.

If the only damage was to your car then the company should have been fully aware of the costs at your last renewal and therefore shouldn't make any diferrence to this years policy to effect the price. Have you asked your insurer if they can tell you why it is such a big increase?

Insurance premiums are generally on the increase due to the current economic climate although this shouldn't equate to the percentages you are speaking of.

And yes the value doesn't really have a signifficant impact until you get to higher calue vehicles, this can be anything from £30-£60k depending on the insurers criteria.

fordy

My no claims is protected, I will have 8 years at renewal. Also, I'm 34 years old. The insurer is blaming it on the general cost increases, which is fair, but not to the degree I'm seeing.

If my car is only worth £1100, paying £800 for insurance is pointless. But buying a newer car with a MUCH lower insurance group isn't bringing the prices down so where do I go from here?

vaio

Try and avoid thinking of the premium as a % of the value of the car, the big risk (and hence cost) is you hurting a third party where the claim could easily run into six figures. The grand or so they’ll pay out on your car is insignificant, IYCBA try getting a couple of quotes on the car, one TP only and the other fully comp, the difference is the part that the value of your car represents. When I was doing one recently the FC was actually cheaper then TPO. Go figure…..

As to your current problem, you are doubly bug gered, as a loyal existing customer you are expected to contribute to the shareholder Christmas party (Monaco this year) and as you had the temerity to actually make a claim they also want that money back as soon as possible.

All you can do is shop around, the main site has a good guide http://www.moneysavingexpert.com/insurance/compare-cheap-car-insurance and I’d be surprised if you couldn’t beat the renewal you’ve had.

As an aside, one of the youngsters who works with me has an imported & modified WRX, he’s not got a spotless claim record but is currently paying just under £500 through Adrian Flux, might also be worth giving them a ring

God luck

fordy

I've tried dozens of insurance companies, Adrian Flux quoted £1300.

So how long does an accident affect premiums?

fordy

My Impreza is a non turbo model as well, not that it makes a difference.

foggytown

fordy wrote: »

I've tried dozens of insurance companies, Adrian Flux quoted £1300.

So how long does an accident affect premiums?

Depends on the insurer and the clue will be in the proposal form where it asks whether you have had any accidents/claims in the last X years. The "X" is the affected period for that insurer. Five years is normal, but a few are still three.

What joy do you get if you try a quote for just third party, fire and theft? I don't see anywhere in your posts what coverage basis your first quote was on.