MSE News: Drivers face soaring car insurance costs

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I love the "it doesn't make sense" brigade. Like understanding the pricing structure of insurance should come naturally to most people.

mikey72

Quote wrote: »

I love the "it doesn't make sense" brigade. Like understanding the pricing structure of insurance should come naturally to most people.

Why not?
(In the sense that they have a pricing structure somewhere in the background)

darich

The only time I've ever known my insurance to take a massive jump is when I upgrade my car.

I typically change my car every 2-3 years.....and normally for a newer, faster, shinier one than before. But each year my premium isn't massively higher.
Example - Toyota Celica approx £350 FC to insure. Changed car to BMW Z4 3.0...additional £30 for 3months.....renewal was less than £450.
Couple of years on renewal for Z4 was £600 so I moved to someone else and it was £460.
Now onto an Audi 2.0T quattro....and without the modification I can get FC for £320.....but with the modification it's £405.

Shopping around is always the answer.

Dan_Smith

darich wrote: »

The only time I've ever known my insurance to take a massive jump is when I upgrade my car.

I typically change my car every 2-3 years.....and normally for a newer, faster, shinier one than before. But each year my premium isn't massively higher.
Example - Toyota Celica approx £350 FC to insure. Changed car to BMW Z4 3.0...additional £30 for 3months.....renewal was less than £450.
Couple of years on renewal for Z4 was £600 so I moved to someone else and it was £460.
Now onto an Audi 2.0T quattro....and without the modification I can get FC for £320.....but with the modification it's £405.

Shopping around is always the answer.

I think you'll find that you live in a low risk area from the sound of it (who aren't really affected by this compared to higher risk areas).

mikey72

Shopping around works for me.

I think that's why insurance companies are perceived as the new double glazing companies though.

What other industry would get away with offering exactly the same product, to the same customer, with prices ranging in some cases from tens of pounds to thousands. Price comparison websites always range from £200 to £1500 for me.
Then at renewal, it's not unusual for the company to send a ridiculous quote, then immediately lower it when asked to. They'll tout for new business with a price match + a discount.
Or you could use a cashback site.

It's no wonder they have created their own poor reputation, and are getting slated over pricing structures.

If they offer a fair product, for a fair price, ok, if they want to operate like Del boy and Rodney, with everyday a special offer, that’s how I’ll treat them

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Yeah, because beans are beans, right Mikey?

mikey72

Quote wrote: »

Yeah, because beans are beans, right Mikey?

Glad we agree at last.

darich

Dan_Smith wrote: »

I think you'll find that you live in a low risk area from the sound of it (who aren't really affected by this compared to higher risk areas).

Glasgow postcode until a few years ago....not considered that low although i'd expect some others to be higher.

michaels

Our local paper lists some court cases - generally no insurance = 8 points and a fine in the range 150-800 - hardly an incentive for a young driver to purchase a 2-3k insurance policy...

Dan_Smith

Quote wrote: »

I love the "it doesn't make sense" brigade. Like understanding the pricing structure of insurance should come naturally to most people.

I hear this all the time on this board...

1. Low risk areas drivers who don't understand that postcodes have a BIG impact on insurance premiums!!

Made up example: "For my car insurance I was just recently quoted £1300 for my first year of driving this year, I don't understand why your being quoted £4000+ in Bradford when your the same age, sex, etc as me?").

2. People who think insurance premiums are supposed to go down forever (If that were true then I can't wait for the day my £0 a year car insurance policy (without cashback ) comes about.

3. People who don't read their terms & conditions when they buy the insurance policy, and then complain about;

- The insurance cover isn't suitable for what they want
- Automatic renewal clause

Etc etc....