1 years "no claims" discount - but no discount?

newfoundglory

My car insurance is due for renewal for next month.

I will have had my license for 1 year and my car + insurance for 10 months. When I took out my insurance with Admiral (cheapest), it was a 10 month "bonus accelerator" to build up no claims discount faster.

The insurance cost about £690, (excess of £650). It was for a Ford Ka, which was the cheapest car to insure I could find at the time.

I have just got some renewal quotes, from the same comparison website, and Admiral (still the cheapest) quoted £723 with 1 years no claims! Same excess. Which is obviously MORE than last year.

Now, I have been involved in a no-fault accident, where Admiral waived my excess and repaired my car under my policy - they then successfully re-claimed 100% from the third party insurer.

Are Admiral likely to offer a better quote if I renew with them directly?

My understanding was 1 year no claims should be about 30% discount, and in any case no less than 20%, but definitely not more. So, my expectation was paying no more than about £500 fully comp.

vaio

yep, you'll get 20 or 30% off this years premium. The problem is that this years premium has gone up £500 since last year. They might also be loading you because of the non fault claim.

Have you gone through the guide on the main site?

PNPSUKNET

none fault loads your policy by about £30 a year

lisyloo

The discount is off THIS years prices not last years.
Unfortunately car insurance has gone up a lot for many people, but you are still getting a discount.
If you don't believe it, try it with zero no claims and see what figure you get.

newfoundglory

Actually, my post is slightly inaccurate... it assumes a 12 month policy and not 10.. so its actually about £620 vs £690 last time. Cheaper, by £70, but still not good enough IMHO - because I drive a Ka.

In fact, what I might do is take the 12 month policy instead... as i'm unlikely to save anything with the "bonus accelerator" given it will be the increase less 10% when I come the renewal in another 12 months time. Prices are sure to rise by at least 10% i would i think.

I have tried the insurance article - I already claim to be a civil servant, which is the cheapest in the category.

I have also tried un-quoted insurers like Direct Line, which was several hundred more.

I even had a great quote from the rather ironically named, wiser choice insurance which was... £18,748.04 (yes, thats right, almost 19 grand) and a £300 excess :eek:

newfoundglory

lisyloo wrote: »

The discount is off THIS years prices not last years.
Unfortunately car insurance has gone up a lot for many people, but you are still getting a discount.
If you don't believe it, try it with zero no claims and see what figure you get.

Okay, i re-quoted from the comparison site and got £719 (500 excess) with 1 year NCD

I then only changed the NCD to 0 and it was £796 (500 excess)

Which looks like a little over a 10% increase to me. Although, I kept the period license held the same and also the accident so that it was a fairer reflection of the true increase.

Don't believe everything you're spoon fed. Insurance companies make an absolute fortune, careless of what you may have been told about claim increases.

iamana1ias

newfoundglory wrote: »

Insurance companies make an absolute fortune, careless of what you may have been told about claim increases.

Source for your claims, please.

newfoundglory

http://www.bbc.co.uk/news/uk-wales-11080949

http://news.bbc.co.uk/1/hi/wales/south_east/8544715.stm

Do you actually think you're going to be told "hey, were putting up your insurance this year because we want to make more profit!"

No, its always because "claims have gone up", or "there are more uninsured drivers"

Not bad for a recession.

mikey72

iamana1ias wrote: »

Source for your claims, please.

Back into the usual arguements then.

Look at https://forums.moneysavingexpert.com/discussion/2706419

It's back to the smoke and mirrors again.
I will agree that insurers have changed, they have reduced the profits on underwriting, but increased the profit on all the other aspects of the business. Possibly because underwriting is one thing they actually subcontract, whereas if you have an accident, they sell your details to an acident management company, ker-ching!
change of address, ker-ching! change of car, ker-ching! someone backs into you, ker-ching!
They've gone from BA to easyjet.

iamana1ias

newfoundglory wrote: »

http://www.bbc.co.uk/news/uk-wales-11080949

http://news.bbc.co.uk/1/hi/wales/south_east/8544715.stm

Do you actually think you're going to be told "hey, were putting up your insurance this year because we want to make more profit!"

No, its always because "claims have gone up", or "there are more uninsured drivers"

Not bad for a recession.

As an ex-employee I shan't comment on those articles, but I'd be amazed if much (if any) of that profit was from insurance premiums.

Your claim was for the industry as a whole. Perhaps you could provide a source for that?

iamana1ias

mikey72 wrote: »

They've gone from BA to easyjet.

Because of people being obsessed with cheapness (as encouraged by this site).