Car Insurance renewal - hike in price

jjj1980

More of a light-hearted discussion than anything, just including a small rant!

When I moved house last year, before my renewal date, my policy went from £26pm to £87pm! Then at renewal time, due to other circs, had to just let the renewal happen and it took the payment to £89pm. Just had this years renewal notice, no changes other than an extra years no claims (now 8 years protected) and they want over £3000 for the year! around £245 pm for 11 months with a slightly larger initial payment. :eek:

Glad I was sat down when I read that!!

Anyone had similar?

mikey72

jjj1980 wrote: »

More of a light-hearted discussion than anything, just including a small rant!

When I moved house last year, before my renewal date, my policy went from £26pm to £87pm! Then at renewal time, due to other circs, had to just let the renewal happen and it took the payment to £89pm. Just had this years renewal notice, no changes other than an extra years no claims (now 8 years protected) and they want over £3000 for the year! around £245 pm for 11 months with a slightly larger initial payment. :eek:

Glad I was sat down when I read that!!

Anyone had similar?

Changes mid term, and renewals are usually about a 100% loading on top of the normal policy.
It always pays to shop around at renewal time.
You can probably halve that at least, you'll have a massive loading as the insurers got away with it last year.
Come back and let us know what your best price is.

bouncydog1

Unfortunately Mikey always has it in for the industry! You probably can save on your policy if you shop around, but as we don't know your circumstances (where your moved from/to etc) and the changes in your risk profile for insurers (you may have moved to an area where there have been high claims) it is a little naive to say "probably halve that"!!

jjj1980

Had a look round internet this am and got it down to approx £850pa with M&S. Wish I could move back to my old house!!

I know policies are going up in some areas but to have an increase of nearly 3 times is just crazy!

mikey72

bouncyd!!! wrote: »

Unfortunately Mikey always has it in for the industry! You probably can save on your policy if you shop around, but as we don't know your circumstances (where your moved from/to etc) and the changes in your risk profile for insurers (you may have moved to an area where there have been high claims) it is a little naive to say "probably halve that"!!

You'e right there.

£3000 renewal, or £850 for a new policy.

I was actually going to suggest the op would get better than half originally, but I didn't, in case the insurer wasn't just cynically trying it on as they had the op over last year with renewal, and were thinking they could go for it again.

Maybe this time you'll have to agree I don't "always have it in for the industry", and the renewal was just a blatant rip off.

moonshine_jack

Recently had a multicar policy renewal quote for £1700 (3 cars and a 19 year old). Went on price comparison sites and got massively less from the same company. So rang up and said so and they matched the quote - got it down to £1025. Saved £675!
Insurance companies are just relying on people assuming that a renewal will be the best price, but they rarely are these days - the insurers will just whack up the prices and hope that not many people bother doing anything about it.