So.......when can we expect our insurance premiums to start dropping?

midgetessa

.......after all, what with all these new-fangled schemes being up and running to force more unisured/illegal drivers off the road, our premiums are certain to start dropping soon.


Right?

Invalidation

Is it 1st April :rotfl:

midgetessa

Invalidation wrote: »

Is it 1st April :rotfl:

I hope you're not suggesting that the good people at the those insurance companies have been misleading us all these years?

:shocked:

JQ.

When no win no fee solicitors, accident management companies and car hire are removed from the equation.

I remember the days when a £400 repair resulted in a £400 claim. Now you're looking at 3 weeks of like-for-like car hire at £85 per day (£1,785), a £600 bodyshop bill, £2,000 of personal injury claims (from the car you scraped at 1mph) and £3,000 of solicitors fees. So a £400 claim where in the old days you'd take it to an approved bodyshop and be provided with a small courtesy car for a couple of days turns into a £7,385 claim.

mikey72

JQ. wrote: »

When no win no fee solicitors, accident management companies and car hire are removed from the equation.

I remember the days when a £400 repair resulted in a £400 claim. Now you're looking at 3 weeks of like-for-like car hire at £85 per day (£1,785), a £600 bodyshop bill, £2,000 of personal injury claims (from the car you scraped at 1mph) and £3,000 of solicitors fees. So a £400 claim where in the old days you'd take it to an approved bodyshop and be provided with a small courtesy car for a couple of days turns into a £7,385 claim.

So the uninsured "£30 on everyone's premium" weren't the problem after all?

vaio

Think I read that credit hire add £80 per premium

JQ.

mikey72 wrote: »

So the uninsured "£30 on everyone's premium" weren't the problem after all?

A drop in the ocean I'd have thought.

dacouch

Insurance premiums go up and down in cycles, it has been like this for many many decades. The premiums go up due to external forces such as a insurers withdrawing from the market due to unprofitability, recession, new laws eg bringing in no win no fee, large catastrophe eg 9/11. The cycle then starts to go down due to market forces, end of recession, change of law etc. When the premiums reach a height that attracts new players into the market which force the premiums down.

Before the premiums went up we were in a "Soft" market which means the amount of players in the market forced the premiums articificially low.

Gloomendoom

Mrs G has just had her renewal notice come through at just over £200, about £50 less than last year. Same car, same cover, same circumstances.

It looks likes premiums are already dropping... for her, at least.

funkycoldribena

Apparently a million people have given up their cars recently so they've got to make it up somewhere.

rev_henry

funkycoldribena wrote: »

Apparently a million people have given up their cars recently so they've got to make it up somewhere.

Not necessarily - that's 1M people who definitely won't be having accidents.