Car insurance costs: Have your say to the OFT

luckymannn

I still can't get my head round why I lost 2 years of my no claims bonus because someone stole my car last year.
How was that my fault?!

I then had to spend months going back and forth to the insurance company HAGGLING how much my car was worth.

Ohhh there was all sorts of issues that I can't be bothered to go over again so this post is probably pointless.

But anyway, that is all I have to say. Still very bitter about the whole experience.

System

Motor insurance companies have various different maximum number of years No Claims Discount that they will record, so when you change companies at renewal if you move from a company who use a maximum of 5 years, to a company who record say up to 9 years, then it causes issues when trying to show proof of your real maximum if you actually have 9 or more years claim free.

Insurance companies should quote the actual total number of years claim free on renewal notices, irrespective of the fact that you may have reached their maximum discount after say the 5 years.

mssmith_3

My renewal this year was double that of last year despite the only change of circumstance being a years more no-claims (8 to 9 years) and both me and my wife being a year older. How is this legal? Previously I've managed to reduce my insurance cost every year. Other friends have reported similar jumps (I'm 32 and live in Manchester). Comparison sites pointed to a similar price to my renewal. I managed to save £100 with my current insurer my haggling - but the quote was still over £300 more than last year. The justification from my insurer? "Most premiums are up 40%". Competition isn't working.

stugib

luckymannn wrote: »

I still can't get my head round why I lost 2 years of my no claims bonus because someone stole my car last year.
How was that my fault?!

Again, industry terminology that's not meaningful to customers. It's not about 'fault', it's about whether your insurance company is out of pocket. If your car is stolen and they pay out, it's a 'fault' claim because there's no one to claim back the payout from (other than the thief).

mssmith wrote:

"Most premiums are up 40%". Competition isn't working

Food is more expensive than a year ago. The supermarket sector is still competitive though.

BML

My wife was with SAGA until her last renewal when they attempted to increase her premium by 60% so she went elsewhere. They tried to increase mine by 40% but when I contacted them and reduced my annual mileage the premium stayed the same.
I am fed up with these companies that think the consumer is stupid and increase the premium in the second year thinking it will not be noticed. They have obviously worked out that the money they make from customers who do not bother to check their premium increase outweighs the customers who do and then leave them.
When I started motoring one stayed with the same company for ever. Now one has to waste time every time a motoring policy comes up for renewal looking for a reasonable premium.

Dakota_2

I absolutely hate discounts given to new customers only. It means existing customers are subsidising the insurers marketing. In my experience Direct Line are the worst offenders.

bfudge69

Why am I deemed to be a higher risk even though my recent accident wasn't my fault(and threfore cost my insurance company nothing)?

I have tried two searches for new quotes:
One mentioning the accident where someone ran into the back of me and one not mentioning it.

The one mentioning the accident came out higher.
NCD is often an indicator of how safe a driver is but I may lose mine now even though I'm still just as safe.

Also, why is my newer, so presumably more reliable, 1.1 Kia Picanto more expensive to insure than my T Reg, 1.6, Renault Scenic?

The charge I had to pay to change the car details on my insurance policy was a joke!

Please stop the insurance companies from selling my details on. If I feel I want to make a claim; I'll let someone know.

John_Pierpoint

bfudge69 wrote: »

Why am I deemed to be a higher risk even though my recent accident wasn't my fault(and therefore cost my insurance company nothing)?

I have tried two searches for new quotes:
One mentioning the accident where someone ran into the back of me and one not mentioning it.

The one mentioning the accident came out higher.
NCD is often an indicator of how safe a driver is but I may lose mine now even though I'm still just as safe.

Also, why is my newer, so presumably more reliable, 1.1 Kia Picanto more expensive to insure than my T Reg, 1.6, Renault Scenic?

The charge I had to pay to change the car details on my insurance policy was a joke!

Please stop the insurance companies from selling my details on. If I feel I want to make a claim; I'll let someone know.

The good old days when your insurance company stood behind you are over. The days when two sensible individuals could sort out a minor bump between themselves; thus "mitigating the damage".
Now it is all computerised and some "claims" firm can get a dodgy firm of solicitors to bang in a claim for whiplash, from just a registration number.
Every one in the system knows they are part of the gravy train and when there is alleged personal injury, the nightmare can drag on for years.

Also, why is my newer, so presumably more reliable, 1.1 Kia Picanto more expensive to insure than my T Reg, 1.6, Renault Scenic?

Presumably if you pranged the Renault, you would get a write off of a few hundred pounds and pranging the Kia would create a claim for several thousand pounds or a lot of hassle repairing it?

zatari

Thanks For Tips ! :money: