MSE News: Car insurance up 50% in two years

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Insurance & life assurance
This is the discussion thread for the following MSE News Story:

"The cost of motor insurance jumped by 15.3% in 2011, on top of the 33.2% rise reported in 2010 ..."
Read the full story:
Car insurance up 50% in two years


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Comments

  • visidigi
    visidigi Posts: 6,440 Forumite
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    That's nothing - mine is up 128% in two years - last year my renewal was the cheapest I could get!

    This year cheaper has been found, but that is the basis for the 128% number, otherwise it would be higher.
  • Percy1983
    Percy1983 Posts: 5,244 Forumite
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    I appear to have done well the last few years as my quotes have been stable, strangely my renewals have been cheapest for 3 years running.
    Have my first business premises (+4th business) 01/11/2017
    Quit day job to run 3 businesses 08/02/2017
    Started third business 25/06/2016
    Son born 13/09/2015
    Started a second business 03/08/2013
    Officially the owner of my own business since 13/01/2012
  • CompBunny
    CompBunny Posts: 1,059 Forumite
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    No no no :( No more of this "everything is too expensive for you!" please! How about some fabulous news for us young 'uns like "David Cameron pledges 500,000 first time buyer £70k homes" or "Apprenticeships for all! Yes, even you!" or "The end of public purse persecution for the disabled!"

    That would be nice!
    GC2012: Nov £130.52/£125
    GC2011:Sept:£215    Oct:£123.98Nov:£120Dec:£138Feb:£94.72
    Quit smoking 10am 17/02/11 - £4315 saved as of Nov'12
    Engaged to my best friend 08/2012:heart2:
  • Pincher
    Pincher Posts: 6,552 Forumite
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    A few months ago, there was a big news item in China.

    A toddler was run over by a van, which reversed over it to make sure it was dead. All clearly recorded on CCTV. This is now common practice, as compensation for a dead person is much lower than life time care costs, if the driver was caught.

    So, the idea is to snap the neck of any whiplash victim, so that the payout is less than long term medical care. This reduces insurance payout, and reduces insurance premium.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Percy1983 wrote: »
    I appear to have done well the last few years as my quotes have been stable, strangely my renewals have been cheapest for 3 years running.

    Same here.

    If you are not in a high risk group then things are pretty stable.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • chanz4
    chanz4 Posts: 10,895 Forumite
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    Its all these people after compo for breaking a finger nail, people now think they have wiplash even when they dont.
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • mikey72
    mikey72 Posts: 14,680 Forumite
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    chanz4 wrote: »
    Its all these people after compo for breaking a finger nail, people now think they have wiplash even when they dont.

    Not the record profits, the excessive bonuses, the increasing shareholders dividends, it's just the pesky payouts to the people involved in accidents by the insurers customers?

    Don't forget the uninsured drivers as well.

    Insurance companies have a hard time.
    Makes you wonder why they still do it.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Makes you wonder why they still do it.

    Many of them dont.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mikey72
    mikey72 Posts: 14,680 Forumite
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    dunstonh wrote: »
    Many of them dont.

    Most of them still do.
    Others have just started to sell car insurance, so it must be worthwhile moving in to the market.
  • Percy1983
    Percy1983 Posts: 5,244 Forumite
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    I do wonder if many uninsured drivers are a symptom of the prices as they genuinely can't afford it but do need to drive.

    Yes you have those who would never have paid it anyway, but who many would pay it if they had a chance of affording it.
    Have my first business premises (+4th business) 01/11/2017
    Quit day job to run 3 businesses 08/02/2017
    Started third business 25/06/2016
    Son born 13/09/2015
    Started a second business 03/08/2013
    Officially the owner of my own business since 13/01/2012
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