Car Insurance Prices Skyrocketing?

getmeouttahere

Last year, it cost me £550 to insure my car for a year, and thought this was a bit much but sucked it up. However, looking for new quotes on comparison sites, and the cheapest quote is coming out at £976. Nothing's changed on my end, so just wondering if insurance in general has gone up. Can't believe it's going to cost me circa £100 a month to insure a car

Ps I've even tried adding my mum and my wife (on separate quotes), and the prices go up.

jonny_power

So the past year with Admiral multicar cost us £970, and our renewal quote has just come through as £1130. Did a quick search on a comparison site and we can get with LV on two single polices <£900 (but hope to be able to get multicar discount). Feels like the insurers are hyping up the 'skyrocketing cost' argument. it's the same old tactics

getmeouttahere

I've not had a renewal quote through yet, and unsure whether I'm going to get one because my current insurer, Octagon Insurance, have stopped issuing new quotes as of 31st December 2016, hence why I was looking around.

I've been with Octagon for about 6 years and not had any issues with them. Their renewals have always been the cheapest price I've been able to find.

I did consider a multi car quote but my wife's insurance doesn't expire until September.

getmeouttahere

Managed to get a quote from Direct Line for £811 but still much higher than I paid last year.

marlot

getmeouttahere wrote: »

...

I did consider a multi car quote but my wife's insurance doesn't expire until September.

The insurers can cope with that and add it in when it expires.

The_Real_Cheddar_Bob

i have found a reduction in this years quote, although my renewal hasnt arrived yet

FutureGirl

One reason insurance has gone up due to the government lowering the ogden discount rate, meaning insurers now have to pay out more for the big personal injury claims.

There are many other reasons why, including statistics of vehicle claims in your area due to accidents / thefts etc. So the price won't just be down to who is on the policy and what car it is.

jazzy

What happened to the "crackdown on whiplash claims set to cut insurance premiums" which was announced at the end of last year?

FutureGirl

jazzy wrote: »

What happened to the "crackdown on whiplash claims set to cut insurance premiums" which was announced at the end of last year?

It went through a consultation stage which ended in Jan 2017. They then released a report with the changes in Feb 2017, and these were due to be implemented October 2018. There were huge changes, as they're changing to a fixed tariff for whiplash claims based on the length of the whiplash injuries, as well as changing the limit for the small claims track (litigation) which affects how much solicitors costs will be.

However after Theresa May announced a general election, they've had to put it on hold.

It isn't something just happens overnight.

forgotmyname

jonny_power wrote: »

So the past year with Admiral multicar cost us £970, and our renewal quote has just come through as £1130. Did a quick search on a comparison site and we can get with LV on two single polices <£900 (but hope to be able to get multicar discount). Feels like the insurers are hyping up the 'skyrocketing cost' argument. it's the same old tactics

My little one had her renewal email through and she got similar figures. So much for getting cheaper insurance with a years no claims.

Need to shop around and see if a newer car decreases the premium with a years no claims, or if swapping cars actually pushes it up further.

OnanTheBarbarian

The crackdown on whiplash will make naff all difference to premiums, well possibly £40 a year / 79p per week. All it will do is swell insurers profits more whilst they find another reason to jack premiums.