Car insurance renewal - Up £400?
optimusdrew
Forumite 7 Posts
Hi guys,
I received my car insurance renewal for the year yesterday. It was £600 last year fully comp, the renewal quote has come through at over £1,000! A £400 increase which was shocking. I mean normally they're a little bit more expensive but it's like they're not even trying to keep us this year.
Can you let me know if you think the below would have had any impact? Earlier this year, whilst my car was parked outside work, a customer scraped along one of the panels whilst trying to park their car. The customer came inside and admitted what they'd done straight away. We had the damage fixed through her car insurance company, she admitted full liability and autoglass came out to us to repair the panel on our drive.
I have two questions on the back of this
1) Do you think this incident would have contributed to the increased renewal quote for the year, and if so do you think it would have added £400+ onto our insurance? Our no claims remains unchanged and technically we have't claimed on our insurance.
2) On price comparison websites, there is a question which reads "
Have you had any motor accidents, claims or losses in the past 5 years, no matter who was at fault or if a claim was made? " Historically I've always answered this question as a no but do I now need to answer yes for this question this year?
I always like to do things above board so any advice from someone with knowledge of car insurance is much appreciated.
Many thanks!!
I received my car insurance renewal for the year yesterday. It was £600 last year fully comp, the renewal quote has come through at over £1,000! A £400 increase which was shocking. I mean normally they're a little bit more expensive but it's like they're not even trying to keep us this year.
Can you let me know if you think the below would have had any impact? Earlier this year, whilst my car was parked outside work, a customer scraped along one of the panels whilst trying to park their car. The customer came inside and admitted what they'd done straight away. We had the damage fixed through her car insurance company, she admitted full liability and autoglass came out to us to repair the panel on our drive.
I have two questions on the back of this
1) Do you think this incident would have contributed to the increased renewal quote for the year, and if so do you think it would have added £400+ onto our insurance? Our no claims remains unchanged and technically we have't claimed on our insurance.
2) On price comparison websites, there is a question which reads "
Have you had any motor accidents, claims or losses in the past 5 years, no matter who was at fault or if a claim was made? " Historically I've always answered this question as a no but do I now need to answer yes for this question this year?
I always like to do things above board so any advice from someone with knowledge of car insurance is much appreciated.
Many thanks!!
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Replies
I had a similar experience with our house insurance, it went up by hundreds and tried again as if I was a new customer and it came out cheaper than I paid last year.
I did telephone them and ask could they do this over the phone and they said no so I cancelled the old policy on-line and set up a new one with the company. Possibly a couple of items changed such as the excess but it was basically the same cover.
1 & 2) Answer is yes to both
MSE advice is never to renew - follow the advice in the MSE article on cheap motor insurance to find best price - link in quick links at the top of the page
The industry told MP's that by reforming claims process, and charging claimants 25% etc, developing a centralised database, capping payouts, will bring down insurance by £200. That was back in 2013.
Its now 2018, and prices are still going up. Motorists are no longer well covered. The insurance business has taken this nation for ride.
Given most years the industry as a whole makes a loss I don't think people are being taken for a ride.
It's false claims and failing to shop around that are the biggest issues.
Of the 100 or so companies, there are only a dozen underwriters. There is little competition. Millions of motorists pay hundreds/ and even thousands without ever claiming. Thats profit.
Even if the OP tried switching now, the renewal cost wouldnt shift much.
That's not profit because that money is then used to pay for other motorists who so claim.
Have a look at some of the accounts of insurance company's profits, they are extremely small.