How car insurance changes with age

n.hussain03

I started driving at 21 at the time my insurance was ~£800 on a 1.4 nearly new VW polo, I kept that for 18 months before I brought a BMW. I am currently 27 and still have the same car, live at the same address but now have 6 years NCB. However the price of my insurance has stayed pretty much exactly the same year after year. In fact this year it was over £800. My car is a pretty standard car, not the sort that is all the attractive to thieves and its actually a low insurance group(same as many golfs), I have not heard of cars getting stolen in the area and the police website confirm this. 
How is car insurance supposed to come down? As it happens I am moving not to far way but to a house on a main road, that will bring it down to £650 however still it could be classed as quite high. What has other people experience been with car insurance as they got older? 

Johno100

I take it you've shopped around each renewal and not just renewed each year with the same insurer?

AdrianC

n.hussain03 said:

As it happens I am moving not to far way but to a house on a main road, that will bring it down to £650 

This says a lot. Your old address is clearly a high-risk area if a move is taking nearly 20% off your premium. Remember, theft claims tend to be cheap, because they're only paying out the value of the car - not everything you bounce it off plus injuries for the people in it.

21 - low risk car.
23 - experience and ncb, but higher risk car. Premium changes cancel out.
27 - experience and more ncb. But the annual chances in ncb are minimal once you reach about three years. Read this thread... https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages/p1

Don't forget the changes in IPT, too - 2011, 6%; 2015, 9.5%; 2016, 10%; 2017, 12%

Penelopa.Pitstop

Supposedly, every year insurance should go down, because you're older, have more NCD, if you keep the same car, value is going down. And every year price goes up and you have to fight to take it down back.

n.hussain03

Johno100 said:

I take it you've shopped around each renewal and not just renewed each year with the same insurer?

Yes every year I have had to, except 2018 where my current insurer was the cheapest. Usually at renewal, the current insurer will come out at double the price.

This says a lot. Your old address is clearly a high-risk area if a move is taking nearly 20% off your premium. Remember, theft claims tend to be cheap, because they're only paying out the value of the car - not everything you bounce it off plus injuries for the people in it. 21 - low risk car. 23 - experience and ncb, but higher risk car. Premium changes cancel out. 27 - experience and more ncb. But the annual chances in ncb are minimal once you reach about three years. Read this thread... https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages/p1

The IPT could be a reason, I guess the price was coming down but the tax was increasing at the same time, I guess that is just bad timing. Will see how it goes in August this year it will be lower as I should have moved into the new house.

daivid

I think car insurance has in many ways gone up over that period. The rise in tax may be part of it, but also it seems harder to get cashback or comparison sites to truely work against each other. I bought my first car in 2012 (had been driving 10 years); paid £400 for insurance, the next year £250, the third year and onwards it has always been around £200-220 though through using cashback sites I was able to get it below £150 a couple of times. The last few years however cashback has been useless as the price through the cashback site has been just over the cashback amount more than the best price available elswhere. 

n.hussain03

daivid said:

I think car insurance has in many ways gone up over that period. The rise in tax may be part of it, but also it seems harder to get cashback or comparison sites to truely work against each other. I bought my first car in 2012 (had been driving 10 years); paid £400 for insurance, the next year £250, the third year and onwards it has always been around £200-220 though through using cashback sites I was able to get it below £150 a couple of times. The last few years however cashback has been useless as the price through the cashback site has been just over the cashback amount more than the best price available elswhere. 

The envy is killing me, if only I could be close to that. 

UncleZen

Penelopa.Pitstop said:

Supposedly, every year insurance should go down, because you're older, have more NCD

Until you get to your 80's then it shoots up

GunJack

When you consider that my insurance was around £200 at the time 28 years ago, and it's currently £162 this year you could say that it's actually reduced a lot when inflation is taken into account....