Car Insurance Premium

anonymous112433

I was just wondering if car insurance premiums have gone up for you guys this year? My cover is due for renewal on Oct 10 and I was starting to put my details through comparison sites and I'm surprised by the increase given that the not much has changed except the standard stuff that changes over time. The car is the same, my job is the same, my address is the same, driver count etc etc the same.

2018 > £580 (3Y NCB - Car Value £7200 - 15 Yrs Driving Exp)

2019 > £490 (4Y NCB - Car Value £6500 - 16 Yrs Driving Exp)

2020 > £440 (5Y NCB - Car Value £6000 - 17 Yrs Driving Exp)

2021 > £510 (6Y NCB - Car Value £5000 - 18 Yrs Driving Exp)

Is this represenative of what other members have experienced this year?

AdrianC

The value of your car is a relatively small part of a premium - because most of the payout for anything past a trivial bingle is from the costs of claim management, and from the costs of whatever you hit.

A bit of extra experience is relevant and valuable when your licence is still minty-fresh, but by the time you've had your licence for near-on a couple of decades, it makes zero difference.

People get hung up on NCB - but the difference between 3, especially 4, and 6yrs is actually fairly minimal.

https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages

So removing the effect of those %ages, you're looking at raw premiums of £1050, £980, £900, £1060.
That means that this year's premium is basically back to 2018's level, an 8% rise on 2019's (not that much more than inflation).
Last year's was the outlier, probably for fairly predictable reasons.