Car insurance renewal premium

rach2304

My car insurance renewal price has gone up by 45%. I have over 20 years no claims,  never had a point on my driving licence, no other changes to my policy details. Can anyone explain why this happened please? I'm so upset, money is so tight at the moment and I am having to find over 200 pounds extra just so I can get to work

TadleyBaggie

Then get quotes from one or more of the comparison sites, chances you will be able to find a better price.

rach2304

I have,they are all about the same

rach2304

TadleyBaggie said:

Then get quotes from one or more of the comparison sites, chances you will be able to find a better price.

I have, they are all about the same 

MikeJXE

rach2304 said:

My car insurance renewal price has gone up by 45%. I have over 20 years no claims,  never had a point on my driving licence, no other changes to my policy details. Can anyone explain why this happened please? I'm so upset, money is so tight at the moment and I am having to find over 200 pounds extra just so I can get to work

You're not on your own

I've not had an accident since 1962, no points either but insurance up from £562 to £763

They say it's my age of 82 so perhaps you might be old too 

MorningcoffeeIV

rach2304 said:

TadleyBaggie said:

Then get quotes from one or more of the comparison sites, chances you will be able to find a better price.

I have, they are all about the same 

Then it's s combination of your risk and the general increase in costs across the board.

DullGreyGuy

rach2304 said:
I have over 20 years no claims

For most companies thats the same has having 5 years NCD and only a few percent better than 4 years NCD

How old are you? Premiums start going back up again once you get past a certain point.

More generally though... cost of claims have gone up significantly. Just look at the last half year results from Directline... in the last 2 years total loss settlements have gone up 60%... the loss ratio (premiums -v- claims) went up from 67% to 85% driving the total combined ratio (premiums -v- all costs) to 105% and so on average loss making.

Car values have gone up so claims are more
Parts costs have gone up
All business costs have gone up
Parts are hard to get so people are in hire cars etc longer
Parts are hard to get so cars are being written off which normally would have been repaired.

JGreenwood

DullGreyGuy said:

rach2304 said:
I have over 20 years no claims

For most companies thats the same has having 5 years NCD and only a few percent better than 4 years NCD

How old are you? Premiums start going back up again once you get past a certain point.

More generally though... cost of claims have gone up significantly. Just look at the last half year results from Directline... in the last 2 years total loss settlements have gone up 60%... the loss ratio (premiums -v- claims) went up from 67% to 85% driving the total combined ratio (premiums -v- all costs) to 105% and so on average loss making.

Car values have gone up so claims are more
Parts costs have gone up
All business costs have gone up
Parts are hard to get so people are in hire cars etc longer
Parts are hard to get so cars are being written off which normally would have been repaired.

I think this is true. The second hand market has soared and I think it's had a knock on affect on the insurance companies in terms of pay out for damage. This subsequently will impact everyone's car insurance.

Unfortunately it's getting extremely expensive to stay on the roads, and with rising prices all around, it's a difficulty everyone will have to try manage.

rach2304

MikeJXE said:

rach2304 said:

My car insurance renewal price has gone up by 45%. I have over 20 years no claims,  never had a point on my driving licence, no other changes to my policy details. Can anyone explain why this happened please? I'm so upset, money is so tight at the moment and I am having to find over 200 pounds extra just so I can get to work

You're not on your own

I've not had an accident since 1962, no points either but insurance up from £562 to £763

They say it's my age of 82 so perhaps you might be old too 

I'm 49, my dad is 76 and his has only gone up by 80 pounds

MikeJXE

Not much makes any sense 

I tried my daughter in law age 36 on mine hoping to reduce the cost 

It went up another £90 

rach2304

DullGreyGuy said:

rach2304 said:
I have over 20 years no claims

For most companies thats the same has having 5 years NCD and only a few percent better than 4 years NCD

How old are you? Premiums start going back up again once you get past a certain point.

More generally though... cost of claims have gone up significantly. Just look at the last half year results from Directline... in the last 2 years total loss settlements have gone up 60%... the loss ratio (premiums -v- claims) went up from 67% to 85% driving the total combined ratio (premiums -v- all costs) to 105% and so on average loss making.

Car values have gone up so claims are more
Parts costs have gone up
All business costs have gone up
Parts are hard to get so people are in hire cars etc longer
Parts are hard to get so cars are being written off which normally would have been repaired.

I understand all this, and I was expecting a rise...but 45%?!?