Car insurance renewal premium

diystarter7

Good evening OP

Everything is going up but certain cars are going up more where ins outfit feels the car is a bigger risk but others may do cheaper.

Have you tried via cashback sites? IE new quote new insurance co??

Enjoy your weekend

dunstonh

rach2304 said:

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%?!?

How long had you held the existing policy?  if it was only for a few years, then you could still have been within the early year discounting period.  That is now banned.  So, if you had a discounted premium, then you no longer get that and have to pay the full premium.

Probably around 15-20% of the premium is cost inflation.  The rest would be other things..

Brie

check to see what extras are on the policy and if you really need them.  Things that are add ons like legal, key insurance etc.  And what your deductible is.  Going from £100 to £200 might help.  And if you get a quote via GoCompare you may (like me) get a "deductible payback" so if the worst happens you don't actually lose out.  

What annoyed me with my recent renewal is that I know that there's supposed to be a sweet spot of lower prices about 21 days before renewal as compared to last minute (when we're all desperate).  I'm at 14 days before the renewal date and my current provider still hasn't sent a quote so I've no good idea of what they were going to charge so I've gone ahead and got a new policy with someone completely different.  Cheaper than last year but with more bells and whistles so I'm happy.

JoshuaUK

Glad I saw this.  My renewal just came through with £80 extra on it.   Looks like this could be an expensive year for all car owners.

SaverRate

JoshuaUK said:

Glad I saw this.  My renewal just came through with £80 extra on it.   Looks like this could be an expensive year for all car owners.

What were your comparison site quotes though. Most renewals are higher than last years price. 

JoshuaUK

Moved to another provider.  Tried calling up but they wouldn't budge.  Insurance has gone up now, but I've managed to get it down to £10 more than in previous year.   Hopefully, this won't last or a lot of people are going to be shocked at renewal time.