Car Insurance renewal has gone up 431% from £462 last year to £1,992,with no claims or changes!

dunstonh

I know that when we get offers to renew car insurance, the renewal always needs to be checked for market competitiveness and also circa 21 days before renewal, but I have never seen an suggested renewal of just over 431 % increase.....

Did you shop around each year or obtain discounts from the existing provider?    
Early-year discounting is now banned.  So, people that took advantage of that each year have not only suffered the inflation increases but also lost the early year discounting as well.  A double whammy.

I'm aware that the vehicle does feature as a quite "stealable" brand (Land Rover Discovery Sport) but it's not their Range Rover that are the most desirable... 

Our range rover is £432.  So, its not necessarily the vehicle that is the main issue (unless you have the PHEV - where increases are higher than diesel).   It's going to be other issues.

Bilo999

Each year I shop around and then prepared to not renew the policy.... each year they come back with extra discounts. 

Appreciate the other comments made about other vehicles, but we do own a few other cars and all polices have come down... I could not believe the renewal price this year on our Fiat 500 Sport, parked on road £0 excess, fully comp, protected, legal cover.... last year was £183, this May £145 !

I'm likely to not be getting much sympathy here getting insurance on a perceived premium brand, owning a few other cars, but I'm trying to understand if anyone has seen such massive increases on quotes.

cymruchris

Bilo999 said:

Each year I shop around and then prepared to not renew the policy.... each year they come back with extra discounts. 

Appreciate the other comments made about other vehicles, but we do own a few other cars and all polices have come down... I could not believe the renewal price this year on our Fiat 500 Sport, parked on road £0 excess, fully comp, protected, legal cover.... last year was £183, this May £145 !

I'm likely to not be getting much sympathy here getting insurance on a perceived premium brand, owning a few other cars, but I'm trying to understand if anyone has seen such massive increases on quotes.

I don't perceive it as a premium brand and don't really mind if you drive a Range Rover, a Bentley, a Bristol or a Proton, and don't care whether you own 1 car or 12 - it's more as it's a targetted brand, and I think that might be the central issue you'll be working against. Until the scum of the world move their focus to something else as demand for Range Rovers drops, or they make them harder to steal, you're likely on an uphill struggle.

I've got a Mercedes SLK350 with a grunt of an engine that does 0-60 in under 5 seconds - and my premium went down this year to just over £400 fully comp with a few extras including 'like-for-like courtesy car' and an excess of £50 if I recall. So as much as policies have been reportedly going up, they haven't gone up for everyone.

Bilo999

cymruchris said:

I don't perceive it as a premium brand and don't really mind if you drive a Range Rover, a Bentley, a Bristol or a Proton, and don't care whether you own 1 car or 12 - it's more as it's a targetted brand, and I think that might be the central issue you'll be working against. Until the scum of the world move their focus to something else as demand for Range Rovers drops, or they make them harder to steal, you're likely on an uphill struggle.

I've got a Mercedes SLK350 with a grunt of an engine that does 0-60 in under 5 seconds - and my premium went down this year to just over £400 fully comp with a few extras including 'like-for-like courtesy car' and an excess of £50 if I recall. So as much as policies have been reportedly going up, they haven't gone up for everyone.

A good point .... a family bus being quoted at 5 times the price of yours !

cymruchris

Bilo999 said:

cymruchris said:

I don't perceive it as a premium brand and don't really mind if you drive a Range Rover, a Bentley, a Bristol or a Proton, and don't care whether you own 1 car or 12 - it's more as it's a targetted brand, and I think that might be the central issue you'll be working against. Until the scum of the world move their focus to something else as demand for Range Rovers drops, or they make them harder to steal, you're likely on an uphill struggle.

I've got a Mercedes SLK350 with a grunt of an engine that does 0-60 in under 5 seconds - and my premium went down this year to just over £400 fully comp with a few extras including 'like-for-like courtesy car' and an excess of £50 if I recall. So as much as policies have been reportedly going up, they haven't gone up for everyone.

A good point .... a family bus being quoted at 5 times the price of yours !

You posted to remonstrate about your increase, and we're sharing that it's not the same for everyone. It's not about the pound notes price - but whether premiums have gone up or down - and mine went down. So it's likely that SLK's are in less demand for theft, they are involved in less accidents, they have lower average claims and who knows what else - hence my premium hasn't shot up.

You've asked about why your premium has gone up - we're suggesting reasons - things to do/compare. And a Range Rover isn't really a family bus - just as an SLK isn't a MG TF - yes they both have 2 seats - but one is more desirable in 'theft' terms than the other - and your Range Rover is just that.

(And when I said 'I guessed you'd say it was a Range Rover' it wasn't about any snobbery or judgement - just that there have been other threads here asking the same question and it's been a Range Rover - and the anecdotal evidence suggests they are the top most stolen marque right now)

Bilo999

So it does feel like this is maybe quite unique... be great to hear what others have experienced?

dunstonh

Bilo999 said:

So it does feel like this is maybe quite unique... be great to hear what others have experienced?

Except it isn't. 

You confirmed you did the shopping around each year and obtained discounts.   The removal of that is likely a good part of the difference.

Bilo999

dunstonh said:

Bilo999 said:

So it does feel like this is maybe quite unique... be great to hear what others have experienced?

Except it isn't. 

You confirmed you did the shopping around each year and obtained discounts.   The removal of that is likely a good part of the difference.

Well each year the suggested increase has been around 15% to 20%, bit of shopping round has usually got it back to a fair market price, broadly inline with previous years.

This year is off the scale

Now what is a fair comment so far, is I've not carried out a full market appraisal of the real cost of insurance will be... but to summarise the facts so far...

This years invited renewal is £1992 - last year was £462
This years excess renewal is £450 - last year was £100

Quick market check on one price comparison site - best price was £959.... 

Therefore, so far, nothing like I have ever seen before 

dunstonh

Well each year the suggested increase has been around 15% to 20%, bit of shopping round has usually got it back to a fair market price, broadly inline with previous years.

This year is off the scale

As said, the banning of early year discounting means you suffer the loss of that plus the increase.  A double whammy.

This years invited renewal is £1992 - last year was £462
This years excess renewal is £450 - last year was £100

This more or less says they no longer really want you when its double the price you can get.  You have effectively fallen outside of their target market.

Bilo999

Exactly my thoughts, have a week left before the circa ideal 21 days to get quotes.... I'll report back, but it is not looking good at all.