Car Insurance doubled.

happyhacker

SAGA has doubled mine from 364 to 627. What a rip-off! Anyone in the same boat?

JosephK

Lots of posts on same subject, most insurers have hugely increased their premiums this year

CliveOfIndia

Insurance costs have risen pretty much across the board lately.  But it always pays to shop around every year, if you're not happy with what Saga are quoting you then look elsewhere.

2010

happyhacker said:

SAGA has doubled mine from 364 to 627. What a rip-off! Anyone in the same boat?

Not exactly doubled as it would be £728, so a 72% increase.
Mine has gone up 82%.

But have to agree a right rip-off.
This is yet again, the gov. and regulator interfering in the market and making an a*se of it and costing the consumer money big time.

Geranium44

My multi-car policy is renewing in 6 weeks … I’ve checked when my current insurer invited me to renew last year and it was about a week before renewal. Why? Because the best premiums are offered to those deemed less risk who plan to renew at least 28 days before renewal (algorithms are built on claims of higher risk drivers who leave everything to the last minute supposedly which seems plausible). Can’t believe this is allowed because a week out from renewal any new providers will also deem you higher risk and you’ll be more likely to stay with your current provider as the price difference will be smaller. Any thoughts?

DullGreyGuy

Geranium44 said:

algorithms are built on claims of higher risk drivers who leave everything to the last minute supposedly which seems plausible

Algorithms are based on statistical analysis of their book of business... the stats could show that yellow cars tend to have a worse claim experience than silver cars and so they would simply uplift the premiums on silver cars, they wouldnt commission a major study into the psychology of car colour choice. 

Sometimes you occasionally see a strong correlation between claims and some random fact which may make you scratch your head (eg people living at number 13 have a higher frequency of claims) but its more of an interesting puzzle than something thats necessary to understand the driver. 

Late buying could be evidence of generally being disorganized and running from one fire to the next meaning a high risk person but remember that insurance isnt only priced on risk. It could equally be said that the person buying on the day of renewal doesnt have the time to shop around as extensively as someone buying 28 days in advance and so will be less price sensitive.

2010

Geranium44 said:

My multi-car policy is renewing in 6 weeks … I’ve checked when my current insurer invited me to renew last year and it was about a week before renewal. Why? Because the best premiums are offered to those deemed less risk who plan to renew at least 28 days before renewal (algorithms are built on claims of higher risk drivers who leave everything to the last minute supposedly which seems plausible). Can’t believe this is allowed because a week out from renewal any new providers will also deem you higher risk and you’ll be more likely to stay with your current provider as the price difference will be smaller. Any thoughts?

I would say they leave it until the week before as it doesn`t give you that much time to search for a new provider.
Also you don`t know what your renewal price will be if you do search before and therefore can`t switch anyway.

My renewal is due in 21 days and I have been informed of the renewal price, which as stated earlier, is an 82% increase on last year.
I spent most of yesterday morning, 22 days being the optimum time as advised by ML, looking on comparison sites and a couple of sites that are not on them.
The best deal that I could find and which I bought was still an increase of 74% for me on last years price.
Absolutely nothing had changed about my circumstances apart from being one year older.

The gov. and reg. interfered in the market by telling the insurance providers that they couldn`t offer a new customer a better deal than than a loyal customer ie: ( a lethargic, inert, can`t be bothered to look for a better deal customer) and so the rest of us have been whacked by the biggest increases for years.

I should also add, that last year I searched 22 days before and didn`t buy and then did a search about six days before, which turned out to be £6 cheaper, which I did buy.
So maybe it doesn`t really matter when you search.

HillStreetBlues

2010 said:

Geranium44 said:

My multi-car policy is renewing in 6 weeks … I’ve checked when my current insurer invited me to renew last year and it was about a week before renewal. Why? Because the best premiums are offered to those deemed less risk who plan to renew at least 28 days before renewal (algorithms are built on claims of higher risk drivers who leave everything to the last minute supposedly which seems plausible). Can’t believe this is allowed because a week out from renewal any new providers will also deem you higher risk and you’ll be more likely to stay with your current provider as the price difference will be smaller. Any thoughts?

I would say they leave it until the week before as it doesn`t give you that much time to search for a new provider.
Also you don`t know what your renewal price will be if you do search before and therefore can`t switch anyway.

My renewal is due in 21 days and I have been informed of the renewal price, which as stated earlier, is an 82% increase on last year.
I spent most of yesterday morning, 22 days being the optimum time as advised by ML, looking on comparison sites and a couple of sites that are not on them.
The best deal that I could find and which I bought was still an increase of 74% for me on last years price.
Absolutely nothing had changed about my circumstances apart from being one year older.

The gov. and reg. interfered in the market by telling the insurance providers that they couldn`t offer a new customer a better deal than than a loyal customer ie: ( a lethargic, inert, can`t be bothered to look for a better deal customer) and so the rest of us have been whacked by the biggest increases for years.

I should also add, that last year I searched 22 days before and didn`t buy and then did a search about six days before, which turned out to be £6 cheaper, which I did buy.
So maybe it doesn`t really matter when you search.

But that shouldn't stop you searching,  many will keep that price for 28 days before expiring.
I do a search before I get the renewal, so know what the max I will pay (£200 this year) then could disregard my renewal (£450) as soon as it arrived.

lemondrops69

Its madness, mine has shot up, I paid £157 last year and it rocketed up to £178, but no details have changed!

ididgetwhereiamtoday

lemondrops69 said:

Its madness, mine has shot up, I paid £157 last year and it rocketed up to £178, but no details have changed!

Are you insuring a push bike?

strawb_shortcake

We've just helped my Son insure his first 125 following getting his CBT. When we looked at Easter there were loads of quotes around £600, last week cheapest was £725 nothing else even came close, with the next cheapest around £1800, dearest was £15000!!