Car Insurance increase

dunstonh

migeg49 said:

@dunstonh  1-2-5 are nothing to do with me ( not my fault ) neither is insurance fuad or thefts, so why should i be responsible for paying for it, 3 -4 i understand, but if they raise every customers policies by nearly £200 then they are clearly making massive profits....yet everyone seems to think thats ok that they are making suckers out of us all ?...........

1,2 & 5 are to do with you.   

They are all things that drive up the cost of running the business and claims being settled.  Premiums have to cover those things.

It is bizarre that you think that you should be exempt from inflationary pressures

hey are all making huge profits on the back of 'the cost of living crisis'

Evidence please.

even the government is begining to question the profits being made by the supermarkets and the extortionate bonuses they pay the CEO's.

That is because there is some evidence of it happening.  That is not the case with car and household insurance.

DullGreyGuy

TheMilkmansDad said:
rules have changed recently meaning there are no benefits to being a loyal customer (if there ever were?). 

You have it backwards, the rule changes mean you can no longer be penalised for being loyal.

migeg49 said:

Beacuse everyone just accepts is as normal, they are all making huge profits on the back of 'the cost of living crisis' 

Last year the motor insurance industry as a whole made an underwriting loss with a combined ratio of 110% which means for every £1 of premium they received they had to pay out £1.10 in claims and business expenses. If you think that is the sign of a company making huge profits I dread to think whats required for you to think a company needs to push its prices. 

TheAble

Just done my own renewal and it wasn't too bad at all. For two cars:

Last year: £354 before £80 cashback
This year: £359 before £80 cashback

 

That is with shopping around and I do opt for a high excess.

DullGreyGuy

TheAble said:

That is with shopping around and I do opt for a high excess.

How high is high? Have you tried a lower excess? 

If its normal range a lower excess will probably get you a higher premium but if its like a £2,000 excess then counter-intuitively a lower excess may get you a better premium. Another example of negative selection and the type of drivers who feel the need to select such high excesses (similar to buying non-comp insurance)

TheAble

DullGreyGuy said:

TheAble said:

That is with shopping around and I do opt for a high excess.

How high is high? Have you tried a lower excess? 

If its normal range a lower excess will probably get you a higher premium but if its like a £2,000 excess then counter-intuitively a lower excess may get you a better premium. Another example of negative selection and the type of drivers who feel the need to select such high excesses (similar to buying non-comp insurance)

£1000. I did try with a lower excess and was coming out more expensive overall (though maybe not with every insurer). Very interesting point though, thank you - will bear it in mind in future.

Marmaduke123

Try Flow. It's LV but totally online, by far the cheapest for me last year and this, even with the general increase in insurance premiums.