Car insurance - strange refusal

WellKnownSid

I've just renewed one policy at £93.  First 18 policies from the price comparison site came in at under £200.  It is still possible, obviously depends on what it's for - this is for a six cylinder Mercedes, which is slow by today's standards.

user1977

Shanker said:

I've had a clean license and zero accidents in over 50 years.  I see no reason why I should pay for poorer drivers who should be penalised accordingly.

But that's how insurance works. In the same way that your life insurance premiums pay for the people who die prematurely, your home insurance pays for the people who are careless with their chip pans, etc.

I just cannot see how they equate even 19% to the rise in the cost of living.

It's not "the cost of living" which is relevant, it's the cost of the claims under motor policies. And things like repair costs or the price of cars has gone up by far more than the general rate of inflation.

sheramber

Insurance companies are in business to make a profit for their shareholders.

Increased running costs for utilities and wages and increased value of pay outs all  need to be covered leaving a profit for the shareholders.

the money can only come from the premiums charged to policy holders.

Ectophile

Shanker said:

Lot of aggression on here.

Maybe some people are used to paying high premiums.  I'm not.

I've had a clean license and zero accidents in over 50 years.  I see no reason why I should pay for poorer drivers who should be penalised accordingly.

I have been searching and I have managed to lower the increase to 19%, which is a lot better than the outset figure of 60% from Direct Line.

I just cannot see how they equate even 19% to the rise in the cost of living.  I know there have been increases but my cost of living hasn't gone up anywhere near a 5th.

All in all, now all these agents are WFH I cannot see why costs could not have been held or even lowered.  

It can't be long now until you see your insurance prices start going up because you have turned into one of those older drivers who keeps making mistakes.

mgfvvc

Shanker said:

Maybe some people are used to paying high premiums.  I'm not.

I've had a clean license and zero accidents in over 50 years.  I see no reason why I should pay for poorer drivers who should be penalised accordingly.

As you are paying a lot less than average, you don't seem to be being penalised, but 50 years of driving suggests that you might be starting to pay an age related premium. 

Zero accidents in 50 years is really good, but even people with top driving records have accidents and the premiums have to reflect that fact.

Sadly costs are going up for everyone, even insurers and the really cheap policies may be disappearing.

Bigphil1474

OP, I was with LV for about 3 years and they came with a renewal in February that jumped massively. Most competitive quote I got was from Sheila's Wheels. LV was £243, renewal was something like £400, got £220 with Sheila and her wheels. I'm a driver with full NCB, over 50.

Shanker

The RAC are coming out best at the moment for me.

A company called Yoga are cheaper but the compulsory excesses are higher.  They want £150 for windscreen and £300 for accidental.  There doesn't seem to be any way of adjusting them down either without massively increasing the premium. 

born_again

Shanker said:

Lot of aggression on here.

Maybe some people are used to paying high premiums.  I'm not.

I've had a clean license and zero accidents in over 50 years.  I see no reason why I should pay for poorer drivers who should be penalised accordingly.

I have been searching and I have managed to lower the increase to 19%, which is a lot better than the outset figure of 60% from Direct Line.

I just cannot see how they equate even 19% to the rise in the cost of living.  I know there have been increases but my cost of living hasn't gone up anywhere near a 5th.

All in all, now all these agents are WFH I cannot see why costs could not have been held or even lowered.  

C
Inflation is one factor, then you have supply issue for parts, increase in car prices & maybe the biggest reason of all. The extra time people are having a hire car while waiting for theirs to be fixed.