Renewal of Car Insurance 60% Increase

sarahj1990

One of my family members who is 82 years old has had there renewal price increased by 60%. There is no changes on the policy, only does 4,000 miles a year, no accidents in previous year. Is this due to car insurance getting more expensive in the last year or due to being 82 years old or a combination. 

Car_54

There are several threads on here and elsewhere. A 60% increase doesn't win any prizes.

DullGreyGuy

sarahj1990 said:

One of my family members who is 82 years old has had there renewal price increased by 60%. There is no changes on the policy, only does 4,000 miles a year, no accidents in previous year. Is this due to car insurance getting more expensive in the last year or due to being 82 years old or a combination. 

Combination, 48% was the average as of June and its anticipated to go up further. It's not evenly distributed and so some are seeing even larger increases and a few say they've managed to make modest savings. 

If you map average premium against age you end up with a flattened out U shape with premiums being highest for teenagers but then at some point in your 70s or 80s it starts going up again. If you remove the other factors (like typically driving less, typically not doing commuting etc) then the uptick is more pronounced but still doesn't get back to the levels of a 17 year old.

4,000 miles may be on the borderline of the too few miles where premiums increase for ultra low mileage.

badmemory

130% increase for no other reason than the car & self are a year older.

400ixl

The answer is both. There has been a general increase in policy costs, but equally, the over 75 demographic is being reported as an age group which is being hit particularly hard.

subjecttocontract

It used to be traffic wardens, bankers and landlords had the worst reputation but clearly they have all been overtaken by the insurers.

My family are in trouble, we've got people in all those jobs !!!!!

Alanp

They have to increase policies so they can pay for the huge salaries and bonuses for their ceo,s

DullGreyGuy

subjecttocontract said:

It used to be traffic wardens, bankers and landlords had the worst reputation but clearly they have all been overtaken by the insurers.

My family are in trouble, we've got people in all those jobs !!!!!

We've always been on the naughty list but it's in part the nature of what we do. That said, a survey we did many years ago showed over 95% of customers were willing to commit fraud... mainly by lying that they keep the car in the garage most nights or inflating the value of a lost/damaged item to the other extreme of making up a totally fake claim if cash was tight.

Wonder what percentage of Banking customers are comfortable committing fraud?

clued

sarahj1990's friend is lucky.  I am now 89 and have had no claims or convictions but my cheapest renewal has increased by 150%.   It is now nearly £7 per DAY - for a VW Polo !