Car Insurance Premium renewal costs

nickpe

Hi Guys -
Im looking for tips / help / advice please as my Car Insurance is due for renewal next Friday.

To keep things short, im currently with Hasting direct Premium (have been for numerous years), i am fully comp and have over 10 years + no claims - my premium last year was £336 and this year the renewal quote was £558 which i felt was a very big jump.

This prompted me to go onto confused.com and enter my details -  where i found many providers offering cheaper prices with similar levels of cover - the cheapest was £452, so after explaining this to Hastings they magically ran another search and said they could match the £452 price.

Whilst the new offer of £452 is better than the original quote of £558 - its still over £100 higher than last year, despite no change in circs.

Can anyone advise do the providers offer improved prices if they think you will leave, or are there any other companies that offer good value for money.

Ganga

Everybody has complained that their insurance has gone up this year ,some by 50%! so if you see a good deal i would take it. 

Bigwheels1111

RIP their arm off.
Lots of my friends have found their insurance has doubled.

nickpe

Bigwheels1111 said:

RIP their arm off.
Lots of my friends have found their insurance has doubled.

I wasnt aware Car Insurance had jumped up so high for others - why is this??

Im now thinking i might renew if prices have increased so much.

Aretnap

nickpe said:

Bigwheels1111 said:

RIP their arm off.
Lots of my friends have found their insurance has doubled.

I wasnt aware Car Insurance had jumped up so high for others - why is this??

As well as the increase in prices of pretty much everything due to <waves hand at the world>, there have been a general shortage of car parts for the last few years due to lingering COVID related supply chain issues and a worldwide semiconductor shortage. This had fed through to much higher prices for new and used cars (take a walk past your local dealer and gasp at the sticker on an eight year old Focus), higher repair costs and, crucially, long delays in repairs while parts come in, which in turn means insurers have to pay for hire cars for longer. All of which means that the cost of the average car insurance claim has gone up substantially.

The net result is that last year car insurers were caught off guard and most made big losses - this year they've had to increase premiums to cover the new higher repair/replacement costs AND add a bit on top to claw back last year's losses.

DullGreyGuy

Aretnap said:
AND add a bit on top to claw back last year's losses.

Other than EY etc have anticipated underwriting losses this year too despite the price increases... naturally with an earning pattern of 2 years for Motor you're only getting on average circa 25% of this years increases materialising in the numbers

Indout96

Mine is very similar to yours but with LV 
2 years ago £220
last year £366
this year £598 (talked them down to £558 on the phone)
There was only 1 cheaper on the comparison sites but only at £547 so not worth changing. Some were coming in at £1500+ I have full bonus but only showing 9 years on renewal (no claim since 1996) on a Honda Civic Prestige.
Worrying what it will be next year.

Vannaa

My insurance halved after moving out of London but my wife got 3 penalty points (too fast for the speeding course) and a 50/50 fault accident and we've swapped to a higher insurance bracket car so it's gone back up to £600. I could have got it about £50 cheaper by shopping around but the current insurers (LV) were the ones that paid out on the accident so I've stuck with them.

born_again

Well I think we can kiss goodbye to any chance of prices coming down after the fire @ Luton Airport & the costs involved in resolving that.

segovia

Same here, I am shocked at what I am being quoted. I went to TESCO as I have home insurance with them, and they quoted me £1,700.00. I paid £320.00 last year and the cheapest I can get this year is £600.00. The car is in the garage for most of its life, I did 3000 miles last year!

Jaybee_16

My car insurance is with Saga. £322 last year, £322 this year increased to £366 due to changing the car and will be £366 next year. Not looking forward to 2025.