RIP OFF CAR INSURANCE RENEWAL QUOTES

topcattiddles

last year paid £660 for range rover sport. Have full no claims I am 83 my wife 81.With the same insurer This years Premium £7086.96 NO THAT'S NOT A TYPO .Cheapest we can find £1119.

How can these company's get away with this. Anybody else got the same problem

MorningcoffeeIV

topcattiddles said:

How can these company's get away with this. Anybody else got the same problem

By choosing who they want to take on and pricing out those they don't want to cover. Risk appetites only go so far.

Others will have, or at least think they have, the same problem.

baser999

Premiums have gone up across the board. Having said that I’m staggered by your renewal - clear that your insurers are no longer interested in that type of vehicle or elderly drivers.
Would suggest you double- check you’re not on auto-renewal before your bank takes a hit

topcattiddles

No not on auto renewal

sheramber

They no longer want to insure you so price themselves out of the market knowing you won't accept it.

maman

I feel your pain @topcattiddles. I was miffed when my premium went up by 96% this year but your increase is mind blowing!

I know premiums have increased across the board for legitimate reasons but what disturbs me is that the increases are much harder on some drivers than others. 

My worry was that some wrong information was being used to calculate my premium. I found it impossible to get the specific reason from my insurance company why my policy was increased much more than others however hard I tried. All I got was sympathetic noises but no reasons which explains the very uneven playing field. ☹️

hamski

Is it the same with your wife as main driver ?

topcattiddles

she is the main driver

400ixl

That will likely be a major reason then, she has now gone over the age they see as the demographic they want to cover. They effectively price themselves out of the market or make the risk quite lucrative. Its their way of declining to quote without being quite so abrupt.

The age will also be a factor for other insurers as well.

Also, the Range Rover vehicles (depending on age) have become toxic to insurers as there are such a high percentage being stolen every year.

Add both of those to the general 20-40% increase in insurance rates most people are seeing the £660 to £1199 increase is probably in the range with what would be expected at the moment.

Despite what many think, it is neither a rip off or them getting away with it. It is insurers staying in business in what is a very low margin business. General insurance for most is single digit margins and for many it is negative and propped up by other types of insurance they can upsell to GI customers.

Unfortunately age is something that insurers are very conscious of and generalise on it.

Bigwheels1111

Read this,

https://cardealermagazine.co.uk/publish/range-rover-owners-in-london-are-finding-it-impossible-to-get-insurance-cover/280293

maman

Did you mean ludicrous rather than lucrative @400ixl? Or perhaps both? 😉