RIP OFF CAR INSURANCE RENEWAL QUOTES

topcattiddles

You will find that 3rd party f and th is dearer than comp

Indout96

Sea_Shell said:

Not really much different to trying to insure a Sierra Cosworth back in the day.

Not at all, if you bought a Cosworth then you knew your insurance would be stupid from day 1, this is moving the goalposts on a previously reasonably insurable car to virtually make it worthless.

Just gone through this myself with my Civic Prestige, renewed with a 70% increase but some (direct line / SAGA) were quoting £1500 and up. (I am 62, no claims since 1996 {small fault claim - less than £500 at the time} but only 9 years provable NCB due to its the max my insurers will show)

NINJA59

There is anecdotal evidence of people putting deposits down at LR dealers, finding insurance quotes being massive and then pulling out. To the extent some dealers are now getting people to check insurance premiums prior to test drives. 

The closer to the capital you are the worse the situation will be. It is mainly RRs being stolen. but insurers have become nervous about the LR brand in general, and to extent Jaguar as the same weaknesses are present between both LR models and Jaguar models really. To put some numbers to it earlier in the year there was an average 430 RRs being stolen a month, one insurer was loosing £600k a month just in RR theft (granted their business has significant exposure to RRs). So much so that insurer (Covea) pulled its broker only HNW policy and the same underwriter for John Lewis has now got nervous around EVs stopping renewals and new business.

We are seeing similar moves by other providers with Zurich deciding to dump personal lines via broker for car and home (not HNW as that remains worthwhile), More than (RSA) have now pulled out of motor with rumblings about ending personal lines entirely.

Sadly as well, the same method of attack that has seen so many go missing with the right tools and knowledge is seeing an impact on Alfa Romeos and Toyota/Lexus models. The information is on the internet as to how this is being done, but fundamentally it relies on certain network cabling being close to the surface of the car, in itself the attack mechanism has the potential to be used on any car with such a network . 

uknick

Indout96 said:

Sea_Shell said:

Not really much different to trying to insure a Sierra Cosworth back in the day.

Not at all, if you bought a Cosworth then you knew your insurance would be stupid from day 1, this is moving the goalposts on a previously reasonably insurable car to virtually make it worthless.

Just gone through this myself with my Civic Prestige, renewed with a 70% increase but some (direct line / SAGA) were quoting £1500 and up. (I am 62, no claims since 1996 {small fault claim - less than £500 at the time} but only 9 years provable NCB due to its the max my insurers will show)

My recollection from all those years ago was the Sapphire Cosworth when it first came out was insurable.  But as time went on and it became the joy rider's favourite premiums went through the roof.  Anybody already owning the car would have had the same problem the OP has.

The same was for the Escort Cosworth when it had been out for a time.

Clifter

I am 72 and been with my insurer for over 15 years. My renewal this year has increased 95% for a small SUV and 5k miles per year. I have never had an accident or any motoring offences. I questioned the increase and managed to get the quote down a little. Needless to say I used a compare the market APP to find the same level of insurance at a saving of £200. Still high, how can insurance companies get away with this level of increases? 

DullGreyGuy

Clifter said:

I am 72 and been with my insurer for over 15 years. My renewal this year has increased 95% for a small SUV and 5k miles per year. I have never had an accident or any motoring offences. I questioned the increase and managed to get the quote down a little. Needless to say I used a compare the market APP to find the same level of insurance at a saving of £200. Still high, how can insurance companies get away with this level of increases? 

Insurance works on averages, the average person isn't seeing a 95% increase, some people have reported managing to reduce their Motor insurance this year. 

The current estimate for 2023 is that on average an insurer will have paid out £113 for every £100 of premium they received after IPT. Current views are that this year will also be over 100% combined ratio so another underwriting loss. The market is cyclical and so insurers do have good years and bad years but can only carry underwriting losses for so long as it then drives up other costs for them. The only reason we aren't seeing bigger increases is that insurers saw unusually good investment returns last year (not factored in the underwriting result) 

Mildly_Miffed

Clifter said:

I am 72 and been with my insurer for over 15 years. My renewal this year has increased 95% for a small SUV and 5k miles per year. I have never had an accident or any motoring offences. I questioned the increase and managed to get the quote down a little. Needless to say I used a compare the market APP to find the same level of insurance at a saving of £200. Still high, how can insurance companies get away with this level of increases? 

Do you mean your insurance has come down £200 this year?
Or that the premium has gone up £200, but we have no idea what that is as a percentage?

Don't think in terms of loyalty to one insurer. Having blithely renewed with them for 15 years means nothing to them.

That particular insurer may simply have decided they're overexposed to your particular actuarial risk profile, so want to change the balance of their customers.

The only thing that matters is how much you're actually paying for the cover you need.

Clifter

My quote from the existing company SAGA had risen from £372 to £718. Prior to this year's quote they had always been pretty good compared to other companies.  I declined the SAGA offer and manage to get insured at the same level of cover i.e. legal, windscreen, courtesy car for £559. SAGA did come back with a reduced premium when I challenged it, still more expensive but by then I was annoyed with them for taking me for granted. Hope this is all clear now.

Mildly_Miffed

Clifter said:

My quote from the existing company SAGA had risen from £372 to £718. Prior to this year's quote they had always been pretty good compared to other companies.  I declined the SAGA offer and manage to get insured at the same level of cover i.e. legal, windscreen, courtesy car for £559. SAGA did come back with a reduced premium when I challenged it, still more expensive but by then I was annoyed with them for taking me for granted. Hope this is all clear now.

So your insurance has increased from £372 to £559.
£187, or 50%, increase.

DullGreyGuy

Clifter said:

My quote from the existing company SAGA had risen from £372 to £718. Prior to this year's quote they had always been pretty good compared to other companies.  I declined the SAGA offer and manage to get insured at the same level of cover i.e. legal, windscreen, courtesy car for £559. SAGA did come back with a reduced premium when I challenged it, still more expensive but by then I was annoyed with them for taking me for granted. Hope this is all clear now.

How are you being taken for granted?

Saga is an intermediary, the insurer says how much they will charge them and they decide how much they want to add on top as their margin. In Motor you are lucky to get 10% and often its more like 5% with a hope of generating more revenue of other services (eg claims). Based on your numbers Saga is likely to have needed to sell the insurance at a loss to match the other firms price... how is not being willing to make a loss taking you for granted? They aren't an insurer where their results are dependent on claims experience or investment returns.