MSE News: The AA: Car insurance costs could finally fall
Former_MSE_Guy
Former MSE 1.7K Posts
This is the discussion thread for the following MSE News Story:
"Car insurance have risen by up to 40% but there is hope on the horizon for motorists, says the motoring giant ..."
"Car insurance have risen by up to 40% but there is hope on the horizon for motorists, says the motoring giant ..."
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1v100 £15/300
Typical?
I will check around and see if I can get a better quote with the similar cover.
This year they want to rob me to the tune of £600! I paid £450 last year and have no incidents accidents etc at all so far to my renewal date.
Where is the logic in this. Furthermore I also know I am paying a massive premium because of my postcode. I put a friends postcode in using my personal details on same car and lo and behold the quote was £300 cheaper!!! How can they honestly justify loading such a premium when I know for a fact if my car were to be damaged stolen vandalised because I live in what they consider a high risk area, they are only going to turn around and write the vehicle off and offer me a paltry £2000 less any excess! Its win win for them yet Im coughing up over £300 extra to line their pockets.
Dont get me wrong I totally appreciate car insurance is a complex business of calculating risks and they use various factors to work out premiums but I strongly believe all the insurance companies are in cahoots in keeping prices extortionately high
It then becomes a vicious circle since once you price people out they will obviously risk driving without insurance and lo and behold who then carries this increased risk....YES YOU AND I through our increased premiums. I am absolutely sick to death of being ripped off here there and everywhere whilst the government sits there like a toothless dog just giving out sound bites and rhetoric that the insurance (and utility) industry just laugh at. I for will be hard pushed to ever believe premiums will come down, after all they have their shareholders to think about so what chance have we got.
Can you provide some evidence for this please?
The insurance industry is regulated by the FSA, the consumer ombudsman (FOS's) decisions are binding on the insurer, and the Government's Transport Committee has undertaken an investigation into the cost of motor insurance.
You say "rob". Can you please provide some quantitative evidence that this premium will provide the insurer with an actuarially expected supernormal proft?
Theft/attempted theft and malicious damage represent a very small part of the risk associated with geographical location. Of far greater importance are the risks of third party personal injury claimsand fraud, both of which are highly correlated with geographical location.
Again, evidence please.
The Government are undertaking the investigation. Please also provide evidence of the supposed massive profits that motor insurers are making.
Implant uninsured drivers who cause injuries and death with pain inducer chips. Sell them to gang masters for cash. We give them a humane choice by a quick execution by the victim or representative of victim.
Set up a charity, put the cash from selling the uninsured drivers, plus tax deductible contributions from insurance companies. The charity should be run by the victims, not the insurance companies.
For example a recent quote for my upcoming renewal was £227 for 2.2dci xtrail and £167 for 1.3L petrol runabout making £394 then £55 off for insuring 2 cars making total £339 and then £125 cashback from quidco for taking multicar making net total price for 2 cars of £214 !!
Anecdotal evidence from people that have already shopped round, would imply that not everyone can do that.
I can't do that this year and I always shop around. I'm not complaining as my premiums are very low and amazing value IMO but I can't hold/reduce them.
I realise that this doesn't work for everyone and sometimes your first quotes can be the best, but surely it's worth trying?
I do agree that sometimes there comes a point where the quotes don't get any better and the lower your premium the harder it is to reduce it.
Another point is to find the insurers that will quote 2 -3 months ahead because I find the earlier I search the better my quotes, it may be just my imagination but from experience it does seem to get better quotes.
I think the worst thing people can do is leave things to the last minute.