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Why is car insurance so blooming expensive?!?

(25 Posts)
katelewis320 Sun 13-Nov-16 20:22:40

Hello,
I hope this is the right place to post this!
I am 32, 7 months pregnant and have just passed my driving test! I was thrilled until I've looked into getting quotes for car insurance on a Fiat Panda 1.2l car and found my cheapest quote to be £1300!!!
I don't pretend to know a lot about motor insurance and yes I know I'm a new driver but that seems ridiculous. Especially when the car is worth £1000 at most!
I just can't get my head around what could be driving the premiums up by this much. I would be paying annually so it's not as if my credit score has any bearing as this is just for monthly instalments.
Is anyone else paying similar and should I just shut up moaning and pay up or am I missing something!?

cozietoesie Sun 13-Nov-16 20:27:07

You're paying for potential damage to other cars and occupants not just your own. And I guess you have no No Claims Bonus? That has a serious effect on premiums when it kicks in.

SoupDragon Sun 13-Nov-16 20:28:40

I just can't get my head around what could be driving the premiums up by this much

Um... you said it yourself. You've just passed your driving test.

SoupDragon Sun 13-Nov-16 20:29:54

It is as simple as that. You are less experienced and thus more likely to cause an accident.

Kidnapped Sun 13-Nov-16 20:31:08

It is simply because you are a new driver. New drivers are a risk and the premiums reflect that.

Do you have a partner/husband? Could be worth adding him/her as a named driver. That often brings the prices down if the named driver has a decent driving history. You could add one of your parents or a friend if you don't have a partner. They don't have to live with you.

Otherwise could you go third-party only? Rather than fully comprehensive? If your car isn't worth much then that might be an option.

It would be worth going on-line and putting in the different combinations.

Remember that you will be building a history of safe driving, so it will get cheaper and cheaper as each year passes (provided you don't claim).

katelewis320 Sun 13-Nov-16 20:35:48

Thank you Kidnapped. Yes I do have a partner and he does have a good driving history so I will definitely look into adding him as a named driver.

I am fully aware that being a newly qualified driver puts the premiums up. I understand that, I was shocked by just how much but if that is normal then I will shut up and pay up!

Kidnapped Sun 13-Nov-16 20:35:59

Oh, and make sure that you put in your correct details.

If you are only going to do 4000 miles a year then put that in. The system probably defaults to 10000 miles or something and you have to manually change it.

You could make your excess £500 or something (the default is probably around £200) and that would also bring it down.

thatdearoctopus Sun 13-Nov-16 20:37:53

Ask for quotes that include Black Boxes. That reduces the premium quite a bit.

cozietoesie Sun 13-Nov-16 20:39:52

kate

If it makes you feel better, you should hear some of the financial horror stories associated with being an 18 year old, newly qualified, driver trying to obtain insurance. You'd blench! smile

katelewis320 Sun 13-Nov-16 20:39:53

Thank you Thatdearoctopus smile

katelewis320 Sun 13-Nov-16 20:41:37

Ha ha I know. I am just being hormonal and grumpy. You are right it could be a lot worse cozietoesie smile

WaitrosePigeon Sun 13-Nov-16 20:43:32

Also, ring them up and haggle. They will lower it!

19lottie82 Sun 13-Nov-16 20:45:14

Another vote for adding your DP as an additional driver as long has he is an experienced driver with a clean license.

And as explained, the value of your car doesn't really affect your insurance price that much. The main cost is due to the risk that you might injure someone who could need lifelong care which could cost millions!

Some brand new (and expensive) cars, are actually cheaper to insure than sub £1000 bangers as they have new safety features that help prevent crashes.

Leatherboundanddown Sun 13-Nov-16 20:47:28

I have also just passed and I am 29. The only way I could get it under 1000 on a 1 litre was with a telematics box.

I have admiral little box and it was 940 for the year, I pay monthly.

cozietoesie Sun 13-Nov-16 20:49:13

All the youngster in our family who drive have 'black boxes' to go with insurance. I can't conceive what the costs might be otherwise.

cozietoesie Sun 13-Nov-16 20:49:38

youngsters

MsAdorabelleDearheartVonLipwig Sun 13-Nov-16 20:51:38

You wait until your insurer sends you your renewal quote next year. You'd expect it to go down wouldn't you? hmm

80sMum Sun 13-Nov-16 20:55:38

The main reason motor insurance is so expensive nowadays is because we have become like the USA, i.e. a very litigious society. Before all the ambulance chasing lawyers got on board and encouraged people to make claims for every little thing, insurance was a lot cheaper than it is now. You're paying for all the people who claim for whiplash injuries that don't really exist, for instance.

However, once you have a few claim-free years behind you, OP, you will find that your premiums do decrease dramatically, partly because you will build up a No Claims Bonus and partly because older drivers are generally considered to be a lower risk, I believe.

Opting for Third Party Only is not usually any cheaper than comprehensive insurance; in my experience, it's often more expensive.

Sometimes you can get cashback on insurance if you buy through a site such as Quidco. That might be worth looking at. But be sure to get plenty of quotes whatever you do.

Oh, and congratulations on passing your test! 😊

cozietoesie Sun 13-Nov-16 20:56:24

Inertia selling/pricing kicks in from Year 2. grin Masked partly by the first year's NCB.

BarbaraofSeville Mon 14-Nov-16 08:36:26

Definitely put your DH/DP on your insurance. We are both in our 40s with good driving records, driving since teenage years, and are on each other's policies, we do drive each other's car every once in a while so need this anyway.

Mine was £290 on my own and £230 with DP added even though he has 3 points for speeding (group 2 car).

katelewis320 Mon 14-Nov-16 17:07:54

Aha success! Put my partner down as a named driver and I'm down to £850. That will do for me! Thanks to everyone for your advice!

cozietoesie Mon 14-Nov-16 17:45:29

That's an excellent saving. smile

m0therofdragons Mon 14-Nov-16 22:08:01

Mine halved after 1 year. I went for third party only for my first year then onto fully comp which was half the price for the second year. Now it's £198 a year.

Notreallyhappy Tue 15-Nov-16 18:28:03

I feel your pain.
Ds just passed - 1500 to add him as an occasional driver, he's at college, has no need for a car as he's a computer geek. It's £1350 to insure him in his own name on a 10year old car & even more with me on there.

bouncydog Tue 15-Nov-16 20:43:21

Something that nobody has mentioned is your postcode. Some postcodes have more claims linked to them so insurers load the premiums so that they can reasonably expect the premiums that they receive will cover the claims they have to pay. There are also other factors added in to the premium, but a 30 year old living, for instance in Central London, will pay much more than a similar individual living out in the country. Some insurers also want to attract certain business e.g. some will simply not insure young drivers. Your best bet is to speak to a good local broker, who knows their market - they will often have access to insurers that the general public cannot access such as the Lloyds market. Sometimes a larger vehicle, may be cheaper to insure e.g. Vaxhall Corsa's are sought by youngsters so statistically may be more expensive to insure because there are more claims made on them. Whereas a larger Volvo (which very few youngsters would want) might be cheaper!

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