To think that this cannot be justifiable?! Insurance

[PyongyangKipperbang]

I stayed with the same car insurance for three years as the price was about the same as when I did price comparison, had had good service from them and it had some good extras. ,

This year, nothing changed except another years no claims, and they have tripled the price! Its almost £1500! I know that sometimes renewals get loaded as some people are just lazy and dont bother changing, and in fairness I might have done the same if the increase was roughly in line with inflation (although would have checked others just in case) , but that much is just ridiculous surely no one would go for it?!

I am 50, no claims or convictions, same car as last year so no change there, there is literally no reason why it would go up. I wondered if it was my age but I cant see that turning 50 should have that much of an impact and I have done price comparison and that is coming out roughly (well a little more) than last year, so if it is my age no other insurance companies are bothered! Obviously will be changing. But when I called they said that it was "industry standard" increase and were adamant that that was the only price they could quote. Got the impression when I said what prices I had had from comparison websites that they thought I was lying to try and get them to lower their price!

Nice theory but isn't it odd how all this results in everyone getting quoted a big increase? It's almost as if they all decided it was time to make a bit more money.

I'd really, really recommend everyone goes to the Martin Lewis site and uses his method https://www.moneysavingexpert.com/insurance/car-insurance/]

It's the best way to ensure you have the best price.

It might surprise most people to know that in the UK, most motor insurers make a loss or break even most years, and insurers pay out millions every day.

Sorry, cocked up the link there, try this one www.moneysavingexpert.com/insurance/car-insurance/

My renewal quote was double this year compared with last year. That's not in keeping with inflation at all and at least 6 other insurance companies quoted me at a more reasonable rate that was around what I expected the inflation linked price to be.

Unsurprisingly I've switched and frankly I'll never return to that insurer even if they suddenly become the cheapest in the future.

Is it a Land Rover? Insurance companies are just starting to pass on massive increases for LR cars. Their keyless entry systems make the cars ridiculously easy to steal. We are a small independent motor trader and we keep all LRs locked up behind locked gates and in a locked garage at all times unless a customer wants to see it. Some of the big insurance companies, I think it was Aviva I heard mentioned, are just about to impose a 15% excess on any claims involving theft of Land Rovers, this is on a motor trade policy.

A friend of ours has a 'collectors' insurance policy to cover his collection of prestige cars which includes Ferrari, Bentley, McLaren, Porsche. The only exclusion on his policy is no single car over £1,000,000 and no Land Rovers!

So I imagine these increases are about to filter in to the consumer insurance industry too. It's disgusting and Land Rover should be forced to rectify this issue.

If it's not a Land Rover do you mind me asking what type of car it is?

I thought this was just a known thing that all insurers do. They make money on people not bothering to keep an eye on their policy renewal and pricing. It sounds excessive yes, but just shop around for something else. Even calling them normally brings down the price, at least a bit.

I think you need to start getting new quotes at least 31 days before the current expiry date. The shorter the interval, the less time they know you have to search around is this is one of the factors influencing a quote. Of course no one likes to start searching as it a PITA but I'm resolved to do it next time

I think the sweet spot is 24 days? That's how I do mine.

Ours was a 250% increase. We had an open "notification only" claim at the time of renewal which was unfortunate timing but this was no fault and we didn't lose any no claims years.
We switched and managed to just end up with an 80% increase but I do think we've got a better level of cover. Most frustrating when the collision was someone going into the back of me while I was stationary and we've just had to foot the £230 bill for the damage because despite their apologies at the scene, they then refused to pay for the damage. On top of the insurance increase we're a good £400 out of pocket.

Generally people get really focused on vehicle policies and don't think about insurers as the company in its entirety. Property claims have shot through the roof in recent years, with many claims occurring more regularly and costing more when they do. There are what they call "once in a hundred years" floods - there's been 2/3 of these in the last decade, to the point where some properties in particular areas are uninsurable, as there is no point in actually having insurance on them.

Insurance companies will generally also have property investments etc - these have all declined drastically over the last few years. Fraudulent claims are costing more than £2billion per year, and getting more sophisticated all the time. The rating factor for injury claims was changed a few years ago (the Ogden ruling) which greatly benefits the injured party, but costs the insurer significantly more than was expected and budgeted for.

I do get that there are sharp practices and insurers aren't necessarily heroes, but they're not always just plucking numbers out of thin air either.

It's interesting as there is generally a healthy insurance market where I am, and it had slowed a lot. Currently we're finding that the market for employment is fairly skewed - companies are so desperate for staff that they're paying well over what would usually be expected for their level of experience - think £35k for less than 2 years of experience, but I can't help wondering where it will stop - it's surely not sustainable for long.

Mine went up from.393 to 515 with LV I get a discount because I have house insurance too. Tried comparison sites and some quotes were 800🙄have a fiesta not a Ferrari 🙄

I think you need to start getting new quotes at least 31 days before the current expiry date.

Most sites won't give you a quote for a policy starting more than a month in the future.

I had very similar this year, been with them 2-3 years.
Cost last year £740
Renewal price £7000!

I switched at that point 😂

Is it a Land Rover?

Mine isn't a land rover but the massive increase does seem to be related to vehicle type. If I choose a different model of vehicle (same manufacturer) but approx same value my quote is £800 less!

https://www.theguardian.com/money/2022/may/28/car-insurance-costs-loyal-customers-renewals

So now legally they have to have the same proces for new customers as their loyal customers. But they use different loopholes to get round this.

Mine was 179 last year with Aa but this year they wanted £208. Switched to Aviva with breakdown cover for £184 but I drive less that 2000 miles a year

You always need to do a price comparison each year because companies rely on people accepting increases and not shopping around. However, the cost of insurance claims have increased massively- it is not just about inflation. Even if you have never claimed, if you have to this year the cost of that claim will be much higher than in previous years so your quote will reflect this. You have to have insurance so you have to suck it up.

Quotes are also not surely based on your risk as a driver or the price of your car. The area you live in, increasing claims involving non-insured drivers etc contributes. The city I live in is really pricey insurance wise, the road I live on is a long windy hill which boy racers love to race down in their Corsa's. Loads of my neighbours cars have been written off over the years when parked outside their houses. Not much you can do to change that.

Is it a Land Rover? Insurance companies are just starting to pass on massive increases for LR cars. Their keyless entry systems make the cars ridiculously easy to steal. We are a small independent motor trader and we keep all LRs locked up behind locked gates and in a locked garage at all times unless a customer wants to see it. Some of the big insurance companies, I think it was Aviva I heard mentioned, are just about to impose a 15% excess on any claims involving theft of Land Rovers, this is on a motor trade policy.

Why on earth would a company doggedly persist with such a ridiculous system, when it's clear as day how negatively it's affecting their customers and reputation?

Is there nobody at all with any level of authority at LR who is capable of making a simple 'pros & cons' list?

Pros
You don't have to carry a tiny, light little key around with you (nobody has actually said that this is a problem at all)

Cons
It negates all of our long-developed security systems
That makes insurance for our cars sky-high or simply unobtainable
It also puts owners in danger, if people break into their house to get the keyless code
This hugely puts people off buying our cars at all and seriously damages our very long brand-reputation

Absolute insanity.

Its a 1.4 Kia Rio! Hardly the stuff of a boy racers dream!

Its a classic "kids have grown up so just need a run around for me" middle aged mum car!

You should always shop around and start looking 6 weeks before your renewal is due. Leaving it to the last minute will bring up higher prices.

I’m dreading next renewal which isn’t until next summer thankfully. Had our first ever claim which is still in process, a car rolled into ours in a car park when we weren’t there. £5600 worth of repairs and expensive hire car that we have needed as I can’t walk and it is our only car. Car been in for 3.5 weeks and hire car been renewed for another week.

We won’t lose our no claims as was protected and excess has been waived. I’m going to shop very carefully on renewal and want a company with good reviews for claims. Getting us and the car home was really hard work and it nearly got sent to our old address. At one point we were going to have to wait 9 hours to get home. Took 2 goes to recover car and at one point they said I might have to find my own garage to repair as they had none available.

It's strange how shopping around works for some people but not others. My renewal quote was 30% more with no changes or claims, so I shopped around and got the same cover plus business use for 5% more.

I use price comparison sites then I phone the actual insurer to insure the car, cutting out the middle man, which lowers the price.
My insurance quote this year was £286, up from £218.
The cheapest on the price comparison sites was £237, so I phoned that insurer directly and got it for £194 with all the extras thrown in.
On another note, it drives me mad that in the UK you insure the person driving rather than the car.
In my country the actual car is insured so with the owners permission, anyone over the age of 25 can drive it, and it's cheaper than the UK.

I had a fault accident a couple of months ago in which my car was written off. I’m nit replacing it because the premium is more than £3k. I’m currently on a train. You can get a lot of trains and taxis for £3k.

Same here, direct line up from £275 last year to £415 this year, 51% increase, nothings changed….. phoned them and they said they couldn’t come down in price, did lots of comparison sites cheapest came in at £395 only £20 saving and as direct line do offer a very good policy as much as it pains me I’m going to renew with them.