Does anyone else remember the days when car insurance would actually go down?

[ARMSDOWN]

I remember my yearly car insurance renewal always being minorly exciting because the monthly payment (can't afford to pay in full) would always reduce by at least £5/6 then plateau. About to renew and the cheapest available is £8 a month more than what I paid last year. It used to be a tiny reward for driving well without crashing. Of course I understand why this is the case but it's very frustrating! Does anyone still see a reduction?

Mine went down £20 this year but then I bought a car and its gone up a load to account for that because my old car was a bit of a skip on wheels and worth next to nothing.

I thought there were some big transition points like if you go over big birthdays like 50 then that can make a difference, or maybe 10 years no claims. My guess is that it still can happen, although maybe nowadays the analysis is more sophisticated and graduated.

Shop around as staying with the same lot appears easy but often a bit of looking around can save you money. We dod every time and then ask the current lot to match that price or we move. We also note not just the amount we pay but its like for like insurance

I switch every year. Guess I'm just reminiscing about a time I didn't feel a car crash away from financial ruin 😅

I thought you was but was unsure - sorry for my mistake😃

Tell me about it. I have 2 cars and insurance has gone up on both. One is an old banger that is worth more to me rather than selling on and the other is newer. But both increased even though I'm over 50 and no accidents/incidents for more than 30 years

Mine is still going down most years, I've been with the same insurer for years and have never claimed, my home insurance though...

I've never claimed either but it has gone up the last 3 years annoyingly. Used to pay £35 a month, now £51!

Yes, mine has gone down for the last few years. Same company. Max no claims. Same car.

I'm in my 30s but have been driving 15 years with no claims and never had points.

What I think a lot of people don’t realise about insurance is that most providers nowadays are, essentially, investment businesses with insurance sidelines. They remain in business through a fine balancing act of reserving on their liabilities and investing your premium and thus your premium is ultimately interlinked with what happens in the financial markets. It can’t have escaped many people what’s happened in the financial markets over the past couple of years, and thus in turn to reserving capital requirements and premiums - in the same way that very few people’s mortgage repayments are currently going down. Add to that the fact that parts and labour cost more than they did even a couple of years ago; modern cars are more expensive to repair, with even a relatively minor accident resulting in a significant repair bill or write off; and a huge rise in insurance fraud cases and e.g. whiplash claims and it’s pretty unrealistic to expect your premium to consistently decrease whilst cover consistently becomes more expensive to provide.

I understand this. Just finding life financially difficult and trying to find ways to cut back. I could cry every time something increases.

Car insurance for women was so much cheaper before we had to subsidise the boy racers : :sighs : :

@toomuchcardboard and I think this is the problem. This has definitely contributed to women's insurance increasing

Funny, that was an EU ruling ... the UK could scrap it if it wanted to.

Mine has gone up a stupid amount this year, but when I did a comparison site they were all more. I haven’t claimed for years and it’s over £50 a month. It’s crippling

They really really don't want women to have any advantages whatsoever do they?