Has anyone else's car insurance renewal dropped significantly?

[vesperlindor]

We're with Admiral, multi car policy, just had our renewal and it's £400 less this year than last (almost halved the amount)! We've always paid relatively consistent amounts for the last 5 years or so so this seems really odd.

I've checked the policy docs and everything looks fine. DH did change his car a couple of months ago so that will be having a bit of an impact, but even looking at the cost for my car in isolation (which you can see handily) the premiums have dropped by about 30%.

I'm not complaining, obvs, just interested in why it might be like this. Wondering if there is something weird going on with car insurance generally?!

Mi e has dropped by £50 . It's now £150 for fully comp with business use.

It's because of the new pricing rules from the FCA. Basically it means that insurance companies can't discount premiums just to get new business and whack it up at renewal. So you have to charge at renewals what you'd charge for new business and vice versa.

Some people are seeing an increase, some are seeing a decrease. If you've got a decrease then great!

Thanks both!

Same - mine was £400 last year, renewal is due next week at £237.

I have the multi car policy too, we have two car insurance and two house insurance on it and I think it’s really good value. £760 for all four.

Yes, finally looked at our renewal details the other day, last day before it was due, nothing like leaving it to the last minute. I was fully prepared to end up spending a few hours that evening looking for something cheaper. However. I opened the renewal and it was £70 less than last year. Perfect. Made my evening.

@notacooldad

Mi e has dropped by £50 . It's now £150 for fully comp with business use.

Per year???

Yes, these new rules have worked in our favour too. In my opinion it’s really good that companies can no longer penalise customers for their loyalty.

They haven't worked in my favour I was absolutely mercenary! Different provider each year!

Also age has a factor 25 and 35 birthdays can have a big impact

My dropped by £500 on my 35th birthday

My car is via motorbility so I don't get quote renewals but I have just had another cheque from the insurance company because the number of claims has dropped.

Providers are no longer permitted to differentiate between old and new customers on their deals. Governed by FCA.
Hopefully we'll get pleasant surprises with mobiles and other packages. We could sure do with it! 👍🏼

*notacooldad

Mine has dropped by £50 . It's now £150 for fully comp with business use.

Per year???

Yes.
I am the named driver. Dh is on as a second. Iwe played round with different combinations and to take him off really put the price up. So it was cheaper for him to be in even though he hardly drives it and if he did hes covered on his own insurance.

@notacooldad

*notacooldad

Mine has dropped by £50 . It's now £150 for fully comp with business use.

Per year???

Yes.
I am the named driver. Dh is on as a second. Iwe played round with different combinations and to take him off really put the price up. So it was cheaper for him to be in even though he hardly drives it and if he did hes covered on his own insurance.

That's soooo low! Gosh I'm jealous!

Tell me your secrets!

Tell me your secrets!
Absolutely no idea but I'm guessing it makes up for the 2.5k yearly insurance I paid for each son for 3 years!! 🤣

Mines just gone up from £400 to nearly £700 but I have just had an accident that was my fault.

Still seems a lot for a Fiat 500 leisure use only.

Mine went from £300 to £200. Same car, same drivers but I did just get to 46 so wonder if that's part of it.

Mine went up significantly. No accidents. And very little wiggle room when I rang to negotiate, unlike previous years. I ended up moving insurers for the first time in 17 years. Am in NI, so no doubt we're a 'special case' as per fecking usual.