| Car insurance up by 29.16% despite no claim & no changes 10:52 - Jul 12 with 4720 views | Ryorry |
Couldn't get them (NFU) to reduce at all, despite 8+ years NCD.
Their rep said such an increase is universal amongst motor insurers - but is it? How have other people fared? |  |
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| Car insurance up by 29.16% despite no claim & no changes on 14:40 - Jul 12 with 1174 views | SuperKieranMcKenna |
| Car insurance up by 29.16% despite no claim & no changes on 14:29 - Jul 12 by ElephantintheRoom |
Strangely the value of your car will probably have gone down by 20% - but depreciation never gets a mention in renewal quotes. So even if your policy had stayed the same it’s still gone up.
Always pays to change insurers every year on everything. |
Depreciation is not really relevant because unless it’s write off, the cost of repairs and parts will still have risen if you claim.
On top of that people don’t think about the liability claims that you are also paying for, and the awards are rapidly rising. One of the reasons electric cars are more to insure is that you are significantly more likely to be hit by one* (in which case you’ll want some compensation). And although they aren’t more likely to catch fire than ICE cars, they are harder to put out which increases the likelihood of the fire spreading to other vehicles/properties.
* https://amp.theguardian.com/world/article/2024/may/21/electric-cars-more-likely- |  | | |
| Car insurance up by 29.16% despite no claim & no changes on 14:44 - Jul 12 with 1160 views | TheBlueGnu |
Another example of Greed Britain I'm afraid | |
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| Car insurance up by 29.16% despite no claim & no changes on 14:49 - Jul 12 with 1141 views | SuperKieranMcKenna |
| Car insurance up by 29.16% despite no claim & no changes on 14:44 - Jul 12 by TheBlueGnu |
Another example of Greed Britain I'm afraid |
Heading for a third consecutive year of losing money:-
https://www.ey.com/en_uk/news/2023/12/ey-s-latest-uk-motor-insurance-results
The UK motor insurance market is expected to record its worst performing year since 2010 this year, according to EY’s latest UK Motor Insurance Results. A net combined ratio (NCR) of 114.6% is now forecast for motor insurers in 2023 – up from 108.5% forecast in June – despite premiums rising by 25% over the course of the year. The losses are driven by high inflation and rising material costs having a more determinantal impact on balance sheets than initially anticipated, and more frequent claims.
Cost pressures and high damage claims levels are expected to continue into 2024, and insurers are likely to face another challenging year. However, premium rate increases this year should start to make a material difference, and EY predicts an NCR of 100.4%ꞌ next year. | | | |
| Car insurance up by 29.16% despite no claim & no changes on 16:30 - Jul 12 with 1093 views | TheBlueGnu |
| Car insurance up by 29.16% despite no claim & no changes on 14:49 - Jul 12 by SuperKieranMcKenna |
Heading for a third consecutive year of losing money:-
https://www.ey.com/en_uk/news/2023/12/ey-s-latest-uk-motor-insurance-results
The UK motor insurance market is expected to record its worst performing year since 2010 this year, according to EY’s latest UK Motor Insurance Results. A net combined ratio (NCR) of 114.6% is now forecast for motor insurers in 2023 – up from 108.5% forecast in June – despite premiums rising by 25% over the course of the year. The losses are driven by high inflation and rising material costs having a more determinantal impact on balance sheets than initially anticipated, and more frequent claims.
Cost pressures and high damage claims levels are expected to continue into 2024, and insurers are likely to face another challenging year. However, premium rate increases this year should start to make a material difference, and EY predicts an NCR of 100.4%ꞌ next year. |
......ah but what type of cheese is favoured by the insurance industry ? | |
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| Car insurance up by 29.16% despite no claim & no changes on 16:42 - Jul 12 with 1056 views | DJR |
I am not sure if anyone has mentioned it, but the increasing bulk, design, finish and complexity of modern day cars must add to the costs, even if they are not electric.
And even if you don't own a flash car, you might crash into one. [Post edited 12 Jul 2024 16:44]
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| Car insurance up by 29.16% despite no claim & no changes on 16:42 - Jul 12 with 1049 views | cressi |
I was with Hastings had to move to Darwin . Hastings wanted a hundred more even after a conversation. | | | |
| Car insurance up by 29.16% despite no claim & no changes (n/t) on 17:31 - Jul 12 with 992 views | solemio |
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| Car insurance up by 29.16% despite no claim & no changes on 17:34 - Jul 12 with 989 views | solemio |
Year after year Which? rates NFU as the best provider, but there are a number of others almost as highly recommended that are considerably less expensive. | | | |
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| Car insurance up by 29.16% despite no claim & no changes on 17:42 - Jul 12 with 981 views | GeoffSentence |
At what point does motoring get too expensive? Costs seem to be going up and up and up, but there seem to be as many cars on the road as ever. |  |
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| Car insurance up by 29.16% despite no claim & no changes on 17:45 - Jul 12 with 978 views | Ryorry |
| Car insurance up by 29.16% despite no claim & no changes on 17:34 - Jul 12 by solemio |
Year after year Which? rates NFU as the best provider, but there are a number of others almost as highly recommended that are considerably less expensive. |
Yeah, stupidly forgot this year & current policy runs out on Sunday, so had left myself no leeway  | |
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| Car insurance up by 29.16% despite no claim & no changes on 17:47 - Jul 12 with 975 views | blue_curacao |
In my opinion, the insurance companies are their own worst enemies. They have created a cottage industry of other providers that they use to recover, repair, provide replacement vehicles etc. These providers all milk the insurers for as much as they can - whatever happened to the insurer asking you to get a couple of quotes yourself and then authorising one of them?
Also, in my experience, the insurers *never* question any claims they just go ahead and pay up in full. I reversed into another parked car which was 1m behind me, from a standing start at 2mph. Zero damage but I gave the owner my phone number - she then messaged me to say that her boyfriend had looked at it and that I needed to give her £600 so I told her to get stuffed and claim on insurance if she believed there was damage. I pre-warned my insurer and explained what had happened. I later discovered that my insurer had paid out £12k without questioning the claim. Ridiculous! | | | |
| Car insurance up by 29.16% despite no claim & no changes on 17:49 - Jul 12 with 969 views | redrickstuhaart |
| Car insurance up by 29.16% despite no claim & no changes on 12:36 - Jul 12 by baxterbasics |
The whiplash thing was getting silly though, I'm not convinced it was just a small problem.
Some years ago I was claiming against another driver who had shunted me. I actually had to convince the insurer I didn't have any injury to claim for, and in the end they paid me an extra £100 just to not claim it! |
It genuinely wasnt.
Actually fraudulent claims are pretty rare.
You now have hte weird situation where someone who genuinely has a nasty neck and shoulders injury limiting them for 6 months gets a 400 quid, whereas someone with similar limitations from an injury on some other part of the body gets 6 times the amount... | | | |
| Car insurance up by 29.16% despite no claim & no changes on 20:50 - Jul 12 with 897 views | PassionNotAnger |
| Car insurance up by 29.16% despite no claim & no changes on 17:49 - Jul 12 by redrickstuhaart |
It genuinely wasnt.
Actually fraudulent claims are pretty rare.
You now have hte weird situation where someone who genuinely has a nasty neck and shoulders injury limiting them for 6 months gets a 400 quid, whereas someone with similar limitations from an injury on some other part of the body gets 6 times the amount... |
Fraudulent claims aren’t rare at all even a mid size insurance can typically be dealing with several thousand suspicious motor claims at a time. They range from exaggeration of injuries and vehicle damage, to claims for injuries from passengers who weren’t even in the vehicle to the rarer cash for crash and staged accidents. It’s hundreds of millions of pounds a year across the industry.
Premium increase broadly genuinely reflect the claims exposure of each company. Very few insurers make money on the actual insurance product (ie for each £1000 policy they will pay £1050-£1150) but make the profit on short and medium term investments on the cash they hold during the periods between premium collection and claims payment. | | | |
| Car insurance up by 29.16% despite no claim & no changes on 20:58 - Jul 12 with 887 views | ronnyd |
| Car insurance up by 29.16% despite no claim & no changes on 11:07 - Jul 12 by EdwardStone |
About 20 quid cheaper this year...
One of the very few advantages of being in my senior years
I have been with A Plan brokers for many years....they do the leg work to find a very keen quote every year...although they have recently changed their name to Howden, depite not selling kitchens |
I use A Plan, aka Howden, at Bury. Find them competitive in their quotes and it's nice to talk to a human being. | | | |
| Car insurance up by 29.16% despite no claim & no changes on 21:33 - Jul 12 with 856 views | GlasgowBlue |
| Car insurance up by 29.16% despite no claim & no changes on 11:07 - Jul 12 by Ryorry |
Invoice was pre-election, so actually it's the Tories wot skyrocketed motor insurance  |
Well they've been in a week. Why hasn't it come down?????????
I feel lied to. |  |
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| Car insurance up by 29.16% despite no claim & no changes on 21:52 - Jul 12 with 838 views | redrickstuhaart |
| Car insurance up by 29.16% despite no claim & no changes on 20:50 - Jul 12 by PassionNotAnger |
Fraudulent claims aren’t rare at all even a mid size insurance can typically be dealing with several thousand suspicious motor claims at a time. They range from exaggeration of injuries and vehicle damage, to claims for injuries from passengers who weren’t even in the vehicle to the rarer cash for crash and staged accidents. It’s hundreds of millions of pounds a year across the industry.
Premium increase broadly genuinely reflect the claims exposure of each company. Very few insurers make money on the actual insurance product (ie for each £1000 policy they will pay £1050-£1150) but make the profit on short and medium term investments on the cash they hold during the periods between premium collection and claims payment. |
Very few fraudulent claims make it through to courts. The windfall from the whiplash tariffs, based on a false premise that this is a massive issue, is enormous. But policy holders have not seen even a slight improvement in premiums as a result.
This is something I know a lot about... | | | |
| Car insurance up by 29.16% despite no claim & no changes on 21:52 - Jul 12 with 837 views | EdwardStone |
| Car insurance up by 29.16% despite no claim & no changes on 20:58 - Jul 12 by ronnyd |
I use A Plan, aka Howden, at Bury. Find them competitive in their quotes and it's nice to talk to a human being. |
Exactly this....
I have found them to be remarkably helpful |  | | |
| Car insurance up by 29.16% despite no claim & no changes on 07:07 - Jul 13 with 766 views | PassionNotAnger |
| Car insurance up by 29.16% despite no claim & no changes on 21:52 - Jul 12 by redrickstuhaart |
Very few fraudulent claims make it through to courts. The windfall from the whiplash tariffs, based on a false premise that this is a massive issue, is enormous. But policy holders have not seen even a slight improvement in premiums as a result.
This is something I know a lot about... |
No, the majority don’t go to court as it’s prohibitively expensive and hard to meet the threshold for proving fraud (or fundamental dishonesty) but that doesn’t meant thousands aren’t successfully repudiated on suspicion of fraud every month. I know this as I used to look after a counter fraud unit for a motor insurer so I saw at first hand the volume and values involved.
The whiplash reforms have turned the dial on reducing the volume of chancer fraud (drivers and passengers claiming non existent injuries after low speed impacts) which was one of the intended benefits but as more and more of those claims were being repudiated without going to court it’s not saving vast money for the insurers as such but it’s reducing the volume of attempted claims.
The law society are making a lot of noise on this as its cut a significant revenue stream for the host of legal firms that were enticing people to make injury claims with false claims of money being set aside and no questions asked just so they could get their fees etc. I would guess given your view on the issue you are in or connected to that industry in some way? | | | |
| Car insurance up by 29.16% despite no claim & no changes on 07:31 - Jul 13 with 749 views | TractorWood |
| Car insurance up by 29.16% despite no claim & no changes on 16:42 - Jul 12 by DJR |
I am not sure if anyone has mentioned it, but the increasing bulk, design, finish and complexity of modern day cars must add to the costs, even if they are not electric.
And even if you don't own a flash car, you might crash into one. [Post edited 12 Jul 2024 16:44]
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I agree. I can't believe the number of £50k cars you see pootling around. Cars are a shambolic use of money beyond the absolute necessity. I always buy £3k cars, run them into the ground for a few years and then repeat.
As for insurance I recently changed from direct line to Aviva and saved £100 due to the ridiculous quote from direct line. |  |
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| Car insurance up by 29.16% despite no claim & no changes on 07:42 - Jul 13 with 743 views | Plums |
| Car insurance up by 29.16% despite no claim & no changes on 07:31 - Jul 13 by TractorWood |
I agree. I can't believe the number of £50k cars you see pootling around. Cars are a shambolic use of money beyond the absolute necessity. I always buy £3k cars, run them into the ground for a few years and then repeat.
As for insurance I recently changed from direct line to Aviva and saved £100 due to the ridiculous quote from direct line. |
Beware Aviva if you cancel the auto renewal. They renewed me anyway - taking the obscene £500+ inflated premium that I'd declined from my card.
I got it back but because it was an online policy, there was nobody to talk to. |  |
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| Car insurance up by 29.16% despite no claim & no changes on 08:12 - Jul 13 with 718 views | TractorWood |
| Car insurance up by 29.16% despite no claim & no changes on 07:42 - Jul 13 by Plums |
Beware Aviva if you cancel the auto renewal. They renewed me anyway - taking the obscene £500+ inflated premium that I'd declined from my card.
I got it back but because it was an online policy, there was nobody to talk to. |
Did you raise a complaint? I had a similar experience with payment and got £75 compensation after moaning. [Post edited 13 Jul 2024 8:12]
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| Car insurance up by 29.16% despite no claim & no changes on 10:15 - Jul 13 with 664 views | Ryorry |
| Car insurance up by 29.16% despite no claim & no changes on 07:31 - Jul 13 by TractorWood |
I agree. I can't believe the number of £50k cars you see pootling around. Cars are a shambolic use of money beyond the absolute necessity. I always buy £3k cars, run them into the ground for a few years and then repeat.
As for insurance I recently changed from direct line to Aviva and saved £100 due to the ridiculous quote from direct line. |
Also agree.
"I always buy £3k cars, run them into the ground for a few years and then repeat."
Same here. As someone else mentioned above, you get seem to get no reduction in premium for depreciation anyway even for the much more expensive ones. [Post edited 13 Jul 2024 10:16]
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| Car insurance up by 29.16% despite no claim & no changes on 11:04 - Jul 13 with 631 views | MJallday |
My requote was basically double (for no change in circumstances ), however a shop round and I switched (from direct line to Hastings) for exactly the same bar a few pennies
Robbing b*****ds the lot of them |  |
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