Insurance costs putting anyone off changing?

[Condi]

Is the rise in insurance costs putting anyone else off changing cars these days? I'm looking at something like an M4, but the cheapest recognised insurance company want £2k per year, which is frankly stupid for someone with 16 years NCB. Even dropping down to a 430i is still £1200+. Makes it very hard to justify owning one, or indeed any second car these days.

[davamer23]

It’s a consideration yes but wouldn’t put me off if I was looking at a specific car.
The insurance industry just jumping on the inflation bandwagon in my opinion.
Some of the percentage rises in renewals have been extortionate

[ChrisH72]

I was shocked at my renewal price (fiesta ST) last month. Usually pay around £250 with Direct Line and have been with them for years. The quote came in at £500 this time. When I called they said its the best they could do so I've had to go elsewhere. I managed to get £300 with Swinton but I do wonder if it's going to go up steeply in the coming years. Presumably as cars get more expensive they become more expensive to repair.

There's no way I'd buy a car if the insurance was thousands.

[jonwm]

Weirdly mine dropped by £100.

No changes August renewal on a kombi T6 for family SDP £450 to £350 give it take a few ££

[Jamescrs]

I've also been looking at M4's quotes for me are around £1400 a year which is high, my current car is a M240i which is £600 for comparison.

It's a ball ache but it won't put me off buying the car early next year when I plan to change.

[ZX10R NIN]

Mine jumped up by £1500 for my lot not happy but I'll live with it, it has made me put the idea of buying a GT350R (plus I stiill hadn't saved up all the cash to buy one) as the best quote I got for that was £2100.

Strangely when I swap from my Mondeo Vignale to an E400d my insurnace will drop by £150???

[Bp8575]

Yep, was looking at an M car usual insurance coming back at £1.8K. That’s a lot for a second car which won’t get used that much, so making me pause for thought. For context, on a 2010 911, it was around the £600 mark.

[W201_190e]

Ours dropped for both cars this year. Volvo was circa £250 and my 107 was around £200.

Insurance is definitely a factor, I’d struggle to afford to pay £1000 plus for insurance anyway. Not nowadays. Which is why we have run of the mill cars.

[snoopy25]

2009 1.6i Megane Coupé was £290 last year with AA, renewal came through at £450 with them and that's the cheapest after doing the rounds on trying to track down cheaper insurance

So yeh def won't be looking to change car at the moment.

[A500leroy]

Yamaha R7 £6655 TPFT! , the bikes only 8k.

[cayman-black]

I really do believe with some of these ridiculous quotes people will not buy certain cars for sure.
There are stories around of new Range Rovers being cancelled as an example.

[Yomamaisasnowblower]

I'm reconsidering on my next purchase. Mainly WFH, office if I feel like it so don't need a car but just want one so will buy if I see something with the spec I want.

Considering 18-2020, BMW 440i - 40yrs old, no claims in the last 5+, live in a very low risk affluent area in the SE.

Quotes were between £375-500 at the start of the year, now edging £900 at the lowest with companies I've never heard of before, most of the quotes presented from established players are in excess of 1.2k.

Like others have said, easily afforded but looking but feels less "worth it" given my usage.

[davek_964]

One of my cars jumped up from about £700 last year to about £1,600 this year.

The only consolation is that it seems to be because most policies have jumped up rather that the big payout they made to me 11 months ago.
In reality, it's still not too expensive - but I've been debating selling the car anyway and it has pushed me closer to that decision. But it's probably reaching the wrong time of year now anyway so will cough up and reconsider in Spring.

[Dingu]

davamer23 said:

It’s a consideration yes but wouldn’t put me off if I was looking at a specific car.
The insurance industry just jumping on the inflation bandwagon in my opinion.
Some of the percentage rises in renewals have been extortionate

Proof that there are often huge discrepancies between opinion and fact. Whose financial results did you check to come to that opinion?

[TwigtheWonderkid]

A500leroy said:

Yamaha R7 £6655 TPFT! , the bikes only 8k.

That value of the bike is of little relevance in the event of a tp claim against you.

[bencollins4]

davamer23 said:

It’s a consideration yes but wouldn’t put me off if I was looking at a specific car.
The insurance industry just jumping on the inflation bandwagon in my opinion.
Some of the percentage rises in renewals have been extortionate

Your opinion sure, but the reality is inflation is jumping on insurers. Massive rise is repair costs and continued parts delays are leading to much higher credit hire costs. These are often multiples of a repair cis theses days. Electric cars are also proving very expensive if you hit one, and that is a more likely prospect every day that goes on. Personal injury claims now also more costly (due again, to inflation), and reinsurance costs up.

On top of that, 2022 was a stinker for UK motor insurers, so a significant adjustment in rates was always coming, unfortunately.

[Suspicious_user]

bencollins4 said:

davamer23 said:

It’s a consideration yes but wouldn’t put me off if I was looking at a specific car.
The insurance industry just jumping on the inflation bandwagon in my opinion.
Some of the percentage rises in renewals have been extortionate

Your opinion sure, but the reality is inflation is jumping on insurers. Massive rise is repair costs and continued parts delays are leading to much higher credit hire costs. These are often multiples of a repair cis theses days. Electric cars are also proving very expensive if you hit one, and that is a more likely prospect every day that goes on. Personal injury claims now also more costly (due again, to inflation), and reinsurance costs up.

On top of that, 2022 was a stinker for UK motor insurers, so a significant adjustment in rates was always coming, unfortunately.

You work in insurance don’t you?

[MitchT]

I'm after a BMW 440i. Saw the perfect one back in March but logistical issues arising from the fact that it was a nine hour round trip to look at it meant someone else bought it before I had a chance to check it out. Was quoted about £410 for insurance at the time. Current quotes for the same car are around £650. I'd still buy it if I could with that premium. I did consider an M4 as well but I was quoted £1,100 and that jumped by a further £500 if I ticked the "windscreen cover" box! No thanks!!

So, insurance costs haven't yet put me off the 440i that I really want, but they certainly make me rule out an M4.

[bencollins4]

Suspicious_user said:

bencollins4 said:

davamer23 said:

It’s a consideration yes but wouldn’t put me off if I was looking at a specific car.
The insurance industry just jumping on the inflation bandwagon in my opinion.
Some of the percentage rises in renewals have been extortionate

Your opinion sure, but the reality is inflation is jumping on insurers. Massive rise is repair costs and continued parts delays are leading to much higher credit hire costs. These are often multiples of a repair cis theses days. Electric cars are also proving very expensive if you hit one, and that is a more likely prospect every day that goes on. Personal injury claims now also more costly (due again, to inflation), and reinsurance costs up.

On top of that, 2022 was a stinker for UK motor insurers, so a significant adjustment in rates was always coming, unfortunately.

You work in insurance don’t you?

I do indeed, but not for an insurer. Means I get to hear and see what’s going on first hand and some of the current costs are eye-watering. Like £20k for knocking a mini cabs wing mirror off. That’s not unusual. Or £14 million for a brain damaged child. That’s more unusual, but takes a lot of premiums to fund!

It’s an extremely competitive industry so little opportunity for insurers to ‘profiteer’ unless they want to risk losing all their customers.

[Suspicious_user]

bencollins4 said:

It’s an extremely competitive industry so little opportunity for insurers to ‘profiteer’ unless they want to risk losing all their customers.

Or, they're all in it together to make much more profit.

Much like supermarkets.