Has insurance gone up a lot?
Discussion
Well I shall give them a ring and see if my current insurer can do anything.
The only good news was that when I plugged the details into Compare the Market, the auto generated "market value" was huge - much higher than I would have said ...
... now if only that would turn into reality ...
The only good news was that when I plugged the details into Compare the Market, the auto generated "market value" was huge - much higher than I would have said ...
... now if only that would turn into reality ...Mine has dropped a little for Renewal (pleasant surprise).
BMW F90 LCI M5C with Business Use & renewal is £693 for the year. Oddly enough, the wife's Tesla M3LR is only £60 less & my son's Polo (he's 18, passed his test June 2022 & now has 1yrs NCB) is only £812, so this year renewal time has been a pleasure
BMW F90 LCI M5C with Business Use & renewal is £693 for the year. Oddly enough, the wife's Tesla M3LR is only £60 less & my son's Polo (he's 18, passed his test June 2022 & now has 1yrs NCB) is only £812, so this year renewal time has been a pleasure
w8pmc said:
Mine has dropped a little for Renewal (pleasant surprise).
BMW F90 LCI M5C with Business Use & renewal is £693 for the year. Oddly enough, the wife's Tesla M3LR is only £60 less & my son's Polo (he's 18, passed his test June 2022 & now has 1yrs NCB) is only £812, so this year renewal time has been a pleasure
My m3 went to 450 from 380. BMW F90 LCI M5C with Business Use & renewal is £693 for the year. Oddly enough, the wife's Tesla M3LR is only £60 less & my son's Polo (he's 18, passed his test June 2022 & now has 1yrs NCB) is only £812, so this year renewal time has been a pleasure
There’s big increases across the board in UK motor this year, commercial and private cars. I deal with commercial fleets, mostly haulage, coach and bus, and increases are unlike we have seen for the last two decades at least with some underwriters giving an increase with a ‘take it or leave it’ approach. Negotiation is almost off the table with some insurers and that is almost unheard of.
Reasons are accidents are a lot more expensive than they used to be for a number of reasons:-
1. Parts delays, leading to longer periods of credit hire.
2. Parts prices and paint more expensive.
3. Labour more expensive / engineering shortages.
4. Higher average car values, higher total loss payouts,
5. Car hire much more expensive.
6. Electric cars are proving very costly to repair and you are more likely to hit one now due to the number on the road. Many garages won’t touch them, so labour rates are much higher.
7. Injuries requiring long terms care are much more expensive due to higher labour costs for home care services etc.
There’s probably more that I haven’t thought of but overall, yes, expect to see some chunky increases this year from some (not all) insurers. Weirdly, I have a multi car fleet and one car has gone up 50%, another 1%, but most are heading upwards now.
Reasons are accidents are a lot more expensive than they used to be for a number of reasons:-
1. Parts delays, leading to longer periods of credit hire.
2. Parts prices and paint more expensive.
3. Labour more expensive / engineering shortages.
4. Higher average car values, higher total loss payouts,
5. Car hire much more expensive.
6. Electric cars are proving very costly to repair and you are more likely to hit one now due to the number on the road. Many garages won’t touch them, so labour rates are much higher.
7. Injuries requiring long terms care are much more expensive due to higher labour costs for home care services etc.
There’s probably more that I haven’t thought of but overall, yes, expect to see some chunky increases this year from some (not all) insurers. Weirdly, I have a multi car fleet and one car has gone up 50%, another 1%, but most are heading upwards now.
Renewal last month was up from £273 - to £384... no explanation but that was the price...
Ran my profile information through GoCompare and found insurance for £184 with a lower compulsory excess as well.
Fully comp on my old 2003 M5.
Certainly pays to run the comparison sites and see what they throw up.
Ran my profile information through GoCompare and found insurance for £184 with a lower compulsory excess as well.
Fully comp on my old 2003 M5.
Certainly pays to run the comparison sites and see what they throw up.
tertius said:
Crikey - £123! Wish mine was that. Suspect you don’t live in London for a price like that.
Slightly worryingly best price for me is with Saga!
No, we live in sunny Rugby.Slightly worryingly best price for me is with Saga!
Being 59 y/o helps too.
My Dad was insured on his RAV4 with Saga, he is 83, last year a reasonable £400 and something, this year's renewal was over £800. Needless to say we shopped around and got it for near £500. So much for Saga being aimed at the seniors.
I've just switched from an M2 Comp to an M3 Touring at the same time as my insurance from LV was up for renewal. They wanted an extra £900 this year, taking the premium to £1400.
I did the usual comparison sites and Admiral can do it for £700.
LV also want an extra £400 this year for my boy's insurance - he passed his test in August - taking it to £2700 on a 1 litre Corsa... Needless to say we're switching that one to a policy which has a smartphone app to monitor his driving behaviours which takes it down to £1700.
I did the usual comparison sites and Admiral can do it for £700.
LV also want an extra £400 this year for my boy's insurance - he passed his test in August - taking it to £2700 on a 1 litre Corsa... Needless to say we're switching that one to a policy which has a smartphone app to monitor his driving behaviours which takes it down to £1700.
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