UK: Car Insurance - has your annual renewal premium rocketed lately?

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UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by norvic »

This is primarily for UK members although I realise that some elsewhere will want to chip in and tell us how cheap/expensive their vehicle insurance is :D

It's that time of year when I get caught for renewing the insurance policy and paying the government vehicle excise duty (VED) at the same time. That's like, and many people have the same problem.

Fortunately it's the last year for paying the Additional Rate of VED so next year I shall be down to a normal rate of about £175.

But it's the insurance policy that really hurt. I know that companies can no longer offer reduced rates to new customers without making that rate available to existing customers. I thought that meant that new customers would pay more and existing might pay about the same or less.

But my premium increased by 56% with no claims (apart from a windscreen) no other changes to any of the three drivers, no accidents, law-breaking, etc. Even switching to another supplier was 33% up - I decided to choose a company that I had heard of and which exists in its own right, rather than Marshmallow or one of the mutliple other outfits offered on comparison websites.


Mitsubishi Outlander PHEV 2018
Mitsubishi Outlander PHEV 2018
What's your experience, especially this month and with a larger vehicle? Maybe it's 'cos it's old electric?
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Global Admin »

Well I'd want a hefty premium too - you can't see out of the windscreen with all that paint covering it. :)

What occurs here is the risk adjusters move policies around based on paid out claims in your area. It is all based on postcode here, and likely the same there.

A spate of claims and EVERYONE in the area pays more. You too.

In the UK where lots of folks do not have lock up garages, the epidemic of catalytic converter thefts there might be the reason?

These cost insurers many 1000s each to replace. It is a huge issue in the UK in recent years - 100,000 of them have been stolen in UK in recent times.

A suburb where many cars are parked on roads, or in driveways are heavily targeted - the crims doing this, can remove them in seconds at night.

Suburbs like mine where cars are housed in lock up garages see almost no theft of them, hence my premium only goes up with inflation.

'Where you live, both geographically and where you can park your car, has an impact on your chances of being a victim of catalytic converter theft. But it's a problem across the UK. Fleet News reports increases of up to 456% in cat theft between 2019 and 2022, with London being a particular hotspot for such crimes. 20 Feb 2023'



"It has a huge impact on people because these catalytic converters aren't cheap to buy from the manufacturers.

"Some customers can fork out as much as £1,500 just to get their car back on the road. I've seen some dealerships that are taking quite a while to get them in stock. Getting them across to the UK from Asia has been quite difficult."


https://news.sky.com/story/nearly-100-000-catalytic-converte ... s-12777355
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by emason »

I received mine today -

up 40% :shock: :shock: :shock:

I thought they were just trying it on until I tried the comparison websites. Out of hundreds, only one I had never heard of was cheaper - Hedgehog or something like that.

So I will stick with my current insurer - it's a lot easier than changing to save a few quid.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by gavin-h »

emason wrote: 25 May 2023 04:23
So I will stick with my current insurer - it's a lot easier than changing to save a few quid.
Ring them up and tell them you've had a quote 50 or 80 quid cheaper and ask if they'll price match.

They won't but they might offer you a 20 quid discount or a lower excess.

Worth a try and works more often than not. :idea:
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Re: UK: Car Insurance - has your renewal premium rocketed?

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Global Admin wrote: 25 May 2023 04:13 Fleet News reports increases of up to 456% in cat theft between 2019 and 2022, with London being a particular hotspot for such crimes. 20 Feb 2023'[/i]
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Global Admin »

They'll never challenge Chip Butties, and Deep Fried Mars Bars etc! :lol:

But the massive thefts of them is what drives up insurance premiums, clearly unknown to those above. :!:
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Number-O-Ne »

Would it be a collateral effect of Brexit?

The reinsurance risk pool is now smaller (UK) than it used to be (EU).

I say reinsurance specifically, because that is a tighter market than insurance alone. The reinsurance companies insure the insurance companies' risk of excess claims. You can have 150 insurance companies, but the reinsurance companies that insure them are 3 or 4. When reinsurance companies increase risk premiums, it affects all the industry.

Reinsurance companies' inability to spread the risk of excess claim payments might have triggered the premium increases. That's the probable reason for the inability to find a lower premium between companies of comparable reliability.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Brit-Col »

norvic wrote: 25 May 2023 03:40 This is primarily for UK members although I realise that some elsewhere will want to chip in and tell us how cheap/expensive their vehicle insurance is :D
Just for comparison, my rate in Texas increased 24% - and that’s for an 11-year old hybrid.

So it’s not just the UK.

As a side note, apparently auto insurance is not included in the basket of goods that the government uses to calculate the inflation rate (currently 4.9% in the U.S.) but that’s a topic for another thread.

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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Number-O-Ne »

Brit-Col wrote: 25 May 2023 07:26 Just for comparison, my rate in Texas increased 24% - and that’s for an 11-year old hybrid.

So it’s not just the UK.

BC
Ohio has been steady. My rate increase is in line with the inflation.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

gavin-h wrote: 25 May 2023 04:41
emason wrote: 25 May 2023 04:23
So I will stick with my current insurer - it's a lot easier than changing to save a few quid.
Ring them up and tell them you've had a quote 50 or 80 quid cheaper and ask if they'll price match.

They won't but they might offer you a 20 quid discount or a lower excess.

Worth a try and works more often than not. :idea:
Churchill had a 30-40 minute wait on the phone - they really do want everything done online. I did get a chatbot via Whatsapp, and then a real chat, I think. Even after I told them AXA was cheaper it was, no. The dog no longer says "Oh yeahsss".

Direct Line - joke, quoted a 80% more than my previous premium, and LV just declined after I had filled in all the forms.

It used to be apathy, but now shopping around takes so much time, that as emason wrote, it's less hassle to just pay up.

Next month, house insurance. More confident there that things will be more reasonable.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by leamphil »

My Churchill renewal was up by 45%. I rang (15 mins wait) and asked them to explain, and the call centre said it was "the cost of parts" going up.

I went on one of the comparison websites, and Churchill were in the list at around the same as my last year's cost, so I rang up again (15 mins wait) and got the renewal at £10 more than last year (a 3% increase) which seems about right.

I removed myself from auto-renewal at the same time.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

Well done. On my comparison site searches the Churchill entry was way down on the list and higher than I had been quoted.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

AXA have now come up with this year's renewal premium which is only 7.5% more than last year:

This year your price is: £621.21
Last year your price was: £577.72

That's for the Hybrid Mitzi Outlander 2018. At last the road tax has come down, and my time is worth more than the £43.49 increase so I shall let it auto-renew.

Much happier than last year!
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by OldDuffer1 »

With interest rates high you can save quite a bit by paying the annual amount, rather than monthly. As others have said- contact and complain!
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

OldDuffer1 wrote: 04 May 2024 23:00 With interest rates high you can save quite a bit by paying the annual amount, rather than monthly. As others have said- contact and complain!
Always do, although some have no extra charge for credit - which means you effectively pay more because you could have had interest on 11 months' payments. But then there is the hassle of remembering to have the money in the right place.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by billw2 »

norvic wrote: 04 May 2024 20:16 AXA have now come up with this year's renewal premium which is only 7.5% more than last year:

This year your price is: £621.21
Last year your price was: £577.72

That's for the Hybrid Mitzi Outlander 2018. At last the road tax has come down, and my time is worth more than the £43.49 increase so I shall let it auto-renew.

Much happier than last year!
Living over here that is comically cheap. Comically like Eddie Izard comically.

In NJ insuring a 2012 Jaguar XJ V8 and a 2017 F-Pace 4c diesel… $3,600 a year full coverage $1,000 deductible. It’s stayed reasonably the same think it was up from $3400 last year.

Registration there is around $71 per car per year.

And that’s cheap.

Now come the two that I’ve now registered and insured here in Nevada.

2019 Cadillac CT6-V
2019 Range Rover HSE TD6

Full coverage. $1,000 deductible.

Pay in full 6 month policy… $5,800 and change. I’d like to say it was like $5,866

Registration on the Rover was $800 and on the Caddy $700 or so. That’s for one year in Nevada.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Global Admin »

I only bother to insure for 'third party property' damage to other things. About £125 a year.

If I hit a Maserati, or a power pole, or a building etc, that covers it. I pay for any damage to my car of course.

I drive safely, and for probably 30 or 40 or 50 years, have hit no-one, and no-one has hit me thanks goodness.

So over that period I am well ahead by the cost of a couple of new cars. :lol:

Always seemed a no brainer to me.

Not sure about other countries, but here every car registered is covered by separate 'Third Party PERSONAL Injury' cover that also costs approx £150 or so a year. i.e. I hit you and cause you personal injury, that insurance covers it, as long as I am not drunk or driving illegally etc.

I always take full building and contents cover on my home as it that burns in a bushfire etc, or an electrical fire or whatever there is millions lost there. Asked them what the excess/deductible was on a multi 7 figure cover and got a high policy fee if I took the standard $500 excess. Asked what it was for $2500, and it came down a LOT. Asked them about $5000 excess and the agent said she did not think that was possible. She typed it in and it came to a FRACTION of the normal policy. As she said - 'short of large disaster everything is at your cost'. Suits me fine. After a few years, I was WAY in front, and still counting.

To me anyway, insurance is there to cover BIG disasters, not a $1000 type issue.

Glen
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

billw2 wrote: 05 May 2024 03:02
norvic wrote: 04 May 2024 20:16 AXA have now come up with this year's renewal premium which is only 7.5% more than last year:

This year your price is: £621.21
Last year your price was: £577.72

That's for the Hybrid Mitzi Outlander 2018. At last the road tax has come down, and my time is worth more than the £43.49 increase so I shall let it auto-renew.

Much happier than last year!
Living over here that is comically cheap. Comically like Eddie Izard comically.

In NJ insuring a 2012 Jaguar XJ V8 and a 2017 F-Pace 4c diesel… $3,600 a year full coverage $1,000 deductible. It’s stayed reasonably the same think it was up from $3400 last year.

Registration there is around $71 per car per year.

And that’s cheap.

Now come the two that I’ve now registered and insured here in Nevada.

2019 Cadillac CT6-V
2019 Range Rover HSE TD6

Full coverage. $1,000 deductible.

Pay in full 6 month policy… $5,800 and change. I’d like to say it was like $5,866

Registration on the Rover was $800 and on the Caddy $700 or so. That’s for one year in Nevada.
My deductable is £600 with £125 for replacement windscreen, £25 for screen repairs.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by norvic »

Global Admin wrote: 05 May 2024 03:25 I only bother to insure for 'third party property' damage to other things. About £125 a year.

If I hit a Mersearti, or a power pole, or a building etc, that covers it. I pay for any damage to my car of course.

I drive safely, and for probably 30 or 40 years, have hit no-one, and no-one has hit me thanks goodness.

So over that period I am well ahead by the cost of a couple of new cars. :lol:

Always seemed a no brainer to me.

Not sure about other countries but here every car registered is covered by separate Third Party PERSONAL Injury cover that also costs approx £150 or so a year. i.e. I hit you and cause you personal injury, that insurance covers it, as long as I am not drunk or driving illegally etc.

Glen
I could afford to totally replace my car but would rather not; and while obviously it's 'the other guy who pays', that's not the case if your car is stolen or the other driver is uninsured unless my cover is fully comprehensive.


I have had reports about younger drivers being quoted more for "Third Party (property and injury), fire damage and theft", than for fully comprehensive. Maybe the insurance cos thought that they would be less careful if 3rd Party was substantially cheaper, as it used to be.
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by norvic »

The better news arrived this week as the Road Tax is down to £180 pa.

Down? - Yes, although we bought used, the road tax on cars with an original list price (that nobody pays) over £40,000 was £450 or thereabouts for the first 5 years. Last year was the first it was lower, pro rata to the first original registration date.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by Global Admin »

norvic wrote: 05 May 2024 03:41
I have had reports about younger drivers being quoted more for "Third Party (property and injury), fire damage and theft", than for fully comprehensive. Maybe the insurance cos thought that they would be less careful if 3rd Party was substantially cheaper, as it used to be.
Who knows.

Luckily, I am not a young driver and was outlining MY costs. Which are modest, and as pointed out could have replaced several cars with my savings already. Total no-brainer, for me anyway.

Here - and maybe in the UK, insurers are smart.

They have all kinds of pesky questions like -


Age of insured
Is car securely lock-up garaged at your home address
Do you have any car accident claims in past 5 years, and if so outline them.
Do you have any traffic convictions in past 5 years, and if so outline them.
etc, etc.


They have risk assessment programs.

My policy is probably a quarter of some 22 year old who lives at Rooty Hill, (the SUBURB car housed in makes a huge different to policy paid here) parks his car on the street at night, and has already had a few traffic infringements etc.
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Re: UK: Car Insurance - has your renewal premium rocketed?

Post by BigSaint »

Global Admin wrote: 05 May 2024 03:25 I only bother to insure for 'third party property' damage to other things. About £125 a year.

If I hit a Maserati, or a power pole, or a building etc, that covers it. I pay for any damage to my car of course.

I drive safely, and for probably 30 or 40 or 50 years, have hit no-one, and no-one has hit me thanks goodness.

So over that period I am well ahead by the cost of a couple of new cars. :lol:

Always seemed a no brainer to me.

Not sure about other countries, but here every car registered is covered by separate 'Third Party PERSONAL Injury' cover that also costs approx £150 or so a year. i.e. I hit you and cause you personal injury, that insurance covers it, as long as I am not drunk or driving illegally etc.

I always take full building and contents cover on my home as it that burns in a bushfire etc, or an electrical fire or whatever there is millions lost there. Asked them what the excess/deductible was on a multi 7 figure cover and got a high policy fee if I took the standard $500 excess. Asked what it was for $2500, and it came down a LOT. Asked them about $5000 excess and the agent said she did not think that was possible. She typed it in and it came to a FRACTION of the normal policy. As she said - 'short of large disaster everything is at your cost'. Suits me fine. After a few years, I was WAY in front, and still counting.

To me anyway, insurance is there to cover BIG disasters, not a $1000 type issue.

Glen
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by billw2 »

norvic wrote: 13 May 2024 06:20 The better news arrived this week as the Road Tax is down to £180 pa.

Down? - Yes, although we bought used, the road tax on cars with an original list price (that nobody pays) over £40,000 was £450 or thereabouts for the first 5 years. Last year was the first it was lower, pro rata to the first original registration date.
Smart man. I’ve been a new car dealer and I personally almost never ever buy new cars. Always buy lightly used.

I haven’t paid attention lately but thought UK road tax was based on engine size or emissions. Figure I’d get killed on the Caddy there as it’s a twin turbo V8.
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by LoneStarState »

Had the same experience

60% seems to be the figure insurers are plucking out of thin air. The AA quoted me on renewal a premium increase from £388 to £591. That was for a 14 plate Ford Focus, fully comprehensive, 14k annual mileage. No accidents or other claims, no speeding or other motoring offences to declare. A non fault accident where I claimed off the other party in 2018 would not have been declared this time round so would no longer be on my record.

Ended up going with Churchill for £460. Unfortunately missed the sweet spot quote search window insurers seem to arbitrarily apply so probably could have gotten it cheaper if I'd looked a week earlier. Came with legal cover that the AA didn't offer as well.
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

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Image

We had dinner last week in Conwy Wales with goof and joneboy and wives. Goof (at rear) mentioned he was driving back next day to Cheshire to buy his son a car funded by the 'Bank of Mum and Dad'.

He said an entry level car was going to cost him about £2000. I said that sounded a decent price, and he laughed and said the INSURANCE was near as much again!

Not sure why it could not be bought in parent's name etc, maybe they are awake to that but about £2000 to insure a £2000 car sounds insane to me.
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by Catweazle »

Our (Australian) Victorian car insurance bills continue rising annually, even without making any claim.

I wonder if statistically there have been more claims since Coviddy days?

Or does this simply equate to the increased cost of living expenses?

For one thing, the secondhand car market appears higher here than it did say, ten years ago.

Had I held comprehensive, my car used to be insured for market value at about $8500. Now they consider the market value $10500. Or is that just because the Alfa Romeo is now considered into a 'classic car'? :lol:

I'm guessing the insurance on the old SAAB 900 Aero is out but if the market is anything to go by, insurance for those things would come at a premium now. One guy is trying to sell his for about $30,000! :shock: :mrgreen:
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by norvic »

Global Admin wrote: 11 Jun 2024 18:13
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We had dinner last week in Conwy Wales with goof and joneboy and wives. Goof (at rear) mentioned he was driving back next day to Cheshire to buy his son a car funded by the 'Bank of Mum and Dad'.

He said an entry level car was going to cost him about £2000. I said that sounded a decent price, and he laughed and said the INSURANCE was near as much again!

Not sure why it could not be bought in parent's name etc, maybe they are awake to that but about £2000 to insure a £2000 car sounds insane to me.
Whilst the car can be in anybody's name it is usual for insurers to require the main user and owner of the car to be insured. The costs reflect the high cost of personal liability and the general level of inexperience of younger drivers (you don't record the age of the son, or his length of driving). Also, parts on modern cars are increasingly expensive.

My son's own BMW estate was shunted while parked on the road outside his house, being struck on the rear offside. This is where the battery is, and the damage to the battery fried the entire wiring loom. As a result what appeared to be a relatively minor ding to the bodywork resulted in a total write-off. (Newer cars are probably even more susceptible to being written off for 'minor' damage.)
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by norvic »

Catweazle wrote: 11 Jun 2024 19:59 Our (Australian) Victorian car insurance bills continue rising annually, even without making any claim.

I wonder if statistically there have been more claims since Coviddy days?

Or does this simply equate to the increased cost of living expenses?

For one thing, the secondhand car market appears higher here than it did say, ten years ago.

Had I held comprehensive, my car used to be insured for market value at about $8500. Now they consider the market value $10500. Or is that just because the Alfa Romeo is now considered into a 'classic car'? :lol:

I'm guessing the insurance on the old SAAB 900 Aero is out but if the market is anything to go by, insurance for those things would come at a premium now. One guy is trying to sell his for about $30,000! :shock: :mrgreen:
Here the market for used cars dropped during Covid because they weren't being used, and 2-year/mileage leased cars were retained for longer because they didn't hit the mileage limit. Subsequent to lockdowns there were not immediately enough used cars to satisfy the market and the prices rose.
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Re: UK: Car Insurance - has your annual renewal premium rocketed lately?

Post by emason »

Global Admin wrote: 11 Jun 2024 18:13 Not sure why it could not be bought in parent's name etc, maybe they are awake to that but about £2000 to insure a £2000 car sounds insane to me.
The insurance cost is a measure of the risks involved. Young drivers are statistically more likely to be involved in an accident. Also, it costs just as much to repair a £2,000 car as a £20,000 car.
Best wishes,
Bill
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