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syncrofred

Insurance Hike

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I’ve just had my renewal notice from Post Office Money, who seemed quite reasonable last year.  With no changes to circumstances and less than 4K miles a year, it’s gone up from £370 to £495.  What is going on?

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Hi,

 

Generally speaking - Insurance rates are on the increase. The only thing you can do is shop around as much as possible to see if there's a better quote for you from/via a different broker/underwriters. Over the next few years whilst fossil fueled cars become more targeted, I wouldn't be surprised to see a specific 'loading' on policies across the board if the vehicle is a petrol/diesel. At the same time, there'll most likely be a 'discount' for a electric vehicle!

 

Cheers, Dennis!

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13 hours ago, DennisCooper said:

Hi,

 

Generally speaking - Insurance rates are on the increase. The only thing you can do is shop around as much as possible to see if there's a better quote for you from/via a different broker/underwriters. Over the next few years whilst fossil fueled cars become more targeted, I wouldn't be surprised to see a specific 'loading' on policies across the board if the vehicle is a petrol/diesel. At the same time, there'll most likely be a 'discount' for a electric vehicle!

 

Cheers, Dennis!

 

Petrol/diesel cars will just end up being legislated off the roads Dennis, say another 10 years and 50% of the cars on the road will be hybrid or fully electric.

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3 hours ago, vanhool said:

 

Petrol/diesel cars will just end up being legislated off the roads Dennis, say another 10 years and 50% of the cars on the road will be hybrid or fully electric.

 

 

Hi Vanhool,

 

It's going in that direction for sure although I'd doubt it'll be as high as 50%, it might be though. Prices for non fossil fueled cars needs to come down with more choice and range of cars, right now it's the top end of vehicles and they're well out of the reach of the vast driving population. As the prices of those comes down, insurance, VED, petrol/diesel prices, extra taxes & duties on fossil fueled car parts etc will all increase to coerce the population into making the switch. Only those with very very deep pockets will continue to run high value/collectable petrol cars. For instance, very few people will pay the costs of petrol (even fewer for any diesels left) at the pumps in 15+ years. The price for unleaded in the mid 90's was give or take around 65 pence a litre. It's approximately double that now so it's reasonable to think in 15-20 years time, petrol will be around £2.50 per litre. If there's a ramping up of taxes then that price might happen sooner!

 

Cheers, Dennis!

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I've never had any renewal that's been competitive. I've either haggled to get it reduced, or as i usually do move elsewhere.

 

My insurance last year was £700, this years renewal (with a claim made - not high value) was £900+. I still managed to get this years insurance (with a different company) for £750. 

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I agree that fossil fuelled cars will continue to be targeted, but insurance is about risk, not what’s socially acceptable. I would pose the same risk in an electric car.  A 30+ % rise cannot be justified by even the Green Party.  If I didn’t need it to pull the caravan, I’d tell them to stuff it and get rid of the car.

Edited by syncrofred
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7 hours ago, dj1233 said:

I've never had any renewal that's been competitive. I've either haggled to get it reduced, or as i usually do move elsewhere.

 

Same here,  I do a price comparison every year,  it's amazing how willing they are to reduce the price when you tell them that you can get it cheaper elsewhere. 

I've been with Swiftcover for quite a few years now as they always seem to come out cheapest for me. 

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My renewal came through over the weekend.... £25 down on last year... and £15 down from the same insurer when going through GoCompare....

 

£263 fully comp with business use...

 

Lol age has its merits! 

 

It's Tesco Bank who I'm insuring with...so I even get the points through my Tesco credit card... lol

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Just had next year's renewal through, another attempted rip-off.

Last year was £274.45 fully comp' .This year they wanted £333.34, so an increase of £58.89. I did have a very small accident in September when a woman reversed out of a parking bay in Asda as I was driving past, but she admitted liability and her insurance paid in full.

So I went on Go Compare and Money supermarket.com and both came back with LV being the cheapest at £210.

So I renewed with LV and then called Swiftcover to cancel their renewal as it was auto-renew, the guy on the phone asked me if it was okay to ask me a few questions to "see what they could do with the price" He asked if there were any changes to my circumstances and the value of the car and then came back with a renewal quote of £260, so cheaper than last year, funny how they couldn't quote me that in the first place isn't it, if they had of I would have let it renew so their loss. 

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For every person that does what you done paddy there’s hundreds that don’t! 

I used to be with direct line when I had my 535i and every year the same thing, renewal comes through it’s gone up even though I’ve earned a years no claims discount, so would go on line to their website and start a new policy with them and hey presto it’s significantly cheaper than the previous years and the renewal! Would then phone them to cancel/start new cover and to ask why they didn’t just send my the better renewal quote to which the person on the other end of the phone would say it’s not us it’s generated by the computer.....

yeah right! More like your trying to con customers out of more money than they need to! 

So then I’d say well if the computer has generated a “new” quote for me and it’s cheaper then why would the same computer generate a higher quote for an existing account? 

Then the normal response I got was that’s all set up for you, is there anything else I can help you with? 

 

Nothing but common thieve’s! At least Dick Turpin wore a mask.....

Edited by Yokozuna

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29 minutes ago, Paddy O'Furniture said:

Just had next year's renewal through, another attempted rip-off.

Last year was £274.45 fully comp' .This year they wanted £333.34, so an increase of £58.89. I did have a very small accident in September when a woman reversed out of a parking bay in Asda as I was driving past, but she admitted liability and her insurance paid in full.

So I went on Go Compare and Money supermarket.com and both came back with LV being the cheapest at £210.

So I renewed with LV and then called Swiftcover to cancel their renewal as it was auto-renew, the guy on the phone asked me if it was okay to ask me a few questions to "see what they could do with the price" He asked if there were any changes to my circumstances and the value of the car and then came back with a renewal quote of £260, so cheaper than last year, funny how they couldn't quote me that in the first place isn't it, if they had of I would have let it renew so their loss. 

 

Every year it's the same story for me too. I always shop around, get the cheapest quote and then 9 times out of 10, surprise surprise my current insurer can usually match that quote....... 

 

Well why and take the p@ss in first place when they know full well the renewal has for some unknown reason miraculous increased despite nothing changing other than me gaining another year's NCB! 

 

I think as has been mentioned before they rely on people being lazy and or not noticing the increase upon renewal etc and just carrying on blissfully unaware!

 

Thieving barstewards! :evil:

 

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I have been with Tesco Bank for a few years now.  Last year it was up £1.85 to £392.88 .  This year up £4.81 to £397.69 so I can live with that.  Every year I check the major sites for comparison quotes and Tesco are the lowest every time.

 

There were a few reports in the press last month that for the first time in ages,  car premiums were actually lower than the previous year.  Ironically, Tesco, for no reason put up our house cover by £100, but a quick call soon wiped most of that out.   The thing to remember with all first time insurance quotes is the 'new customer' discount which disappears on renewal hence the big hikes at times.

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Further to my above comments and in relation to Seesures post about age having its benefits, Check this one out.   Received an email from Moneysupermarket that my insurance was up for renewal and based on last years details the following was the best quote they found.  Only Tesco again would you believe and £251.00 compared to the £397.69 they quoted me!!!!!

Rang them this morning and an 'error'  had occurred regarding my age and low mileage.  Really nice guy went through the whole thing again and cover is now actually less again at £210.80, although it will be £236.71 in total as I pay by monthly direct debit.   In short I will now pay £19.72 per month as opposed to the original renewal quote of £37.25.

 

God is great but he hasn't a patch on the internet.

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On ‎03‎/‎02‎/‎2019 at 11:36, oldjohnny said:

I have been with Tesco Bank for a few years now.  Last year it was up £1.85 to £392.88 .  This year up £4.81 to £397.69 so I can live with that.  Every year I check the major sites for comparison quotes and Tesco are the lowest every time.

 

There were a few reports in the press last month that for the first time in ages,  car premiums were actually lower than the previous year.  Ironically, Tesco, for no reason put up our house cover by £100, but a quick call soon wiped most of that out.   The thing to remember with all first time insurance quotes is the 'new customer' discount which disappears on renewal hence the big hikes at times.

Renewed with Tesco in December. Mine went down about £35

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16 minutes ago, oldjohnny said:

Received an email from Moneysupermarket that my insurance was up for renewal and based on last years details the following was the best quote they found.  Only Tesco again would you believe and £251.00 compared to the £397.69 they quoted me!!!!!

 

Funny that,  I did Gocompare and Moneysupermarket for mine and don't recall seeing Tesco in the results.

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Have you tried either of them recently?  Maybe worth it or trying them directly.  My low quote was down to the fact they consider me to have one foot in the grave coupled with low annual mileage.   They seem to be in the top five for quotes at present.  I'm off to the local for a swift one later to celebrate my result.

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It’s odd to me, but it clearly shows that the insurance market is very much a huge money maker, without giving much of it back, this, IMO, is due to the shysters that put all the false claims through and the certain folk out there that should not be on the roads at all... Look into that how you will.

 

My insurance goes up yearly, my stats stay the same. Work form home, I don’t commute, don’t use the car in peak hours, mileage is limited to 5k per annum, car is fully alarmed/mobilised and on the driveway, day and night, zero claims and 12 years plus NCB, but only 9 seem to be protected/used...

 

So why is it I feel I get my ass handed to me every year when it comes to insurance?! 

Edited by d_a_n1979

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When you refer to 'certain people' that should not be on the road does that mean the Grand old Duke of Edinburgh or everyone with white//grey/no hair?:-D   I can tell you from years of experience that your particular occupation, regardless of hardly using your car at all will dictate the higher premiums you pay.  They will assume you drive everywhere, have liquid lunches and will constantly be in a hurry to get from  one meeting to another, regardless of what you declare on your application.   Tell them something daft and without a category,  like you are a Coronation Lamp Lighter. 

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