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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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Try getting a quote as a new customer. The price will generally go up a bit as they look for people just doing an automatic renewal without shopping around. 

 

I can't wait for the day when my cover drops under £1000!

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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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