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Hi All

 

Car is up for renewal in a couple of months and I like to start looking early as you can save online quotes in case the premium has gone up between now and the renewal date.

 

Has something happened in the insurance world as when I have just got a quote from my current provider my insurance has double. My circumstances haven't changed I have made no claims so what is going on . 

 

Cheers Steven

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The motor insurance market is carnage.  Many companies are pulling out.  Very few are making any money.

Claims costs have gone through the roof.  In the last year there have been changes to the way that some more serious claims are paid.  All this has meant premiums are rising.

Not good for the consumer....

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Google the Ogden rate changes by Liz Truss and IPT increases in addition the complexity of cars to be repaired.

 

GDPR is having an impact as well.

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16 minutes ago, Markn47 said:

Being loyal to a insurance provider now a days is a joke they just want to rip you off always shop around.

Sort of true but get a quote from your current provider. Some companies will not allow you to get the new policy rate (either because of changes to the cover offered or as a rule) some wont even allow you to get a quote as a rule if you are a current customer.

 

In the main though unfortunately the UK market is far too focused on cost whilst not thinking about the level of cover offered. I actually recently looked across multiple providers (including the updated cover offered by my current insurer which has been updated since November). The actual costs if taking the level of cover offered into account actually produced very little difference. It does depend on whether you want those options to be included or reduced premiums solely targeted on price. In the end I just accepted my slightly higher renewal on the older terms and conditions as the new one did not offer anything I wanted and the other providers had some clauses I felt uncomfortable accepting.

 

Unfortunately for some as well the claims side can be difficult should the worst happen and equally whether insurers choose to load for non fault claims.I have thee btw which is frustrating. 

Edited by Ninja59

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2 minutes ago, Markn47 said:

Being loyal to a insurance provider now a days is a joke they just want to rip you off always shop around.

 

Not sure this is entirely right.  If it's right at all.

 

I pay £350 for fully comp on a new, £60k car.  If I drive for 60 years (17-77) I'll pay around £21000 in insurance premiums.  

 

How long would it take to wipe out those premiums?  My wife was hit from behind at low speed in her Citigo.  The car was written off (cars are designed to fold to protect the occupant) at a cost of £5500.  The 1 series that his her had £3500 of damage repaired.  The whiplash payout was £1500.  The total for that one claim was therefore over £10k.  On top of that, the company has to service the claim.  

 

If you were asked to insure someone for 60 years, were given £21000, and had to pay all of their claims, irrespective of their total cost, would you?

 

Before you answer, remember, if the driver (god forbid) maims someone, you'll have to pay out a claim which could run into millions.....

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I've been with Aviva for past four years and each year they've beaten their previous years price.  At the moment I've got a 16 plate astra 1.0T and my 530i insured for less than £500. Worth calling them..

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19 minutes ago, bmwmike said:

I've been with Aviva for past four years and each year they've beaten their previous years price.  At the moment I've got a 16 plate astra 1.0T and my 530i insured for less than £500. Worth calling them..

Will give them a try. The company I’m with have always been the cheapest. I have always paid £500-600 for the last 3 F11 I have owned so to be quoted £1100 was a bit of a shock

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TBH I would not solely focus on cost look for the claims side handling reviews the most IMO. I know it sounds wrong, but usually the cheapest ones handle it the most shoddy should the worst happen.

 

For example I would not use Admiral (even if I know someone who works on the fruad team there) based on another forum guy I know who had his car unfortunately stolen they tried everything to not pay (admiral being the worst as they make you disclose factory fitted options as modifications, how the hell are you supposed to know that on some cars, and some that have disclosed everything have gone through build sheets till the system cannot handle it). Flipside I know one guy who had his M4 stolen in Jan and the insurer paid out in 4 days without any BS.

Edited by Ninja59

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In the last decade I have flitted between Aviva and LV. They both operate multi-vehicle discount policies. I am currently insuring my F11, Mx5 and Mini clubman for total £500 PA, comp, with named drivers. Every couple of years one insurer beats the other and I switch. Both are Defaqto hi-rated insurers.

The multi discount does make a difference.

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I just use confused each year and get the cheapest reputable company, 

 

ive never stuck with the same provider as they are never competitive

 

in my 20 years of driving paying between 500 quid and 800  quid on average I’ve had 3 cars stolen, approx 60k,

 

axa were a pain pain and dragged it out as long as they could ( 6 months ) …… for no particular reason ( 4 weeks to appraise the car, another 4 for a written off statement, then 4 months haggling )

 

tesco were great and paid out in a few weeks at a decent value

 

sainsburys were also fine and paid out pretty quick too 

 

all were home burglaries where the key was stolen so I don’t think insurance is bad value, but I do agree that there cannot be much money in it nowerdays once you factor courtesy cars, personal injury and cash for crash.  

 

I’d hate to be a young driver nowerdays trying to insure a honest car to get to work.  300 quid a month insurance doesn’t seem to be abnormal for 18 year olds. 

 

 

 

Edited by Paulnorthwest

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