Jump to content

Do you want the good news or the bad news?

Recommended Posts

Hi, I thought you'd be interested in this even if your car insurance isn't due just yet but especially if it is! There's some bad news but there's also some relief at the end...


The bad news
According to an industry report last week, Comprehensive car insurance premiums are now at their highest levels since 2010.


The report reveals that the average premium rose to £847 during Q2 of 2017. That's an increase of £66 or 8.4% across the last quarter and £132 or 18.5% across the last 12 months.


The report cites 4 main reasons:

1) the increase in Insurance Premium Tax (IPT), which has been going up since July 2015 and now sits at 12%,

2) the marked reduction in the Ogden discount rate for personal injury awards,

3) good old Brexit - insurers are seeing increases in the cost of vehicle repairs, fuelled by Brexit’s impact on car part prices, and

4) greater repair complexity as the level of expensive technology in vehicles increases.


The report claims there's no evidence to suggest the increases are going to abate.  A £1,000 average premium is still on the horizon but is getting closer.


There's some good news though...
Chris Knott's average new policy premium is just £405 - less than half the national average according to the report. This is also a much shallower increase across the last year - only £14 (3.6%) and still bucking the trend.


As a happy client recently said "This is my third year with @ChrisKnottIns and every year they beat all my other quotes for both cars that are modded. Many thanks again and keep up the good work and the prices down!" carcall, Audi-Sport forum


Please give us a call for a quote to access these lower average rates for club members. You'll need to mention this forum to gain access to our 'Clubs & Enthusiasts scheme'.


QUOTELINE: 0800 917 2274


ONLINE: Visit https://www.chrisknott.co.uk/CarQuote to request a call back.


Feedback about our clubs and enthusiasts offering:


"Well Chris Knott's has come good again - this is my 3rd year with them now this year. They beat all other quotes I was getting without even trying." Rusty2009, Astra J/GTC OC


"Another customer today. Not entirely new as insured a few Alfas with you many years ago. Good price, friendly chat with Ian. Not convinced about the need to supply driving licence check code as never had to do that before, nothing to hide but guess it's to flush out some that have." gavp, BabyBMW forum


"Hi Guys, just purchased my first policy from you - beat my renewal with AXA of £845, now I'm paying £760. Happy motoring. Easy, quick and competitive ." Vrs_Maj, VWAudi Forum

Share this post

Link to post
Share on other sites

I do hope you can better your average when my renewal comes quite soon, it has been under it by almost £100 :D


unfortunately it seems gone are the days where you get older and insurance comes down, I recall paying £300 some ten years ago!!!

Share this post

Link to post
Share on other sites

The emphasis is on average, welshpug. There'll be clients paying much less and clients paying much more - all dependent on their own circumstances.


Insurance has certainly increasingly become more sophisticated to respond to market forces and changes though.

Share this post

Link to post
Share on other sites

Mines due very soon also; so you'll be the first I speak to (seeing as I'm with you already)!


Looked at a few of the comparison sites the other day and the quoted prices were just stupid, to put it politely!

Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now