Insurance increases-

[Meoncoast]

I am not going to what companies offer the best policy but I always check out companies in plenty of time before renewal. This year when my policy over doubled to nearly £700 for a 2016 Ocean with 9+ NCB no points I had time to shop around. Policy found that meets my needs at £342.
Posting as a word of warning you may be in for a shock when your renewal comes in.

 

[Californication69]

I am not going to what companies offer the best policy but I always check out companies in plenty of time before renewal. This year when my policy over doubled to nearly £700 for a 2016 Ocean with 9+ NCB no points I had time to shop around. Policy found that meets my needs at £342.
Posting as a word of warning you may be in for a shock when your renewal comes in.

Cost of living crisis.
Oil crisis, climate change.
Post covid lack of people, all the excuses under the sun for the daylight robbing legal way of taking money from us all.
Like the banks. Mortgage rate up to 7%
Still going you 1% on savings.
This country is the biggest P1 SS take now.
Gone to the dogs.
Anyway, back to OP, try LV.
I’m now with LV, home and two cars on 1 policy, which is fab.

 

[Jase53]

Hi who is the company offering £342 if you don't mind me asking.

Thanks

 

[Corradobrit]

This country is the biggest P1 SS take now.

Now? Par for the course I would say.

 

[Ozzy Pete]

Too many factors when it comes to pricing Insurance.
Age. How many drivers. Postcode. History. Mileage. Where it’s parked. NCB…Etc.etc. No single quote is going to be the same as the next..

 

[Elmo3]

Renewal gone from 218 to 256. Don’t think I’ll bother shopping around by the sounds of it.

 

[Grigio Van Grigio]

I am not going to what companies offer the best policy but I always check out companies in plenty of time before renewal. This year when my policy over doubled to nearly £700 for a 2016 Ocean with 9+ NCB no points I had time to shop around. Policy found that meets my needs at £342.
Posting as a word of warning you may be in for a shock when your renewal comes in.

Sounds like your existing insurer has had a change of strategy. The fact you’ve found an alternative at similar terms as last year shows how healthy the competition in the UK Insurance market is.

 

[Hawthorn37]

Sounds like your existing insurer has had a change of strategy. The fact you’ve found an alternative at similar terms as last year shows how healthy the competition in the UK Insurance market is.

I’m not so sure about the competition being healthy. We renewed the insurance on our car (with LV) and “settled” at a 30% increase over last year (which was 20% higher that the previous year!). The renewal came in at an increase of 40%. I investigated the comparison sites as well as bigger brokers and Direct Line, and I found it impossible to find a comparable cheaper policy. A call to LV to ask for their ‘best price’ resulted in them reducing the premium by around £60., still a hike of 30%. The guy said all insurers are seeing big jumps in underwriting costs.

 

[Grigio Van Grigio]

More claims costs to be honest - repair costs, labour costs, liability claims costs etc. all on the increase and that impacts premiums. Underwriting costs also going up with the increases in wages etc.

Important to note that, on average, motor insurance premiums went down during Covid so there’s a correction to take into account there too. My renewal quote for the next year is actually lower than my premiums before Covid.

Motor insurance premiums are driven (excuse the pun) by empirical data and very detailed algorithms. This is overlayed with an insurers current strategy. So if they want to reduce their exposure in a certain type of vehicle, driver or location etc, they will deliberately price themselves out of that type of risk. This is possible what happened with the OP’s existing insurer.

There’s certainly no profiteering or collusion in the UK insurance industry; it’s one of the most regulated insurance markets in the world.

 

[GrumpyGranddad]

I am not going to what companies offer the best policy but I always check out companies in plenty of time before renewal. This year when my policy over doubled to nearly £700 for a 2016 Ocean with 9+ NCB no points I had time to shop around. Policy found that meets my needs at £342.
Posting as a word of warning you may be in for a shock when your renewal comes in.

Yes, 40% increase in car insurance this year in the news recently! I apprehensively await my renewal notice from Comfort in September. Suspect I might be shopping around.

 

[McGons]

My renewal with LV is around 15% more than last year but we’ve also just swapped from a 4 yr old Beach to a new Ocean.

 

[BeagleMum]

My renewal with LV is around 15% more than last year but we’ve also just swapped from a 4 yr old Beach to a new Ocean.

Interesting, our policy with LV reduced a few months ago when we swapped from a 4.5 yr old Beach to a new Ocean.

 

[California Dreamer]

I’m not so sure about the competition being healthy. We renewed the insurance on our car (with LV) and “settled” at a 30% increase over last year (which was 20% higher that the previous year!). The renewal came in at an increase of 40%. I investigated the comparison sites as well as bigger brokers and Direct Line, and I found it impossible to find a comparable cheaper policy. A call to LV to ask for their ‘best price’ resulted in them reducing the premium by around £60., still a hike of 30%. The guy said all insurers are seeing big jumps in underwriting costs.

This is exactly the same situation as ours so we have stayed with LV despite the almost 40% hike - Comfort and the like were way more expensive. Nothing at all has changed with our circumstances.


Sent from my iPhone using Tapatalk

 

[pjm-84]

Just under 10% increase this year - £340 to £372 with CCC (which is now A plan)

 

[Ozzy Pete]

One of the biggest reasons for high insurance is your employment status. One of the highest was a Hospital consultant at almost £1400 whereas the lowest was being retired At £330.
I take it the based these prices on like for like vehicles and not that the Consultant was driving a new Aston Martin and the retired person was driving a 20 year old Skoda.

 

[Stu@rt]

One of the biggest reasons for high insurance is your employment status. One of the highest was a Hospital consultant at almost £1400 whereas the lowest was being retired At £330.
I take it the based these prices on like for like vehicles and not that the Consultant was driving a new Aston Martin and the retired person was driving a 20 year old Skoda.

Money Saving Expert have a useful tool for this..................

Can job picking save me money?​

Just making small (legal) tweaks to your job title can cut your car insurance costs. Use this tool as a rough guide, then double check with your insurer.

https://www.moneysavingexpert.com/insurance/car-insurance-job-picker/

Obviously you can't go telling them that you do something completely different for a living, but there are some discounts to be had "if" a slight change it title is legal for you.

eg an "IT Consultant" that pays £500 might be able to change their job title to "Systems Analyst" and pay £402.....................

Don't shoot the messenger - Hope it helps someone.

 

[RockinNRollin]

One of the biggest reasons for high insurance is your employment status. One of the highest was a Hospital consultant at almost £1400 whereas the lowest was being retired At £330.
I take it the based these prices on like for like vehicles and not that the Consultant was driving a new Aston Martin and the retired person was driving a 20 year old Skoda.

Not at all actually; as per fellrunner's post, it's all about risk profile. Consultants have a reputation (on average) of driving when tired, driving typically into big cities (where there is the greatest density of hospitals), working long hours, cars being abandoned in massive multistorey car parks, driving at rush hour (more likely to be in a RTC) etc.. whereas retired your car probably spends most of the "dormant" time safely at home with the owner inside the house nearby, probably doesn't get driven at rush hour as much, probably doesn't have a time-stretched driver so driven more calmly etc. etc.. It's probably why the Cali is actually quite cheap to insure vs a similarly priced Audi / BMW / Porsche - risk profile; less likely to be crashed, less likely to be driven hurriedly, probably cared for more etc. etc.

It is all based on statistics and averages, these inevitably will work in favour of the reckless and against the careful, but there's no other way of computing it. Historically, construction industry workers paid a premium because they had a reputation for getting sloshed every night so increased likelihood of drink driving . . .

 

[McGons]

Interesting, our policy with LV reduced a few months ago when we swapped from a 4.5 yr old Beach to a new Ocean.

Might have been due to the addition of some speeding points then

 

[BeagleMum]

Might have been due to the addition of some speeding points then

Sadly yes that’s probably it.

 

[briwy]

Cost of living crisis.
Oil crisis, climate change.
Post covid lack of people, all the excuses under the sun for the daylight robbing legal way of taking money from us all.
Like the banks. Mortgage rate up to 7%
Still going you 1% on savings.
This country is the biggest P1 SS take now.
Gone to the dogs.
Anyway, back to OP, try LV.
I’m now with LV, home and two cars on 1 policy, which is fab.

We've had a multicar policy with LV for a few years. Due for renewal now. Tiguan gone down. Cali gone up from 376 to 438. Percentage wise quite a leap. LV through C & CC £376. No loyalty to existing customers like all of them.

 

[Steve_gray2]

I’m not so sure about the competition being healthy. We renewed the insurance on our car (with LV) and “settled” at a 30% increase over last year (which was 20% higher that the previous year!). The renewal came in at an increase of 40%. I investigated the comparison sites as well as bigger brokers and Direct Line, and I found it impossible to find a comparable cheaper policy. A call to LV to ask for their ‘best price’ resulted in them reducing the premium by around £60., still a hike of 30%. The guy said all insurers are seeing big jumps in underwriting costs.

Had same experience with LV - call made a huge difference….

 

[chris151151]

Had same experience with LV - call made a huge difference….

Despite that, always found LV competitive.

 

[CaliforniaPete]

Interesting, our policy with LV reduced a few months ago when we swapped from a 4.5 yr old Beach to a new Ocean.

Ours was also lower this year with LV including adding our two sons.

 

[Anthony1]

Cost of living crisis.
Oil crisis, climate change.
Post covid lack of people, all the excuses under the sun for the daylight robbing legal way of taking money from us all.
Like the banks. Mortgage rate up to 7%
Still going you 1% on savings.
This country is the biggest P1 SS take now.
Gone to the dogs.
Anyway, back to OP, try LV.
I’m now with LV, home and two cars on 1 policy, which is fab.

You missed out, Brexit, the war in Ukraine, Net Zero, illegal immigration.

 

[Hawthorn37]

Despite that, always found LV competitive.

Wouldn’t it be nice not having to bother getting other quotes then calling to haggle the price down to what they’re obviously happy with.