Insurance hike

[Dells]

I think all insurance companies just think of a number then double it , when you see that someone in Birmingham ( a friend ) same age as me with a 2L ford year newer is paying £150 less than me in the Cotswolds, go figure.

Dell

[H3XME]

1 minute ago, Dells said:

I think all insurance companies just think of a number then double it , when you see that someone in Birmingham ( a friend ) same age as me with a 2L ford year newer is paying £150 less than me in the Cotswolds, go figure.

Dell

Depends what are I suppose. My mate with a Birmingham postcode pays £500 more than me on the same is250 

[Notamech]

The increases are insane. 26% increase to insure an old honda jazz for no reason. Question for everyone, is it worth getting the ones with telematics? Or is that a scam and theyre going to increase prices citing some or the other reason anyway? They typically tend to be the cheapest on comparison sites but wondering if it makes sense.

[wharfhouse]

25 minutes ago, Notamech said:

The increases are insane. 26% increase to insure an old honda jazz for no reason. Question for everyone, is it worth getting the ones with telematics? Or is that a scam and theyre going to increase prices citing some or the other reason anyway? They typically tend to be the cheapest on comparison sites but wondering if it makes sense.

Usually as you get older the telematics policies usually cost more as the insurance company has to pay to fit the electronic box and you might only be with them for a year. For less experienced drivers where the insurance cost is high, then the cost is absorbed within the policy. I also  wonder if one had an accident and the telematics showed that you were eg speeding at the time of the accident whether the insurance company would then have grounds not to pay the claim (they would have to pay 3rd parties, but maybe not one's own costs)?

[J Henderson]

Just renewed mine a few days ago. Price had gone up by 14% to £279, which didn't seem too bad compared to some of the shocking quotes I've seen mentioned on this forum recently.

[MrTrendizzle]

8 hours ago, H3XME said:

Depends what are I suppose. My mate with a Birmingham postcode pays £500 more than me on the same is250 

I'm not far from Brum and i pay £540 a year up from £460. Altho Aviva chucked in RAC roadside+Recovery which should've cost £80 so technically the price didn't change or RAC was free. Dreading renewing tho. Checked a few sites and i'm getting quotes between £800-£2600 with mods declared and some companies refusing because my daughters sticker in the window is the 7th mod and refuse cover. I have to claim window tint and decals as "Stickers" to bring the price down. I mean they're both technically stickers so why not right?

[H3XME]

26 minutes ago, MrTrendizzle said:

I'm not far from Brum and i pay £540 a year up from £460. Altho Aviva chucked in RAC roadside+Recovery which should've cost £80 so technically the price didn't change or RAC was free. Dreading renewing tho. Checked a few sites and i'm getting quotes between £800-£2600 with mods declared and some companies refusing because my daughters sticker in the window is the 7th mod and refuse cover. I have to claim window tint and decals as "Stickers" to bring the price down. I mean they're both technically stickers so why not right?

I live on the outskirts of Wolverhampton, my mate lives in Great Barr. I pay £480/year full comp. with protected NCB, all mods declared like for like & 10,000 miles. I checked a comparison site earlier, just out of curiosity and the cheapest quote was £2100.. that's assuming my car is "stock"... ridiculous. People need to start ringing around rather than rely on online quotes, it's extortionate. 

I am not 100% about stickers (I doubt it because cars leave the dealership with stickers in the window) but tints being classed as mod is down to the insurance company. My I.C. (Brentacre) says tints are not classed as mod to them, but my ex from like 10 years ago had an issue with tints (not factory fitted).. A bloke came out to fit a blackbox and spotted the tints so she had to get them removed. Really depends on the insurance company, it's quite dumb that there are no set guidelines for consumers. 

[Tony1452]

They’re even at it with my home insurance cover, who sent me an email, crying poverty because they are having to increase the rates this year. I’ve not made a claim for many years and yet they have increased this year’s premium by almost a third.

Needless to say, I found a company on Compare the Market who have quoted me less than a third of this year’s quote. So, I’m back to where it should have been before the ridiculous increased quote.

I’m currently with Toyota Insurance for my car, which went up significantly last August from my first year with them, but that said, they were still the least expensive on the market. I’m expecting it to rocket this year though.

My car tax is going up by 100% this year, from a tenner a year to twenty quid. Think we are all in the same boat here. I’ve been saving up hard since I found out about the increase from the Chancellor, whoever that was at the time. There’ll be another one coming along soon to screw us. Happy days, not.

[GMB]

3 hours ago, Tony1452 said:

They’re even at it with my home insurance cover

I posted a similar mail yesterday. My home insurance has gone up 35% plus a massive excess for no reason. They are having a laugh at our expense. I don't know how or why they can get away with robbing us all. What can we do? We need insurance and there seems to be nobody who cares about the rip-offs.

[Tony1452]

44 minutes ago, GMB said:

I posted a similar mail yesterday. My home insurance has gone up 35% plus a massive excess for no reason. They are having a laugh at our expense. I don't know how or why they can get away with robbing us all. What can we do? We need insurance and there seems to be nobody who cares about the rip-offs.

Yes, my excess was increased too. Believe me our bungalow, even though we live in a decent area, is well covered by security devices and a full alarm system  -just in case.  I’m not one for tempting fate and enjoy having peace of mind. One never knows…

[H3XME]

15 hours ago, GMB said:

gone up 35% plus a massive excess for no reason. They are having a laugh at our expense. I don't know how or why they can get away with robbing us all. 

They'll bump the prices up to retain or increase their profit. Whereas everyone else is out of pocket.. It really f#cks me off when us, regular tax payers, are worse off because a billion pound company "can't" take a bit of a hit on their PROFIT.. it's not like they will go into administration, they're not trying to stay afloat, they're trying to increase their already ridiculously big profits.. 35% increase takes the pi$$. Look at the energy companies, prices went up for one reason or another, yet they're hitting record, billions of pounds profits? wtf. was the increase really needed then? a joke. 

[Boomer54]

12 minutes ago, H3XME said:

They'll bump the prices up to retain or increase their profit. Whereas everyone else is out of pocket.. It really f#cks me off when us, regular tax payers, are worse off because a billion pound company "can't" take a bit of a hit on their PROFIT.. it's not like they will go into administration, they're not trying to stay afloat, they're trying to increase their already ridiculously big profits.. 35% increase takes the pi$$. Look at the energy companies, prices went up for one reason or another, yet they're hitting record, billions of pounds profits? wtf. was the increase really needed then? a joke. 

Where do i start with a response to this? First place is, there is a reason their prices are going up. Indeed ,more than one reason. Labour costs have risen as they usually do when core inflation is rising. Theft and and the unexpected costs of EV insurance claims have risen. 

Now as to profit. Insurance is and has been for a long time a very competitive business sector. As such it's been virtually impossible for any company to both compete and make profits not in line with the sector. Last time I checked the ROCE employed for listed UK insurance comapnies was not that impressive so guess profiteering was not working out for them.

I realise writing what appears to be a defence of Insurance companies is not going to buy me much love given the inflationary cycle we are in, but I still find it hard to let unbalanced viewpoints go unchallenged.

[Mossypossy]

Nuance and perspective on the internet.

Have I entered a different dimension?

[Malc1]

47 minutes ago, Mossypossy said:

Have I entered a different dimension?

We all have I'm afraid 😉

3 hours ago, Boomer54 said:

but I still find it hard to let unbalanced viewpoints go unchallenged.

Let's not forget the funding costs these impoverished Insurance Company owners are having to face these days too  ....  they have to get some bucks in from somewhere .........  the businesses bought by these Investors for many billions of whatever just cannot  " balance the books "  anymore

Not just (part business) insurers like Saga and their overall business model . bought for £1.5bn some years back and no hope of making it work financially methinks

There's the others too like Morrisons Investors at £10 bn +  ....  wonder why they aren't into insurance yet 🤣

We're just their pawns to be chewed over and spat out at a whim when the fancy takes them  ..............

Malc

[GMB]

I think we would all agree that prices have to rise, but at a fair rate and reflecting the TRUE situation. The insurance companies are bumping up prices way too far so that they can crow about their profits and dividends to their shareholders at year end.  Meanwhile us mugs can go and moan about it. Sledgehammer to crack a nut anyone.

The only recourse that we have is to place our business elsewhere, and I think that's what most folk are now doing anyway.

[Boomer54]

2 hours ago, GMB said:

I think we would all agree that prices have to rise, but at a fair rate and reflecting the TRUE situation. The insurance companies are bumping up prices way too far so that they can crow about their profits and dividends to their shareholders at year end.  Meanwhile us mugs can go and moan about it. Sledgehammer to crack a nut anyone.

The only recourse that we have is to place our business elsewhere, and I think that's what most folk are now doing anyway.

Elsewhere being?

If you are saying shop around for your insurance sure. Indeed, anyone who has been misguidedly clinging to the notion that loyalty in commerce is worthwhile is way out of date, and I am not just talking about Insurance.

[Boomer54]

2 hours ago, GMB said:

I think we would all agree that prices have to rise, but at a fair rate and reflecting the TRUE situation. The insurance companies are bumping up prices way too far so that they can crow about their profits and dividends to their shareholders at year end.  Meanwhile us mugs can go and moan about it. Sledgehammer to crack a nut anyone.

The only recourse that we have is to place our business elsewhere, and I think that's what most folk are now doing anyway.

If they are crowing because the dividends hitting my account are outpacing the inflationary costs also hitting my acct then being totally impartial (sic), I say crowing is getting a like from me. 

[stevemanfa]

I just bought a 300h f sport 2014, I was driving a 2018 kia ceed 1.6 derv.

Been with LV for years and they have been very good but best price with them was £575 but i did some searches online and just did it from 20 march with the rac at £277, im 60 with full no claims so it pays to shop around 

[Mr_Groundhog]

Sorry to mention [what for me is] the elephant in the room.... but what we're all upset about here is in reality the very logic of capitalism itself: rip them off as much as you can, rip them off until the tables start turning. The rest is secondary or less.

They do it essentially because they can and I would not be surprised if they called one another up to agree on price increases, not to compete too much.

As @GMB mentioned, yes materials and costs have risen! ...But if you're paying your garages say +10% for labour for example, you can't increase the price +60% on the basis of labour costs, which is what you seem to be arguing @Boomer54 
It's called greedflation at this point and it's happening everywhere.

However I'm still called names when I dare say our economic system/model is a decadent and obsolete race to the bottom (for us paying the bills); governments should at least step in to protect consumers.

[Malc1]

and chatting to my nephew this morning and he's reminded me that the Lewis guy caused some little mayhem in the insce market when he got the Govt to stop motor insurers offering good deals by Law for existing loyal customers ..........  zero special loyalty treatment allowed by LAW it seems

Good 'ol Martyn Lewis 🫢

Malc

[Spock66]

15 minutes ago, Malc1 said:

and chatting to my nephew this morning and he's reminded me that the Lewis guy caused some little mayhem in the insce market when he got the Govt to stop motor insurers offering good deals by Law for existing loyal customers ..........  zero special loyalty treatment allowed by LAW it seems

Actually it was the other way round, ie stopping new customers getting better deals than existing customers.

[Boomer54]

48 minutes ago, Mr_Groundhog said:

Sorry to mention [what for me is] the elephant in the room.... but what we're all upset about here is in reality the very logic of capitalism itself: rip them off as much as you can, rip them off until the tables start turning. The rest is secondary or less.

They do it essentially because they can and I would not be surprised if they called one another up to agree on price increases, not to compete too much.

As @GMB mentioned, yes materials and costs have risen! ...But if you're paying your garages say +10% for labour for example, you can't increase the price +60% on the basis of labour costs, which is what you seem to be arguing @Boomer54 
It's called greedflation at this point and it's happening everywhere.

However I'm still called names when I dare say our economic system/model is a decadent and obsolete race to the bottom (for us paying the bills); governments should at least step in to protect consumers.

I wouldn't call you names . Just deluded.😉 Seriously if you wish to have an argument based upon accountancy let's do it. However, don't  construct partial arguments that I can drive a bus through such as " +10% for labour for example, you can't increase the price +60% on the basis of labour costs". Moreover, if you have assumed that is what I was saying you just did not read what I said carefully enough. Labour costs are just one piece of the multi faceted reasons why premiums are rising and indeed are probably not the most significant part of the issue. Do I need to make any further clarification? If I sound tecthy it's because I really do not like being 'quoted' when I am being misquoted. So, if you are going to quote me please do me the courtesy of being accurate.

[Notamech]

The problem is not capitalism itself but how unfairly its being applied. If the government says motor insurance is compulsory it must make provisions to ensure even lower income groups are able to afford at least some basic level of cover. E.g. education is compulsory but everyone gets to go to a local  school for free and if they have the money they're free to opt for private schools. 

Unlike Australia, no such option here when it comes to insurance. Its compulsory plus you have to buy it from the greedy cartel. The government must provide at least basic third party insurance for a nominal fee or as part of the rip off VEDtax they charge us annually. 

On one hand you have inelastic demand and on the other thand you dont have options. You might argue that transportation is not a basic need but to some it is..many rely on their vehicles to be able to earn an income due to lack of or poor public transport. 

[Boomer54]

24 minutes ago, Notamech said:

The problem is not capitalism itself but how unfairly its being applied. If the government says motor insurance is compulsory it must make provisions to ensure even lower income groups are able to afford at least some basic level of cover. E.g. education is compulsory but everyone gets to go to a local  school for free and if they have the money they're free to opt for private schools. 

Unlike Australia, no such option here when it comes to insurance. Its compulsory plus you have to buy it from the greedy cartel. The government must provide at least basic third party insurance for a nominal fee or as part of the rip off VEDtax they charge us annually. 

On one hand you have inelastic demand and on the other thand you dont have options. You might argue that transportation is not a basic need but to some it is..many rely on their vehicles to be able to earn an income due to lack of or poor public transport. 

"greedy cartel". Here is the reality;

Being involved in a cartel and participating in illegal price fixing is prohibited by competition law in the UK and considered an offence under the Competition Act 1998 and the Enterprise Act 2002.

Other than that I was clapping at the point that you really ought not to be making something necessary by law without at least putting into place a mechanism that supports those least able to comply. Very good point and I would support it.

[Malc1]

Might be illegal contriving to con all policyholders en bloc BUT this scheme they operate seems above the law and endorsed by the Authorities sadly 

 

HOUSE and HOME INSURANCE anyone ?    
Mines just gone up about 25%  RSA for my small 2 bed 1650’s ( maybe ) timber built ancient house that’s thankfully not Listed at this time 

My price searching last year put my RSA policy much much less expensive than others ……. not many interested insuring  my ancient house 

Malc