F-Car Insurance Premiums

Jgtcracer · March 27

All,

I'm due for car insurance renewal in coming few weeks and am finding that with no changes to my circumstances, policy re-quotes are coming in approx 60% higher than last year! I can only assume one of the below has occurred.

I've moved to Gaza - Not too convinced as its raining outside and is quieter than I would expect.
People are stealing/damaging RC-Fs left, right and center - Also not convinced, though could be linked to point 1 above.
The industry have arbitrarily bumped everyone's premiums us under the guise of 'inflation and increased costs'

Discuss.....

James605 · March 27

Just renewed mine and the best I could find was a ~10% increase, and that was just sticking with my current insurer and taking the renewal. It seems to be an industry trend, with my previous car (an M2) it was going up year on year too, probably since around 2020.

Purely speculation, but I've heard about the glut of Teslas on the road now pushing premiums up, Range Rovers being stolen, maybe the recent Lexus theft problems too.

Most likely though it's just insurers pushing up prices because they can.

Flytvr · March 27

I think it’s across the board. Cost of living is just crazy.

steve2006 · March 27

When I worked for a large utility company, their fleet insurance costs became so high they decided to “Self insure” so basically they covered any claims themselves and driver training helped minimise those.

Obviously that needs a fairly decent fund probably in the region of a multiple rollover Euro millions lottery win so basically we remain at the mercy, profit targets and shareholder dividends of mainstream insurers.

If mine increases dramatically next renewal when I also get my free bus pass the car will go and I’ll take full advantage of said bus pass with taxis used as needed which will still work out cheaper than than the grand plus a year it costs to run the car.

GMB · March 27

47 minutes ago, steve2006 said:

If mine increases dramatically next renewal when I also get my free bus pass the car will go and I’ll take full advantage of said bus pass with taxis used as needed which will still work out cheaper than than the grand plus a year it costs to run the car.

You are not alone in thinking along these lines. There is a distinct feeling that there is some underhand hidden agenda at play with these ridiculous insurance price hikes. It's all a bit fishy, and expensive too. My standing charges ( Ins, tax, etc ) stand at £3K per year for very low miles = not practical or worthwhile.

Maybe their logic;

Drive some cars off the road with extortionate prices. = Less pollution = fewer customers paying higher prices = less risk =more profits = rich ripoff insurance companies get richer.

The other knock -on effect is: More uninsured drivers, less service/maintenance done to cars = less profits for dealers = higher charges to compensate and so on. I think I just had a logic meltdown.🤭

ashyk36 · March 27

I renewed my GSF and Toyota at the end of last year. 30% increase with no changes in my circumstances.

I also had an increase in my home insurance. When I asked, they said it was because the price of labour and materials had increased.

Get ready for all the increases coming into effect next month!

RichGS11 · March 27

Paying £17 extra a year. Renewed today.

Bezzer · March 27

4 hours ago, steve2006 said:

When I worked for a large utility company, their fleet insurance costs became so high they decided to “Self insure” so basically they covered any claims themselves and driver training helped minimise those.

Obviously that needs a fairly decent fund probably in the region of a multiple rollover Euro millions lottery win so basically we remain at the mercy, profit targets and shareholder dividends of mainstream insurers.

That was a Certificate of Deposit insurance, used to be common for large firms. You have to deposit £500,000 with the governent then pay all Insurance claims. They were trying to bin it a few years ago, don't know if it's still going now.

GMB · March 27

1 hour ago, RichGS11 said:

Paying £17 extra a year. Renewed today.

That's very good. Can you recommend a company quote? All the usual suspects wanted an extra £250 or so and I have a clean record and NCB (£425 to £675 ) . Maybe prices are stabilising or dropping, I will try again and see. If I could get the same or similar to last year? I would be happy if I could keep it under £500.

Bluethunder · March 27

Try Performance direct. My renewal cost last October was £200 more but after I called them they managed to get me a similar price to the previous year.

Brian newman · March 27

Still waiting Adrian flux to get back..so I've renewed with Chubb!

Ivacerk · March 27

My renewal for the iSF came at almost £2000 , last year paid £1100 with all the mods declared , thats almost double and the only reason for that they could give me it was that the prices for labour , repairs and parts went up

RichGS11 · March 27

1 hour ago, GMB said:

That's very good. Can you recommend a company quote? All the usual suspects wanted an extra £250 or so and I have a clean record and NCB (£425 to £675 ) . Maybe prices are stabilising or dropping, I will try again and see. If I could get the same or similar to last year? I would be happy if I could keep it under £500.

Mutlicar with Admiral. All modifications declared and there's a few on my ISF! Car valued at £25k by Admiral themselves.

DAN@ADRIAN FLUX · March 29

Hi.

Have you tried ourselves for insurance at all?

Regards,

Dan.

jeffrosie6 · March 29

Adrianflux don't insure Import ISF's

RadicalCoupe-Fuji · March 30

Good news, road tax is going up too. Nothing like throwing good money down the drain.

GMB · March 30

1 hour ago, RadicalCoupe-Fuji said:

Good news, road tax is going up too. Nothing like throwing good money down the drain

The insurance, road tax and other fixed costs are causing me to consider leaving the ISF on SORN ( after winter ) permanently.

So maybe their ( insurance company and probably government ) tactics and hidden agenda are working - i.e. keeping more vehicles off the roads. Doing less than 2000 miles per year makes driving the ISF a very expensive experience.

I used to think we had a comfortable retirement income but recently find that budgeting and being very careful with money is necessary.

Jgtcracer · March 30

17 hours ago, DAN@ADRIAN FLUX said:

Hi.

Have you tried ourselves for insurance at all?

Regards,

Dan.

Dan, thanks for the message. I have and found that your costs online to be higher than others. As the only contributing insurance company on the forum I’d love nothing more than to support Adrian Flux but you’re a tad too expensive relative to similar covers elsewhere.

I presume I should ring for a better price? Can I reasonably expect to see a reduction against your online quote doing this?

jeffrosie6 · March 30

I too have been with AdrianFlux for many years with my Celica GT4 & Celica Convertible. The prices have been a bit more expensive than other companies, but due to loyalty I've always stayed with AdrianFlux.

When I got my ISF (import), I obviously went straight to AdrianFlux, called rather than try online, only to be told that all the companies the deal with do not insure the ISF, let alone an import!

No point me staying with AdrianFlux anymore, on renewal of my Celica, I'll find cheaper and be loyal to me rather than an insurance company.