35% increase in premium

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Yep , this year was general 30% increases across the board .
Just read that this morning, but that was for ICE cars, apparently insurance for EV's has went up by 72% this year and a couple of insurance firms are no longer accepting them at all.
 
Just read that this morning, but that was for ICE cars, apparently insurance for EV's has went up by 72% this year and a couple of insurance firms are no longer accepting them at all.
I’ve also heard from two separate people that some Range Rover insurance is coming at £8k pa :eek: , because they are being stolen so much .
 
Hi , my car insurance premium has increased by 40%.

We are all paying for spurious claims made by dishonest drivers.
We are all paying for non insured cars.
We are all paying for unrealistic premiums offered by car insurance companies / brokers from previous years.

EV premiums are increasing beyond belief and it won't be long the EV maybe uninsurable.
However , governments are demanding the population purchase EVs so more uninsured on UK roads !

We are all paying when the insurance industry as a whole adjusts the market place to recover the loss.

Motorist may give the car in general and what problems will that cause for the Exchequer to balance the books.
I have no data to back this up but I would have thought there’s more uninsured ICE cars than EVs as a percentage per vehicle.

Maybe it’s the current cost of repair to EVs inflating their premiums? Less widespread network of insurance-approved repairers who can carry out repairs with lower cost parts etc. Eg Tesla - notoriously closed-shop organisation who probably won’t sell as many parts to independent repair shops?

Still, despite potentially higher premiums most EVs are expensive, newish, luxury vehicles owned by people who are probably less likely to drive round uninsured than say your 10-15 year old BMW 1-series owner or whatever.
 
Maybe it’s the current cost of repair to EVs inflating their premiums?
Or, the cost of replacing 1205 cars and a multi storey car park?
 
I fear it will become more frequent from now on.
There’s over 30 million cars in the UK.

A large amount of those in recent years have been hybrids or EVs.

Even over the last ten-twenty years there’s been quite a large number of hybrids, I’m not so sure in general that this has been a major issue.

I’ve not seen any reports on the cause of the fire I think you’re referring to (Range Rover in Luton) but I’d wager that EV insurance premiums probably relate more to repair costs or theft risk than infrequent/isolated incidents like that :)
 
I’ve not seen any reports on the cause of the fire I think you’re referring to (Range Rover in Luton) but I’d wager that EV insurance premiums probably relate more to repair costs or theft risk than infrequent/isolated incidents like that :)
Yet two major insurance companies in the last couple of weeks have refused to insure EV's, this is only the beginning, we are sleepwalking into this every day and being told it's all to save the planet!
 
Yet two major insurance companies in the last couple of weeks have refused to insure EV's, this is only the beginning, we are sleepwalking into this every day and being told it's all to save the planet!
I don’t think EVs are designed to save the planet, more to do with improving air quality in cities and flexibility on how they’re powered (electricity can be supplied from many sources, unlike petrol and diesel).

Not the topic being discussed here, but there we go.

Back on topic, many young drivers twenty/thirty years ago will have been refused quotes for insurance - doesn’t mean their cars were going to burst into flames.

I’d not panic just yet, personally.

Would be interested to read more about the companies that have refused to insure EVs - seems an unusual move - it’s all about risk, and they can charge whatever they want. Ruling out a large chunk of the market doesn’t make much business sense to me, but then I’m not an insurer! :)
 
Would be interested to read more about the companies that have refused to insure EVs - seems an unusual move - it’s all about risk, and they can charge whatever they want. Ruling out a large chunk of the market doesn’t make much business sense to me, but then I’m not an insurer! :)
It's all to do with not being able, yet, to quantify risk associated with batteries. No way of diagnosing damage to traction batteries after minor accidents. Because if this cars are being written off. Once easy diagnosis is developed cost will come down and risk assessors will know what they are dealing with..
 
It's all to do with not being able, yet, to quantify risk associated with batteries. No way of diagnosing damage to traction batteries after minor accidents. Because if this cars are being written off. Once easy diagnosis is developed cost will come down and risk assessors will know what they are dealing with..
Yes that sounds plausible to me :)

But I think most of this risk relates to the cost of repair and likelihood of write offs rather than the risk to TP through the occasional fire which is what was being implied in this thread.
 
Year on year with no claims or points.
Way more than inflation - Why??
It’s called inertia pricing.

You’re subsidising new clients to your insurer, and existing clients who challenge their renewal quotes and get a reduced quote as a result.

We thank you for your subsidy.

Nothing unique to cars. You’re doing it on other insurance and on your utility bills too.

Much appreciated. Think of it as “Charity.”
 
managed to get mine down by having a tracking box fitted 200 pound cheaper
Not a bad idea but some of the insurance companies offering black boxes like More than are very hot on you keeping to speed limits and the like,the worst thing that could happen is they remove you from their insurance and that will stay with a driver when they attempt to arrange other insurance as there is always the question have you ever been refused insurance
 
There’s over 30 million cars in the UK.

A large amount of those in recent years have been hybrids or EVs.

Even over the last ten-twenty years there’s been quite a large number of hybrids, I’m not so sure in general that this has been a major issue.

I’ve not seen any reports on the cause of the fire I think you’re referring to (Range Rover in Luton) but I’d wager that EV insurance premiums probably relate more to repair costs or theft risk than infrequent/isolated incidents like that :)
Just shy of 35 million vehicles, of which only half a million are EV’s and less than a million are plug in hybrids.

We can’t blame this greedflation on that tiny battery powered corner. It’s a broader issue of deliberate commercial pricing, and simple inflation of parts, labour, finance and other operating costs.
 
I wouldn’t be surprised if the cost of the average insurance claim has gone up by 35% for two primary reasons.

Almost everything has dramatically increased in price, not just value of new/used cars, car parts, labour, etc.

Whilst improving, supply chain delays have hit the car industry hard, and long lead times mean longer periods for hire cars.

Finally these are difficult times for many so I can’t help but think that there might be a little more insurance fraud than usual.
 
I wouldn’t be surprised if the cost of the average insurance claim has gone up by 35% for two primary reasons.

Almost everything has dramatically increased in price, not just value of new/used cars, car parts, labour, etc.

Whilst improving, supply chain delays have hit the car industry hard, and long lead times mean longer periods for hire cars.

Finally these are difficult times for many so I can’t help but think that there might be a little more insurance fraud than usual.
Remember that this is just 35% for 2022-2023, so that’s on top of previous years’ increases.

In my experience hire car rates have dramatically dropped this year compared to last. Off the top of my head, I’d say they’ve almost halved, year on year.

On the fraud front, there’s certainly a lot of chat about “organised crime,” exporting and breaking premium vehicles, and at the more mundane level, it doesn’t take much imagination to think that a few non-Ulez vehicles might have been “stolen” in Sadiq land.

Are there more uninsured cars around than the usual one million? Maybe, but I haven’t seen any chit chat on that.

So bad news for RR owners in central London etc etc but actuaries should just be piling cost onto the “at risk,” not “all and sundry.”
 
My RRS renewal was £860 ish + the F-type 680 ish both Adrian flux
I got a quote from SAGA £530 for the pair on a multi car policy 🙂
 
Our commercial van premiums have increased by £300.00 per vehicle this year. If we add European/Ireland cover it's time call the kidney removal team. Some companies decline to quote because of my age, another has a £1700.00 minumun rate for commercial cover. We have a twelve year no claims and clean license's
 
My RRS renewal was £860 ish + the F-type 680 ish both Adrian flux
I got a quote from SAGA £530 for the pair on a multi car policy 🙂
Nice one.
Just be aware Saga increased my renewal a few years back making it uncompetitive.
But you're smart and check every year. I can tell;):D
 

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