Insurance increase

[artyman]

Just had my renewal through for my Insurance it seems to have jumped 13% this year. whilst I expect it to gradually increase each year, this does seem rather excessive given the rate of inflation at the moment. Anyone else had any sharp increases in their premiums.

 

[clk320x]

We seem to get a thread like this everyday.

Renewal quotes are often inflated, go via a comparison site as a new customer and get the same cover for less.

 

[ChrisHGTV]

We have an Admiral multi-car and for the last few years ours has decreased each year. Not by much but it has gone down. Because of that i've not bothered looking elsewhere to be honest but at the time Admiral were the best/cheapest and also covered my modified Alfa without adding anything. And they applied my no claims i had built on one car to my other car which was nice.

 

[ChrisEdu]

Yeah, mine went up initially. Then I got a cheaper price online, phoned and got it matched.

 

[DavE400]

Had the same experience of an increase in renewal premium of about 13% between last years best price and 2020/21 final post negotiation price which was within £5 of other companies on the main price comparison sites

 

[bob6600]

Mine went down £2. I called and they offered £30 off. I refused and told the to do better, I got £142 off. Never be lazy when it comes to renewals, it will literally cost you

 

[artyman]

Well phoned them and got a substantial reduction more or less matching the comparison site quotes, so a happy bunnny.

 

[neilrr]

Why would you be happy with them & continue giving them your business when they tried to stiff you?

You've already done the hard work in getting other quotes, now vote with your feet & go to the similarly priced competition.

 

[Eduardo]

I moved late November from Chelmsford to Datchet and my premium went up £300, it also seems that either new year and brexit are playing high risk cards as every quotation I got just went nuts (2k for a '03 sl500 and a '11 c220 cdi, the c220 being the higher quoted one at ~1400 with a 7 year NCB).

Ridicule... I will wait till January and chase a new insurance.

 

[neilrr]

How underwriters see things.

Datchet = Slough = Britwell.

 

[Eduardo]

How underwriters see things.

Datchet = Slough = Britwell.

Haha, yeh, it is a weird area.... named as inside Slough, paying council tax to Windsor, and walking down the road a few big houses with very expensive cars....

 

[MrGreedy]

Last year my insurance was £350 for 12k miles on the E350. I had to put it up to 18k miles due to work, and the price with the same insurer went to £600, pro-rated down as I was part-way through the year.
I've picked what I believe is one of the more reputable insurers, due to concerns about the cheaper ones (particularly part of the esure group) playing silly buggers during a claim because you didn't declare 'modifications', which also includes things above base spec (e.g. metallic paint, different factory option alloys, COMAND instead of AUDIO20, climate control instead of aircon). Yes, you can probably take them to court and force them to pay if needed, but not for me thanks.
The insurer I chose was about £70 more expensive than best price at £350, and about £120 more expensive at £600 (for 18k miles)

This year, I've investigated insurance prices, noting reduced mileage due to working from home.
My current insurer is charging £650 for 18k miles. I enquired about 12k miles, but it was only reduced to £620!!!!
Having done a comparison online, the cheapest 12k miles no fills policy is £472, with the rest starting in the £500s.

This is not the usual 'you haven't shopped around so we will price gouge' tale. My insurance costs have gone through the roof.
Same house for past 5 years. Quite street. 15 yrs NCB. Zero accidents or claims. Middle aged.

The like-for-like cheapest bare bones comparison site price has gone from £280 last year to £472 this year (same car, 12k miles, prices checked 3 weeks in advance as per Martin Lewis' recommendation on MSE).

 

[Eduardo]

I got a quotation for 370 for my 03 SL500 by Swinton... early this month I couldn't get anything below 600.
Wonder if they check the MOT (just passed last week) when making the quotation and mark it as a risk, I will have to check that as my wife's C220 CDI Sport is being charged 700+ p/a and has MOT in NI... which could be a problem with the price if so.

 

[Grockel]

I use Aviva plus, I went direct and saved a good deal of money compared to the comparison sites.

 

[baxlin]

As I have two cars and household insurance on one policy with Admiral, it’s a bit of a faff to change, but the house element had gone up quite a bit (renewal earlier this month) so I did look around, just for the household buildings and contents, the cars were about the same as last year.

I found one just under £100 cheaper, so phoned Admiral, but they would only drop it a little.

However, the lady suggested also looking at the cars, and surprise surprise, she brought both down, so that the total premium was £30+ less than last year....

I stuck with them (bearing in mind also that they refunded 2 x £25 due to Covid reducing claims earlier in the year) but agree with Neilrr’s point in post #8. In fact I ditched Adrian Flux for that very reason over the 3 wheeler insurance a few years ago.

FWIW, the insurance for the 3 wheeler renews in January, and the quote came in at £96. It was £100 last year, and £120 the year before. As our American cousins say, go figure...

 

[GavinBenz]

I wonder if it's got anything to do with the fact that uncapped data is potentially being used by insurers now? Some Mercedes models are going to be hit harder

 

[Eduardo]

Those algorithms should be illegal or publicly available for scrutiny.
I got a quotation last week for my 03 SL500, at £525, when early December I was getting ~£800. The only changes are that I paid my credit card in advance of the closing (hence 0 in the bill) and my electoral register entry was published, these two resulting in a credit score increase of ~180 points out of 999 (Experian).

Bear in mind, insurance quotes do credit checks, so I am pretty sure scores affect this.

 

[Deleted member 159894]

Those algorithms should be illegal or publicly available for scrutiny.
I got a quotation last week for my 03 SL500, at £525, when early December I was getting ~£800. The only changes are that I paid my credit card in advance of the closing (hence 0 in the bill) and my electoral register entry was published, these two resulting in a credit score increase of ~180 points out of 999 (Experian).

Bear in mind, insurance quotes do credit checks, so I am pretty sure scores affect this.

The quotes do seem to fluctuate over time, the latest that I heard is that early quotes are cheaper than leaving it to the last minute although your experience differs.

The credit checks are usually in respect of taking a credit agreement in order to pay monthly, I really don't think that they influence the quote itself.
Edit, looked online and apparently credit score can have an effect, who knew?

 

[Dryce]

Just had our renewal notice through fom Aviva ... increase by 13% over last year.

Bit cheekier than usual - our actual annual mileages have been reduced to about half of what they would have been - and effectively what we paid for.

So the merry dance begins and my annoyance with this sector will increase. Not just with the insurers but also the comparison sites - the inconsistency of information - the inconsistency of prese tation of policy details and pricing, and the inability to handle multi car discounts / multi policy discounbts coherently.

Timewasters.

 

[ChrisHGTV]

Just had our renewal notice through fom Aviva ... increase by 13% over last year.

Bit cheekier than usual - our actual annual mileages have been reduced to about half of what they would have been - and effectively what we paid for.

So the merry dance begins and my annoyance with this sector will increase. Not just with the insurers but also the comparison sites - the inconsistency of information - the inconsistency of prese tation of policy details and pricing, and the inability to handle multi car discounts / multi policy discounbts coherently.

Timewasters.

We have Admiral multi-car and touch wood so far the premiums have always decreased. And they were pretty good to start with, not the cheapest but one of the few who would cover my slightly modded Alfa without issue.