Reemul
Head Pro
Yep this 100%. Now when trying to get competitive quotes elsewhere they can't offer us deals, needs to be rated like current business so a lot harder to get decent deals at times.
Car insurance
- Thread starter Mandofred
- Start date
Yep this 100%. Now when trying to get competitive quotes elsewhere they can't offer us deals, needs to be rated like current business so a lot harder to get decent deals at times.
PJ87
Journeyman Pro
People never ever learn either. Never moan it's unfair and favours one type because they won't make it cheaper for all.... They will fleece everyone
Same when people moaned school holidays were more expensive to go away in.. they won't lower the cost don't punish those who can go other times
SwingsitlikeHogan
Major Champion
Got our multi-car renewal in for our three cars. It’s gone up 43%. No claims in the last year. Anyone else experienced such an increase.
I be looking around, just wondering.
I be looking around, just wondering.
Bunkermagnet
Journeyman Pro
Costs to the insurance companies have rocketed. Sadly, most if not all of us will see increases and some of greater rates than yours.
AmandaJR
Money List Winner
Yes for both of us. Both managed to get cheaper but still a big increase on previous years. We both found the cheapest was LV Insurance.
rulefan
Tour Winner
Despite a large 'No blame, no effect on no claim discount' repair bill and superb support from LV+, our renewal for two cars has not increased.
GB72
Money List Winner
Yes, both of us rocketed up this year despite both having over a decade of no claims. I blamed it in part on both of us now being over 50.
Reemul
Head Pro
The whole No Claims Bonus thing does my head in because of what it really means.
If you have 10 years no claims bonus it can be the same as 5 years NCB. Many insurers cap at a specific level of years so having 8 years NCB may generate the same discount as 15 years
Your yearly Premium is £600 your NCB reduces the premium by 20% = £480
This year your premium increase to £750 your NCB reduces the premium by 22% (as an example with 1 year more NCB). Your premium this year is now £585.
The NCB does not affect your renewal premium just your percentage reduction on that premium. Hence when you see those adverst saying will not affect your NCB if you have a claim, it mean's bugger all. Your starter premium weill still go through the roof, your discount will still apply and your premiums will go up. NCB is not a measure of premium, the provider is and of the base premium. Also you normally have to pay extra to protect your NCB in case of a claim so you are paying extra even if you don't have a claim.
Costs at work are rising massively, heating, electricity, broadband, staff wages, all through the roof. Claims are not driving increases costs. You just need to shop around. Also make sure miles drivien is correct, you pay for it so don't over compensate as it costs, also be realistic with the car value, this also affects the premium. Ages does not drive the premium until 75, also sometimes having younger drives with a named older driver can help reduce the premium, not always but sometimes so worth a look if paying increased costs, also only have named drivers on it who actually drive it, you can temporarily add a driver for a minimum cost if you need to.
If you have 10 years no claims bonus it can be the same as 5 years NCB. Many insurers cap at a specific level of years so having 8 years NCB may generate the same discount as 15 years
Your yearly Premium is £600 your NCB reduces the premium by 20% = £480
This year your premium increase to £750 your NCB reduces the premium by 22% (as an example with 1 year more NCB). Your premium this year is now £585.
The NCB does not affect your renewal premium just your percentage reduction on that premium. Hence when you see those adverst saying will not affect your NCB if you have a claim, it mean's bugger all. Your starter premium weill still go through the roof, your discount will still apply and your premiums will go up. NCB is not a measure of premium, the provider is and of the base premium. Also you normally have to pay extra to protect your NCB in case of a claim so you are paying extra even if you don't have a claim.
Costs at work are rising massively, heating, electricity, broadband, staff wages, all through the roof. Claims are not driving increases costs. You just need to shop around. Also make sure miles drivien is correct, you pay for it so don't over compensate as it costs, also be realistic with the car value, this also affects the premium. Ages does not drive the premium until 75, also sometimes having younger drives with a named older driver can help reduce the premium, not always but sometimes so worth a look if paying increased costs, also only have named drivers on it who actually drive it, you can temporarily add a driver for a minimum cost if you need to.
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PJ87
Journeyman Pro
Yet insurance companies profits aren't taking that much of a nose dive. Think that's the stinker
Reemul
Head Pro
Is that not a really nieve comment though. None of the big companies want to have less profits, the shareholders demand it, it's not like it's new. Everyone has a chocie to go somewhere else with their business and that's not just insurance but all business.
I mean everytime my food prices rise I go to Tesco/Sainsbury/ Asda and bitch at the floor staff and manager yet not once have they reduced their prices for me, I have no idea why as I feel my bitching about it is bound to have an affect rather than goingelsewhere....
The first world really is a greedy place, more more more, from wages to newer golf clubs or cars to shiny things we all want it all even if we don't really need it and then bitch about costs. We are our own worst enemy really.
PJ87
Journeyman Pro
It's greedflation tho isn't it? Companies make hay when the sun shines but when it's raining they still want their cake and eat it.
Always a case of how much wealth do people need?
I should have added. So small trades people .. when costs go up how many will raise their prices instantly or insainly? At first they will swallow up the costs taking less profit .. then when it's too much they will rise it (just by enough to cover the costs) not wanting to lose their customers and hoping that good times will return ..
Yeah let's see how many big companies are like this
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KenL
Tour Rookie
Is it not illegal to drive without insurance?
Bunkermagnet
Journeyman Pro
For you and I, but not the police. They pay for everything done to their cars and others their cars are involved with.
KenL
Tour Rookie
So, could a billionaire choose to not have insurance?
PJ87
Journeyman Pro
The police one is because their owned by the crown I believe
A billionaire no doubt would just have a massive annual cover me on any car I want policy
jim8flog
Journeyman Pro
I do not know if things have changed but a one time you drive under your own insurety if you could prove the necessary financial backing.
SwingsitlikeHogan
Major Champion
I’ve decided to just stick with existing. As significant as the jump is, I can appreciate all the sources of increased costs for insurers, and the fact the introductory ‘golden handshake’ deals have effectively been made illegal (since existing customers would have to be offered the same deal) suggests to me that I’ll struggle to find anything much cheaper. I might be completely wrong but so be it.
D-S
Well-known member
Past experience would suggest that this is playing exactly into their hands.
SwingsitlikeHogan
Major Champion
I know. But my understanding is that the level of discounts that used to be offered to attract new customers are not as they were.
D-S
Well-known member
They may or may not be as large but they are certainly there and it would be unwise not to check. We have obtained significant discounts from the initial renewal rate, I wouldn't dream of not checking, testing or questioning any increase.
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