Car insurance

[Robster59]

Its due on 22nd Feb, intend to get on the comparison sites later this week, doubt I'll get it much cheaper but will see what's outs there.

Compared to what my missus is paying, that's damned cheap. Is it fully comp?

 

[GreiginFife]

Mine is due next month and it's bloody confusing. Bog standard 840i has gone up by £59 but the heavily modified, track ready M340i has gone down by £42.

Wife's CLA45S+ has stayed exactly as it was.

I think they're just making it up as they go along now.

 

[PJ87]

Mine is due next month and it's bloody confusing. Bog standard 840i has gone up by £59 but the heavily modified, track ready M340i has gone down by £42.

Wife's CLA45S+ has stayed exactly as it was.

I think they're just making it up as they go along now.

I couldn't get my head around how the 3 year old Corsa EV which is worth a lot less than the brand new Kia EV with a bigger battery, and more power was more expensive to insure by £65

 

[Deleted member 29109]

I couldn't get my head around how the 3 year old Corsa EV which is worth a lot less than the brand new Kia EV with a bigger battery, and more power was more expensive to insure by £65

Probably because most Corsa’s end up being crashed. Admittedly it will be mostly young drivers but it will still be considered a high risk car.

 

[PJ87]

Probably because most Corsa’s end up being crashed. Admittedly it will be mostly young drivers but it will still be considered a high risk car.

I very much doubt any younger drivers have EVs tho

Warning cost of car insurance to rise this year

The Financial Conduct Authority says it was "monitoring" the sharp rise in insurance premiums.

www.bbc.co.uk

What a load of tosh

Energy costs are dropping ...

About time they stomached some of these costs

 

[Reemul]

I very much doubt any younger drivers have EVs tho

Warning cost of car insurance to rise this year

The Financial Conduct Authority says it was "monitoring" the sharp rise in insurance premiums.

www.bbc.co.uk

What a load of tosh

Energy costs are dropping ...

About time they stomached some of these costs

Everyone hates these increase but when companies are losing 10p in every pound on premiums and paying out £10 billion in claims a year how about people stop driving like assholes and people stop stealing cars, that would bring the cost down.

Rsa have now gone, sold to admiral, many insurers are pulling out of the car and home market as they lose so much money, less choice always means more cost and many insurers are just not supporting teh car or househodl markets and what we have left are not necssarily the ones you want to use meaning the higher profile insurers charge more but are likely to pay out.

The fact they make so much money on commercial and health insurance offsets to some degree the premiums.

But there are plenty of facts from those of us that work in these markets to explain the issues and in fact are in this thread.

 

[Vikingman]

Compared to what my missus is paying, that's damned cheap. Is it fully comp?

Fully comp, it's only a Peugeot 208 mind.

 

[Robster59]

One thing we found when doing my missus insurance is that, whilst some insurers throw in roadside assistance as an option, it is cheaper just to buy it direct online.

 

[Piece]

For those in the insurance "know", I wonder how true the following is. A major contributory factor to rising premiums is the uptake of EVs. The cost of repair of EVs (compared to ICE) is a lot higher due to the immature (currently) repair infrastructure and parts availability. A knock-on effect, is that there is now less demand for ICE parts than before, thus harder to obtain and cost rises for repair.

Just what I heard. Welcome facts from those that do know.

 

[PJ87]

For those in the insurance "know", I wonder how true the following is. A major contributory factor to rising premiums is the uptake of EVs. The cost of repair of EVs (compared to ICE) is a lot higher due to the immature (currently) repair infrastructure and parts availability. A knock-on effect, is that there is now less demand for ICE parts than before, thus harder to obtain and cost rises for repair.

Just what I heard. Welcome facts from those that do know.

The first part I've heard , the second part of being less demand for ice parts I haven't heard and tbh doesn't make sense as whilst their are lots of EVs compared to ice cars it's a small scale

But getting parts in general has been a pain due to COVID , then supply chain issues

 

[JonnyGutteridge]

For those in the insurance "know", I wonder how true the following is. A major contributory factor to rising premiums is the uptake of EVs. The cost of repair of EVs (compared to ICE) is a lot higher due to the immature (currently) repair infrastructure and parts availability. A knock-on effect, is that there is now less demand for ICE parts than before, thus harder to obtain and cost rises for repair.

Just what I heard. Welcome facts from those that do know.

I’m a motor insurance underwriter - this isn’t exactly true.

Firstly, most insurers don’t go near EV’s at the moment. Even the ones who don’t cover EVs are having to put serious increases in - this is primarily due to claims inflation; labour, parts, paint, hire vehicles etc. This somewhat dismisses that insurers are using premiums from ICE to subsidise EVs.

However, yes - EVs are quite terrifying to insure, the cost is staggering for simple repairs, the vehicles weigh so much that any impact causes sizeable damage to other vehicles, the power outputs are absurd (Lotus new SUV is 910bhp and weighs close to 3tonnes!) - this is why EVs are expensive and difficult to insure.

 

[Bunkermagnet]

I’m a motor insurance underwriter - this isn’t exactly true.

Firstly, most insurers don’t go near EV’s at the moment. Even the ones who don’t cover EVs are having to put serious increases in - this is primarily due to claims inflation; labour, parts, paint, hire vehicles etc. This somewhat dismisses that insurers are using premiums from ICE to subsidise EVs.

However, yes - EVs are quite terrifying to insure, the cost is staggering for simple repairs, the vehicles weigh so much that any impact causes sizeable damage to other vehicles, the power outputs are absurd (Lotus new SUV is 910bhp and weighs close to 3tonnes!) - this is why EVs are expensive and difficult to insure.

Plus because of delays in parts and knowledgable staff to repair the EV's, repairs are taking so long so when the owner starts making complaints and it clinbs the complaint ladder going to the FOS, the ins co is instructed to pay up and then they sell the car off once it's repaired, usually losing more money.

 

[JonnyGutteridge]

Plus because of delays in parts and knowledgable staff to repair the EV's, repairs are taking so long so when the owner starts making complaints and it clinbs the complaint ladder going to the FOS, the ins co is instructed to pay up and then they sell the car off once it's repaired, usually losing more money.

Correct. We once wrote off a £75k Tesla because we couldn’t obtain the required tyres/windscreen (can’t remember which)…

Personal injury continues to be the #1 factor behind costs. There was a claim I saw just this week which is almost £10m!

 

[Vikingman]

Just had my renewal quote, up from £176 to £249.

Did some shopping around and could of got it a bit cheaper so phoned them up and renewed for £236.

 

[Robster59]

Everyone hates these increase but when companies are losing 10p in every pound on premiums and paying out £10 billion in claims a year how about people stop driving like assholes and people stop stealing cars, that would bring the cost down.

Rsa have now gone, sold to admiral, many insurers are pulling out of the car and home market as they lose so much money, less choice always means more cost and many insurers are just not supporting teh car or househodl markets and what we have left are not necssarily the ones you want to use meaning the higher profile insurers charge more but are likely to pay out.

The fact they make so much money on commercial and health insurance offsets to some degree the premiums.

But there are plenty of facts from those of us that work in these markets to explain the issues and in fact are in this thread.

Happened to my missus. She was with Zurich but they are no longer doing car insurance.

 

[Reemul]

Happened to my missus. She was with Zurich but they are no longer doing car insurance.

Yeah I am with Zurich until renewal and then I have to move, their service this year when I got hit by an idiot van driver was exceptional.

 

[chellie]

I've just renewed mine. Increased my mileage slightly and am now paying £6 more than last year. No cashback this time though.

 

[KenL]

I've just renewed mine. Increased my mileage slightly and am now paying £6 more than last year. No cashback this time though.

That's really good. Hopefully the massive increases are starting to slow down.

 

[Lord Tyrion]

Something on the news yesterday saying for a 24 year old.....they may be paying in the £3k range. No idea if it was true or not.....

It very much depends on gender, location and car. My daughter is 21, has a 9yr old Yaris, parks on a road in York, pays £600. If she were male, in a Corsa, in a less pleasant location, it may well be in the £3k territory.

It's a numbers game and there is a reason it costs younger people more.

 

[chellie]

That's really good. Hopefully the massive increases are starting to slow down.

To be honest we haven't seen those. However, I have renewed it early as the price seemed too good to miss.