Average Car Insurance In The Uk Now Over £500

[Hymie]

In this BBC report, based on 28 million policies, the average price was £511.

The report also states that the insurers paid out a total of £2.4 billion.

Well 28 million policies at an average of £511 works out at a total of £14.3 billion – so the motor insurance industry pocketed nearly 12 billion; or as a percentage of income, they paid out less than 20%.
What a rip off.

https://www.bbc.co.uk/news/business-66466626

[brainiac]

I'm expecting my renewal notice any day, and if it's gone up by more than 10% I'll move to another company. Just done this with my home insurance.

[youngmafbog]

Whilst I do sort of agree with your anger perhaps it would be better to have actual facts rather than cherry pick numbers to hyperbole your view?

Try this: https://inews.co.uk/inews-lifestyle/money/motoring/car-insurance-why-gone-up-prices-so-expensive-costs-record-high-2540589?ico=related_article_inline

[ToraToraTora]

Hymie, cherry picking?......Nooo!

[ToraToraTora]

of course they don't have any expenses, no staff, no buildings it's all run out of a garden shed! PMSL!

[youngmafbog]

He has done it in the doctors thread. Clearly not been paying attention when I have previously said one of my daughters is a doctor!

[fender62]

i wonder what motorcycle insurance prices have gone up..

[Peter Pedant]

Hymie do you ever get the feeling ( pun intended) that the usual suspects cherry pick arrisses to kick ? ( yours and mine)

as TTT ( this does NOT - NOT stand for troll-troll-troll, the editor reliably informs me) says so often

Nooooooo!

[youngmafbog]

And of course his 'payouts' were for last year whereas costs this year have rocketed ( See the i article).

Be prepared for them to go even higher as more EV's come onto the market.

[ToraToraTora]

Oddly enough I have just had a renewal for a 1996 Blade, £153.

[ToraToraTora]

...that's 2 years no claims and one SP30.

[youngmafbog]

//i wonder what motorcycle insurance prices have gone up..//

My 600cc bandit went up £5.00. Now £59.42 Fully comp

[THECORBYLOON]

From your link, "The industry paid out £2.4bn in all motor insurance claims - covering theft, vehicle repairs, and personal injury - in the first quarter of this year, up 14% from the same period last year, the organisation said."

As the £2.4bn is for one quarter, that equates to £9.6bn for a year or 67% of the income from premiums.

[ToraToraTora]

YMB: "Be prepared for them to go even higher as more EV's come onto the market. " - good point they are 4 times more likely to catch fire than an ICE vehicle and almost impossible to extinguish. We'll all have to pay for that no doubt.

[bobbinwales]

Er should staff people work for free hymie, are paper docs and computer systems free to develop?

[Hymie]

OK my mistake; but even at £9.6 billion payout, that still leaves them pocketing nearly £5 billion or a payout rate of 67%.

[youngmafbog]

Read the article I posted.

[ToraToraTora]

12:37, ....now deduct running costs....

[New Judge]

//Read the article I posted.//

Not much chance of that. Hymie didn't even properly read the one HE posted!

[ToraToraTora]

I'm starting to see why porthos does not understand brexit.

[brainiac]

Blimey - just gone online and checked what my renewal will be, and it's gone down by 18% !