Car Insurance

[david small]

Tesco car insurance gone up by £170 from last year. No claims, nothing changed, I’m wondering what the reason. Greed?  Because they can? It’s as if all insurance companies have merged, and agreed that there will be a unilateral increase.

[barry1010]

According to the ABI, expenses including repair costs, energy costs, and paint costs are among those driving up the cost of insurance policies. The cost of used cars has also increased, as has the number of claims.

The long wait for spares has also increased their costs.

[TheWinner]

 

just got my quote for renewal, and I'm very happy.

General Accident.

[barry1010]

Forget the link

https://www.standard.co.uk/news/uk/why-car-insurance-prices-gone-up-b1087100.html

[Buenchico]

Because of various issues, such as the far higher costs or repairing electric cars than petrol ones, motors insurers have been making significant losses for the past few years.

[Quote: "Insurers are spending more on claims and costs than they are collecting in premiums. Analysts at EY estimate that in 2022 for every £1 motor insurers received in premiums, they paid out £1.11 in claims and operating costs. EY also forecasts that in 2023, insurers will have paid out £1.14 in claims and operating costs for every £1 received in premiums.

Source: https://www.abi.org.uk/news/news-articles/2024/1/motor-insurance-premiums-continue-to-rise-as-insurers-battle-costs/ ].

So it's unsurprising that they're now raising their premiums.

[Hymie]

Every year since I started driving, the insurance industry cries into their beer, claiming they are experiencing increased costs that must be passed on to those they insure.

I suspect this is just a poly to get those they have increased premiums, to believe this and just pay up, rather than shop around.

[Buenchico]

Moderator's note:
This thread should have been started  in 'Motoring', 'Insurance' or 'Business & Finance'.

Please leave Chatterbank free for a bit of jollity.

[From the Ed: "ChatterBank is a place for natter and fun. ChatterBank is not to be a place for gloom and doom threads regarding current affairs."

Source: https://www.theanswerbank.co.uk/ChatterBank/ ]

[david small]

Thanks Chris, looks like the short and curly’s are well in hand:-(

[Buenchico]

If you think that you've got problems, David, see 

https://www.theanswerbank.co.uk/Insurance/Question1860240.html

and

https://www.theanswerbank.co.uk/Motoring/Question1864651.html

[Barmaid]

Our car insurance more than tripled at renewal, despite no claims or offences etc. By calling around Mr BM managed to get a price slightly less than double our previous price.  Our issue is the value of the car it seems. Insurers now want trackers and security beyond factory fitted.

[Tokalah]

Our renewal went up £195 last week with no claims, so went on comparison site and saved just over £130 with a different company. You would think that with all comparison sites making it easy to change that they would want to keep there customers.

[davebro3]

I thought it became law that they couldn't offer new customers a better deal than those renewing with the same company. I don't believe that is being adhered to.🙄