Big Insurance increases

[wram49]

My car insurance renewal with Halifax for my 2007 VW Touran was a few days ago, surprisingly it only went up by 73p. I'd been on confused.com about a month previous to the renewal and Halifax and others were all at least 10% more.

 

[DMC65]

Now, I'm not complaining about motor insurance being a legal requirement, It absolutely should be. The prices when you do a comparison are so far apart it's ridiculous, one around £350 rising to quotes of £1500!!!
It should be strongly regulated since it's law to have it.......although I wouldn't trust these jokers in Westminster to regulate anything.

 

[gwyntaxi]

Have you any evidence of that? I don't think insurance companies make excessive profits and other countries have quite different claims to the UK. I always find a lot of people think any industry is a rip off apart from the one they work or worked in what did you do or do you do?

Well if as you say they don't make excessive profits, how come when they quote your renewal, you challenge it and they say hold on I'll see if we can discount that for you, then after a minute or so they come back with "I've been able to get it down to so and so price, which is usually about £60+ less so why don't the offer this figure at the outset.

 

[FrankNicklin]

Well if as you say they don't make excessive profits, how come when they quote your renewal, you challenge it and they say hold on I'll see if we can discount that for you, then after a minute or so they come back with "I've been able to get it down to so and so price, which is usually about £60+ less so why don't the offer this figure at the outset.

Relying on people who cant be bothered to check their renewal to squeeze a few extra quid out of them.

 

[Ian Bosman]

NFU. The only company in years I felt like I got a personal service from and a REAL PERSON'S email address and office phone number.
Started with MH, then RV and now added works van (for son's use mainly) and wife's car.
Last renewal premium went up about £25 a few months ago (even my contact was a little surprised it was a low increase).

owing having no claims bonus my premium on my Elddis is over £3000. no i did check the number of zeroes!

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[EuroTrotters]

I had lots of good news. Motorhome and caravan insurance went down. My van insurance stayed the same.

My wife’s car insurance went down. My two cars insured in Spain, one UK registered and the other Spanish stayed the same.

Not sure why what the factors are for others.

But CAMC more than doubled my premium two years ago for the motorhome. Even an internet search brought down the premium with them, but I went elsewhere

 

[zac]

Just had my quote from comfort for Motorhome been with them years this year quote was well over £450 tried performance direct and saved a considerable amount for the same cover

how does that compare to last year? ours went up 10% from last year with comfort, just wondering how others did

 

[Dutch 68]

In late 2022 I got a quote for paint rectification from a local body repair business. It was to fix an area of the van roof where the Fiat grey metallic paint was peeling - a common problem with this paint on the Ducato roofs. £200 + VAT. In my mind that is a useful benchmark.

We had recently had a small bump with the car (I wasn't driving, I hasten to add) where the other car had 2 faint scratches on its bumper. Probably could have polished out easily. No damage to our car. Unbeknown to us, our car insurers coughed up £950 for the other driver's claim, without reference back to us for comment, and probably no questions asked of the other driver's insurers. There does not appear to be any rigorous process for weeding out embellished claims against their insured. The insurers don't seem to be bothered at all. It's almost as though it isn't "their" money.

Here's why. Our premium doubled on renewal; some insurers declined to quote at all, and this year the premium went up again by 33%. Instead of pooling the claims, which is the whole point of insurance, effectively in less than 2 years these insurers have clawed back their entire outlay from us alone, including our excess. Next year I expect they will pocket a huge profit on our renewal premium and it won't go down despite some NCD. We will shop around of course, but there is a whiff of us being on a shared blacklist despite only one relatively trivial claim in many years.

This reeks of anti-consumer behaviour. Middle men creaming off easy money as well. Cosy arrangements between insurers, to make claims processing easier and non-contentious. As well as not bothering to communicate, the insurers are happy to penalise their own customers. Motorists are a captive market, so the cartel exploits us shamelessly, despite the comparison websites (that in their turn rake off a significant percentage).

Apologies for this rant. I understand perfectly why some drivers would rather pay for the other party's minor repairs privately, and not report this kind of small incident to their insurers.

Insurance companies really are crooks and that is saying it politely, just in case anyone gets offended again, your example is sadly not the exception

 

[sweetie]

Renewal for Qashqai with AA just arrived and due 13th November £344.50 last year £205.83 12years plus NCD. Motorhome insurance is also due the same day still waiting to see how much that will be

 

[EllF]

No changes in van etc. No claims, just a year older and our insurance with comfort is £200 higher this year.

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[FrankNicklin]

They have been underpricing and now trying to make up the slack in one hit. It is criminal that they are allowed to do this.

 

[Harrogate motorhomer]

Both Car & Van insurance wen up by my than I thought it should with no change in circumstances. As for insurance companies not making money is this before or after making exorbitant interest payments & dividends to hedge funds?

 

[Ava the Adria]

MSE Compare+ Car Insurance

Just fill in ONE form and you get: Your cheapest quotes, analysis of your chances & masses of bespoke tips

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Why use MoneySavingExpert’s Car Insurance Compare+ tool?​

With car insurance premiums on the increase, getting the best price is more important than ever. You should never simply auto-renew – your existing insurer might not offer you the best deal on the market.

 

[Ava the Adria]

A number of insurers are increasing premiums across the board for all vehicles by £50!! to cover increased costs relating to electric car parts and repairs. B@$t@rds

Luton airport car park fire can’t have helped

 

[RobertJary]

I had lots of good news. Motorhome and caravan insurance went down. My van insurance stayed the same.

My wife’s car insurance went down. My two cars insured in Spain, one UK registered and the other Spanish stayed the same.

Not sure why what the factors are for others.

But CAMC more than doubled my premium two years ago for the motorhome. Even an internet search brought down the premium with them, but I went elsewhere

How did you manage to get a UK registered car insured in Spain? When I wanted to insure a French reg car in Spain, I couldn’t find any insurance company to take it on. Eventually, I eventually managed to insure it on its chassis number £200 for 1 month only for third party and absolutely nothing extra. But third party did include European cover.

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[FrankNicklin]

MSE Compare+ Car Insurance

Just fill in ONE form and you get: Your cheapest quotes, analysis of your chances & masses of bespoke tips

www.moneysavingexpert.com

Why use MoneySavingExpert’s Car Insurance Compare+ tool?​

With car insurance premiums on the increase, getting the best price is more important than ever. You should never simply auto-renew – your existing insurer might not offer you the best deal on the market.

I never ever auto-renew. Have done the usual compare sites and broker quotes. All within £50 of my renewal quote.

 

[EuroTrotters]

How did you manage to get a UK registered car insured in Spain? When I wanted to insure a French reg car in Spain, I couldn’t find any insurance company to take it on. Eventually, I eventually managed to insure it on its chassis number £200 for 1 month only for third party and absolutely nothing extra. But third party did include European cover.

Hi,

We have a house in Spain and the usual NIE.

If you need more info, please send me PM

 

[Lenny HB]

My car went up this year from £105 to £195 they would only come down £10 shopped around and got it for £130.
Motor home went up about £45 to £440 couldn't shop around as I was in Spain at the time.

Thinking back car insurance was a lot dearer 25 years ago so in real terms today's prices are an absolute bargain but we all still hate it when it goes up.

 

[Captain Yoghurtpot]

Relying on people who cant be bothered to check their renewal to squeeze a few extra quid out of them.

OR.... sending the renewal quote with a deadline date so close to renewal that for most busy people it's easier to just accept the renewal than go searching for better prices, as time is not their friend.

 

[EllF]

Unfortunately I’ve searched and searched all the comparison sites, even though it’s increased by almost £200 Comfort is still the cheapest quote.

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[gus-lopez]

How did you manage to get a UK registered car insured in Spain?

Easy. Plenty of companies have UK affiliates. Mapfre and Liberty Seguros bring two. Liberty used to advertise that they uploaded all UK vehicles insured to the MID on Tuesday and Fri days.
2 more are Ibex &Abbeygate out of Gibraltar. Then Stuart Collins in Swansea offers full comp insurance for UK vehicles kept permanently overseas along with recovery.

 

[Spriddler]

I wonder if our ICE premiums are being hiked up to cover expected claims from EV's catching fire and they don't want to frighten off EV owners with huge premiums?

 

[RobertJary]

Easy. Plenty of companies have UK affiliates. Mapfre and Liberty Seguros bring two. Liberty used to advertise that they uploaded all UK vehicles insured to the MID on Tuesday and Fri days.
2 more are Ibex &Abbeygate out of Gibraltar. Then Stuart Collins in Swansea offers full comp insurance for UK vehicles kept permanently overseas along with recovery.

Thanks for the info. I tried Ibex, Abbeygate and Stuart Collins; they all told that they couldn’t help.

 

[alasdairandannie]

Just had my Car insurance renewal come through and up 50% on last year. I insure with LV. Just spoke to my broker that arranged my Motorhome insurance and LV came back as the cheapest quote for my car but still 45% more on last year. Next nearest was over 60% more. Appears there has been a big reset in the industry and companies have been quoting too low a premiums to get business but at an unsustainable rate. Motorhome insurance was OK and they took my NCB in to account when arranging the insurance. But we can all expect big rises.

We’re with LV with 2 vehicles and full NCB. Both up 30% this renewal. They have tried to blame on: rising fuel, Labour, breakdown and other costs. They were pretty robust when I pressed for a further reduction and remain very competitive when I try scraper sites. Mind you, my wife’s e-bike insurance now costs 50% of her car cost!!

 

[jerryz]

Having lived and worked in several other countries the UK Insurance system is quite different
In UK the drivers are insured but in many country it is the Vehicle that is insured and for any licensed user and in my experience those systems are more efficient , cheaper for buyer and actually more profitable for the stock. But UK has more middle men , vested interests etc like our housing , market and so much more in UK its a fix up

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[SpeedyDux]

Having lived and worked in several other countries the UK Insurance system is quite different
In UK the drivers are insured but in many country it is the Vehicle that is insured and for any licensed user and in my experience those systems are more efficient , cheaper for buyer and actually more profitable for the stock. But UK has more middle men , vested interests etc like our housing , market and so much more in UK its a fix up

My car policy is with LV. The documents are headed "LV Broker" and the actual policy is with ABC Insurance. Which appears to be a LV Group company, although confusingly there is a US motor insurance company based in Florida with the same name.

Which got me thinking - is LV Broker taking an undisclosed commission for placing my car insurance with its own subsidiary company? Money for old rope springs to mind.

 

[the1andonly]

Dont forget their mistakes will cost you money. Ever seen the question have you ever been refused insurance or refunded blah de blah, if you answer that yes it will cost you, you cant use cost comparisson sites. What do you do to be such a bad boy, my previous insurer took just over 2 weeks to provide confirmation of NCD the new company rejected me in 2 weeks nowt i could do. I now have to pay extra on all insurances on whitch im covered because of a mistake twitchy fingers certainly not anything i did or didnt do, (apart from maybe checking small print). You expecting insurance companies to be fair?

 

[FrankNicklin]

Dont forget their mistakes will cost you money. Ever seen the question have you ever been refused insurance or refunded blah de blah, if you answer that yes it will cost you, you cant use cost comparisson sites. What do you do to be such a bad boy, my previous insurer took just over 2 weeks to provide confirmation of NCD the new company rejected me in 2 weeks nowt i could do. I now have to pay extra on all insurances on whitch im covered because of a mistake twitchy fingers certainly not anything i did or didnt do, (apart from maybe checking small print). You expecting insurance companies to be fair?

Evidence of NCD should be on your renewal. I’ve used that in the past as proof of NCD.

 

[the1andonly]

Evidence of NCD should be on your renewal. I’ve used that in the past as proof of NCD.

Yes seen it many times, but not on this occassion, doccumentation not good enough.

 

[gus-lopez]

is LV Broker taking an undisclosed commission for placing my car insurance with its own subsidiary company?

yes. The more companies of there own they can go through they all take a cut. This is how the "insurance" company can "lose " money whilst syphoning it off through subsidiaries.

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