Car insurance rocketing

[Chz]

I can believe the bit about used car values skyrocketing. Bought a 3.5 year old car a few months ago and its residual value was the same percentage as the residual value of the one year old car we bought in 2012. Roughly 60%. Used to be a three year old car was well below 50% of its original value.

 

[marty21]

My quote is £150 more than last year , around £800 , given the scare stories I was expecting a much bigger increase . Last year I couldn't get the coverage much cheaper so stayed , I'll have a look over the weekend and see

 

[weltweit]

So, I did confused.com and then called my insurer with the much reduced costs. They immediately came down much closer to the confused pricing.

 

[Saul Goodman]

So, I did confused.com and then called my insurer with the much reduced costs. They immediately came down much closer to the confused pricing.

I'd have told them to fuck right of, and keep fucking when they got there.

"I'm sorry, that's the best quote we can offer"
"But I just had a quote for 200 quid less"
"OK, we can match that"


They make my piss boil.

 

[weltweit]

Confused now. Damage by potholes, being hit while parked, flood, animals - according to the proposal sheet they posted me won't affect my NCD, but on the phone they implied it could be a good idea to protect my NCD against exactly these risks.

 

[Saul Goodman]

Confused now. Damage by potholes, being hit while parked, flood, animals - according to the proposal sheet they posted me won't affect my NCD, but on the phone they implied it could be a good idea to protect my NCD against exactly these risks.

Trying to sell you something you don't need. Who'd have thought insurance companies would do such a thing.

 

[weltweit]

Trying to sell you something you don't need. Who'd have thought insurance companies would do such a thing.

Yes, it looks that way. And can it really be time well spent to keep a punter on the phone for 20 minutes haggling among other things over £15.00 on an annual bill?

 

[Saul Goodman]

Yes, it looks that way. And can it really be time well spent to keep a punter on the phone for 20 minutes haggling among other things over £15.00 on an annual bill?

They only have to do it once, then automatically renew it every year.

 

[Sasaferrato]

I used to do the protected NCD thing, untill I asked and was told that my premium would rise anyway if I had an accident.

 

[teuchter]

I'd have told them to fuck right of, and keep fucking when they got there.

"I'm sorry, that's the best quote we can offer"
"But I just had a quote for 200 quid less"
"OK, we can match that"


They make my piss boil.

It's the people who accept the first offer prices who subsidise the lower prices for hagglers like you, so surely you should be grateful to the insurance companies for taking this approach.

 

[kebabking]

Mine was about £600 for the past year, renewal came through and they wanted £900.

Went on MSE about 5 weeks before renewal date and got it for £300....

 

[UnderOpenSky]

I used to do the protected NCD thing, untill I asked and was told that my premium would rise anyway if I had an accident.

Well it does, but not by as much.

 

[weltweit]

I used to do the protected NCD thing, untill I asked and was told that my premium would rise anyway if I had an accident.

I don't know ..

When I moved to this insurer I got them to take my NCD from being a company car driver into account.

I have now been with them 23 years and no claims by my fault.
They only count 9 years NCD in the pricing.

I don't think I have ever protected my NCD before.

 

[Saul Goodman]

It's the people who accept the first offer prices who subsidise the lower prices for hagglers like you, so surely you should be grateful to the insurance companies for taking this approach.

I'd prefer if they were honest.

 

[Spymaster]

I've got 19 years of (protected) NCD but it's a bit of a swizz.

I seem to have fallen into the category "people that insurers don't give a fuck about", and have been paying between £400 and £500 a year regardless of what cars I've owned.

I did get a quote recently for a new Range Rover, for a laugh, and it was over 7 grand

 

[geminisnake]

my car insurance actually went down this year, not with the same insurers though, they tried to bump it up by about £60 and couldn't get anywhere near the quotes I got from comparethemeerkat, so I'm back with quotemehappy and only paid £220 fully comp for me and my daughter to drive my car

 

[Maltin]

I thought last May was bad as my insurance jumped 56% to £470 but as I had a claim to make, I kept with them.

This May, it jumped a further 60% to £750! I thought it might have been due to the claim but the claim didn't affect my no claims discount (only 3 years and claim wasn't my fault).

I searched Compare the Market and the cheapest on there was my own insurer (Churchill) at £30 less than last year (£440)! Wasn't sure if I could renew with them through Compare the Market so rang Churchill up and thankfully they matched the website but the original quote from them was a pisstake.

 

[teuchter]

I'd prefer if they were honest.

They are being perfectly honest about what they want to offer you at any one point in time.

 

[weltweit]

Hmm so last year I paid £300 and the renewal was quoted at £405 .. I checked confused.com and was quoted £279 and £280 and on presenting this to my insurer they immediately said they would do £320 - but checking back .. I believe a year or two ago I was paying £260.

 

[hash tag]

I did get a quote recently for a new Range Rover, for a laugh, and it was over 7 grand

We spoke about this somewhere..I'm old, full NCD discount etc. but I live in an excessively high risk area and I got declined twice trying to get an on line quote for a RR ( I've never owned onevand never likely to, it was for the hell of it,).

 

[kabbes]

Trying to sell you something you don't need. Who'd have thought insurance companies would do such a thing.

Trying to sell a consumer an an insurance product they don’t need is explicitly a breach of the FCA’s Consumer Duty rules and will result in potentially a very large fine

https://www.fca.org.uk/publication/policy/ps22-9.pdf

See Chapter 6 for details:

I don’t seem to be able to cut and paste from that, but the FCA’s 2023 implementation review is more succinct anyway:

Consumer Duty implementation plans

The Consumer Duty will set higher and clearer standards of consumer protection across financial services and require firms to act to deliver good outcomes for customers. We set out here the findings from our review of firms’ plans to embed the Duty within their businesses.

www.fca.org.uk

Paragraph 6.5:

The Duty means consumers should get communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it.

I would say that if you think the insurer is pushing something you demonstrably don’t need, they are in breach of this Duty and you should report them to the FCA.

 

[kabbes]

I used to do the protected NCD thing, untill I asked and was told that my premium would rise anyway if I had an accident.

There is the assessment of you as a risk and then there is the incentive scheme of offering a NCD. The two are related but not the same. If you make a claim, the insurer will reasonably decide you comprise a slightly higher risk than they thought before and alter their price accordingly. The impact of this is much smaller than the NCD itself, though, because personal claims history is actually a pretty poor risk discriminator in practice. The NCD mainly exists to try to improve driver behaviour, rather than truly assess them as a risk.

 

[dessiato]

I used to do the protected NCD thing, untill I asked and was told that my premium would rise anyway if I had an accident.

That's the one thing they always forget to mention, isn't it? Their defence is, so they tell me, that it's the % discount that's protected, not the actual insurance cost.

 

[hash tag]

I would say that if you think the insurer is pushing something you demonstrably don’t need,

This is the point of most advertising; trying to make you think it is something you do need. It isn't necessarily something that is essential
or you are obliged to have.

 

[kabbes]

This is the point of most advertising; trying to make you think it is something you do need. It isn't necessarily something that is essential
or you are obliged to have.

If they are trying to sell you a coverage as an add-on that they are already providing through the main cover, that is something you don’t need, and the Consumer Duty requires that the insurer realise this and notify you that you don’t need it

 

[Looby]

Just got my renewal and it’s gone up to £1539 from £1164.
Obviously I’ll shop around but I didn’t find much better last year and ended up sticking.

So £140 a month and then when I sell my car I’ll have to pay £40 to cancel.

 

[kabbes]

Just got my renewal and it’s gone up to £1539 from £1164.
Obviously I’ll shop around but I didn’t find much better last year and ended up sticking.

So £140 a month and then when I sell my car I’ll have to pay £40 to cancel.

What car is that?

 

[Looby]

What car is that?

Honda CR-V. I have had a couple of accidents in the last 5 years but it was already shooting up.

 

[kabbes]

Honda CR-V. I have had a couple of accidents in the last 5 years but it was already shooting up.

Is it fairly new?

Car insurance has increased a lot indeed — it’s had to just to try to break even. The cost of cars has increased about 30-40% since the pandemic, for example, and injury claims get more frequent and more severe by the year. But having more than one claim in the last five years will definitely multiply it further, sadly. Were the claims fairly sizeable? If so, at least you got your money’s worth…

 

[Red Cat]

Honda CR-V. I have had a couple of accidents in the last 5 years but it was already shooting up.

I have a crv too, and mine's aroubd 1k. 12 year old car, actually maybe 13 now, no accidents, live on a busy road in Birmingham that people speed down. I stayed with mine as the slightly less monthly cost meant I couldn't be arsed changing it (crap exec function).