Have insurance prices shot up lately?

D

Deleted member 122178

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I have just received my renewal for car insurance.
I hadn't owned my own car for a long time so was starting out on the insurance ladder again when I decided to get a new car last year.
I paid £320 fully comp on a Fiesta without any NCD which I thought was good given the lack of NCD ( ignoring I have full 15+ years on a motorbike and drive 30000+ miles a year in a company van)
In Jan this year some git bumped my car whilst parked outside my house and drove off but luckily I had CCTV of it so made a claim against them and had the car repaired (£1000) this is all sorted with my insurance company reclaiming the costs against the 3rd party so it shouldn't affect my insurance?
Anyhow given that I have now earned the 1st year NCD which based on previous experience is around a 30% discount I was expecting my renewal to be lower than last year but its come in at £520! Evening after trawling the comparison sites I can only get it down to £400. Direct Line have come in the cheapest so far at £320 but thats with a £350 excess I only had £45 ( yes 45 ) on the last one.
Has the Covid issue pushed prices up? I can't work out why a 60% increase when that includes a 30% reduction.
 
Try entering your driving licence number - after a few searches my quotes were going up, but popping in my license number dropped them a fair bit :)
 
Personally even with no fault claims they still bump up your insurance. Trying doing a compare quote without the claim to see the difference.
 
I've already put my licence no. in on the comparison sites to get the quotes I have.

I'll try without the claim to check the difference. It'll piss me off no end if I'm getting a loading when I wasnt even in the car!
I can understand if someone has lots of no fault claims the insurance companies could be wary as even if not your fault they could see you as courting the risk in the first place, but one little non fault bump should'nt do anything really.
I understand the premium is worked out by how big of a risk they see you as, but I just dont get the huge jump.
 
Regardless if the claim is your fault or not it will increase your price. That is just insurance for you. I imagine with less people on the roads resulting in less claims insurance should be cheaper (but it probably doesn't work like that)
 
Actually, having tried quotes with and without the claim it doesn't make much difference. £10-20 at most which wouldn't bother me if that was all it was but inital price of £320 less 30% = £230 ish + the £10-£20 and given insurance usually goes up each year, say £50 would give a total of approx £300 not the £400 being quoted most places and certainly not the ridiculous £520 renewal.
Having said that a quick google has thrown up reports of 2020 being set for large insurance premium rises so I've found the answer to my own post question and I should run and snatch the same as last year quote from Direct Line.:)
 
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Recently had my renewals through from Direct Line and after three years with them, they clearly no longer want my money :rotfl:

Have now jumped ship to quotemehappy for my car and More Than for my Wife's. Lower than last year and over £300 less than DL. Also went through Quidco so will hopefully get back £60
 
I'm wondering whether the fact that you now have NCD is making the price go up ;) And logically it should. I mean the price you had previously was too good without NCD so they must have based their assessment on something else. Now you have that NCD that something else (your experience?) will no longer be taken into account.
 
Actually, having tried quotes with and without the claim it doesn't make much difference. £10-20 at most...
Actually there's been a new claim in your postcode area (the collision with your car, stored outside your home) so it might not be you (driver) or car that's the increased risk but the location.
Maybe query neighbours to see what their experience has been re. renewals since your claim was settled.
 
Actually there's been a new claim in your postcode area (the collision with your car, stored outside your home) so it might not be you (driver) or car that's the increased risk but the location.
Maybe query neighbours to see what their experience has been re. renewals since your claim was settled.
That's a possibility I hadn't thought about.
Although I renewed my bike insurance only two months back and that was the same price near as damn it as last year.

I'm wondering whether the fact that you now have NCD is making the price go up ;) And logically it should. I mean the price you had previously was too good without NCD so they must have based their assessment on something else. Now you have that NCD that something else (your experience?) will no longer be taken into account.
Could be something in that, but they would all have to be in collusion about it as the original quote was about the same as other quotes and only the low excess swayed me to them and except for the renewal price this years prices are about the same except for DL. Even Hastings as my original insurer last year came in over a £100 cheaper than their own renewal quote.
The car itself is now valued at £7000 less than last year.
In all my driving / insurance life (I'm now 49) I have never known a rise of the level I'm seeing here.
 
Recently had my renewals through from Direct Line and after three years with them, they clearly no longer want my money :rotfl:

Have now jumped ship to quotemehappy for my car and More Than for my Wife's. Lower than last year and over £300 less than DL. Also went through Quidco so will hopefully get back £60
I was very suprised that DL came out with the cheapest quote, every year for any kind of insurance I have found them to be quite expensive except for when they first came on the market as a new way of buying insurance with them cutting out the brokers.
 
...The car itself is now valued at £7000 less than last year.
That's some depreciation (assuming that's not a result of knowing the car has major repairs).
Maybe try for a quote for another newer model? To see if the lower vehicle value means you're assumed to be 'less careful' with it.
 
That's some depreciation (assuming that's not a result of knowing the car has major repairs).
Maybe try for a quote for another newer model? To see if the lower vehicle value means you're assumed to be 'less careful' with it.
Might try that later.
The bump was only a minor one with a dent to the wheel arch and a scuff on the rear bumper, of the £1000 repair over half was labour.
I'm probably being slightly dishonest with the depreciation in that although the car had a £22000+ list price I only paid just over £19000.
The current value prices were listed on Go Compares website at £13400 - £14200
 
Someone banged into your car outside your house and that resulted in a claim.
This year your risk profile indicates a no fault accident at your home address which indicates a higher probability that it will happen again.

When I was working around Motor Insurance - some years ago - a contact told me that a driver who'd been involved in an accident, even without fault was statistically more likely to be involved in another in the same car the following year. So the NCD may be reducing the premium but your risk is higher.

I know that sounds really unfair - I had a no fault accident a couple of years ago and mine went up a chunk the following year. It's still a low premium so I just sucked it up.
 
Someone banged into your car outside your house and that resulted in a claim.
This year your risk profile indicates a no fault accident at your home address which indicates a higher probability that it will happen again.

When I was working around Motor Insurance - some years ago - a contact told me that a driver who'd been involved in an accident, even without fault was statistically more likely to be involved in another in the same car the following year. So the NCD may be reducing the premium but your risk is higher.

I know that sounds really unfair - I had a no fault accident a couple of years ago and mine went up a chunk the following year. It's still a low premium so I just sucked it up.

I get it, I really do. I know the insurance companys are bookies and just play the odds.
It's just the amount that has me irked. I'm sure my premium never went up by the same percentage when I was 19 and wrote a car off!
If I'm more likely to have another claim I would have expected my bike insurance to have gone up equally but it didn't and as for sucking it up we have no choice but to do so, or get rid of the vehicle.
I was just posing the question wondering if insurance prices had gone up across the board.
 
A lot of Insurers cut their prices in anticipation of the Whiplash Reforms that have been on the cards for the last 5 years and were due this year. Essentially the value of whiplash claims will be drastically reduced which will save Insurers a lot of money - which they then have to pass some of on to their customers. This possibly led to a reduction in premiums as each company fought for market share, thinking that claims were going to get a lot cheaper.

Due to Covid the reforms have been delayed by another year. That might explain a bit of a rise.

Covid has obviously resulted in less cars on the road and less claims being submitted. This should lead to a decent reduction in premiums but i suspect that a lot of Insurance companies also have potential liabilities for business interruption and the like, therefore sitting on some of the Motor pot just in case.

Some companies (LV I think and possibly a couple of others) were giving small refunds on premiums due to most people having their car in the garage whilst they work from home.
 

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