Record rise in insurance costs

Dynix · 28 Oct 2010 at 13:51

I've just had my renewal through. 3 years no claims, 1.2 GP, last year it was £710 fully comp, this year they want £1100...? Nothings changed on the policy at all - this is with Endsleigh.

Doing other quotes online, I can get it for £605 and probably lower if I ring up.

cheets64 · 28 Oct 2010 at 14:20

Just tried avaia because they said I could get 2 months free

Great news - You've qualified for 2 months free.

If you pay monthly you'll receive a 2 month payment holiday at the end of your first year
Find out more Normal premium : £672.00
Saving : £112.00
Your Quote:£560 Per Month:£60.14

Still £29

TWENTY SIX POUND a month more than I am paying now and they want to charge

(£3 charge for postal docs)

WHUT

I thought they would be cheap.

Janesy B · 28 Oct 2010 at 14:22

Only losers pay for insurance monthly.

cheets64 · 28 Oct 2010 at 16:07

Why, Its a lot of money to come out at once,

Just got a quote at hasting

Pay in full £402 or 11 months at £34 and deposit of £80 = £454

I dont want a credit card ever again to pay it in full and pay off over x amount of months.

Peerzy · 28 Oct 2010 at 16:08

Work out the interest rate on that!

Janesy B · 28 Oct 2010 at 16:18

I'd rather manage my own money rather than pay £50 for the privilege of someone doing it for me.

cheets64 · 28 Oct 2010 at 17:55

Peerzy said:
Work out the interest rate on that!

OMG £1 a week I am paying on interest

Janesy B said:
I'd rather manage my own money rather than pay £50 for the privilege of someone doing it for me.

They are not managing it, I am borrowing the money off them, its called a "loan"

iaind · 28 Oct 2010 at 17:59

I just lob a ton a month into a savings account. Pays for insurance, tax, mot, servicing with plenty left over for other costs or repairs. Plus i get paid interest on it

Peerzy · 28 Oct 2010 at 18:07

cheets64 said:
OMG £1 a week I am paying on interest

OMG on £7 a week :rolleyes:

Janesy B · 28 Oct 2010 at 18:14

When I had to pay £1400 for insurance I took out a loan for £1000 in which I had to pay back £1080 and then I stumped up the rest on my own. When your insurance is £402 for the whole year there's no need to finance unless you are that poor or so bad with money you can't put a little bit away and actually plan.

[TW]Fox · 28 Oct 2010 at 18:20

cheets64 said:
Pay in full £402 or 11 months at £34 and deposit of £80 = £454

I dont want a credit card ever again to pay it in full and pay off over x amount of months.

You do realise that getting a credit card and putting it on that and paying the insurer monthly are EXACTLY THE SAME THING?

In both instances you are given a credit agreement. You are borrowing money.

Except with a 0% credit card you dont pay interest.

Why WOULDNT you take the credit card option?

cheets64 · 28 Oct 2010 at 18:38

Problem with credit cards are they have instant cash available, not going down that route again, 0% for only 32 days on purchases with introductory rates of 6/12 months don't forget.

Barks · 28 Oct 2010 at 18:43

Telescopi said:
Premiums have gone up due to extreme weather over the last year (floods, ice) which have increased claims.

Fake or inflated claims is a nice story but it hasn't suddenly increased.

The presence of 'now in no fee' law firms of course also has nothing to do with this.

They should sodding well put the risk of financial loss back into the legal system.

Jez · 28 Oct 2010 at 18:44

cheets64 said:
Problem with credit cards are they have instant cash available, not going down that route again, 0% for only 32 days on purchases with introductory rates of 6/12 months don't forget.

You are paying heavily for that lack of self control...

[TW]Fox · 28 Oct 2010 at 18:45

cheets64 said:
Problem with credit cards are they have instant cash available, not going down that route again, 0% for only 32 days on purchases with introductory rates of 6/12 months don't forget.

Sorry I have no idea what you mean?

Instant cash? What?

Many cards have a 0% interest rate on purchases for 12 months. Apply for one, get one, purchase insurance with it, divide cost of insurance by 12, set up direct debit for this amount once a month, simples?

iaind · 28 Oct 2010 at 18:53

[TW]Fox;17670315 said:
Sorry I have no idea what you mean?

Instant cash? What?

Many cards have a 0% interest rate on purchases for 12 months. Apply for one, get one, purchase insurance with it, divide cost of insurance by 12, set up direct debit for this amount once a month, simples?

Get tempted by "available balance: £2500", spend it all, drown in debt

Peerzy · 28 Oct 2010 at 18:56

iaind said:
Get tempted by "available balance: £2500", spend it all, drown in debt

Self control :confused:

My interest free overdraft is sitting there atm and could cover the money I don't yet have for a new car but doesn't mean I'm going to use it.

DM · 28 Oct 2010 at 18:56

Are you telling me the right thing to do is get a credit card and not spend every penny on it?

DM · 28 Oct 2010 at 18:58

Peerzy said:
Self control

My interest free overdraft is sitting there atm and could cover the money I don't yet have for a new car but doesn't mean I'm going to use it.

See now that sets you apart from the youth of today, thats why one day you will have a nice few quid.

Fox is another and i know Jez is cracking it on the sly, its good to see under 25s getting it right.

iaind · 28 Oct 2010 at 18:58

Peerzy said:
Self control

My interest free overdraft is sitting there atm and could cover the money I don't yet have for a new car but doesn't mean I'm going to use it.

I have self control so I wouldn't. A lot of people don't and get themselves into trouble. A friend of a friend had several credit cards, spent it all on games and had to take out one of those consolidating loans that practically involve declaring yourself bankrupt... At 23

Record rise in insurance costs

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