Has insurance jumped up a lot?!

My auto renewal was up £10 this year, £230 up to £240 but that was still a good £50 cheaper than i could get it elsewhere including my existing insurer as a new customer so let it auto renew.
 
Renewal is due end of the month, not had it through yet(should probably chase it). I have been checking the comparison sites and they seem cheaper than last years quote.
 
My renewal more than doubled :(

Did pick up a 6 point/£300 SP50 and a non-fault (well, paid out but not officially settled) accident in December...

After a haggle it only went from £390 - £695 still a puss take for a 14 year old 5 series!
 
Jono said:
Is it worth going for something that gives you cashback or whatever?
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Sometimes, but not always. My in-laws managed to get £70 cashback between 2 policies last year, who were the cheapest "known name" insurers anyway.

I just did my Alhambra last week. Insurance cost went up by a whopping £8 or something. To be honest, I couldn't be hooped shopping around to beat that quote because there are the maximum number of allowed named drivers on that policy (5 IIRC), so it just wasn't worth my time as each call would be a lengthy process.

I did shop around a fair bit when taking out insurance for the Passat though. Ended up getting it under £200, so happy with that. It was beginning to look like it was going to cost me closer to £270 before I called my current insurer, and they were miles less than anyone else. The Passat TDI was coming in more expensive than the ST170 and ST220's I was looking at before, which were around the £220 mark.

The Golf may take a bit of work come renewal time though. I have a VERY good price with my current insurer (to be fair, all my motors are with directline), but as I am hoping to remap it later this year, that'll be too many mods for them, well, to big an increase in performance. So I'll have to go for a more specialist policy. Which will no doubt cost a lot more, but you gotta pay to play. I'll probably push for an agreed valuation policy on that one.
 
My insurance is due toward the end of the month. I'm with Direct Line and the renewal they have quoted is waaaaaaay below any comparison engine offer, or even doing a quote through the Direct Line website. I'm likely to stay put.
 
I got the impression it had all jumped up a bit too. Last year £315 on a brand new M135i with Admiral, their renewal letter (that we all know is pulling you leg) was nearing £600. I did the comparison sites and phoned around Sky, Adrian Flux, etc and got it down to £400 - statistically a safer driver with a year's extra NCB (11year and 0 points) and insuring a smaller sum as the car has depreciated a year. So, I can't work out why it's gone up over 25%. Admiral said they could do a deal at £500, but I pointed out it was still £100 more than elsewhere and they blamed the 0.5% tax rise for the reason - I offered to let them increase my premium by inflation and a whole 1% tax rise, but they weren't having it.
 
Two main reasons for this:

1) Increase in IPT, went from 9.5% to 10% in October and is being hiked again to 12% from start of June (so if your renewal has just come through but not due until next month this would come into effect)
2) Massive change in the discount rate, from 2.5% to -0.75%. This has a significant impact on reserving models for Motor insurers due to relatively high frequency of injury compared to other lines of business, so they need to charge higher premiums to cover the expected increase in claims incurred.
 
They need to change the whole injury claim thing. Minor injuries should have a low cap put on them and it shouldn't be possible to come out financially better off, which is what is encouraging the fraud. That and serious whiplash isn't even possible in a lot of modern cars at low speed due to the seat/headrest design :/

We're all having to pay more to cover fraudsters, but nothing is being done to fix the root cause.
 
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Came in more than I paid last year and they claimed it was due to the new % that the government has set.
 
HangTime said:
Two main reasons for this:

1) Increase in IPT, went from 9.5% to 10% in October and is being hiked again to 12% from start of June (so if your renewal has just come through but not due until next month this would come into effect)
2) Massive change in the discount rate, from 2.5% to -0.75%. This has a significant impact on reserving models for Motor insurers due to relatively high frequency of injury compared to other lines of business, so they need to charge higher premiums to cover the expected increase in claims incurred.
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This is almost correct - the discount rate (otherwise known as the Ogden Report) is actually more to do with the way a long term injury payout is calculated rather than anything to do with frequency - in basic terms where a payout was previously £10m for example, the new calculation makes the same award somewhere in the region of £22m (obviously there are other variables but in a nutshell insurers are going to be forced to pay out more and so they are going to want to collect more premiums to compensate - they are businesses after all!)
 
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That's what is happening with me at least. From £323 to £282 going from 2-3 years NCB.

Granted I am mid 30s, my car boring and I am in a low rated post code.
 
My insurance went up from £614 to £839 for the renewal although I could get £20 pounds off if I renewed online. Could be the increase was due to a crash I was in (in another thread), crash was not my fault but the other driver was not insured and did a runner. That said as the claim hasn't been resolved I'm not entirely sure the increase is a result of the crash and would have increased anyway. In any case haven't renewed because the car was written off over a month ago now.
 
Stumble Bum said:
I renewed mine last week with Aviva. From £276 to £291 this year so only a slight rise.

I think this has been the 3rd year in a row I have auto-renewed with Aviva. I shop around everywhere but no-one comes close to my renewal price each year.
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Same here, I never usually renew with the same company but aviva renewal has been cheapest for me for 3 years. My renewal went up £6 which still beat everyone else.
 
I can never work out the logic of car insurance, doing some quotes at the min and it works out cheaper if I put 0 years no claims rather than 2 years. Having an older driver no longer brings the price down but on a positive note the choice of car doesn't really increase the price by much.
 
MonkeyMan said:
I can never work out the logic of car insurance, doing some quotes at the min and it works out cheaper if I put 0 years no claims rather than 2 years. Having an older driver no longer brings the price down but on a positive note the choice of car doesn't really increase the price by much.
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It's just stats, they must have a record of more claims from people with 2 years ncb so those are considered more risky.
 
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