Blimey, what has happened to insurance prices?

RedvGreen · 1 Sep 2019 at 18:49

20th September 2018 I purchased my new 340i from BMW. Insured with eSure, who i've been with for the past 6 consecutive years as they've offered the best price. Cost £390 for Fully Comprehensive, 5k miles, £150 vol excess, SDC&P.

Nothing has changed since then, same house, same job, no accidents or speeding tickets +1yr driving and +1yr NCB. Age <40. eSure auto-renewal quote is £740.

HA! I thought, I'll go on the comparison sites and check. Lo-and-behold, the best I can manage is £590 by reducing an extra 1000 miles from my policy and increasing my voluntary excess to £250.

Has there been some major insurance inflation, or is this an issue with 340i vehicles or a local issue?

Nasher · 1 Sep 2019 at 18:50

They have gone up a bit this year. Mine agreed to keep it the same as it was last year though.

Never auto-renew

Skillmister · 1 Sep 2019 at 19:59

Nasher said:
They have gone up a bit this year. Mine agreed to keep it the same as it was last year though.

Never auto-renew

My auto renewal last year was cheaper than any comparison sites and this year only £20 more which they've now matched

paradigm · 1 Sep 2019 at 20:15

Skillmister said:
My auto renewal last year was cheaper than any comparison sites and this year only £20 more which they've now matched

My auto-renewal was cheaper than last year, and also cheaper than anyone I tried quoting with.

I’ve been with them for 3 years on the trot now!

Rroff · 1 Sep 2019 at 20:17

My dad and brother had insane auto-renewal quotes this year from around £300 to around £900 but they've managed to get £400 or so from other companies.

Sucks if you like the service one provides but even their best offer when phoning up is double or more the current one. Time IMO the practice was put a stop to.

One the other hand mine went down when I updated after moving house despite being in a slightly worse postcode.

Resident · 1 Sep 2019 at 20:29

Last year my renewal quote came through (Quote Me Happy) and was 1500 more than the previous, despite no changes and no claims.

Imo something that is legally required to be on the road should not be in the hands of for-profit companies. It's too open for abuse via collusion.

Dis86 · 1 Sep 2019 at 20:31

Mine went up by about 25% this year. I asked the company why and they just didn't have an answer. So i left them.

rodenal · 1 Sep 2019 at 21:11

Nobody could get close to my renewal for the two cars this year (which had went up £10) so I didn't even attempt to get anything off and renewed online. Credit where it's due Aviva have been dead easy to deal with to date, I can do pretty much everything I need to without actually speaking to anyone and without rip off fees (so far).

Howard · 1 Sep 2019 at 21:13

Mine was £50 cheaper than last year and that includes moving to an area which, according to the comparison sites, was more expensive than my previous area!

I have never paid more than a previous year for my insurance.

sideways14a · 1 Sep 2019 at 21:14

Been there before, auto renewal prices being shocking - the companies feed on folk just renewing and not paying attention.
Several times had this convo with there sales teams and i have always moved. Just dont let them away with it.

ScoobyDoo69 · 1 Sep 2019 at 21:51

Auto-renewal aside, my insurance has gone up around 25% on both cars after shopping around too.

ron3003 · 1 Sep 2019 at 21:59

RedvGreen said:
20th September 2018 I purchased my new 340i from BMW. Insured with eSure, who i've been with for the past 6 consecutive years as they've offered the best price. Cost £390 for Fully Comprehensive, 5k miles, £150 vol excess, SDC&P.

Nothing has changed since then, same house, same job, no accidents or speeding tickets +1yr driving and +1yr NCB. Age <40. eSure auto-renewal quote is £740.

HA! I thought, I'll go on the comparison sites and check. Lo-and-behold, the best I can manage is £590 by reducing an extra 1000 miles from my policy and increasing my voluntary excess to £250.

Has there been some major insurance inflation, or is this an issue with 340i vehicles or a local issue?

They've read some of your rants in SC. Perhaps you've been marked as a potential risk to members of the public who don't share your opinion.

RedvGreen · 1 Sep 2019 at 22:02

ron3003 said:
They've read some of your rants in SC. Perhaps you've been marked as a potential risk to members of the public who don't share your opinion.

Well i'd be afraid if I were you then, if I held so much power as that!

TNGL · 2 Sep 2019 at 00:22

Ogden rate changes, the insurance cycle and other uncertainties are probably driving it (pardon the pun

).

Rotty · 2 Sep 2019 at 00:56

Mine has plummeted

F Type V6S £280
BMW 118 convertible £180

both with business use

Rroff · 2 Sep 2019 at 00:58

sideways14a said:
Been there before, auto renewal prices being shocking - the companies feed on folk just renewing and not paying attention.
Several times had this convo with there sales teams and i have always moved. Just dont let them away with it.

Wish it was just that though - but when you phone them up their "best offer" is still like £750 on an increase from £300-400 to approx. £900 when you can go elsewhere and get £400.

theone8181 · 2 Sep 2019 at 07:30

Funnily enough my e92 M3 costs £520 (not sure what gen your 3 series is). Annoyingly more expensive, faster cars are typically cheaper to insure. I'm 33 with full NCB.

pepp77 · 2 Sep 2019 at 07:57

My car went up slightly, first time in several years, and also just had home insurance renewal quote through and that has jumped nearly 50% (haven't done any new comparisons yet).

I blame Brexit

Temujin · 2 Sep 2019 at 08:05

Likely the car. It's not really news that the 1/2/3 35i/40i insurance prices are rising due to their accessibility to youngsters with a proclivity for crashing. I suspect this could be why you've seen such a rise in your renewal, though who knows for sure!

Nasher · 2 Sep 2019 at 08:10

Yea, BMWs seem to have really bad claims stats in general. My current insurer wont cover any BMW to keep costs down.