Anyone seeing car insurance pricing increases?

danlightbulb

danlightbulb

danlightbulb

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Joined
14 Jul 2005
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Location
Birmingham
My renewal with Sheila's Wheels has doubled in price from £426 to £852. Their only explanation over the phone was it's not me, its 'ratings' that have changed on all of their policies pushing up prices.

Ive been with that company for probably five years now, and always had fair renewal prices. Not any more.

Prices in the market seem up generally, I am going to struggle getting close to my last year's price, probably up by 30% at least looking at comparison sites.
 
Well it was looking like I would be paying more than previous but today's search on Compare the market revealed a new contender - Moja insurance, part of Axa. Their price was cheaper than my last year price with Shiela's wheels at £375 all in (£300 total excess). Its an online only provider except for claims, but part of Axa so fingers crossed it will be ok if the time comes. Ive given it a shot.

So all in all it turned out ok, paid less than last year.
 
HangTime said:
How long have you been buying car insurance? Interest rates are at their highest level in nearly 15 years, so it stands to reason that credit (which is what paying monthly means) is more expensive than it was a year ago when the rate was only 0.25%. Current rate is 16x that.
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Insurance company 'credit' has always been a rip off way of doing it, I don't know why its not cracked down on. They charge a fixed interest on the whole amount rather than reflecting what you're paying over the 12 months, and their APRs are like credit card levels.
 
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ShiWarrior said:
on the subject of car insurance

is it a good or bad thing to have £0 excess to pay ? either voluntary or compulsory ?

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Normally a reduction in excess comes with an increase in premium. Never seen 0 compulsory though.
 
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