Anyone seeing car insurance pricing increases?

m4rmite said:
And to think it was made illegal for companies to offer an artificially high price when a lower price was available.:eek::D
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So there has been some interesting ways around this that the industry has come up with.

You'll notice a lot of insurers have launched a new product in the last 12 months - something about this product will be unique compared to the other covers that it offers. Because this new product doesn't have a back book, they're able to offer far more competitive pricing on this for new business quotes, because they don't need to price match it for renewals, since it has no existing customers to offer renewals to. You can only ride this train for so long, as by Year 2 / Year 3 this product will have a sufficient back book so you can't afford to continue to price aggressively.

Broker networks are also doing similar things but instead of differentiating the product they're just spinning up new brands to achieve the same result.

This won't last, FCA/PRA are already wise to it.
 
Mine is around 30 quid more than last year, most comparison sites show quotes that are 100-200 more, one insurer was the same price. I CBA to switch, so first time in my life I'm just going ahead with the renewal. Nothing has changed apart from 1 additional year of NCB bonus.
 
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I have seen it much higher as a monthly payment but when comparing paying annually I could get it much cheaper than I've ever seen before.

For my 71 plate VW Transporter I was quoted 406 quid but noticed I could get it for 250 if I paid for the year upfront. I bit and paid for it in one and saved a bunch of money.

I've always looked at paying annually but the monthly payments were never that much more so just went for that but seeing that I could knock off almost 50% I went for it this time round.
 
azazl187 said:
I have seen it much higher as a monthly payment but when comparing paying annually I could get it much cheaper than I've ever seen before.

For my 71 plate VW Transporter I was quoted 406 quid but noticed I could get it for 250 if I paid for the year upfront. I bit and paid for it in one and saved a bunch of money.

I've always looked at paying annually but the monthly payments were never that much more so just went for that but seeing that I could knock off almost 50% I went for it this time round.
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"Not that much more"

Anyone paying monthly is just a wrong'un
 
Sheilas Wheels,

Cost to insure last year:£240.91
Cost to insure this year:£343.44

Price comparison websites got me £226 from Tescos.

It's annoying that you have to search every year, especially when they're now supposed to offer you their best price!
 
dLockers said:
"Not that much more"

Anyone paying monthly is just a wrong'un
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It never really was and I'll also admit that a few years ago I wasn't as flush as I am now so in a way I didn't have a choice.

The point I'm making is that the annual payment was almost 50% cheaper. I've never seen that much of a difference between the two payments options.
 
coupe69 said:
Sheilas Wheels,

Cost to insure last year:£240.91
Cost to insure this year:£343.44

Price comparison websites got me £226 from Tescos.

It's annoying that you have to search every year, especially when they're now supposed to offer you their best price!
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They aren't the same people though.
 
coupe69 said:
Sheilas Wheels,

Cost to insure last year:£240.91
Cost to insure this year:£343.44

Price comparison websites got me £226 from Tescos.

It's annoying that you have to search every year, especially when they're now supposed to offer you their best price!
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Every year my renewal comes through more expensive than my previous year yet after a quick call I manage to get it cheaper than quoted and cheaper than my previous years fee.

Suppose it’s for all those who don’t keep an eye on things and let it tick over!

Frustrating though how they can get away with automatically offering inflated prices which can be reduced by simply calling up and calling them out on it.
 
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dLockers said:
"Not that much more"

Anyone paying monthly is just a wrong'un
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As a wrong'un - while purely speculation on my part I've never yet had the kind of price rises a lot of people do - maybe just coincidence. I've often been bemused as friends and family get like £300 increases on their renewal and mine is usually less than £30 +/-.
 
Rroff said:
As a wrong'un - while purely speculation on my part I've never yet had the kind of price rises a lot of people do - maybe just coincidence. I've often been bemused as friends and family get like £300 increases on their renewal and mine is usually less than £30 +/-.
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I thought of you as I decided what word to use, and settled on wrong'un out of respect <3
 
dLockers said:
I thought of you as I decided what word to use, and settled on wrong'un out of respect <3
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I was thinking about it reading this thread - but if I wanted to save money the first thing would be selling the pickup LOL - I just spent several thousand keeping it on the road and the turbo probably needs doing as well which will be £££. Sensible money would have been to sell it for a newer one 2 years ago :(

EDIT: And I almost certainly need to get the chassis properly corrosion treated this year to keep it running longer run without risk of issues.
 
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£180 > £160 this year on my car, this missus car went down £1, they know she is a liability :D

last years £180 also came with £30 quidco, so you could argue its gone up this year :D

Gotta another policy to renew at the end of the month, fingers crossed it also sees a reduction.
 
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My renewal came through in December and it was half price. £305 down to £157. I did phone up to make sure nothing was missed from previous year policy.

I'm 43 and the car a 54 plate Z4, insurance company Privilege. Had the same car insured with them for at least 5 years as renewal was always slightly cheaper.
 
azazl187 said:
It never really was and I'll also admit that a few years ago I wasn't as flush as I am now so in a way I didn't have a choice.

The point I'm making is that the annual payment was almost 50% cheaper. I've never seen that much of a difference between the two payments options.
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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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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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It has been cracked down on though in the sense that I think legally they have to state the APR (and possibly the total amount repayable). Same scenario as the "flat" interest rates that car dealers always used to use as their headline numbers, they have to provide APR now too.

There's really no excuse for people falling for it though as on an annual policy even if people are crap at maths and not very savvy even an idiot knows you can just multiply the monthly number by 12 and compare it with the annual number (or like if you don't know how to use a calculator and didn't pay attention to your times tables, as a rule of thumb just multiply by 10, if 10x monthly is bigger than annual feed for 12 months, that's kind of staring you in the face as a rip off before you even ned to work out the true number), with longer term finance agreements it's perhaps slightly more opaque for a layman, but car insurance it's blatantly obvious that you're getting ripped off.
 
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