Anyone seeing car insurance pricing increases?

[HangTime]

Isn’t your NCB supposed to be an indication of how likely that is and therefore whether it should apply to you?

If mine is more than 10% higher I might bin off my car, hardly use it anyway.

Everyone has a chance of making a claim, so even if you have many years NCB, rising claim costs mean that 'on average' your expected claims cost will be higher. So it's not a binary thing of should / shouldn't apply to a given driver, your premium is basically the overhead costs of insuring you plus the expected chance of you making claim(s) multiplied by the expected cost of those claim(s).

Think of it like you have e.g. a 5% chance of making a claim, claims used to cost £1000 on average, now they cost £1500. So your expected claims cost would be £75 instead of £50.
Obviously that 5% might be higher for someone will less NCB.
Overly simplified but you get the idea.

A personal example would be, I've had home insurance on current property since 2008, never made any claims of any description. Yet my premium is higher than it used to be, because the fact I've never made a claim doesn't make it impossible that my house gets burned down this year, I get burgled or whatever. And if that happens it will cost more to rebuild my house / replace my stuff compared to 15 years ago, plus the overheads of my policy are higher as they have to pay staff more money, rising electric costs, rising property costs for the call centres etc (albeit some of these costs may be offset by savings in other areas due to improved technology etc).

 

[Hudzy]

My renewal just came in at £620, up from last year's £480.

Managed to get them to come down to £550, but still an increase.

 

[JonRGV250]

Slightly cheaper than last years for a modded Focus ST, and tbh cba looking for anything cheaper, so let it auto renew.



My bike insurance also seems to get cheaper year on year, so can't grumble.

 

[dlockers]

Slightly cheaper than last years for a modded Focus ST, and tbh cba looking for anything cheaper, so let it auto renew.



My bike insurance also seems to get cheaper year on year, so can't grumble.

That must be under 200 quid if you paid annually?

 

[jaybee]

I've noticed the last couple of years it suddenly makes a massive difference on price if you want cover to start on the same day or tomorrow, vs a couple of weeks into the future. Like 40% difference. So now I make sure I get renewal quotes 3-4 weeks in advance. I looked on money saving website and he claims the magic number is 21 days. I found not much difference between 8-28 days, but huge difference inside a week.

 

[dlockers]

I've noticed the last couple of years it suddenly makes a massive difference on price if you want cover to start on the same day or tomorrow, vs a couple of weeks into the future. Like 40% difference. So now I make sure I get renewal quotes 3-4 weeks in advance. I looked on money saving website and he claims the magic number is 21 days. I found not much difference between 8-28 days, but huge difference inside a week.

This has always been the case in my books. For the last decade or more, I have religiously set reminders 3-4 weeks before and print-screened the quote reference as I re-run the quote several times on the run up to 'd day'.

Edit: I actually think we are agreeing, I am just saying hedge your bets early and frequently through the month. Print screen quote reference as they are often valid for 30 days or whatever.

 

[Simon]

£315 this year on E92 M3. £308 last year.

 

[McBain]

Prices for me are almost identical to last year.

 

[Rids]

DLG share price has taken a major dive after preliminary 2022 results caused them to shelve dividend plans. Apparently they increased Motor prices 25% - 30% in 2022... in my opinion a lot of the industry haven't strengthened prices by anywhere near as much.

 

[Gibbo]

£315 this year on E92 M3. £308 last year.

Who you insured with Simon, that seems very competitive.

 

[tamzzy]

mine's gone down this year (440i GC @ 8000 miles pa)
£868 to £651

 

[Simon]

Who you insured with Simon, that seems very competitive.

RAC this year. Usually A plan Thatcham

 

[naefeart]

Something definitely seems different this year; trying to insure an additional car and my usual go-to companies are seemingly hugely uncompetitive, Admiral, NFU, LV, Direct Line have all quoted silly premiums. My previous car's premiums (RS6, M5, Cayman) are have all been around £400-500, I'm now seeing quotes £1000-1400! and none of my personal circumstances have changed except I'm a year older and have another year with no claims.

I've already got a multi-car policy with Admiral and even that didn't give much discount ~£100. This year the cheapest quotes were from Shelia's Wheels, eSure and Axa. I begrudgingly went with Axa - easily half the cost of Admiral etc - as I didn't feel it was worth the extra £50/60 saving a year to go with either of the other two. Their recent CS reviews don't paint a great picture. I guess ultimately you don't know how good an insurance company is until you have to make a claim.

 

[HungryHippos]

I've been with Admiral for donkeys years but this year they want to change my price from £192 to £265. The best they can offer is £235.

Went on comparison sites and was seeing prices around £200 or so, so gone with AA and added breakdown cover for £15 (I don't have this currently) seems like a decent price, £20 cheaper and if my car dies on the road I can get it sorted.

 

[Vanquish-Storm]

Waiting for my renewal letter but doing a few quotes as it’s less than a month to go. Did an initial quote….. 4 days later same quote information and got a result £100 cheaper. Surely the day you ask for a quote can’t make that much difference.

 

[HangTime]

I guess ultimately you don't know how good an insurance company is until you have to make a claim.

I'd broaden that to say until they have to do something mid-term. You might not need to make a claim but you might want to amend your policy and you could get different experiences there. You might also have a scenario where a third party is looking to make a claim or whatever based on you being at fault.

 

[dlockers]

Waiting for my renewal letter but doing a few quotes as it’s less than a month to go. Did an initial quote….. 4 days later same quote information and got a result £100 cheaper. Surely the day you ask for a quote can’t make that much difference.

I guess it depends on how they value risk through a commercial lens (ability to hit their target) or risk (underwriters may have changed their rules).

 

[cheesefest]

Never auto renew.

About 10 years ago, I was with Tesco and price comparison sites stated Tesco was cheapest but about £85 less than renew quote.

Rang Tesco and they renewed me with the price comparison quote, gave me a Karscher (a free gift for new customers) and a £25 Tesco gift card.

Many car insurers charge a ridiculous APR. Some are 23%. If unable to pay the insurance in one lump sum, it would be cheaper to pay onto a credit card if APR is in the teens.

 

[cheesefest]

My insurance is £193.

Like scrolling to the bottom of the price comparison websites. Seen some for £13k.

Who is stupid enough to pay that much for a car worth £4200, been driving for 20 years and 14 years no claims? Didn’t drive for 3 years plus two years for writing a car off.

 

[snapdragon69]

I've noticed the last couple of years it suddenly makes a massive difference on price if you want cover to start on the same day or tomorrow, vs a couple of weeks into the future. Like 40% difference. So now I make sure I get renewal quotes 3-4 weeks in advance. I looked on money saving website and he claims the magic number is 21 days. I found not much difference between 8-28 days, but huge difference inside a week.

Hmm, I wonder if that is just being exploitive or if they have crunched the stats on Days until policy start vs. risk ? I can imagine those who leave it until the last minute also do that for braking and maintenance etc....