Massive Car insurance costs?

in which case that is profiteering and NOT covid and the war then like you said?. Your post basically came across like the price hikes were reasonable and unavoidable.

Thats one of the reasons they would give, and it is partly true, the massive effects it had to the supply chain of so many things, and from a finance(for the insurance company) issue these things dont tend just instantly sting you the very next day, it builds up. So it could take a couple of years before the insurance companies are like "ouch that really hurt, we made less profit this year because we have had higher outgoings" so lets screw the public and get our money back

I nearly had a heart attack when i phoned around in March for my TTS and Flux wanted £1100, and greenlight wanted about the same
 
7sep direct line/churchill

The group on Thursday said its first-half pre-tax loss had widened to £76.3mn in the six months to June, compared with an £11.1mn loss in the same period last year as rising premiums took “longer than expected” to improve its margins.“First-half earnings are not where we would like them to be,” said interim chief executive Jon Greenwood, adding that the company was, however, now writing business at improved margins.Analysts at Citi said although the results were “very poor”, there were positive signs on the outlook, and the sale of the brokered commercial insurance unit had “completely removed” the chance of an equity raise.The results come after a series of profit warnings from Direct Line in the last year as rising prices for car parts and second-hand cars drove up the cost of payouts. The company cut its annual final dividend this year as bad weather added to the pressure.
.....
Direct Line has also come under regulatory scrutiny this year after the Financial Conduct Authority in June ordered it to review claims paid out between 2017 and 2022. This prompted the insurer to say earlier this month that it would spend £30mn refunding customers it overcharged for their home and motor cover.

..
The FCA’s pricing rules were introduced last year in a bid to stamp out the so-called loyalty penalty — the practice of insurers charging existing customers far more for their policies than they would charge new customers for the same policy.

Ok so it's not like the demonized Shell .. which insurance companies are making a profit.

e: maybe they handed out ridiculous pay rises to their workers though
 
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There is no "to be fair" about this at all. Admiral are a right wind up.

I paid £850 last year for an E43 + home insurance. This year it was £1600. After 30 secs on the phone he had found 200 quid "one off discounts" and then with a few more jiggery nonesense he got it to £1146.

So still way more than last year but 450 off the original quote. I hate companies that rinse people like this.
Not in your case no, but in my case it was.
 
Wifes renewal was £400 from about £280 or so, my car went up from £220 to £280.

Buildings and contents looks to have went up a bit as well although not as large a %age as the cars.
 
There is no "to be fair" about this at all. Admiral are a right wind up.

I paid £850 last year for an E43 + home insurance. This year it was £1600. After 30 secs on the phone he had found 200 quid "one off discounts" and then with a few more jiggery nonesense he got it to £1146.

So still way more than last year but 450 off the original quote. I hate companies that rinse people like this.
Similar experience for me. Paid £550 last year with Admiral on my C43. This year, they wanted £950. Quick phonecall and they miraculously found £200 'one off discounts'.

Needless to say, I don't like being taken for an idiot so I've gone elsewhere and paid less than I did last year.

We had home insurance with them too - now we have nothing with them!
 
Not condoning it but reasons given are shortage of new cars (getting better), shortage of second hand cars and therefore higher prices (supposedly also starting to improve), shortage of spare parts leading to increased times for hired courtesy cars and costs of repairs, aforementioned new customer Vs renewal quote fiasco plus probably others.
 
As an aside, our renewal went from £498 to £654. When LV were called out, renewal dropped to £612. Then added another car into quote and price went down to £490 and additional car came in at £544 for a total of £1034
 
Imo there are a lot of companies profiteering ATM, I think it's to make up the loss during covid but I can't see prices dropping.
What loss during covid? No one was going anywhere so claims were minimal, on the other hand the driving standard certainly seems to have dropped post lockdowns.
 
Is this going to turn into another ‘Tesco’s higher prices must mean they are profiteering despite making a tiny 2-4% profit’ threads?

Direct line’s accounts showing substantial losses have already been posted. Sure that’s only one company but they are a huge player in the insurance market.

Please post actual evidence of profiteering when making random claims, a lot of these companies are listed, their accounts are literally in the public domain.
 
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