Massive Car insurance costs?

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Looks like they did ok and again in 2021 https://admiralgroup.co.uk/news-releases/news-release-details/2021-full-year-results

The year saw profit before tax exceeding £600 million, driven by strong reserve releases and a decrease in claims frequency as people drove less during lockdowns.
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They even say as much.

Granted this is only one company but its the one that seems to be at the front of most of the reporting on this current price hike.

Please tell me more about the narrow mindedness of actual facts...
 
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Context is everything.

Admiral are at the front of reporting because they are the biggest. It seems they did ok in 2021, what about now?


Half year profits look to be in line with 2022 which was pre price increases.

One thing to consider is that they do not set the market price and insurance is competitive. There are also underwriters that sit underneath them that are the ones that have the real power when it comes to pricing.

Edit: incidentally admiral were second cheapest for me this year and are usually in the ball park.
 
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tom_e said:
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.
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I didn't mean in terms of claims, but more a general inflation related cash grab (not wanting to derail the thread though). That stupid law cjamge has probably made the biggest difference though, and obviously everything bring more expensive has that knock on effect of raising the repair cost.
 
theone8181 said:
I didn't mean in terms of claims, but more a general inflation related cash grab (not wanting to derail the thread though). That stupid law cjamge has probably made the biggest difference though, and obviously everything bring more expensive has that knock on effect of raising the repair cost.
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I would not waste your breath, some people just carnt see the bigger picture
 
Just renewed my insurance with a different company, can’t say I noticed much of a difference with the price from last year. And that is with juggling around 2 sets of no claims bonus, gone from my 13 years I was using last year back to 5 years to keep them both active in case I ever get a second car again.
 
theone8181 said:
I didn't mean in terms of claims, but more a general inflation related cash grab (not wanting to derail the thread though). That stupid law cjamge has probably made the biggest difference though, and obviously everything bring more expensive has that knock on effect of raising the repair cost.
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In that case I can't disagree with you, the post covid world is prime for draining the cash out of us all one way or another.
 
Esure flex are playing at something suspect regarding costs. My renewal was 20 quid cheaper and under 190 quid yet the renewal system and payment system has been broken for weeks and as such I had to sign up with a new policy. The new policy price is over 400. They promise to refund the difference but this seems like a scummy tactic to get shot of low paying customers and not accepting renewals that as fas I'm aware had to be less than the previous year?
 
Just looking at some quotes today,

i am currently paying £41p/m for hastings premier


their auto requote come through on email £75p/m, this is ridiculous, phoned them, the best they can do is £55,


done a compare the market quote, best i can get is £48p/m for a basic policy now, about £54 for a better policy,


why is car insurance going up ? seems stupid, even if i threaten to leave hastings they wont match

Total war on motorists again, fuel, tax and now insurance
 
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DJMK4 said:
Just looking at some quotes today,

i am currently paying £41p/m for hastings premier


their auto requote come through on email £75p/m, this is ridiculous, phoned them, the best they can do is £55,


done a compare the market quote, best i can get is £48p/m for a basic policy now, about £54 for a better policy,


why is car insurance going up ? seems stupid, even if i threaten to leave hastings they wont match

Total war on motorists again, fuel, tax and now insurance
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I actually can understand it.
Look how many finance cars there are now.
How much Labour and parts are.
Waiting times for new cars.

In an accident with 2 finance cars just the cars alone could be 80-100k easily. And writing off a car is so so easy.
Hire car costs, medical claim costs.

It does make sense.
 
413x said:
I actually can understand it.
Look how many finance cars there are now.
How much Labour and parts are.
Waiting times for new cars.

In an accident with 2 finance cars just the cars alone could be 80-100k easily. And writing off a car is so so easy.
Hire car costs, medical claim costs.

It does make sense.
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my car has no finance, its value is lower, its a 13 year old car and worth £3600 now probably max £3.9k in its current form , i do lower milage,

Why should i be paying more the car insurance, saying that I guess we are living in an inflated world.

What i dont get though is companies going from a £41 per month policy to a renewal quote of £75 per month, there is no need for those types of renewal quotes. You would think they would want to retain business so why even bother sending that email when they know they are instantly going to lose custom. Its a waste of their time and a waste of mine



Another thing i am arguing with insurers aswel on the comparethemarket website is the breakdown cover on on the quote on comparethemarket.com website states "Added anually" and is included in the "included in policy" section of the quote, yet when i speak to the insurer it stated the type of quote does not include breakdown cover.

below is an example , you would think that breakdown cover "IS" included by the below statement ? , the motor legal protection is not but you can ADD this annually by adding £24.95, the wording on the breakdown cover suggests that this is included in the policy,


  • ​

    Deposit£48.53
    Monthly
    11 x    		£48.26
    Total£579.39
    £47.54 more than paying annually
    Compulsory£100
    Voluntary£0
    Total£100
    Included
    Included
    AddedAnnually <<< Breakdown cover)
    £44.95(excluding interest)
    AddAnnually <<< motor legal protection
    £24.95(excluding interest)
 
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DJMK4 said:
my car has no finance, its value is lower, its a 13 year old car and worth £3600 now probably max £3.9k in its current form , i do lower milage,

Why should i be paying more the car insurance, saying that I guess we are living in an inflated world.
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Because you may well crash into someone that is driving a 100k financed car.
 
It doesn't matter if your car is cheap and 13 years old, it's the cost to repair the other car that is damaged that pushes up the price. With the amount of financed cars and inflated claims/parts, that is what is causing the spike.
 
tom_e said:
Because you may well crash into someone that is driving a 100k financed car.
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Lol what? thats a completely irrelevant comment?

So im more likely to crash in to a car this year because of inflation and a cost of living crysis? :p it doesnt work like that


People shouldnt be driving around in £100k financed cars if they cant afford it outright, not my issue
 
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DJMK4 said:
Lol what? thats a completely irrelevant comment?

So im more likely to crash in to a car this year because of inflation and a cost of living crysis? :p it doesnt work like that
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The chance of you hitting a car is the same this year as last.
The cost of new cars has gone up, the number of new cars is going up.

Therefore your Claim will cost the insurer more.
 
413x said:
The chance of you hitting a car is the same this year as last.
The cost of new cars has gone up, the number of new cars is going up.

Therefore your Claim will cost the insurer more.
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There is no reward for holding high number of no claims discounts and it increasing every year these days clearly.


Its nothing to do with risk, this is all down to companies upping their prices due to UK inflation
 
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DJMK4 said:
Lol what? thats a completely irrelevant comment?

So im more likely to crash in to a car this year because of inflation and a cost of living crysis? :p it doesnt work like that


People shouldnt be driving around in £100k financed cars if they cant afford it outright, not my issue
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Lol what? You don't understand that while your car may be low value the cost of those you may crash into has gone up along with cost and time to fix them?

It took nearly 8 months to get a part for my car which is nothing special, luckily it was still drivable so not an issue but imagine the cost if an insurer had to give me a hire car for all that time due to the delays in supply chain. That's £10k gone right there.
 
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