Massive Car insurance costs?

My wife just got a new car and the cost of adding it to the policy was something crazy like £1300 against a base annual price of about £350 I think. In the end we switched the cars over which was about £150 including admin fee and that's just for the remaining 3.5 months. Hoping it won't be so bonkers doing the actual renewal 3-4 weeks before it's due compared to only a few days before.

jaybee said:
Got a quote 2 days ago to start 18th Jan. Was coming in at about £1000. Same quotes today £150 more expensive on all the comparison sites. Tried clearing all my cookies and doing new quotes....same. It's like I'm "on the systems" now and they know and hence will keep increasing it between now and the 18th Jan.
I tried moving the cover to start 2 days later on the 20th Jan and it actually goes up in price! If I move it earlier, up in price too. If I move it way out to late Jan...also goes up.

Is it something to do with buying cover on the last couple of days of the month, particularly December? I'm tempted to now wait until 5th Jan as then I can answer the question of how long has my son had his licence to "1 year" rather than "less than a year" which I think might make a difference.

Wohle thing is just a giant frickin rip off tbh.
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It's peak time of year for money problems so prices probably get elevated due to that. You're taking out a policy after Xmas because you blew all your cash on Chrimbo and January is a 'long month' what with getting paid early in December. Crash for cash coming up in January.
 
ZeeWrath said:
Paid £450 to renew in Sep23 for a 2010 F11 525d.

Ran some quotes for a potential replacment

£1117 BMW G31 530d
£1300 BMW F15 X5 30d
£1200 Audi Q7 4M
£1300 M340i

ouch

used prices have dipped but you'll just be paying it back in insurance!
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It is one of reasons some marques are crashing in price, Range Rovers been one of the most impacted as insurance quotations have gone up several fold or insurance is point blank refused so market is flooded with Range Rovers as owners cannot afford the insurance so are trying to get rid, BMW M2's have been hit hard also due to owners insurance quotes multiplying, I am fortunate that Admiral Multi Car and having a low risk postcode means most of my cars went down this renewal and the M2 was only about £200 more in the end.

High insurance quotes, part shortages more or less over so new cars easier to get is resulting in a flood of used cars and thus prices are correcting from the Covid spike. Some cars are still much higher than pre-covid, namely classics and older stuff.
 
I called my insurance company few weeks back as shocked how much they wanted as I have many years NCB, never claimed for anything never needed to, never had an accident in my life. They took their time to explain in great detail why its gone up so much:

In the lockdown era the premiums were very low due to low volume of traffic & this was not adjusted upwards when lockdowns ended until this year so it was held artificially low giving the wrong impression insurance was cheap for all.
Some cars have also been adjusted upwards group wise due to number of accidents, thefts or repair costs.

So those factors mean for many insurance will be a massive shock come renewal time (mine went up a lot despite nothing changing except me being a year older & the car being a year older). Postcode lottery helps but some cars are just uninsurable right now.
 
ZeeWrath said:
Paid £450 to renew in Sep23 for a 2010 F11 525d.

Ran some quotes for a potential replacment

£1117 BMW G31 530d
£1300 BMW F15 X5 30d
£1200 Audi Q7 4M
£1300 M340i

ouch

used prices have dipped but you'll just be paying it back in insurance!
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Those cars are all higher insurance group and much much newer cars thus higher cost base also.

It’s not exactly apples to apples, is it.

Also those are what the thieves want. Maybe run some quotes are Kia/Hyundai/volve SUVs and you might find them to be more equitable.
 
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Can’t say I’m looking forward to the insurance cost on my TTRS later in May. It already went up a fair bit last year. I only do 3000 miles a year max in it too.
 
AWPC said:
In the lockdown era the premiums were very low due to low volume of traffic & this was not adjusted upwards when lockdowns ended until this year so it was held artificially low giving the wrong impression insurance was cheap for all.
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It makes sense in theory but I don't remember getting an absolute bargain on my car/bike insurance during the lock downs. It dropped by the same few quid it had done for the renewals the years before.
 
tom_e said:
It makes sense in theory but I don't remember getting an absolute bargain on my car/bike insurance during the lock downs. It dropped by the same few quid it had done for the renewals the years before.
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I don't remember mine being particularly cheaper during/after lockdown (although I was still working).
 
mrk said:
So Hastings just emailed me... Merry Christmas!

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Bear in mind last year I renewed with Hastings ;at the cost of £362, which was about £50 more than the previous year. This was the cheapest quote at the time so just kept it with Hastings.

So now having ran quotes through 3 comparison sites...

MySterling is the cheapest via Compare the Market = £357 + A year of Meerkat Food & Movies

MySterling via GoCompare = £443 and is also the cheapest + £250 excess refund after any claim

Geoffrey via Money Supermarket = £418 as the cheapest

Compare the Market it is then I guess...
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We were looking to purchase a Landrover back in October and similar stories to this were littered over the forums, either refused or quotes for renewal jumping from £500-£600 to £2k plus so we changed our mind.

This is surely going to have a knock on effect to the used luxury car market
 
AWPC said:
I called my insurance company few weeks back as shocked how much they wanted as I have many years NCB, never claimed for anything never needed to, never had an accident in my life. They took their time to explain in great detail why its gone up so much:

In the lockdown era the premiums were very low due to low volume of traffic & this was not adjusted upwards when lockdowns ended until this year so it was held artificially low giving the wrong impression insurance was cheap for all.
Some cars have also been adjusted upwards group wise due to number of accidents, thefts or repair costs.

So those factors mean for many insurance will be a massive shock come renewal time (mine went up a lot despite nothing changing except me being a year older & the car being a year older). Postcode lottery helps but some cars are just uninsurable right now.
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I never took this into account, but it makes sense. Mine went down by a good chunk post covid and i just thought it was due to my age and another years NCB. Ive already done a requote for mine due in february and im going from £450ish to around £850.. Lovely stuff
 
ristac said:
We were looking to purchase a Landrover back in October and similar stories to this were littered over the forums, either refused or quotes for renewal jumping from £500-£600 to £2k plus so we changed our mind.

This is surely going to have a knock on effect to the used luxury car market
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a friend of mine has a hybrid Range rover velar. His initial quotes were close to £20k.

Absolute madness.
 
Yep Range Rovers & McLaren F1s try getting reasonable insurance on those unless you live in a unicorn low risk area now!
 
tom_e said:
It makes sense in theory but I don't remember getting an absolute bargain on my car/bike insurance during the lock downs. It dropped by the same few quid it had done for the renewals the years before.
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I got a bargain on mine but now they hiked it back to normal levels bit of a shock but it is what it is pay it or sell up I guess! Lots of people are going to get massive shocks though insurance industry has ensured price compare websites no longer make much difference either!
 
Well after a bit of searching I've got my quote down to £611 with Aviva. That's with a £500 excess
My current insurance company Tesco Bank have said they are unable to quote a renewal price for me.
Guess they just don't want the business.

Out of interest I enquired about cover on an M4 which I've been looking at. Best quote so far was £1280
 
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Robzere31 said:
Well after a bit of searching I've got my quote down to £611 with Aviva. That's with a £500 excess
My current insurance company Tesco Bank have said they are unable to quote a renewal price for me.
Guess they just don't want the business.

Out of interest I enquired about cover on an M4 which I've been looking at. Best quote so far was £1280
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I'm with Aviva, renewal is due around April. They offered me the my drive app just over a month ago which I have accepted, I read a few reports that safe driving for 60 days and they lower premiums by up to 20%
 
ristac said:
I'm with Aviva, renewal is due around April. They offered me the my drive app just over a month ago which I have accepted, I read a few reports that safe driving for 60 days and they lower premiums by up to 20%
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I've heard of the app, guess it works similar to a black box?
Thought at the age of 54 I'd have left this sort of nanny monitoring behind me long ago :D
 
Robzere31 said:
I've heard of the app, guess it works similar to a black box?
Thought at the age of 54 I'd have left this sort of nanny monitoring behind me long ago :D
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It monitors speed, braking, cornering and use of phone. It has got better, as in you can look at the journeys and state when you were a passenger and not a driver. The target is 60 days of driving and 400 miles total to be finished one month and one day before renewal/ It also monitors what time of day you do most of your driving
 
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