Minor shock on the insurance premium for me. From under £300 to £550. However I did a search putting my wife as the main driver with no no-claims discount and saved £90 for almost the same policy. Took an hour or two messing about but it's worth a try. Bloke I know reckons used prices are dropping, is this happening?
I've seen several reports (written and video) showing how used car prices are now on the way back down again, with a particularly large fall in October. Problem is that it may have some of a positive effect on insurance premiums, but the price of spare parts and labour doesn't look like coming down any time soon to match.
As I said in another thread, I suspect that premiums generally are being cross-subsidised to some degree, i.e. EV premiums by putting up ICE ones, because until the actual cost* of lithium fires in EVs are known, insurers have hedged their bets and raised prices considerably, but they still need to be 'competitive' enough not to drive most customers away, thus...
They've done this before with home insurance and areas affected by flooding, sometimes increasing premiums across ALL insurance to 'spread the pain'.
* Not just parts, but knock-on costs such as them starting fires in other [adjacent] vehicles, damage to buildings and ships due to their proximity in partially / fully enclosed spaces, likely greater health issues associated with being in the immediate vicinity of such fires, etc, etc.
What's sad and often infuriating is that many of the dangers of lithium fires have been known for many years now, but seemingly little additional research into the knock-on effects cost-wise was done prior to the (artificially rapid) rollout of EVs.
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