Just help daughter renew her insurance on her Ibiza. She has 5 years no claims and is 26 (that makes me feel very old!) and after years of steadily falling premiums her renewal premium from Admiral was £100 more than last year.
Now this happens every year, and we scan a few comparison sites and get a cheaper quote - amazingly almost always from Admiral (or Bell, also an Admiral company), call them up, give them the details and they match the premium.
This year we got nowhere - the comparison sites were bringing up even higher premiums from Admiral group companies. Did eventually find a reasonable quote from Zurich and Admiral couldn't get near it - in fact ran through the details with Admiral on the phone and their premium went up! They offered £60 loyalty discount but were still way out.
To be fair, Zurich stood out a bit - there were similar prices from unheard of companies, but anyone recognisable was much dearer.
I've been pretty amazed over the last few years how cheap insurance has become - my Merc has dropped from £500 to £200 on the last few years with no changes etc. Is the end of that run now?
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Why should this be happening?
The recession should be driving down the cost of repairs, and the marginally reduced congestion on the roads should also be marginally reducing accident rates.
The only cost that is likely to have increased is the cost of writing off a vehicle, but I'd have thought that forms a relatively small proportion of an insurer's costs.
Are the price rises something to do with the increased costs of borrowing money? I'm not sure how that would impact the insurance business, but there may be some financial trickery involved in the way that it works these days.
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OP, i agree - i was looking at car ins Friday - are due for renewal in abut 5/6 weeks -i too felt general fully comp premiums were higher. Insurance companies are aware interest rates historical low - & law abiding citizens will buy insurance & chance for them to make bigger profits.
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Why should this be happening?
Fraudulent claims, Uninsured claims, inflated car hire claims
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Fraudulent claims Uninsured claims inflated car hire claims
I thought that crackdown on insured drivers was reducing the scale of that problem, not increasing it.
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An estimated one in five young drivers are uninsured. Fraudulent claims are now the province of organised crime. A very large percentage of otherwise genuine claims have been exagerrated in some way. Insurance depends on the fundamental honesty of the population at large. Unfortunately this is no longer the case in the UK
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An estimated one in five young drivers are uninsured.
But whose fault is that? Typical insurance for a 17 year old male is probably in the region of 2-3k. While I certainly don't agree that they should drive with no insurance (I loathe uninsured drivers as much as anyone), there must be an acceptable compromise somewhere. Otherwise the problem is just going to get worse.
Any suggestions?
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Any suggestions?
Tell 'em to stick to other forms of transport until they are older, or offer them a 70% discount if they get their danglies removed. It's the combination of exuberant youth and high doses of testosterone that makes young men so wild on the road.
Otherwise, I'm afraid, everyone else has to subsidise them, because the statistics are very clear: young men are, on average, very high-risk drivers.
The only alternative I can see is to offer them some sort of low-risk motorised transport. something that can't possibly go fast enough to some off the road. But even if they could be persuaded to use such a machine, they'd probably find ways of being daredevils in it, such as by playing chicken.
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The only alternative I can see is to offer them some sort of low-risk motorised transport. something that can't possibly go fast enough to some off the road. But even if they could be persuaded to use such a machine they'd probably find ways of being daredevils in it such as by playing chicken.
Well - There is the "chav" scooter that the local yoofs like to buzz up and down on. Not exactly safe (in fact - much less safe than a small car), but cheap to buy, and I imagine a lot cheaper to insure as well.
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Part of the problem is the claimsRus crews, both the claimants and their equally dishonourable representatives, and those who don't insure anyway.
I understand the insurance companies are fighting back a bit now, and not before time.
I think we all could help this problem to help ourselves, when some are involved in a bump instead of getting the car repaired at the minimum cost and inconvenience, some do go to town a bit seeing a green light for £compo, equivalent top range cars on hire from claims 'management' companies, claims for exaggerated injury etc..we all pay in the long run.
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I wonder if the majority of drivers have now 'used up' their available savings from the comparison websites.
Fully agree with gb about claims costing far too much to settle.
''The insurance will pay."
Trouble is 'the insurance' doesn't have any of its own money to pay with, only ours.
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It depends on which comparison site(s) you use they are not as independant as they have you believe.
Confused is owned by Admiral Insurance, Go Compare has ties with Esure Insurance (owned by Halifax), Compare the Market is owned by Budget Insurance and so on...
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Last year £147
Renewal £222
Compared on their own site for new policyholders £172
Only never heard of names under £200 so I renewed @ £172
Group 12 fully Comp £100 excess
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The fact is that I find the comparison sites useless. A couple of hours on the phone every year is the best paid work I ever do.
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Took five minutes on the phone to get £230 knocked off our home insurance renewal the other day. Better still, Mrs Beest made the call while I drank my coffee. Double result!
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Mine has gone down by £200 in real terms providing I don't have an accident by the end of October been quoted £700 which is not too bad.
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lotusexige wrote: "...The fact is that I find the comparison sites useless..."
I've found them quite good.
I don't know if I should take 'lotusexige' literally, but it may be the comparison sites are best suited to mainstream cars, so someone with something genuinely exotic may not find them so helpful.
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The fact is that I find the comparison sites useless. A couple of hours on the phone every year is the best paid work I ever do.
I do not agree
If you are John Smith with an average driving record, in an ordinary job and drive an average car then the Comparison sites can save you money.
On the other hand if you have an appalling driving record (points, claims)
and /or
have a "different occupation" (Sportsman, actor, scrappy, journalist)
and / or
Drive exotica
Then comparison site may not be for you as mainstream insurers want Mr & Mrs Average Risk.
High risk = Broker clients
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Try Sheila's wheels. My wife has just renewed her protected fully comp insurance with them for the same amount as last year
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Try Sheila's wheels. My wife has just renewed her protected fully comp insurance with >> them for the same amount as last year
Sheila's Wheels is E-sure/Halifax Ins services IN DRAG
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Sheila's Wheels is E-sure/Halifax Ins services IN DRAG
That may be, but e-sure were more expensive. So how does that work.
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