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It depends how tight things get, I am quite poor (I have no real savings, and any savings I do have end up being spent) but I can afford the £66 a month my insurance company charges. Its £2 a day really. Also surely if less people have cars it will reduce premiums as there will be less risk? Before I passed I love driving last summer because there really no traffic about, because summer is quiet anyway plus fuel was almost £1.20 a litre it made people think twice about driving. Now things are back to normal but I would happily pay a little extra for less traffic.
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My insurance renewal came through in December, done automatically and since it dropped by 18% I didnt complain. i already have a full NCB and have had no claims in 11 years. I pay £269 a year for a group 5 car fully comp and im only 28. Seems cheap to me.
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I'm not sure if it's just me, but the DT lately seems absolutely fixated on scare stories, to the extent that I am almost inclined to read the Grauniad. I know things are tight but constant scare stories full of 'could', 'may' and 'perhaps' are getting on my nerves.
We've been through insurance rises in fairly recent years and the market seems to have sorted it out - competition, particularly in a shrinking market, will keep prices competitive, won't it? That's the sort of thing the DT used to take for granted. Of course, that was under Tory governments. ;-)
Maybe it's because they are employing nothing but inexperienced youngsters as reporters, or am I becoming more cynical about the trade than ever?
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No you are right. Swinton can increase their prices by 20% if they want. Its not like us punters have 200 other companies to choose from is it? The problem comes when they all increase prices but there will always be new kids on the block with low prices to shake up the market.
I am with Directline line, which is ironically much cheaper than those insurancers who are supposed to specialise in young high risk drivers.
Imagine what would happen if car manufacturers tried that? We are making a loss so we need to put up our prices! That is exactly what Rover did, inflate their prices to fund a dead business and guess what they ran out of customers.
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Also surely if less people have cars it will reduce premiums as there will be less risk?
Nope. Companies don't like to show lesser revenue on their balance sheet. So, they will increase the premium as they'll have less customers!
My wife works in a courier company. Their profit has fallen because of lower customer numbers. So, management has decided to increase the price for existing customers!!! I'm really worried about her job :(
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Im with Privilege on both cars now and have found them over the last 11 years along with their sister brand Directline to be consistantly cheaper than anyone else as a young driver.
The only other company I try is the AA who on certain models have got me cheaper premiums, usually when ive insured a second car with no NCB as they seem to penalise less for it if you have a long NCB on other policy.
Incidentally Rattle, my misses is 28, has just a years driving under her belt and on her Sirion, somewhat more valuable than an old Fiesta, she pays just £52 a month including car hire option. Must be where you live chap.
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That and business use, on some companies that put my quote by £1000s. If I was not insured for business ruse I remember getting quotes for around £600 a year. Where I live is not actually that bad for car crime, but its in Manchester so it will always put it up.
Put it this way I never worry about vandalism or break ins, it is possible but not very likely and I say that living in Manchester. I think one fo the things that make Mancherster a risky place is that in the poorer parts only 1/3 have insurance.
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I have steadily whittled my annual car insurance down from £190ish to c £110 over the past years and expect to continue to do so.
The DT headlines are just that. Anyone who takes them seriously is seriously naive.
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How the eck you do get such cheap insurance? My dad is paying £600 a year with 30 years no claims (if it existed!). He is insured for business use (puts it up), and it is a Ford, it has alloys, a Ghia badge, and lives in Manchester but even so.....
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I pay under £300 for 2 cars Comp - X-trail 57 Reg and Mazda 2 ltr
Year on year the premium has fallen - £127 from Tesco Compare to £148 last year the Mazda - been with Esure for nearly 8 yrs and they match their own web price - pain to call but £20 saving is worth it.
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Rattle, can you check your post code? I think in Parker's forum, there is list of risk rating for all UK post codes (for car insurance). When I moved my house last year, my premium went down by 30% immediately!
PS: If you add your wife/GF (even if fictitious) your premium should go down than you're being alone on the policy.
Edited by movilogo on 07/01/2009 at 17:15
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Rattle, Age and post code are the biggest factors. I am 45 with a group 17 car fully comp and business use I paid £345 this year, with £65 cashback and a £25 fuel card thrown in I consider that to be not too bad.
The cheapest quote I had was about £100 cheaper, but the terms and insurer where not to my liking, but the variation from insurers was large from £250 - £1000. Shopping around can save a lot of money.
Manchester post codes are high risk especially with these numbers 1-9, 11-24, 40, 60.
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Just newed insurance for my wife. Car is only a Seicento but the renewal was for almost £300 with a £200 voluntary excess, legal cover, protected NCB for life etc. I got a quote online for about £70 less with a £50 excess and everything else the same.... same company ;-)
We phoned up and they could not match their own price if we renewed over the phone and explained it was due to nobody being involved. Except they rang a few days ago to see if we'd renew - so people still involved.
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Yeah mine is between 11 and 24. Ironically just a few yards futther there is Stretford which is M32, which there is actualy more crime but its cheaper. There are huge variations on the streets where I live and the postcodes don't relect that.
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I think we can expect all insurance companies to put up their premiums to make up for the shortfall caused by very low interest rates. What they don't bother to point out is that while they are 'waiting' for you to have accident and make a claim, your premium money is invested somewhere
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Rattle
I have >10 years NCD, am over 60, no points/convictions claims in last 10 years (or ever.. so far), wife is on policy, use of alternative car, car is garaged and I live in a low crime area on the edge of the country. Low mileage as well. Have held a full licence over 40 years.
I have been quoted £250 to insure fully comp a Group 19 Lexus LS400 so that puts it in perspective.
I suppose I may be an ideal customer for insurers. Not that it prevents some silly quotes.. which I ignore.
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I have been quoted £250 to insure fully comp a Group 19 Lexus LS400 so that puts it in perspective.
>
Unless you have an agreed value 1 bump probably means a write-off!- even when it is not your fault.
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We were pleasantly surprised at SWMBO's premium this year. She insures the Scenic (she is its main driver) and despite only 3 yrs NCB we found comprehensive cover with all the bells and whistles for £260. It's with one of these women driver specialist insurers and even having me on the policy didn't make them run away screaming! ;-)
I passed a landmark in December by achieving my first two figure annual motor insurance premiumr! I have an elderly Kawsaki ZZR600 which I now insure third party fire and theft for the princely sum of £78 pa including protected NCB!! When I bought this bike five and a bit years ago as a fresh license holder in my 20's, I was paying £800 for the same cover on the same exact bike.
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In this recession the insurers also know that they are likely to lose thousands of customers who keep their cars but who simply stop paying the insurance and drive around insuranceless. No doubt one reason why the premiums will go up.
As others have mentioned, more and more people will get rid of the second car, downsize their car or opt not to have a car at all meaning less people insuring and hence less money coming in.
I notice Direct Line is now offering 'free' contents insurance on your house if you take out buildings insurance with them - suspect that is another sign of people cutting back on expenses.
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How the eck you do get such cheap insurance
Age, Experience, postcode, garage.
MX5 fully comp, protected NCD (free) £112 last year.
Two bikes, one an R1 £180 last year.
Edited by martint123 on 07/01/2009 at 20:58
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