Anyone had a insurance renewal through recently?

[[GSV]Trig]

Hate to think what mines gonna be :S

[Predator]

I don't have the link (I will try and find it!) but every insurance premium is going up by 40% from i think near October 2010. So any renewals since then will be about 40% more

I can't remember why, i think i read it has something to do with less people driving and needing insurance.

Why 40% increas I do not know.

But I am 22, with 2 accidents, 3 years motorbike NCB and paying £965 fully comp on a 57 plate astra 1.8 16v sri which is pretty good even with the 40% extra

Sorry to all for breaking the news it wasn't advertised very much....I can understand why, especially with the petrol hike

[burble]

I don't have the link (I will try and find it!) but every insurance premium is going up by 40% from i think near October 2010. So any renewals since then will be about 40% more

Every premium? I don't think so.

[Predator]

Every premium? I don't think so.

http://www.guardian.co.uk/money/2010...ce-premiums-up

Insurance Premium Tax up 40%


So yes, actually, unless you can avoid the tax, your premium probably is going up.

"Fraudulent claims have pushed car insurance premiums up by 40% in the last 12 months and further increases are inevitable, according to the insurance industry. Recent research by the AA showed that over 12 months to the end of September, the average cost of an annual comprehensive car insurance policy had risen by 39.3% to £792, the biggest annual jump recorded on its benchmark Insurance Premium Index"

[Moby-Dick]

hmm I think I pay just over £500 for the Stagea - all mods declared

[burble]

http://www.guardian.co.uk/money/2010...ce-premiums-up

Insurance Premium Tax up 40%


So yes, actually, unless you can avoid the tax, your premium probably is going up.

"Fraudulent claims have pushed car insurance premiums up by 40% in the last 12 months and further increases are inevitable, according to the insurance industry. Recent research by the AA showed that over 12 months to the end of September, the average cost of an annual comprehensive car insurance policy had risen by 39.3% to £792, the biggest annual jump recorded on its benchmark Insurance Premium Index"

The word average is used several times there, you made the statement that 'every insurance premium is going up by 40%' and that simply isn't true.

[burble]

hmm I think I pay just over £500 for the Stagea - all mods declared

Just over £600 on my R32 with all mods declared.

[Predator]

I feel you will find average is only used twice in the whole article.

You must have missed this part:

"Last week, insurance trade body the British Insurance Brokers' Association told the government's transport select committee that a sharp increase in fraudulent claims – now estimated to add just over £80 to every motor policy - and in personal injury claims for whiplash, a condition that can be hard to demonstrate or dispute, were to blame for hikes in insurance costs."

Some people are hit more than others, that is true and always will be true as people who are higher risks will feel the large percentages.

If you get a renewel through it will be around 40% higher than it was 12 months ago due to rises over the year in about 3 stages with the last 11% hitting the 40% barrier.

I cannot find anywhere where it says certain people will not see a rise. If you can, please share as I, for one, would love to not get ripped off by insurers as would a lot of others.

As far as I am aware insurance premium tax must be paid, and as that is going up 40% that would reflect on your policy if your circumstaces do not change. An increase of 40% is highly unlikely to be swallowed by the insurance company.

Therefore, if you have a quote of £1000, your circumstances do not change (I.e you still have 3 years NCB for example if you did not complete your insurance term) then the next attempt you make, with the same details, will be around 40% more from the insurance tax alone, sometimes postcodes and reaching certain ages can change it so you may see a drop. That drop may drop you down by less than 40% higher than last year, but it IS 40% higher than what you would have paid last year, when the tax was 40% lower.

I hope this makes more sense.

[DanceswithUnix]

As far as I am aware insurance premium tax must be paid, and as that is going up 40% that would reflect on your policy if your circumstaces do not change. An increase of 40% is highly unlikely to be swallowed by the insurance company.
.

IPT has increased from 17.5% to 20%. That is a 40% increase in the percentage charged, not an increase of 40% in the premium.

Premiums have been going up though for some months

Edit to add: Confusing article I read that from, 17.5% to 20% is a ~14% increase in the tax they are collecting not 40% as they stated.

[burble]

If you get a renewel through it will be around 40% higher than it was 12 months ago due to rises over the year in about 3 stages with the last 11% hitting the 40% barrier.

I got a renewal through early November last year (so after the supposed 40% increase) for a policy that needed to be renewed early December. The renewal price was £8 LESS than I paid for the same period in the previous 12 months.

I'm not disputing that premiums have for the most part gone up, but to say that 'every insurance premium is going up by 40%' is just plain wrong.

Believe the Guardian article if you like but I know for a fact that the premium I may, my parents and brother pay have decreased this year. While that doesn't disprove an overall increase in premium prices it gives credence to me not believing that 'every insurance premium is going up by 40%' as you stated.

[capt_cornflake]

Last year I managed to get a stupidly good £150 deal from Bradford and Bingley (which later turned out to be due a problem with their website although they still honoured it). previous year I paid ~£300.
So I was expecting the renewal to be a fair increase, but I was a bit surprised at the £850 they wanted...
Since found a £340 quote from Aviva (who've never offered me anything half decent before), and I think I can get £60 quidco on that as well, so down to £280 - so basically less than I paid 2 years ago...

[DannyM]

A lot of it is down to the area you live in.

I was quoted £1600 for bradford, but £800 if I put I lived in a certain area in Kent!

[smargh]

Check Quidco for the latest cashback offers.

First Direct still does this offer: "We'll also beat any written renewals from the current insurer for second or subsequent cars in your household by at least 15%" - I did this last year and they honoured that fine. The renewal & their quote need to be exactly the same though.

[MD]

A lot of it is down to the area you live in.

I was quoted £1600 for bradford, but £800 if I put I lived in a certain area in Kent!

thats always been the way insurance works, but im talking about a 50% increase having not moved.

Check Quidco for the latest cashback offers.

First Direct still does this offer: "We'll also beat any written renewals from the current insurer for second or subsequent cars in your household by at least 15%" - I did this last year and they honoured that fine. The renewal & their quote need to be exactly the same though.

Had a look at it, they will basically take 10% off the highest price you quote as having (you have to prove it too) - so I could say to mine now that FD will beat my renewal by 10% and hope they match it.

Gonna give that a go me thinks...

[Barakka]

thats always been the way insurance works, but im talking about a 50% increase having not moved.

Yes, mine was an increase of 60% with no changes, and shopping around got it for an increase of 40%, then a year later it went down to 30% more than the original. Why ? A house nearby was burgled and they stole (with the keys) a 3 series and an X5.

[Rave]

I posted pretty much exactly the same thing about 3 months ago- I didn't accept my renewal quote because I'd always managed to get a much cheaper quote by going on confused or insuresupermarket. I didn't need to use the car for a few weeks anyway. When I did get round to looking for new quotes- all were substantially higher than the renewal quote. I had to phone up Admiral and beg them to honour the renewal price, which they did, although not before bumping up the price by £40 because my parked and unattented car got hit by one of my own company's buses. So overall I paid £380 as opposed to £300 last year.

Really what I want to know is why we all accept the explanation that it's due to an increase in fraudulent claims, and increased contributions to the MIB to cover the cost of meeting claims due to uninsured drivers. That's a bloody disgrace! I'd really like to know what the police are doing about it. I personally think that they would be better off trying to protect the law abiding majority from fraudsters and uninsured drivers, than, say, hassling guinnea pig owners with heatlamps as per the thread in GD. I may well write to my MP and local police comissioner on the subject when I sober up.