Car Insurance

[inactionman]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

[shaggy]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

A 5% increase for me but that was a few months back.

[inactionman]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

A 5% increase for me but that was a few months back.

That was more what I expected to see.

It's gone from under £400 to £650 absolute cheapest, and my current provider has almost exactly doubled.

I'm trying to work out if anything obvious has changed or I've accidentally asked for some ridiculous add-on. at this price, I'd expect a fecking limo as courtesy car.

[Slick]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

A 5% increase for me but that was a few months back.

That was more what I expected to see.

It's gone from under £400 to £650 absolute cheapest, and my current provider has almost exactly doubled.

I'm trying to work out if anything obvious has changed or I've accidentally asked for some ridiculous add-on. at this price, I'd expect a fecking limo as courtesy car.

Mine nearly doubled with my current provider but managed to get it to a few quid over last years with someone else - however there had been a few changes in circumstances like not parking in the road, not being in the middle of town etc, and also had some slightly worse cover on breakdown etc.

[weegie01]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Mine has yet to renew this year, but my wife's renewal went up by about 80% with no changes in circumstances. I got it down to about 10% increase through comparison sites.

Our home insurance renewal arrived yesterday. It was up by 75% meaning it has tripled in the last two renewals. Mind you, when I took it out I did phone the insurers to go through the quote line by line as it was so much cheaper than anyone else.

We have a reasonably large house, but not that big. What seeme to scare insurers is the number of bathrooms / toilets. Which may not be common, but I would not have thought it was that unusual these days.

A brief search so far indicates we will do well to get away with a 40% increase.

[inactionman]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Mine has yet to renew this year, but my wife's renewal went up by about 80% with no changes in circumstances. I got it down to about 10% increase through comparison sites.

Our home insurance renewal arrived yesterday. It was up by 75% meaning it has tripled in the last two renewals. Mind you, when I took it out I did phone the insurers to go through the quote line by line as it was so much cheaper than anyone else.

We have a reasonably large house, but not that big. What seeme to scare insurers is the number of bathrooms / toilets. Which may not be common, but I would not have thought it was that unusual these days.

A brief search so far indicates we will do well to get away with a 40% increase.

The price comparisons are getting me to around 60% more, with no change in circumstance. CompareTheMarket saves last year's quotes - £380 which is now over £600.

I'm dreading the home insurance renewal

[Gumboot]

The cheaper the car, the cheaper the premium.

[Tichtheid]

I got my renewal notice this morning. I pay monthly and mine was due to go up from a shade over twenty quid a month to forty two. I went on the Money Saving Expert site and got that down to twenty five quid though another insurer - one that I left about ten years ago to go to the one I've been on since.

This is the sort of thing older people end up paying a fortune for because they can't deal with the tech or the faffing about, same with broadband or tv contracts.

[petej]

I don't think they are allowed to take the piss as much on renewal quotes and have to give the same quote as they would to a new customer which means for people who shopped around you will be paying more on house insurance (mine went up about 15% this year). The same restrictions apply to car insurance.

[C69]

I don't think they are allowed to take the piss as much on renewal quotes and have to give the same quote as they would to a new customer which means for people who shopped around you will be paying more on house insurance (mine went up about 15% this year). The same restrictions apply to car insurance.

Mine went up by £200 cnuts.

[Enzedder]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Have you had a recent ticket or claim?

[Insane_Homer]

Money Saving Expert weekly newsletter stating as it's headlining Article.

Martin: 'Car insurance prices now up, gulp, 61% and average over £900/yr. Even if not at renewal, check if you can lock in to save £100s'


Martin Lewis, MoneySavingExpert.com founder, whose image links to his official MSE biography page."In September, I warned here that we were seeing horrific rises in car insurance. New data out then showed average renewal prices 41% higher, and we cautioned you to act urgently as worse was predicted. Now... it seems 'worse' is here, seemingly even more quickly than expected. So I make no bones about repeating the warning, but this time EVEN LOUDER!

The new stats are from different sources from last month, analysts at Consumer Intelligence, who assess 17m quotes a year. The stats show premiums are up a whopping 61% on last year, while comparison site Confused says the average price is now a massive £924 a year.

And indeed both are reflected by the wrath people report their renewals to me with on social media. And sadly, Consumer Intelligence says things are likely (no guarantee though) to keep getting worse until the middle of 2024.

Insurers say rises are partly due to general inflation, rising car repair costs - with garages charging more for parts and labour - and paying out more for written-off cars, due to the value of used cars getting ever higher. Whether this justifies it or not is frankly moot; the rises are happening, the most pressing issue is how to try to counter them, so let me say it again...

https://www.moneysavingexpert.com/insur ... _content=2

[inactionman]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Have you had a recent ticket or claim?

Nope. Same car, same house, no claims or convictions.

[Biffer]

Mine went from £240 to £410 from my existing provider so I told them to feck off and got cover elsewhere for £260.

[Biffer]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Mine has yet to renew this year, but my wife's renewal went up by about 80% with no changes in circumstances. I got it down to about 10% increase through comparison sites.

Our home insurance renewal arrived yesterday. It was up by 75% meaning it has tripled in the last two renewals. Mind you, when I took it out I did phone the insurers to go through the quote line by line as it was so much cheaper than anyone else.

We have a reasonably large house, but not that big. What seeme to scare insurers is the number of bathrooms / toilets. Which may not be common, but I would not have thought it was that unusual these days.

A brief search so far indicates we will do well to get away with a 40% increase.

I reckon the number of toilets will link to either
- more adults in the house might be considered higher risk?
- risk you're running an AirBnB style thing (or other undocumented lettings) on the side so higher risk
- you have loads of visitors staying so more people in and out of the house might be more risk
Difficult to justify though.

[Grandpa]

Electric cars risk becoming uninsurable - Difficulty pricing battery repairs forcing insurers to refuse cover

https://archive.ph/c9gDH

Electric cars risk becoming effectively uninsurable as analysts struggle to put a price on battery repairs, the researcher for the car insurance industry has said.
Jonathan Hewett, chief executive of Thatcham Research, the motor insurers’ automotive research centre, said a lack of “insight and understanding” about the cost of repairing damaged electric car batteries was pushing up premiums and resulting in some providers declining to provide cover altogether.
Electric cars can be particularly expensive to repair, costing around a quarter more to fix on average than a petrol or diesel vehicle. Experts have previously warned electric vehicles are being written off after minor bumps because of the cost and complexity of fixing their batteries.
Mr Hewett said: “The challenge is that we have no way of understanding whether the battery has been compromised or damaged in any way.
“The threat of thermal runaway means that a catastrophic fire can take place if the cells of the battery have been damaged in a collision.
“What we’re struggling to understand at the moment is how we approach that diagnostic technique.
“It’s like a doctor trying to understand what’s wrong with you without any notes or an X-ray.”

John Lewis Financial Services stopped providing car insurance for electric cars last month for new and existing customers, as its underwriter Covéa analysed risks and costs.

[inactionman]

Electric cars risk becoming uninsurable - Difficulty pricing battery repairs forcing insurers to refuse cover

https://archive.ph/c9gDH

Electric cars risk becoming effectively uninsurable as analysts struggle to put a price on battery repairs, the researcher for the car insurance industry has said.
Jonathan Hewett, chief executive of Thatcham Research, the motor insurers’ automotive research centre, said a lack of “insight and understanding” about the cost of repairing damaged electric car batteries was pushing up premiums and resulting in some providers declining to provide cover altogether.
Electric cars can be particularly expensive to repair, costing around a quarter more to fix on average than a petrol or diesel vehicle. Experts have previously warned electric vehicles are being written off after minor bumps because of the cost and complexity of fixing their batteries.
Mr Hewett said: “The challenge is that we have no way of understanding whether the battery has been compromised or damaged in any way.
“The threat of thermal runaway means that a catastrophic fire can take place if the cells of the battery have been damaged in a collision.
“What we’re struggling to understand at the moment is how we approach that diagnostic technique.
“It’s like a doctor trying to understand what’s wrong with you without any notes or an X-ray.”

John Lewis Financial Services stopped providing car insurance for electric cars last month for new and existing customers, as its underwriter Covéa analysed risks and costs.

We have the battery in our EV under a lease scheme, but sadly think it still needs insuring.

[Hal Jordan]

Funny, my EV was reinsured without a hitch. Well, the premium went up, but not by a lot.

There's a tidal wave of FUD about EVs at the moment, largely from the same type of sources that shat out climate change denial and wind turbines give you cancer.

[Biffer]

Funny, my EV was reinsured without a hitch. Well, the premium went up, but not by a lot.

There's a tidal wave of FUD about EVs at the moment, largely from the same type of sources that shat out climate change denial and wind turbines give you cancer.

Exactly this. Has to be said that story is in a rabid anti-net zero, climate change denying newspaper.

[Paddington Bear]

Oof. Just got my renewal note and it's doubled in price, and comparethemarket isn't doing much better.

I get prices have gone up, but doubled? Seriously?

Mine has yet to renew this year, but my wife's renewal went up by about 80% with no changes in circumstances. I got it down to about 10% increase through comparison sites.

Our home insurance renewal arrived yesterday. It was up by 75% meaning it has tripled in the last two renewals. Mind you, when I took it out I did phone the insurers to go through the quote line by line as it was so much cheaper than anyone else.

We have a reasonably large house, but not that big. What seeme to scare insurers is the number of bathrooms / toilets. Which may not be common, but I would not have thought it was that unusual these days.

A brief search so far indicates we will do well to get away with a 40% increase.

I reckon the number of toilets will link to either
- more adults in the house might be considered higher risk?
- risk you're running an AirBnB style thing (or other undocumented lettings) on the side so higher risk
- you have loads of visitors staying so more people in and out of the house might be more risk
Difficult to justify though.

More potential causes of leaks in houses built for one bathroom as well?

[Biffer]

Mine has yet to renew this year, but my wife's renewal went up by about 80% with no changes in circumstances. I got it down to about 10% increase through comparison sites.

Our home insurance renewal arrived yesterday. It was up by 75% meaning it has tripled in the last two renewals. Mind you, when I took it out I did phone the insurers to go through the quote line by line as it was so much cheaper than anyone else.

We have a reasonably large house, but not that big. What seeme to scare insurers is the number of bathrooms / toilets. Which may not be common, but I would not have thought it was that unusual these days.

A brief search so far indicates we will do well to get away with a 40% increase.

I reckon the number of toilets will link to either
- more adults in the house might be considered higher risk?
- risk you're running an AirBnB style thing (or other undocumented lettings) on the side so higher risk
- you have loads of visitors staying so more people in and out of the house might be more risk
Difficult to justify though.

More potential causes of leaks in houses built for one bathroom as well?

Yeah, that's actually more likely than my pish a deas

[Paddington Bear]

I reckon the number of toilets will link to either
- more adults in the house might be considered higher risk?
- risk you're running an AirBnB style thing (or other undocumented lettings) on the side so higher risk
- you have loads of visitors staying so more people in and out of the house might be more risk
Difficult to justify though.

More potential causes of leaks in houses built for one bathroom as well?

Yeah, that's actually more likely than my pish a deas

Unfortunately I have personal experience of this. Our 1930s house was altered to have two upstairs bathrooms (a big factor in us buying it), and both ended up leaking pretty badly this time last year. There’d been some poor plumbing work but fundamentally the house wasn’t properly set up for the amount of water.

So you can imagine the fun I had with insurers, after months of haggling they offered me around £2,000 less than fixing it cost and I felt I’d got as far as I could. The cheapest premium I was then offered for this year was double the previous.

[weegie01]

More potential causes of leaks in houses built for one bathroom as well?

Yeah, that's actually more likely than my pish a deas

Unfortunately I have personal experience of this. Our 1930s house was altered to have two upstairs bathrooms (a big factor in us buying it), and both ended up leaking pretty badly this time last year. There’d been some poor plumbing work but fundamentally the house wasn’t properly set up for the amount of water.

So you can imagine the fun I had with insurers, after months of haggling they offered me around £2,000 less than fixing it cost and I felt I’d got as far as I could. The cheapest premium I was then offered for this year was double the previous.

We have had leaks from incompetent plumbing, but these were years ago and the pluming has been fixed. Not that the insurers would know apart from us no longer having water claims.

Whilst that may be an issue, we suspect a bigger issue is the SEPA flood maps. A neighbour who has a much larger house (12 bedrooms) and has to use specialist insurers found their premium went up a lot, and the brokers were able to establish that the issue was the flood risk per the SEPA flood risk maps.

SEPA rates our house at 10% annual chance of flooding. Which would understandably scare insurers. We are about 30m from a large burn, but the burn goes through a gorge which opens out into a narrow and deep valley past our house. In the very worst flooding in the 30 years we have owned the house, water has never risen to within 10 feet of the top of valley (there is a geographic feature that we use for reference). I have contacted SEPA to see if there is anyway we can get the map updated to take account of the topography rather than just 'close to a burn'.

[BnM]

https://www.moneysavingexpert.com/insur ... aa42c187d8

About 3 weeks before renewal is best time for quotes and he's saying 61% increase which seems like price gouging because everyone seems to be at it.