NPR

inactionman wrote: Tue Oct 31, 2023 10:01 am 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 wrote: Tue Oct 31, 2023 10:14 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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 wrote: Tue Oct 31, 2023 10:18 am

shaggy wrote: Tue Oct 31, 2023 10:14 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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.

inactionman wrote: Tue Oct 31, 2023 10:01 am 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?

weegie01 wrote: Tue Oct 31, 2023 10:59 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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.

petej wrote: Tue Oct 31, 2023 12:16 pm 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.

inactionman wrote: Tue Oct 31, 2023 10:01 am 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?

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...

Enzedder wrote: Wed Nov 01, 2023 12:18 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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?

weegie01 wrote: Tue Oct 31, 2023 10:59 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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.

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.

Grandpa wrote: Wed Nov 01, 2023 4:14 pm 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.

Hal Jordan wrote: Wed Nov 01, 2023 4:58 pm 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 wrote: Wed Nov 01, 2023 9:19 am

weegie01 wrote: Tue Oct 31, 2023 10:59 am

inactionman wrote: Tue Oct 31, 2023 10:01 am 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.

Paddington Bear wrote: Wed Nov 01, 2023 6:50 pm

Biffer wrote: Wed Nov 01, 2023 9:19 am

weegie01 wrote: Tue Oct 31, 2023 10:59 am

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 wrote: Wed Nov 01, 2023 8:42 pm

Paddington Bear wrote: Wed Nov 01, 2023 6:50 pm

Biffer wrote: Wed Nov 01, 2023 9:19 am

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 wrote: Thu Nov 02, 2023 7:04 am

Biffer wrote: Wed Nov 01, 2023 8:42 pm

Paddington Bear wrote: Wed Nov 01, 2023 6:50 pm

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.