Car insurance renewal shocker 😲

[Hybrid21]

I received my annual renewal today from Saga, was £197 last year now £411 😲

I spoke to an agent who said that nothing to do with my details but solely the vehicle. Major problems with getting parts, costs and delays with hybrids and electric vehicles, hence the massive increase in premium.

Anyone else found this ? and what was the outcome ?

[flash22]

All polices have been gone up but £100 due to parts supply, the theft rate of the RAV4 has hiked the costs what has now beaten the Golf GTI as the most stolen car 2021 surpassed by the ford fiesta in 2022/23

https://nltimes.nl/2023/01/19/toyota-dethroned-vw-stolen-vehicles-last-year-car-thefts-11

Not sure if toyota are updating the ecu's in older cars but new 2023 get the security issue patched

 

[Scout117]

My insurance was also high compared to previous years.

It always used to go down a bit every year but not this time.

Was told due to cost of living everyone's premiums have been affected.

[SO8]

Saga quoted me £900+ for a Rav4 PHEV !!   London, 58 with full NCB, no accidents, claims, nowt ... but London and a Rav4.  Saga also disliked my BMW X3 M40i.   Interestingly Admiral ended up at £550!  Saga were, a few years ago for me, cheap.  Not now.

[FROSTYBALLS]

18 minutes ago, flash22 said:

the theft rate of the RAV4 has hiked the costs what has now beaten the Golf GTI as the most stolen car 2021 surpassed by the ford fiesta in 2022/23

https://nltimes.nl/2023/01/19/toyota-dethroned-vw-stolen-vehicles-last-year-car-thefts-11

Might be the case in the Netherlands, where the newspaper article is from, but there are no Toyotas in the UK top 10 cars stolen (February 2023) - https://www.thisismoney.co.uk/money/cars/article-11780083/Car-thefts-29-year-experts-warn-rise-2023.html

[Bper]

1 hour ago, Hybrid21 said:

I received my annual renewal today from Saga, was £197 last year now £411 😲

I spoke to an agent who said that nothing to do with my details but solely the vehicle. Major problems with getting parts, costs and delays with hybrids and electric vehicles, hence the massive increase in premium.

Anyone else found this ? and what was the outcome ?

I hope you are going to shop around more for better quotes👍

[DAN@ADRIAN FLUX]

Hi. 

Please feel free to give us a try for insurance if you haven't done so already.

Regards,

Dan.

[Hybrid21]

Apparently my RAV4 is group 30 😲😲

[Big_D]

I shopped around and found LV to suit my needs. They were almost half the price of my previous insurer and offered the same options.

[Toeyoyta]

Lucky you. ! was quoted £1000 plus by Saga for my 2014 Auris With full no claims and annual 9000 miles.

Never known annual quotes to go down. Always 25 to 30% increase. Driving over 50 odd years.

Camera mounted front and back and Catlock underneath. Can't Win!

[Derek.w]

Years ago when I first use to drive as the car aged with no claimes insurance prices dropped but those days are long gone

[FROSTYBALLS]

 

1 hour ago, Toeyoyta said:

Never known annual quotes to go down. Always 25 to 30% increase. Driving over 50 odd years.

The average car insurance for a family saloon cost £40 in 1973 (50 years ago). Adjusted for inflation this would be £1,547 today. 

[Cyker]

Yeah, never seen it go down; Only way I've ever gotten it to go down was by moving to different provider which, thanks to the FSA, has been made much much harder.

[Bper]

So are these constant yearly price increases  due to more accidents, cost of living or inflation.🙄

[Derek.w]

9 minutes ago, Bper said:

So are these constant yearly price increases  due to more accidents, cost of living or inflation.🙄

Its all of them plus other factors the priority of them differ between insurance compants giving diffrent insurance scenarios rolled new quotes between them.

[Toeyoyta]

Unless they publish their profits we will never know.

Inflation over decades has only on two occasions that I remember in my long life exceeded 10%. One of which is today.

So annual increases of 25% in my experience every year is unjustifiable. 

[FROSTYBALLS]

The following makes interesting reading, including the average motor insurance premium at quarter 3 of 2022 being £436:

https://www.uswitch.com/car-insurance/car-insurance-statistics/

[Roy124]

13 hours ago, Big_D said:

I shopped around and found LV to suit my needs. They were almost half the price of my previous insurer and offered the same options.

My broker got LV last year.  Lowest comparison sites this year £150+.  I tried LV direct, they were up there too.  Broker came in at £40 less but still 30% increase. 

[Roy124]

7 hours ago, FROSTYBALLS said:

The following makes interesting reading, including the average motor insurance premium at quarter 3 of 2022 being £436:

https://www.uswitch.com/car-insurance/car-insurance-statistics/

Makes me feel better, mine is above that but not by much and I am 80.

[Roy124]

On 4/27/2023 at 5:47 PM, SO8 said:

Saga quoted me £900+ for a Rav4 PHEV !!   London, 58 with full NCB, no accidents, claims, nowt ... but London and a Rav4.  Saga also disliked my BMW X3 M40i.   Interestingly Admiral ended up at £550!  Saga were, a few years ago for me, cheap.  Not now.

I think the whole Saga saga is a Con.  They target over 50s with the implicit assumption that we oldies are getting sympathetic and beneficial treatment. 

Their actual clients are probably far older and ripe for plucking. 

[Cyker]

11 hours ago, Bper said:

So are these constant yearly price increases  due to more accidents, cost of living or inflation.🙄

You could attribute the increases to any combination of those, but really what it boils down to is: Because They Can.

They talk about complicated algorithms, but insurance premiums are one of the most arbitrary and obscurely priced things in modern society.

If there was more transparency and they were forced to show how they arrived at these figures I'm pretty sure it would be revealed as 90% BS.

 

[Big_D]

In my humble opinion, I think it also has something to do with insurance payouts when you arre hit by an uninsured driver. Someone has to carry the cost.

If someone buys a cheap banger, under £500 and insurance costs £700, why bother with insurance. There wll also be an excess of at least £200. If your caught, the car gets confiscated and crushed and you get points on your licence.

Having the car taken away and crushed is still the cheaper option. It's a never ending circle. Insurance goes up. More cars drive uninsured, so insurance goes up again.

If a driver is not really prepared to insure their car, do the points really matter. They'll drive anyway once they lose their licence.

12 hours ago, Bper said:

So are these constant yearly price increases  due to more accidents, cost of living or inflation.🙄

And it's a legal requirement, so they can pretty much charge what they like. We have to have it and end up paying.

[Cyker]

Yeah; I do envy my Quebecian friend and their social motor insurance!!

[Hybrid21]

16 hours ago, Big_D said:

I shopped around and found LV to suit my needs. They were almost half the price of my previous insurer and offered the same options.

Hi Bob, I got a quote from LV £354 for similar cover, still a big increase for me, but cheaper than Saga.

never used LV before, but they seem to get reasonable reviews, etc ?

thanks for that 👍

[Big_D]

I renewed with them in December last year, and called them on Monday last week to add my new car to the policy. They seem really efficient. My phone records showed I spoke to them at 12:43, and I received an email with the new documents at 12:55 the same day. I haven't had to make a claim yet, and hope I don't need to, but so far, I'm happy with the service.