Insurance *%@+*

[jthspace]

My Admiral Multi Policy is up for renewal. Covers MX5 Mk4, 1993 Eunos MX5 Mk1 (Agreed Value) the House & Contents and the Flat Contents only.

Last Year : £ 665
This Year : £ 1012
Clean Renewal
Ha ha ha ha.         

Quote

Admiral sheds 380,000 customers as car insurance costs rise
MELISSA LAWFORD Telegraph 

ADMIRAL’S car insurance business has lost 380,000 customers after a steep rise in its premiums.

The number of vehicles insured with Admiral fell by 7pc to 5.14m in the six months to June, as motorists rebelled against prices rising by a fifth. Yet, despite the exodus, Admiral’s profits for its UK car insurance division still rose by 3pc to £298.2m, according to the group’s half-year results yesterday.

The insurer said it increased prices by 20pc during the first half of the year, which was higher than its competitors.

It said this was to reflect “continued high claims inflation”, but added that the gap between its price increases and the wider market is now narrowing.

Unquote

Lost 380,001 now 😂

[Jimota]

With these incredible price increases, it will only make certain people refuse to insure their cars but continue to drive.  They won’t pay road tax either.  Don’t want to be a doom merchant but get involved in a collision and you run the risk of of being seriously out of pocket.  The insurance companies will be aware of this and I bet they will be looking at all available get out clauses to prevent pay outs for uninsured driver collisions.

[jthspace]

Every policy includes a "fee" that goes to the central "uninsured drivers" fund that pays out in the event you have a claim against an uninsured driver.  To add salt to the wound, you are paying for your insurance and the uninsured drivers in your premium. 🧐

[MikeSh]

3 hours ago, jthspace said:

and the uninsured drivers in your premium.

It's basically a tax you pay instead of one to the government to pay for enough police to put all the uninsured drivers in jail.

Sadly, it's probably the cheapest solution ... 😢

[Primus1]

Mine just came through from direct line £335, up about £100, so, seeing some of the quotes on here , that’s not too bad..

[Impith]

9 hours ago, Primus1 said:

Mine just came through from direct line £335, up about £100, so, seeing some of the quotes on here , that’s not too bad..

I've just renewed with Direct Line. They quoted a massive rise - from under £300 to over £430 on a like-for-like for last year.  I went on the website and noted they do a "Comprehensive Plus". Last year I had comprehensive and added legal cover. By changing my quote to the new "Comprehensive Plus" which includes legal protection and other benefits, plus slightly reducing my mileage which reflects my reduction in working commutes now I have dropped a day in the office, it came back as £360. Not satisfactory, but only about £20 more expensive than the cheapest on the comparison site which are from companies I have never heard of, and are not as good cover! 

[Jimota]

It’s the old story.  You never know how good an insurance company is until you make a claim.  However, I would always favour the well known companies rather than choose the cheapest with no real track record.

[Berisford]

5 hours ago, Jimota said:

It’s the old story.  You never know how good an insurance company is until you make a claim.  However, I would always favour the well known companies rather than choose the cheapest with no real track record.

I think all companies, even the 'big hitters' in the business give policyholders the run-around nowadays...........

[Primus1]

8 hours ago, Berisford said:

I think all companies, even the 'big hitters' in the business give policyholders the run-around nowadays...........

That seems to be the case with any company in today’s broken Britain, profit above all else…

[AndyN01]

53 minutes ago, Primus1 said:

That seems to be the case with any company in today’s broken Britain, profit above all else…

For profit also read plain and simple GREED - but only for a select few.

[Primus1]

2 hours ago, AndyN01 said:

For profit also read plain and simple GREED - but only for a select few.

Yes, that’s the case, a few of these top execs of some, ( probably all) of these insurance companies are on six and seven figures including big bonuses..

[Jimota]

On 8/13/2023 at 3:31 PM, Jimota said:

Forgot to say that this was a speculative search as I’ve still to receive a renewal notice from my present insurer.  Hopefully, I might get a better result but should find out over the next few days.

Well, finally got my renewal notice from M&S.  Shock, horror!!  Premium has gone up from £245 to £448. That’s an incredible 83% increase.  I contacted them to try and do some sort of bargain but they wouldn’t budge, even after explaining that my yearly mileage would reduce and    the car would only be used for social use as there was no longer a need to commute to and from work.

Tried the money saving expert website hosted by Martin Lewis which directed me to moneysupermarket.com.  Best quote is now with the Co-op at a cost of £297.  It’s still a 21% increase but taking everything into consideration it would appear to be a bit of a bargain.  Although it can be time consuming searching direct to insurance companies and using the price comparison sites, it pays to search as many as you can for the best result.  Have spent most of Saturday morning and afternoon to achieve the desired outcome and I’m now going to have a small whisky to reduce my stress levels.  Cheers.

 

 

 

 

 

[Big_D]

2 minutes ago, Jimota said:

I’m now going to have a small whisky to reduce my stress levels.

Just don't drive back home. You may get stopped by the Police, and your insurance would go up even more when you're allowed to drive again 😁

[Jimota]

Bob, I’m going to have a second whisky as the car is locked and put away for the rest of the weekend.  Don’t usually drink in the afternoon but insurance companies have this effect on me.  Hope you don’t get the same hassle as me when you go through the renewal process. In fact have a whisky on me.

Cheers

[Max_Headroom]

I rang my insurer and they matched the lowest quote i got on the comparison sites  the  lowest quote on the comparison site didn't include breakdown cover and a few other important things so i decided to stay with them,  its cost me £100 more to be on the same policy i was on last year, robbing barstewards.

[Obsidian Estate]

I have max no claims, and zero points. Last year I paid under £300 for my 2.0 Corolla, my renewal came in at over £500. Clearly no plans on paying that. I ended up back with who I used for my GT86, Chris Knott. Paid £318.

[Jimota]

It really is a bit of a lottery.  Drivers who have been loyal, honest and continued to be valued customers are no longer wanted by the insurers who only want people who are naive enough to pay their over inflated prices.  Can you imagine if every business in the country put their prices by 80%.  

[jthspace]

3 hours ago, Jimota said:

It really is a bit of a lottery.  Drivers who have been loyal, honest and continued to be valued customers are no longer wanted by the insurers who only want people who are naive enough to pay their over inflated prices.  Can you imagine if every business in the country put their prices by 80%.  

Have you been shopping lately? 😂 🤣 🥲 

[Rhymes with Paris]

3 hours ago, Jimota said:

It really is a bit of a lottery.  Drivers who have been loyal, honest and continued to be valued customers are no longer wanted by the insurers who only want people who are naive enough to pay their over inflated prices.  Can you imagine if every business in the country put their prices by 80%.  

I thought that they already had.

My favourite turnips have jumped from 15p a kilo to 28p in the space of 8 months.

[FROSTYBALLS]

Article from Sky News dated June 2023:

https://news.sky.com/story/why-has-the-price-of-car-insurance-gone-up-so-much-12910284

[Berisford]

2 hours ago, FROSTYBALLS said:

Article from Sky News dated June 2023:

https://news.sky.com/story/why-has-the-price-of-car-insurance-gone-up-so-much-12910284

You have to laugh at the 'advice' to possibly bring down your premium - puts me in mind of some 20 - 40 years ago when tips for reducing your fuel consumption always included 'remove your roof rack' and ' take that concrete slab out the boot'..............😀

[Max_Headroom]

Wow glad they told us that we wouldn't have worked that out for ourselves 🙄

Quote

In the meantime, there are ways insurers can get around the ban on premium loyalty - so speaking to your provider to negotiate by phone or online will likely result in a cheaper quote than "auto-renewing".

You can do this by using a comparison site.

Adding experienced named drivers with no previous claims can help bring your quote down - as can insuring more cars with the same provider.

Finding a secure place to store your car at night, or adding a security system or tracker, will also make claiming for theft and damage less likely, which can reduce what you're offered.

And paying annually - as opposed to monthly - will be cheaper as you will avoid paying interest.

 

[Jimota]

Didn’t work for me.

[Big_D]

On 8/19/2023 at 3:41 PM, Jimota said:

 Hope you don’t get the same hassle as me when you go through the renewal process. In fact have a whisky on me.

Thanks @Jimota. I did, and it was most enjoyable.

I received an email yesterday with my policy documents for my motorbike. My premium has gone DOWN !!!!!. Only by £24.00 per year, but still a decrease. I'm happy 😀 

[Lawnmowerman]

On 8/19/2023 at 3:41 PM, Jimota said:

Bob, I’m going to have a second whisky as the car is locked and put away for the rest of the weekend.  Don’t usually drink in the afternoon but insurance companies have this effect on me.  Hope you don’t get the same hassle as me when you go through the renewal process. In fact have a whisky on me.

Cheers

Life's too short for grain whiskies - I hope you have a fine malt 😂