The Caretakers' Forum

Anyone needing to renew their car insurance soon may be in for a bit of a shock. Granted I live in London in one of the worst areas for car thefts, but quotes I’ve gotten online from the many “Compare” websites are all more than 40% more expensive than last year.

Has the many luxury car thefts car park fires and apparent nonexistence and long wait for replacement parts forced up everyone’s premiums, or are insurance companies and shareholders just greedy for profits?

Keyolder wrote: ↑23rd Mar 2024 at 2:36pm Anyone needing to renew their car insurance soon may be in for a bit of a shock. Granted I live in London in one of the worst areas for car thefts, but quotes I’ve gotten online from the many “Compare” websites are all more than 40% more expensive than last year.

Has the many luxury car thefts car park fires and apparent nonexistence and long wait for replacement parts forced up everyone’s premiums, or are insurance companies and shareholders just greedy for profits?

I think it is a combination of both. But once the charges have gone up, they never go back down. I guess they aren't making so much money since the government stopped their tricks like stepping for existing customers and one time special offers for new insurers.

Mine went up almost 50% so I shopped around and got the same cover with another company for about £20 more. Absolutely ridiculous to expect people to shell out so much more.

being of a "certain age" i was able to get insured with Saga.. great prices and a fixed rate with no change whatsoever for three years. I am now on year four and the rise was £7 (now fixed for three years again)

Because I have ridden motorbikes for 50 years my NCB is quite good! but getting a car 3 years ago my NCB on a bike doesn`t count but if I`d had a claim on my bike it would count against car insurance
Bike insurance went down by £10 last year car insurance I don`t know as I changed cars but it is currently 4 x that of my bike!

I live in (not so)greater London and mine has gone up £90. Tried various sites but my current insurer worked out the best.

I've heard that the increased costs are to the repair costs of EVs due to the cost of the battery and surrounding impact protection of it.

Gigantor wrote: ↑26th Mar 2024 at 5:00pm I've heard that the increased costs are to the repair costs of EVs due to the cost of the battery and surrounding impact protection of it.

So us car users premiums are going up because it costs more to repair other peoples vehicles.

I have a novel and fair solution. The first years of driving you prove yourself until you get to the point that the insurance company trusts you and sets it at that premium. Then every year you go without incident the premium stays the same, irrelevant of what the Tesla driver next door does.

Gigantor wrote: ↑26th Mar 2024 at 5:00pm I've heard that the increased costs are to the repair costs of EVs due to the cost of the battery and surrounding impact protection of it.

Even just removing an EV from a crash is eye wateringly expensive If there is any chance of the battery burning or shorting then the whole vehicle is put into a tank of water and submerged, resulting in a total loss of the vehicle and an environmental nightmare to dispose of it and the water within it.

https://www.aaa-roadrescue.co.uk/copy-o ... assistance

This and many other factors are resulting in much higher insurance premiums

Vera wrote: ↑26th Mar 2024 at 5:23pm This and many other factors are resulting in much higher insurance premiums

One of my neighbours had his 21 plate Mini damaged probably in a car park. The rear bumper was dented and pushed in, a dent with paint damage to a rear quarter plus a lens cluster was smashed.
He got a quote from a crash repair centre of almost £2000

I think these crash repair centres are greedy for profits. He’s not putting it through his insurance but if he did there would also be the insurance assessors time, case and document processing plus the hire car to pay for.

He’s decided to repair it himself with parts from a breakers yard, some filler and a paint rattle can.