Insurance has gone up to £900

[Pitstop Penny]

Our insurance is up for renewal end of August. It’s currently £500 with LV and they want £900 moving forward. An 80 per cent increase.

Feels like a bit of a joke, given nothing has changed. We’ve not even claimed in over a decade. And Compare The Market is saying it’s competitive

Is anyone experiencing similar? Any luck elsewhere? Going to give AIB a call today. See what they say.

Gosh, the joy really is being sucked out of life at the moment isn’t it!

 

[Boomer]

We're with Comfort who have been the most competitive for the last 2 years. Went up slightly a couple of months ago from £320 to £340 - covers for the usual plus business mileage (T6.1 Coast). Full NCB and I'm almost 50yrs.

But I've seen that insurance costs are going up loads across the board. I think it's something to do with some manufacturers having difficulty getting parts for repairs and leading to excessive hire car costs due to cars being off the road for longer. I therefore wonder if insurers are seeing hits to their profits and clawing it back from all customer types irrespective of claims history.

 

[Stu@rt]

Another vote for Comfort. Just renewed our Coast for £416. Up from around £360 last year. Business use as well.

 

[Meoncoast]

My AIB renewal quote up considerably this renewal quote.

 

[Ozzy Pete]

Another one of the joys of owning a vehicle. Added to the ULEZ if you live anywhere near a city And 20mph limits coming in middle of September in Wales.

 

[Elmo3]

Adrian Flux renewal went from 218 to 256. Quite a % hike but still cheap.

 

[Pitstop Penny]

Thanks everyone. We live in the city burbs. So I can appreciate ours is slightly more expensive than others living elsewhere. But an 80 per cent increase. They're having a laugh! Going to try Comfort, thanks for the tip! And god speed to you all.

 

[Corradobrit]

And 20mph limits coming in middle of September in Wales.

I actually think this a good idea. Traveling through France recently, many of the smaller towns and villages imposed a 30km per hr (19mph) in critical sections going to 50 km per hr when safer.

 

[Ozzy Pete]

I actually think this a good idea. Traveling through France recently, many of the smaller towns and villages imposed a 30km per hr (19mph) in critical sections going to 50 km per hr when safer.

In Wales all built up areas will be 20 mph. The road I live on which in the countryside with relatively few houses has gone from 60 mph down to 20 mph.. it seems that anywhere there is a house the speed limit has gone down to 20mph. This is going to be an incredible money spinner for the welsh government. There are so many roads going down to 20mph that eventually everyone in Wales will have points on their licence.

 

[Johnny Rocket]

Thanks everyone. We live in the city burbs. So I can appreciate ours is slightly more expensive than others living elsewhere. But an 80 per cent increase. They're having a laugh! Going to try Comfort, thanks for the tip! And god speed to you all.

Our annual policy costs with LV:

new California Ocean, ex-factory Aug-21 - Surrey, 2 drivers, no record, SD&P, PNCB, 6000miles

2021-22 £228 new policy - online quote confirmed by phone (I didn't believe it!)
2022-23 £208 renewal - with no bargaining
2023-24 £305 renewal quote
£290* requote after calling to request a premium improvement

now underway with shopping around elsewhere . . .
. . . quotes from others:

£547 Adrian Flux - new quote
£577 Comfort - new quote

Looks like LV are still pretty damned competitive, but have maybe decided to progressively realign with the general market . . . ?

Who else has anyone found to be competitive with LV recently I wonder?


(all my other policies had big hikes at renewal this year - Adrian Flux did an instant price-match on our home ins. when I did a market compare, reducing the renewal premium by £150!)

 

[Pitstop Penny]

Our annual policy costs with LV:

new California Ocean, ex-factory Aug-21 - Surrey, 2 drivers, no record, SD&P, PNCB, 6000miles

2021-22 £228 new policy - online quote confirmed by phone (I didn't believe it!)
2022-23 £208 renewal - with no bargaining
2023-24 £305 renewal quote
£290* requote after calling to request a premium improvement

now underway with shopping around elsewhere . . .
. . . quotes from others:

£547 Adrian Flux - new quote
£577 Comfort - new quote

Looks like LV are still pretty damned competitive, but have maybe decided to progressively realign with the general market . . . ?

Who else has anyone found to be competitive with LV recently I wonder?


(all my other policies had big hikes at renewal this year - Adrian Flux did an instant price-match on our home ins. when I did a market compare, reducing the renewal premium by £150!)

Gosh, why is ours so damn expensive?

 

[18ME]

Two of our cars our up for renewal next week which are with esure.

Audi A6 was around £300 - renewal around £550
Audi R8 was around £330 - renewal around £950

Nearly a 300% increase on the R8 and shopping around is about the same price with the ones that will actually insure it, many won’t. I called them to check the renewal price and explain why such an increase and all I got was that all insurances have gone up and couldn’t or wouldn’t say why so much.

I’ve got the R8 for sale and really hoping I can sell it within the next 6 days but will obviously have to insure it in order to keep it on cover until it’s sold which is very annoying at that price.

I haven’t got the Cali yet but should be around early Oct when I get delivery. So I did however get a decent multi-car policy with the A6 from next week and the Cali added from the 2nd Oct. I just guessed a date but can change this when I actually know from the dealer. I also couldn’t take the policy out and pay without having a registration number which I obviously haven’t got yet so I ordered a cherished plate from DVLA

Anyway the policy came out at £533 with LV for both which I was very happy about because most quotes elsewhere for the Cali when I checked we’re around £1000.

 

[Corradobrit]

I was listening to the Today program this morning and one of the reports was about this insurance hike situation. The explanation provided was that the insurance industry as a whole paid out more than 10% than it got in through premiums last year. This is their attempt to claw back those losses and then some.

 

[vmaxkiddy]

Two of our cars our up for renewal next week which are with esure.

Audi A6 was around £300 - renewal around £550
Audi R8 was around £330 - renewal around £950

Nearly a 300% increase on the R8 and shopping around is about the same price with the ones that will actually insure it, many won’t. I called them to check the renewal price and explain why such an increase and all I got was that all insurances have gone up and couldn’t or wouldn’t say why so much.

I’ve got the R8 for sale and really hoping I can sell it within the next 6 days but will obviously have to insure it in order to keep it on cover until it’s sold which is very annoying at that price.

I haven’t got the Cali yet but should be around early Oct when I get delivery. So I did however get a decent multi-car policy with the A6 from next week and the Cali added from the 2nd Oct. I just guessed a date but can change this when I actually know from the dealer. I also couldn’t take the policy out and pay without having a registration number which I obviously haven’t got yet so I ordered a cherished plate from DVLA

Anyway the policy came out at £533 with LV for both which I was very happy about because most quotes elsewhere for the Cali when I checked we’re around £1000.

You should be able to insure the R8 with a fire, theft and accidental damage policy if you can keep it off road. You won’t find them on comparison sites. Carole Nash do them.

 

[Ozzy Pete]

I was listening to the Today program this morning and one of the reports was about this insurance hike situation. The explanation provided was that the insurance industry as a whole paid out more than 10% than it got in through premiums last year. This is their attempt to claw back those losses and then some.

But did the today program say that CEOs of insurance companies were awarding themselves multi million £ salaries in spite of them actually making a loss. Can that be justified?

 

[WelshGas]

But did the today program say that CEOs of insurance companies were awarding themselves multi million £ salaries in spite of them actually making a loss. Can that be justified?

Yes.
1. CEOs rarely if ever decide on their own remuneration, normally the Board and shareholders, if not an independent remuneration committee decide that.
2. A company maybe exposed to losses outside their control and the CEO has been able to minimise those losses due to efficiency savings or work practice changes leading to a profit in years to come.
In 2019 no one foresaw Covid, the war in Ukraine and everything that followed. Many businesses made losses and a good CEO and management team would work to minimise these losses. They may not have been able to eradicate those losses but minimise them and if the shareholders agree they have done more than was anticipated, hence salary increases or bonuses.
These businesses work for the shareholders not the customers but they must be able to keep the customers coming back. A tightrope scenario for many businesses.
It's the CEOs of charities, Public bodies and various quangos that I have a problem with. They are working for their " shareholders " the Public, and yet we have no say in their remuneration, likewise the Civil Service, NHS, Councils etc. No one in those positions should be earning more than the Prime Minister.

 

[18ME]

You should be able to insure the R8 with a fire, theft and accidental damage policy if you can keep it off road. You won’t find them on comparison sites. Carole Nash do them.

I did get one quote off one of the comparison sites just for TPF&T and it was £9995 so guessing they weren’t really offered any more. I’ll have a look at Carole Nash, thanks

 

[vmaxkiddy]

I did get one quote off one of the comparison sites just for TPF&T and it was £9995 so guessing they weren’t really offered any more. I’ll have a look at Carole Nash, thanks

TPF&T has been way more expensive than FC for quite a number years now. Storage insurance is quite a reasonable price, I have a few motorcycles insured this way.

 

[Kernowboy]

Comfort increase was less than £10 for us last month, very reasonable.
There seems to be a fair few who find LV to be cheapest for them but they have consistently been 50% more expensive than Comfort for us; I guess it just depends on how underwriters risk profiles sit against your own personal circumstances.
Have been really impressed with Comfort over the last 6 years and the 48hr thing hasn’t caused us any issues, a quick phone call has agreed cover at no cost every time.

 

[Grigio Van Grigio]

Two of our cars our up for renewal next week which are with esure.

Audi A6 was around £300 - renewal around £550
Audi R8 was around £330 - renewal around £950

Nearly a 300% increase on the R8 and shopping around is about the same price with the ones that will actually insure it, many won’t. I called them to check the renewal price and explain why such an increase and all I got was that all insurances have gone up and couldn’t or wouldn’t say why so much.

I’ve got the R8 for sale and really hoping I can sell it within the next 6 days but will obviously have to insure it in order to keep it on cover until it’s sold which is very annoying at that price.

I haven’t got the Cali yet but should be around early Oct when I get delivery. So I did however get a decent multi-car policy with the A6 from next week and the Cali added from the 2nd Oct. I just guessed a date but can change this when I actually know from the dealer. I also couldn’t take the policy out and pay without having a registration number which I obviously haven’t got yet so I ordered a cherished plate from DVLA

Anyway the policy came out at £533 with LV for both which I was very happy about because most quotes elsewhere for the Cali when I checked we’re around £1000.

There are numerous posts about seemingly very low premiums that have gone up significantly but when checked against price comparison websites, it’s been competitive. Suggests the premium you did have was too low (sometimes insurers get their algorithms wrong, or their underwriting approach and correction is needed). There are as many posts with minimal increases. You could decide to feel luck to have had the insurance so cheap in the past!

 

[Corradobrit]

It costs me 733 quid to fully insure my MY23 Coast in Germany. Some NCD was applied from 10 years claim free driving in the USA. 500 Euro deductible. You UK owners have had it good for a while.