2024 Insurance Costs

[M00cow]

<controversial>

Just putting it out there, but how many people would be prepared to have their cars acceleration and top speed locked down if it gave them a significant discount on their vehicle insurance?

I am sure there are many people who didn’t buy their Tesla for its performance and would quite happily trade some of that potential for a significant cut in insurance premium.

</controversial>

I don't see why not - it's a pretty standard thing on motorbikes - power levels are only available on passing certain licenses or age of the driver/rider. Carrying passengers only with full licenses etc.
I still don't understand why this isn't a thing on cars...

 

[MrT3]

<controversial>

Just putting it out there, but how many people would be prepared to have their cars acceleration and top speed locked down if it gave them a significant discount on their vehicle insurance?

I am sure there are many people who didn’t buy their Tesla for its performance and would quite happily trade some of that potential for a significant cut in insurance premium.

</controversial>

I don’t think it is the performance that is the contributing factor here (once you are over a certain age and have built up a history of no claims), it’s the cost to repair (both parts cost and availability).

 

[Pink Duck]

It wouldn’t magically lower the ABI Group Rating, which is the main determiner for performance-related premium hikes.

 

[WllXM]

I would welcome Tesla Insurance on our shores. The British Insurers cartel is the first one that needs to be broken down in Europe. At least I would be curious to see what my premiums would look like using their huge database of blackboxes on the fleet...

After all if Land Rover had to jump into the business to salvage the poor theft rating of their cars in London, so can Tesla to fix the pricing anomaly for EVs..

 

[Adopado]

I would welcome Tesla Insurance on our shores. The British Insurers cartel is the first one that needs to be broken down in Europe. At least I would be curious to see what my premiums would look like using their huge database of blackboxes on the fleet...

After all if Land Rover had to jump into the business to salvage the poor theft rating of their cars in London, so can Tesla to fix the pricing anomaly for EVs..

It would also make Tesla even more aware (than they are already are) about the benefits of economic repairability and the need for speedy parts availability. It could be a good thing generally for manufacturers to "feel the pain" of slow expensive repairs to their vehicles. Presently they can design a car without a care because someone else is going to pick up the bill.

 

[wlight1]

I go to the Admiral web portal. Renewal is £940

I decline. The website says, ok how about £801

I decline and it says we’d hate to see you go, how about £666

What a bloody waste of everybody’s time and effort. At least I could do it all online in a few minutes instead of the usual age on hold and then haggling with the agent.

Insurance really is like dealing with barrow boys nowadays.

My Admiral quote came through today, 50% higher than last year. Just tried this online and it went through cancelling the renewal, with no difference in the price.

 

[Roy B]

Amazing how this varies. I just looked on the comparison sites a couple of weeks ago to find out what I'm likely looking at at my next renewal, given all the talk of rates increasing across the board (my renewal's not due until June).

I paid around £1,500 last year with Privilege (Churchill brand), give or take, but that seems to be about par for the course for inner London postcodes. (Also have relatively few years NCD due to being car free for a number of years, but, experimenting with the quoters, more NCD wouldn't make a huge difference in my case.)

Privilege and Churchill were asking somewhat more than last year; Admiral was around £1,000 which I thought was surprising good for inner London.

Of course, come June, who knows what prices the random number generators will be spitting out ...

 

[Roy B]

Is there a break down of models/ages for that number?

I'm guessing most will be pre-refresh model S/X (before phone key). As the traditional (rather than Bluetooth) keys make relay attacks far easier. Plus, I'm led to believe, the older S/X (maybe only MCU1?) have a known PIN-to-drive bypass.

 

[NewbieT]

My Admiral quote came through today, 50% higher than last year. Just tried this online and it went through cancelling the renewal, with no difference in the price.

The FCA [not] having an impact then.

FCA confirms measures to protect customers from the loyalty penalty in home and motor insurance markets

The FCA has implemented a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. This includes new rules so that renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers.

www.fca.org.uk

 

[Jason71]

The FCA [not] having an impact then.

FCA confirms measures to protect customers from the loyalty penalty in home and motor insurance markets

The FCA has implemented a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. This includes new rules so that renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers.

www.fca.org.uk

They have found ways around that. All they have to do is change the policy a bit and then the (cheaper) policy they are offering to new customers is not the same product that they are quoting you to renew so the rules don't apply. Stuff like that.

 

[Durzel]

<controversial>

Just putting it out there, but how many people would be prepared to have their cars acceleration and top speed locked down if it gave them a significant discount on their vehicle insurance?

I am sure there are many people who didn’t buy their Tesla for its performance and would quite happily trade some of that potential for a significant cut in insurance premium.

</controversial>

Don't think that's controversial. I know supercar acceleration is a Tesla party piece (and some other EVs) but it does also put the cars out of reach of anyone who is too young and/or hasn't had experience of powerful cars.

Sadly I don't think the 48-50 insurance group is just a result of the performance, it has a pretty poor Thatcham rating too, and of course the infamous parts costs & delays.

 

[Pink Duck]

Fun fact: While public get group ratings 1–50, behind the scenes there are insurer-only ratings that go to 200 to help disaggregate those in Group 50.

 

[Zilla91]

In a hilarious turn of events, I've managed to insure both the Model 3 and Y with Admiral Platinum for less than what Direct Line wanted to renew the Model Y for. Absolute madness.

 

[M00cow]

Don't think that's controversial. I know supercar acceleration is a Tesla party piece (and some other EVs) but it does also put the cars out of reach of anyone who is too young and/or hasn't had experience of powerful cars.

Sadly I don't think the 48-50 insurance group is just a result of the performance, it has a pretty poor Thatcham rating too, and of course the infamous parts costs & delays.

No you are right there - the group is made up of many factors - costs to repair, safety features (ABS - though that's pretty much standard now so probably not rated on except old cars, forward damage mitigation systems, occupant safety etc) but it does include the performance as a metric too.
It's part of Thatchams remit - Group Rating - Thatcham Research

 

[AnthonyLR]

In a hilarious turn of events, I've managed to insure both the Model 3 and Y with Admiral Platinum for less than what Direct Line wanted to renew the Model Y for. Absolute madness.

I think DL is losing a lot of Tesla customers. When I called them to say I was moving to Admiral the agent said lots of people had received huge renewal quotes and it was not just Tesla. There is takeover speculation surrounding DL and I wonder if they are just gouging their customers for a short-term profit hike to increase the share price prior to a sale. Obviously that is a very short term strategy, but appropriate if they are trying to maximise shareholder returns on a sale.

Direct Line rejects £3.1bn takeover offer from Belgian rival

British insurer says offer last month from Ageas was ‘highly opportunistic’, after shares surge on talk of bid

www.theguardian.com

 

[MB11]

Does anyone know if a windscreen replacement need to be declared as a claim whin trawling the comparison sites?

 

[Pink Duck]

It the comparison site supports windscreen/glass as a type of claim, then yes. Otherwise, no.

Always check the specifics on the policy they redirect you to as well and revise on day of quote.

 

[MrT3]

There is takeover speculation surrounding DL and I wonder if they are just gouging their customers for a short-term profit hike to increase the share price prior to a sale.

The business was loss making last year. They aren't necessarily trying to attract a buyer but they are looking to turn around the business with a new management team and what seems like a change in strategy from trying to win with low value volume based business to less volume/more profitable business.

 

[Tony Hoyle]

You'd have thought tesla owners would be fairly profitable.. we're used to paying a decent chunk of change for insurance and (at least based on this forum) not the reckless types. Admiral seem to think so..

 

[Timyoung84]

Was with DL last year, £1.1k Essex postcodes, just turn 40 and 13years NCB. This year renewal was £1.45k. Like most of the people, best renewal price is from Admiral (£1.1k)