-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
2024 Insurance Costs
- Thread starter yessuz
- Start date
My turn to add to the annual (anal?) pain club:
2023 insurance: £1,319.19
2024 insurance: £1,561.73
An increase of 18.3%
Admiral have "upgraded" me to their Gold Tier club without my asking. I have to contact them to stay on my current policy tier (sneaky f*cks) which I’m assuming will bring the premium down but not sure by how much.
Thieves, the lot of 'em!
2023 insurance: £1,319.19
2024 insurance: £1,561.73
An increase of 18.3%
Admiral have "upgraded" me to their Gold Tier club without my asking. I have to contact them to stay on my current policy tier (sneaky f*cks) which I’m assuming will bring the premium down but not sure by how much.
Thieves, the lot of 'em!
Its all a game driven by greed with copious amounts of subterfuge and semantics plus a good dose of insurers discriminating by ignoring the Equalities Act.
A computer calculates premiums based on an algorithm and staff selling the policies are kept in the dark how it all works on a "they don't need to know basis" There is a "chancer" premium and a real premium - Real premium is only offered to those who object to the chancer first quote premium if the company wishes to retain them as a customer.
The insurer really cant be arsed to speak to the customers and outsource a call centre somewhere abroad because its cheap.
The ideal customer is of course a safe driver, no claims, so each year the call centre computer sends a reminder for renewal, receives payment and a pro-forma letter is automatically emailed inviting the customer to download and print out their policy and other documents. Claim free customers just hand over money each year - its 100% profit
The semantics - The policy whereby they advertise - "If your involved in an accident with an uninsured driver you don't loose your NCB" this makes you believe its penalty free - They fail to mention they raise the premium.
Subterfuge - Your car is damaged whilst parked up and your not with the vehicle, or the other party in an accident admits full responsibility - so you are blameless. Even though its illogical, they raise your risk score - that increases your premiums for a minimum of 3 years and usually 5, they will not declare that premium increase as a value because you would be able to add that amount to your claim as "damages" and the call centre staff have no access to the risk score or algorithm - so they tell you it doesn't affect your premium. (and usually hide behind the line - insurance increases each year in line with inflation)
Premium rises we are told is also based on the number of claims made overall against the company and the value of those claims - but they keep their mouths shut about their activities regarding ambulance chasers contacting those who have had an accident in order to promote an injury claim and create a big increase in the claim costs. How do you think these claims company get the accident details in the first place? - yes supplied by the insurers themselves.
The law was changed in 2012 to stop insurers selling claims details to law firms - The sales made big money. Admiral made £18 million in 2012 selling these details. When the law banned that practice the insurers didn't stop doing it - they bought out law firms and made them part of the business - and businesses can share details within itself. Admiral for instance bought out Aegis Law.
The equalities Act - irrespective of whether you agree with it or not, specifically outlaws discrimination based on personal characteristics - but doesn't apply to insurers. Risks are based using personal characteristics, Age, marital status, where you live, occupation etc.
A computer calculates premiums based on an algorithm and staff selling the policies are kept in the dark how it all works on a "they don't need to know basis" There is a "chancer" premium and a real premium - Real premium is only offered to those who object to the chancer first quote premium if the company wishes to retain them as a customer.
The insurer really cant be arsed to speak to the customers and outsource a call centre somewhere abroad because its cheap.
The ideal customer is of course a safe driver, no claims, so each year the call centre computer sends a reminder for renewal, receives payment and a pro-forma letter is automatically emailed inviting the customer to download and print out their policy and other documents. Claim free customers just hand over money each year - its 100% profit
The semantics - The policy whereby they advertise - "If your involved in an accident with an uninsured driver you don't loose your NCB" this makes you believe its penalty free - They fail to mention they raise the premium.
Subterfuge - Your car is damaged whilst parked up and your not with the vehicle, or the other party in an accident admits full responsibility - so you are blameless. Even though its illogical, they raise your risk score - that increases your premiums for a minimum of 3 years and usually 5, they will not declare that premium increase as a value because you would be able to add that amount to your claim as "damages" and the call centre staff have no access to the risk score or algorithm - so they tell you it doesn't affect your premium. (and usually hide behind the line - insurance increases each year in line with inflation)
Premium rises we are told is also based on the number of claims made overall against the company and the value of those claims - but they keep their mouths shut about their activities regarding ambulance chasers contacting those who have had an accident in order to promote an injury claim and create a big increase in the claim costs. How do you think these claims company get the accident details in the first place? - yes supplied by the insurers themselves.
The law was changed in 2012 to stop insurers selling claims details to law firms - The sales made big money. Admiral made £18 million in 2012 selling these details. When the law banned that practice the insurers didn't stop doing it - they bought out law firms and made them part of the business - and businesses can share details within itself. Admiral for instance bought out Aegis Law.
The equalities Act - irrespective of whether you agree with it or not, specifically outlaws discrimination based on personal characteristics - but doesn't apply to insurers. Risks are based using personal characteristics, Age, marital status, where you live, occupation etc.
garycat
Member
April 2023 premium was £420 with Churchill. Just had a quote with Admiral for £498 so a 18.5% increase.
2021 M3LR, safe area, 58 years old, retired.
I was considering whether to add breakdown cover, but Tesla handles that while in warranty doesn't it?
2021 M3LR, safe area, 58 years old, retired.
I was considering whether to add breakdown cover, but Tesla handles that while in warranty doesn't it?
Tesla breakdown is only for warrantyable issues (a 3rd party breakdown is likely to be useless for an EV in those cases anyway). For more mundane things like tyres though wise to have your own.
I got mine through green flag for virtually nothing.. Insurance would have charged quite a bit more to add it.
I got mine through green flag for virtually nothing.. Insurance would have charged quite a bit more to add it.
Pink Duck
Active Member
Use the new purchase price since you probably want a policy that will replace with new if something should happen over those first 12 months.
garycat
Member
If the car is written-off the insurance company will decide the value. You can get gap insurance to cover the difference, but don't get this from a dealer as they add commission. An independent gap insurance provider will be cheaper.
Pink Duck
Active Member
Most first-year insurance for brand new comes with New Car Replacement, not based on valuation.
They may offer a cash valuation payout as an alternative. Gap insurance is fine for years after that until the fifth.
They may offer a cash valuation payout as an alternative. Gap insurance is fine for years after that until the fifth.
pretty amazed was expecting much more with all the massive increases mentioned in here. I’m actually staying with Admiral £30 more expensive. This all inc legal/windscreen/legal protection/breakdown and matching courtesy car. Also it’s for business use as well.
Jason71
Well-Known Member
most of the issues I think are around repair costs so if you live somewhere where accidents are rarer i.e. out of a major city then I think you are much less likely to see big hikes. Guessing not much to hit on the moon though supplying a hire car could be very expensive
Personally I am paying less for my MY now than I was paying for an M3 in 2019 and I am not at an age where insurance goes down every year sadly.
Also maybe with the horrendous spate of thefts occurring around some other brands which thus far Tesla seem to be virtually immune from
maybe they don't look like such a bad risk to insure after all.Yeah, I live in small market town, half an hour away from city and had 40% hikemost of the issues I think are around repair costs so if you live somewhere where accidents are rarer i.e. out of a major city then I think you are much less likely to see big hikes. Guessing not much to hit on the moon though supplying a hire car could be very expensive
Personally I am paying less for my MY now than I was paying for an M3 in 2019 and I am not at an age where insurance goes down every year sadly.
Also maybe with the horrendous spate of thefts occurring around some other brands which thus far Tesla seem to be virtually immune from
Jason71
Well-Known Member
Law of averages ?
somewhere on this forum I read about calculating averages and how average includes both minimum and maximum - so confusing what is the point of average if it doesn’t include that?
Pink Duck
Active Member
I've seen GoSkippy before, typically cropping up at the desperate broker call stage 
Often had quotes from them around £2,790 mark, so to get one that low seems a bargain to me.
QuoteZone offered really poor results this year too, the lowest I received was £1,267.10.
I ended up with £442 through Admiral, like many others.
Often had quotes from them around £2,790 mark, so to get one that low seems a bargain to me.
QuoteZone offered really poor results this year too, the lowest I received was £1,267.10.
I ended up with £442 through Admiral, like many others.
Similar threads
