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2024 Insurance Costs
- Thread starter yessuz
- Start date
Jonnymack74
Member
I never said I couldn't afford it. For people who cannot it will be the only option for them. For some people it will mean public transport only, which in this country is dreadful.
People are being priced off the roads, not for real good reasons, but for greed, which is my point.
My other point, which was not a rant was that this is a legalised racket. All it would take is someone with the right backing to set up insurance competition and force all others to bring prices down. Whoever did it would have a very successful business.
This goes on in lots of different areas of life. It wasn't long ago supermarket's were accused of price fixing to benefit them all. Kicking up a stink brings attention to it.
You're "I'm alright jack, I can afford it" comment is quite frankly, proper tory behavior.
How many of us get the phishing phone calls asking if we've been injured in a car accident? And would it surprise people to know that a main source of the phone number details is the insurance companies themselves? It is merely one factor but creating claims for personal injury is a major peeve of mine and these claims get paid for by all motorists in the form of higher insurance premiums. Yet another insidious spill-over from the litigious USA!
So if it really is as easy as you say for someone to disrupt the motor insurance world and have themselves a successful, profitable business, why has no one done this I wonder?
I've been called many things in my life but never a 'proper tory'!
As for the "I'm alright jack..." quote you so kindly attribute to me....could you point me at where I said this please?
However, you do strangely appear to agree with me in the initial paragraph of your post - if you can't afford the insurance, you have no choice but get a cheap car to insure of throw yourself to the mercy of public transport!
I prefer 'proper pragmatist.
The big IT companies have tried and failed.
Off the top of my head:
Amazon looked at doing car insurance - but then downgraded it to a comparison option instead, though they now do home insurance compare only.
Facebook also dabbled in the market a few years back, but never went any further than some "quick quote" engine in which they offered to share certain data with insurance companies from your profile to generate a quote. They later went on to deny such a thing was their plan when it was leaked to the press and threw the insurance companies under the bus claiming that they did it without their knowledge.
IMO by higher driving standard and policing (idiots on their phones, drug and drink driving, speeding, driving clapped out cars - I mean come on, I can count 10+ cars every time I go out for a drive at night with lights not working - if you can't afford a £5 bulb how's your brakes, tyres and other parts?) - if there is ultimately less accidents, then there are less payouts on insurance which means the costs for all should come down surely?
My thought being, some insurance companies were happy to make refunds to customers during Covid lockdowns - less accidents, because less people driving = less costs.
mikemillar
Member
Despite having 9 years NCB and rural, LV have just declined to insure my Model S again on my multi car policy! It seems they are no longer prepared to Tesla's. Looking back through posts on insurance I see that Direct Line are said to be Tesla 'Partner' insurers so I plan to give them a try unless anyone has better suggestions. The Admiral policy sounds a bit doubtful.
Could you clarify the insurers greed comment?
UK motor insurers reported a loss-making Net Combined Ratio (NCR) in 2022 of 109.5%. Worst performing year in a decade.
My insurance on an Admiral Multicar policy with my car and my wife's car is due 1st March. Being a good MoneySavingExpert citizen I start today to look for quotes, but first I login to my Admiral account to have a laugh - sorry, look - at their renewal offer. Last year £930, this year £1210; a 30% increase, which is less than I expected. Obviously I'll still hunt around and compare with other offers, even if to try and get the Admiral renewal cost down.
mikemillar
Member
Thanks guys, perhaps I'll try Admiral multi car as well. My last year's LV multi car was about the same as ajmoor's Admiral one, although I have 2 very low mileage per year ICE's as well as the Model S.
Billbrown1982
TM3 LR 2021 | Red | FSD
I'm actually a little annoyed at myself. I did the insurance dance as close to the magic number of days before renewal as I could, but it had to be a weekend as during the week I just don't get the time, and I bought 2 new policies on Sunday.
Come wednesday and I get my renewals through for both and they were, actually, about £50 cheaper per policy.
But by the time I faff around and cancel the new ones and pay their admin fees, its not worth the bother. This is the first time in as many years that I can remember ever getting better renewal prices than taking out new policies though.
Come wednesday and I get my renewals through for both and they were, actually, about £50 cheaper per policy.
But by the time I faff around and cancel the new ones and pay their admin fees, its not worth the bother. This is the first time in as many years that I can remember ever getting better renewal prices than taking out new policies though.
Pink Duck
Active Member
From Citizens Advice: “You may want to cancel an insurance policy if you have just bought it and have changed your mind. By law, you have a minimum 14-day cooling-off period during which you can cancel the policy for any reason.” - though that doesn't stop being charged a ‘small admin fee’ sadly.
Also puzzled, renewal letters/emails normally arrive 21 days before renewal. The optimal time frame for quotes is 23 +/- 3 days (or in my case 19/18 days). No need to accept a quote early as most come with 30 days to accept.
Also puzzled, renewal letters/emails normally arrive 21 days before renewal. The optimal time frame for quotes is 23 +/- 3 days (or in my case 19/18 days). No need to accept a quote early as most come with 30 days to accept.
Billbrown1982
TM3 LR 2021 | Red | FSD
I noticed both this year and last year that my renewals were quite late to show up. Tinfoil hat me says its intentional.
Cardo
Active Member
The joys of insurance in our amazing modern times. I was absolutely not looking forward to our renewal as our first three years of ownership cost around £400, £700 and then £1050, last year 
. Amazingly, this year our cover has dropped to around £850, including a small discount from the multicover policy. We’ve been with Admiral since the start, seeing as nobody else can even get close.
. Amazingly, this year our cover has dropped to around £850, including a small discount from the multicover policy. We’ve been with Admiral since the start, seeing as nobody else can even get close.Ok, so not 8000, got sorted for "only 4000" after a gazillion hours on the phone with various companies.
A Model 3 LR is in "group 50", a non-LR regular is in "group 48", and I don't have a ton of "insurance experience" - and was getting refusals everywhere.
FWIW, in my case I went with evinsurance.ie (power insurances) - very prompt and pleasure to deal with compared to a gazillion other companies I ended up calling, my SO found them mentioned on a random Facebook group, and I ended up giving them a call. QuoteDevil were also very nice but not the cheapest. All you lot will surely get better prices than I did .. in my case they saved me 4 grand, which is ridiculous.
A Model 3 LR is in "group 50", a non-LR regular is in "group 48", and I don't have a ton of "insurance experience" - and was getting refusals everywhere.
FWIW, in my case I went with evinsurance.ie (power insurances) - very prompt and pleasure to deal with compared to a gazillion other companies I ended up calling, my SO found them mentioned on a random Facebook group, and I ended up giving them a call. QuoteDevil were also very nice but not the cheapest. All you lot will surely get better prices than I did .. in my case they saved me 4 grand, which is ridiculous.
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