Insurance troubles May 2023

[ACarneiro]

I very much suspect the whole macroeconomic environment (especially with the recent announcement of interest rate hikes) has a significant role to play.
I always viewed insurance companies more like economic machines that deal with risk, rather than risk-mitigation machines that make money on the side.

 

[Cardo]

I very much suspect the whole macroeconomic environment (especially with the recent announcement of interest rate hikes) has a significant role to play.
I always viewed insurance companies more like economic machines that deal with risk, rather than risk-mitigation machines that make money on the side.

Personally, I think there’s a healthy amount of price fixing going on. They’ve seen what the oil companies are up to and have decided they want in on the action. It’s not like the government are doing anything about it.
Curiously, insurance prices on the continent don’t appear to have skyrocketed like they have in the UK. Funny that.

 

[ACarneiro]

Personally, I think there’s a healthy amount of price fixing going on. They’ve seen what the oil companies are up to and have decided they want in on the action. It’s not like the government are doing anything about it.
Curiously, insurance prices on the continent don’t appear to have skyrocketed like they have in the UK. Funny that.

Well, yes. But the economic and legal frameworks in the UK seem less and less aligned with those of the continent (must not say the "B"-word, must not say the "B"-word) especially since Brexit (damn it!) so I'm not entirely sure that you can make a like for like comparison.

 

[WllXM]

I would welcome Tesla insurance in the UK. I'm not comfortable with all the data harvesting of my driving habits the car would do in the background and share with the mothership, but if I can get a decent quote out of it I'm actually willing to surrender a bit of privacy now...
Anything above £1000/year is excessive for a M3/MY vs the cost of the vehicle

 

[NewbieT]

I hate to break it to you. The mothership is getting all of that data anyway. Just drive your car and look at the app. It streams your location and speed. Car talks to mothership. App talks to mothership. Who know what the car sends that we don’t get to see, or what is processed and recorded.

 

[FastLaneJB]

Not sure it’s hire car costs for repairs but more that the cars have to be written off more than ICE cars after an accident. Anything that affects the battery pack is going to be a write off.

You’ve a combination of cars getting stiffer over the years which I suspect means an impact is likely to travel further into the frame of the car. Also Tesla removing parts and simplifying construction might be great for getting the purchase price down but it works in reverse when it comes to repairs. I can imagine once it gets to structural battery packs the cars are going to be close to disposable. Other than some slight scratches or a slight door ding it’ll be a write off.

Wonder if the solution to this is to accept that cars are becoming more disposable than repairable and work around it. Increase recycling, maybe you could sell refurbished cars like you get with laptops for instance that are guaranteed like new. Reuse battery packs for static storage means, etc. Maybe get rid of all the people in insurance companies trying to get out of a payout. Could just have car send Dashcam footage and even have an AI model to workout who was at fault. Reduce hire car costs by just getting you into a new car ASAP, easy with Tesla where choice is minimal, they could just take Tesla inventory cars.

I mean that probably doesn’t quite work of course but just saying I think it needs a reset and rethink with EV’s. They just aren’t as repairable as an ICE.

 

[Lokesh23]

I have Model Y LR and the cheapest quote I am getting is £3.6k from esure (never heard of them before). Admiral is quoting £5.6k, while Direct Line does not provide insurance in my location (IG10). Last year I paid £1.2k with Aviva car insurance who do not want to renew for a Tesla. I see insurance cost is a big issue for everyone, but the quote I am getting seem even crazier to me. I only have 3 year NCD as I have only lived in the UK for four years, not sure if this is the reason but open to hear if anyone has any other suggestions.
Thanks in advance!

 

[srichards]

Considering all the safety features in modern Teslas how are any of them having accidents?

 

[Pink Duck]

I have Model Y LR and the cheapest quote I am getting is £3.6k from esure

What level of voluntary excess and how many days until insurance start date are you using?

Any claim/accident history? Most basis premium discounts run to 5 years only, so while there will be some hit there doesn’t seem enough to justify thousands.

 

[C225]

I'm dreading August, after not having an accident since passing my test in 2004 in the last 8 months I've had 2 with the Tesla, the first an altercation with a Van pulling out in front of me who is still arguing i was pulling away too fast from traffic lights but i have a witness backing me up. The second with a Deer running out in front of me. Wiped out my NCD completely (For now anyway) as I somehow missed out checking the protected NCD box. Was £380 last year and i'm too scared to put the details in to see what it'll be this year

 

[WannabeOwner]

Considering all the safety features in modern Teslas how are any of them having accidents?

The problem is having someone else's accident

 

[Lokesh23]

What level of voluntary excess and how many days until insurance start date are you using?

Any claim/accident history? Most basis premium discounts run to 5 years only, so while there will be some hit there doesn’t seem enough to justify thousands.

£250 Voluntary Excess, no claim/accident history and insurance needs to start from 30th June. Have only held UK license for three years (been in the country only for 4.5 years) for which I have the NCD certificate from current insurer. Can’t find a justifiable reason for these absurd quotes.

 

[Whyone]

....Can’t find a justifiable reason for these absurd quotes.

As stated several times both on this thread and elsewhere in the UK section, difficulties sourcing parts for straightforward repairs have led to Tesla's being off the road for weeks, and in some cases months, with the car owners (through no fault of their own) racking up huge loan car bills.

Insurance companies are reacting to this in their premiums.

 

[Pink Duck]

Might be interesting to try a quote dated for 19 days ahead with higher voluntary excess (say £350) to see what that brings. Doesn't need to be much to justify getting short-term insurance to bridge the gap to save on the year.

 

[Mad Professor]

Mine is now up for renewal.
I am currently with Aviva at £531.44
The cheapest renewal was via Compare the Market with Churchill at £1183.98, that's a £652.54 from last year. ouch!

 

[Lord Farquad]

Mine is now up for renewal.
I am currently with Aviva at £531.44
The cheapest renewal was via Compare the Market with Churchill at £1183.98, that's a £652.54 from last year. ouch!

That’s pretty ridiculous

 

[notmeguv]

I’m about to start a business lease through ALD of a MYRWD and have run into the problem of the registered keeper being ALD means several insurers won’t even quote.

Admiral is the best quote from the mainstream insurers at around £800.

I’ve just tried Keith Michaels PLC and have been quoted for company car insurance at £1050. That would be in my Ltd company name so can be claimed as a business expense (whereas with Admiral I don’t think it could be a business expense). Taking that in to account, there’s not much in it.

 

[OneTinyFish]

My insurance on my M3LR is due for renewal in September. I've just gone through Chuchill's quotation form online.

Last year was:
M3LR
3 points (SP30)
September 2022: £337.01

This year, but on a Performance:
M3P
0 points (they fall off in August)
New Job Title
September 2023: £455.74 (+£118.73)

I did change my job title from Company Director to "Systems Analyst" as per the recommendation on MoneySavingExpert here: https://www.moneysavingexpert.com/insurance/car-insurance-job-picker/

I am on the Isle of Man, which possibly helps with the insurers' database. It's practically impossible to steal a car here (although someone stole a Ford Focus a while back and joy-rode it along the coastal promenade via the Mcdonalds' drive-thru first!).

 

[Cardo]

I’m about to start a business lease through ALD of a MYRWD and have run into the problem of the registered keeper being ALD means several insurers won’t even quote.

Admiral is the best quote from the mainstream insurers at around £800.

I’ve just tried Keith Michaels PLC and have been quoted for company car insurance at £1050. That would be in my Ltd company name so can be claimed as a business expense (whereas with Admiral I don’t think it could be a business expense). Taking that in to account, there’s not much in it.

£800 is a pretty good deal, these days. Are you explicitly selecting that the owner and R/K of the vehicle is a lease company? (And not just a company?)

As for Admiral, my wife’s company owns our M3 but she insures it through Admiral as personal insurance but with business use. No issue at all claiming this as a business expense.

 

[WllXM]

My insurance on my M3LR is due for renewal in September. I've just gone through Chuchill's quotation form online.

Last year was:
M3LR
3 points (SP30)
September 2022: £337.01

This year, but on a Performance:
M3P
0 points (they fall off in August)
New Job Title
September 2023: £455.74 (+£118.73)

I did change my job title from Company Director to "Systems Analyst" as per the recommendation on MoneySavingExpert here: https://www.moneysavingexpert.com/insurance/car-insurance-job-picker/

I am on the Isle of Man, which possibly helps with the insurers' database. It's practically impossible to steal a car here (although someone stole a Ford Focus a while back and joy-rode it along the coastal promenade via the Mcdonalds' drive-thru first!).

I thought the sweet spot for renewal quotes was 21 days prior?
I'm due in September too, I know I will probably have a shock when I receive my renewal quote reading all previous posts, but will not start looking for quotes until early August...