The great big insurance rip off

skip to the end for the chat about premiums.
 
our insurance renewal for end of January went from £297 last year to £697, got a quote from LV (got house insurance with them), they quoted £489, tried a comparison site, out of 72 results the lowest was £489 (not LV). So will be going with LV.
 
It seems I really did get the timing right for my renewal last year ... I paid exactly the same this renewal as the previous insurance. (Renewed as of June 1st 2023, with a new provider).
 
Regarding the insurance companies as opposed to the brokers, when all the claims come in from the recent floods ( both property and vehicles ) and are paid out, the companies and their shareholders will want "their" gambling money back. Will the eventual premium increases be pro-rata (house insurance for property) or shared out amongst all policyholders wether or not they have had a claim. Apologies for the poor wording, but I think you get the gist. For what is a betting/risk industry I'm sure the house always wins, especially as they can set the odds .
 
Hey all, so I bought my mg4 trophy long range new last year and insured it easily enough fully comp with commuting etc, however now I'm coming to renew, no claims ever, clean license and the cheapest premium has increased by £120 to £530. Are others experiencing this? Any recommendations on where to get quotes or is it go compare and compare the meerkat to pray and hope something reasonable gets generated?

Not the easiest of subject I understand as everyones circumstances are different when plugging into these calculators.
 
Welcome to insurance in late 2023 / early 2024. It is what it is.

There are several threads already about insurance ... such as this one in the General board:

The great big insurance rip off

Sorry about not Being on here for a while, but I really need to rant a bit! :oops: Back story My Partner bought her ZS back in 2020 when they were offering some serious discounts that couldn’t be ignored, she purchased using PCP which neither of us have ever done, but thinking long term it...
www.mgevs.com www.mgevs.com
 
I've just had my new insurance quote (from Sheila's Wheels).

Previous price £391.68
Next year £702.72

Not sure I want to hold still for this. Any advice?

I did have a no-fault claim last year, the accident that totalled my last car. It was accepted as being 100% the fault of the other party and they said it wouldn't affect my no-claim discount, but could it be affecting the quote some other way?
 
Rolfe said:
I've just had my new insurance quote (from Sheila's Wheels).

Previous price £391.68
Next year £702.72

Not sure I want to hold still for this. Any advice?

I did have a no-fault claim last year, the accident that totalled my last car. It was accepted as being 100% the fault of the other party and they said it wouldn't affect my no-claim discount, but could it be affecting the quote some other way?
Click to expand...
Shop around . It seems to be the way of insurance these days more than ever
 
Rolfe said:
I've just had my new insurance quote (from Sheila's Wheels).

Previous price £391.68
Next year £702.72

Not sure I want to hold still for this. Any advice?

I did have a no-fault claim last year, the accident that totalled my last car. It was accepted as being 100% the fault of the other party and they said it wouldn't affect my no-claim discount, but could it be affecting the quote some other way?
Click to expand...
Check out Martin Lewis's website, moneysavingexpert.com. He has some good tips on changing the options on the search sites to get better deals.
 
A no-fault claim likely won't affect your discount; however the claim itself does likely affect your base premium (i.e. before discount) so the premium would still increase, just by not as much as if the discount had been affected too. (And this is before taking account of general insurance increases).

As per above - shop around.
 
When did Insurance starts its really big rise last year. I renewed on the 8th Sept 2023 ( with Flow - took their auto renewal after checking the market) going up 33% from £421 to £561. Was their a big increase in renewal rates again after Sept 23, in the 4th quarter of 2023. I just see all these stories of increases in the hundreds of %'s and wonder when all that kicked in.
 
The initial rise kicked in later than June 1st 2023, as that's when mine was due and I managed to get insurance (with a different insurer) at the same as I paid the previous year. I shudder to think what this year's renewal will be like.
 
My renewal was in July 2023 and had already doubled compared to the previous year . I'm with Flow now so can I expect that to jump up this July ?
 
I've just been through Compare the Market, and they have flagged up Esure Flex for £516.60 per year. It looks quite good to me. Does anyone have any negative (or indeed positive) opinions about this provider? The terms look quite good.

My new quote from Sheila's Wheels is £620.66 if paid annually. (I was forced to go to monthly payments in 2019 due to being abroad when the insurance became due, but I'm quite happy to go back to annual payments. I hadn't realised the monthly option was costing me quite as much as it is.)
 
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