The great big insurance rip off

[DixieTGS]

Well gets better with my Cmax quote , added my brother and sister in law on and a basic fully comp comes out at £346 ?
He’s 57 and she’s 53

It seems that is not uncommon. Recently we needed multiple family members added to a vehicle and found that adding named drivers up to 4 reduced the premium and thereafter it increased.

Again age may have been a factor as all were in their 50's and 60's. ?‍

 

[colsky]

Just had my renewal quote for my 72 MG4 from Admiral/Diamond. I'm in my 50s, no previous claims, 26 years no claims bonus. Quote was £531, up 28% from last year's £414.

I've shopped around, and the £531 doesn't seem too bad BUT the compulsory excess on the policy is now £400 (up from £60 last year)!! I phoned them to query this, she went away to check, and came back and said that the compulsory excess isn't something that can be changed, and is a figure that the underwriters set based on recent claims history and cost of claims for that type of vehicle. Is that an issue that others are finding now?

 

[siteguru]

Compulsory excess in my new policy (and in my previous policy) is £100. (£0 voluntary). ?‍

 

[Ian Key]

Compulsory excess in my new policy (and in my previous policy) is £100. (£0 voluntary). ?‍

My policy has £0 compulsory excess but I have a £500 voluntary excess. The reason is if the damage is less than £500 I'd probably not go through my insurance anyway and I might as well enjoy a slightly lower premium.

 

[colsky]

My policy has £0 compulsory excess but I have a £500 voluntary excess. The reason is if the damage is less than £500 I'd probably not go through my insurance anyway and I might as well enjoy a slightly lower premium.

Agreed. The question then is, does my £531 sound like a reasonable premium in these days of silly insurance increases?

 

[maskull]

Agreed. The question then is, does my £531 sound like a reasonable premium in these days of silly insurance increases?

Judging by the quotes I'm getting , seems like heaven

 

[siteguru]

Agreed. The question then is, does my £531 sound like a reasonable premium in these days of silly insurance increases?

Impossible to say, as everyone's circumstances are different. In my case I was £386 last year, £414 this year (different insurers), the only other difference being an extra year of NCD.

 

[mystreet]

Depends on your own circumstances, £273 last year, £273 this year (and next if no changes). Went with Saga for fixed for 3 years. Slightly more in year 1 than quote for 1 year but looking at how they are all rising it was a good buy.

 

[adiel]

And who's supplied these statistics? The Motor Insurance Industry, Buy any chance? ?

There are some useful insights in the article. Worth reading to understand what is happening in the Motor Insurance Industry and specifically around EV's. I know that recruitment and retention of staff in workshops is a major issue right now, forcing wages upwards, which coupled with higher material and part costs is inevitably going to result in higher repair costs. During a so-called cost of living crisis, a weak pound and with industry specific issues around manpower it doesn't surprise me that premiums are increasing so much. In my mind it's just another cost to offset against the £3.5k a year we save in fuel costs for our EV's versus our previous ICE vehicles. Car tax will be another when we eventually pay it. Our household is still saving fortunes compared with running ICE vehicles.

To share my own recent experience with Allianz Insurance (formerly Flow Insurance). When I replaced my MG4 LR Trophy (Insurance Group 29) with an MG4 Extended Range (Insurance Group 33), I had to pay an additional £105 for the remaining 8 months of my policy. The additional premium covers the higher insurance grouping for the new car and premium increases, no doubt.

 

[Coulomb]

More on EV fires than insurance in general, but hopefully will find its way into lower premiums in the future.

 

[EVsince2016]

My quote came in at more than double last year yesterday at £1238.

Phoned up Direct Line and it seems their insurer doesn't want my son on the insurance anymore so I had to remove him dropping the cost back down to the previous rate without him. He was a reasonable cost last year, and a crazy doubling this year. Cheaper for his to use a taxi than drive my car, utter craziness.

 

[Silver estate]

My quote came in at more than double last year yesterday at £1238.

Phoned up Direct Line and it seems their insurer doesn't want my son on the insurance anymore so I had to remove him dropping the cost back down to the previous rate without him. He was a reasonable cost last year, and a crazy doubling this year. Cheaper for his to use a taxi than drive my car, utter craziness.

Have shopped around and kept your son on it ?
Instead of bending to the will of the insurance company
Vote with your feet as loyalty in this game counts for nothing these days

 

[EVsince2016]

Have shopped around and kept your son on it ?
Instead of bending to the will of the insurance company
Vote with your feet as loyalty in this game counts for nothing these days

I did, could get lower offers but with so many strings, no EU travel, huge CDW and no hire car. I gave up trying.

 

[bedsev]

Just got my insurance before my car is delivered, £549 with Admiral (gold level). I was shocked at how few options I had, Direct Line and Tescos won't quote (which did get me a free of admin fee cancellation from Direct Line on my old car). £549 is less than my B-class last year though, so I've saved a couple of hundred quid. Taking named driver off actually saved £30. Doesn't have driving other cars but I can live with that.

 

[GaryMG4]

As well as my MG I've got an old Honda Jazz that I use as a fishing/RC planes/horse feed and bedding and tip car because it's a little Tardis. The insurance renewal has just arrived and it has dropped from £166 to £142! the best the usual comparison sites can come up with is £188.

 

[DYWLC]

Over the last 12 months I have been following a number of you tube channels of people who are buying slightly damaged cars from the likes of CoPart.
Example :- These are cars that may require a front wing and a head light / bumper cover repair.
These cars find their way to the new buyers and are repaired in only a couple of days and then sold on and back on the road.
The insurance companies blame long wait times on parts and high labour rates.
Cars are written off and customers paid out a little too easily IMO.
Any money lost on the sale then means that the insurance companies increase other people’s premiums to cover any losses.
CoPart are increasing size at a huge rate !.
I am not shocked by this TBH.

I've owned four insurance write offs after being repaired. I knew the guy who repaired them and I was provided with pictures of the car pre-repair. Never had a problem. Just fancied an electric car and bought my MG4 Trophy. Wish i was back in my write off Kia now at much much less cost.

 

[Joe Boatman]

Sorry about not Being on here for a while, but I really need to rant a bit!

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 would be better for her to do this, so she could change cars every 4 years.
we were so impressed with the ZS, that when our life situation changed, i decided to replace my Mercedes E320 estate with a MG5, mainly for the warranty and lack of things to go wrong, plus it was my first ever brand new car!

With insurance for the 5, it was a little more than I used to pay for the Merc but I managed to get to below £400 for the first year.

Cue renewals they wanted £7-800, so onto Martin Lewis site and got it back below £400. ( this was even after 2 claims, one for windscreen and the other for passenger side wipe out!)
my partner was the same but with her car now being 3 years old the renewal’s around £3-400.

Now with only with a few months left on PCP on the ZS, we have taken the decision to start looking for another car for her to get ahead of the supply problems.

We both had a day off yesterday, booked an hours test drive for her to look at the Tesla MY, she thought she wouldn’t like it, but even though it’s a FUGLY car, the driving and passenger experience is in another league compared to the ZS and the 5 ( I’m not dissing MG by the way!)
Anyway she really liked the MY and we start looking at the different models and get pricing for the two that we might go for ( rear wheel drive, short range and the dual motor, long range)

I thought when we got home that I’d look at insurance as I know it’s in the news with the price hike, but OMFG what is going on!!

We are both in our young 50’s, she’s a NHS employe, I’m self employed, live in a nice area, large detached house with double garage, low crime rate, both have protected no claims
MY RWD SR £1400
MY DM LR £1600!!
Sorry but that’s just RIDICULOUS!! so thought I would check for my 5 to see if it’s gone up, but no it’s ONLY £320! Which has gone down since I renewed in June.

how the funk do peeps, driving round in a Tesla justify that! They are crazy, it just beggars belief! They must have some serious debt or getting serious salaries! to write that kind of money off every year!

needless to say, we‘ve decided yep very nice but for the moment, that’s nocked it off the list!

next the MG4, hopefully the Volvo XC30, kia ev6 and maybe the Hyundai
anyone suggest anything else? She’s happy with the ZS size of car

one really positive thing from the test drive of the MY, we both noticed (also after sitting in an ‘S’ and a M3) the MG5 has a lot of cabin space and height compared to the 3 and S, also the rear door access to the seats is way better in the 5 than the MY which really surprised me! Good on you MG.
it made me appreciate the 5 a lot more.
sorry for the long post, just wanted to get it off my chest a bit…..?

Budget Car Insurance email just in about renewing my 2021 MG5 Exclusive short range:

And I thought last year was over the top.

 

[dsimpkins]

Shop around, my daughter who recently passed her test paid on £1094 to insure her car. She did have 1 years no claims from her learner policy, but still, that's ridiculous. My MG4 was about £330 for the year. An increase of about £60 from last year, but better than the renewal price, which was double what I'd paid last year.

 

[Joe Boatman]

I've got an AA quote for £775 by putting my (younger) wife as main driver. I'm 80 so I think that may be the main reason for the high prices. £330 for an MG4 sounds good by today's standard.
Each year I do the painful yet ultimately rewarding process to check every comparision website!

 

[dsimpkins]

I've got an AA quote for £775 by putting my (younger) wife as main driver. I'm 80 so I think that may be the main reason for the high prices. £330 for an MG4 sounds good by today's standard.
Each year I do the painful yet ultimately rewarding process to check every comparision website!

Unfortunately your age will count against you. 75 is the threshold used by insurers I believe. I've got quite a few years to get to that point.