Shocked I Tell Ya.....Truly gobsmacked.

[DualityNSNO]

My missus always complaining about the cost of living esp weekly groceries.
I always tell her things never go down love.

I accept inflation on everything , but for insurance companies to do this is unacceptable.
They had a very easy ride ride through covid where no one was allowed to drive. The modern cars & technology ensures there's less theft plus the claim culture has almost disappeared in this country.
So to make these increases is totally unjust.

Both of those are wildly untrue for what it's worth.

British insurance companies lose 10p for every pound of premium paid exactly because of cost of services around every claim.

The covid statement is like me saying "you've not gone anywhere under covid 2 years ago, why didn't you save up every single penny and just have 100k in savings?" lol

And things do go down - the pound's dropped like a stone in about 5 years, which is the root of the problem here, not insurers, as horrid and scammy as the business is.

 

[arch stanton]

My missus always complaining about the cost of living esp weekly groceries.
I always tell her things never go down love.

I accept inflation on everything , but for insurance companies to do this is unacceptable.
They had a very easy ride ride through covid where no one was allowed to drive. The modern cars & technology ensures there's less theft plus the claim culture has almost disappeared in this country.
So to make these increases is totally unjust.

theft hasnt gone away, modern tech means that CANBUS theft attacks are relatively easy, same with cars that have keyless entry. The paucity of spare parts though means hire car costs are soaring. A problem with this sector is, is that having car insurance is a legal necessity so the insurance companies know have to have insurance so there is less incentive to cut prices as they all know we have to come to one of them.

 

[blulouie]

Both of those are wildly untrue for what it's worth.

British insurance companies lose 10p for every pound of premium paid exactly because of cost of services around every claim.

The covid statement is like me saying "you've not gone anywhere under covid 2 years ago, why didn't you save up every single penny and just have 100k in savings?" lol

And things do go down - the pound's dropped like a stone in about 5 years, which is the root of the problem here, not insurers, as horrid and scammy as the business is.

Well that's not a justification at all.

Forgive me if if wrong but I read during covid years claims were almost zero.
Did we get a rebate for this ?

And yes I'm aware that finance was in a mess but that does not justify this sort of price hike.
Is there any other industry pushing these massive increases ?

 

[TommyDavo]

Both of those are wildly untrue for what it's worth.

British insurance companies lose 10p for every pound of premium paid exactly because of cost of services around every claim.

The covid statement is like me saying "you've not gone anywhere under covid 2 years ago, why didn't you save up every single penny and just have 100k in savings?" lol

And things do go down - the pound's dropped like a stone in about 5 years, which is the root of the problem here, not insurers, as horrid and scammy as the business is.

£ has dropped by 1.17% in last 5 years overall

 

[The binman chronicles]

Apparently electric vehicles are causing a massive headache to the industry. A simple crash often requires the battery to be replaced which invariably writes the car off. This in turn has led to a period where insurers would not quote on electric cars or charge thousands if they did.

I'd imagine the government has intervened here but I guess everyone is now paying a lot more to basically subsidise that area of the business in the name of progress.

 

[PITA]

Well that's not a justification at all.

Forgive me if if wrong but I read during covid years claims were almost zero.
Did we get a rebate for this ?

To be fair, my insurance company at the time (Admiral, I think) did give a rebate. However, this was really the right thing to do.

And yes I'm aware that finance was in a mess but that does not justify this sort of price hike.
Is there any other industry pushing these massive increases ?

Yes, most industries. Also, as I think you said earlier, prices are downward sticky. Will a fish and chips supper fall if, and when, the Ukraine, Gaza and Red Sea problems end. I really don't think so.

 

[cronullasharks]

I had a minor prang in mid November so haven't had my car since, rang the panel beaters yesterday to ask what the hell is going on as its been 2 months, oh parts will be here next week. Useless pricks.

Looking forward to a huge increase this year since I made a claim

 

[Alanbileysfeathercut]

Greed merchants strike again.
The rich need to get richer.

 

[Rita_Poon]

UK car insurance prices hit new record as claim costs surge

UK car insurance premiums soared by a record 58% (£338) in the last 12 months, with motorists now paying £924 on average, according to WTW

www.wtwco.com

Average increase is ~ 60%, this has been due to the parts supply chain, labour costs, the strength of the £ worldwide, and theft.

Some cars are uninsurable https://www.autoexpress.co.uk/land-...problems-mount-owners-are-refused-house-cover

Supply issues are seeing organised crime gangs pinch vehicles and strip them and export the parts.

Some recent experience saw someone I know have his insurance auto reapplied at 250% of what it was and found out about the charge after they'd taken it. Couldn't cancel it fast enough. '3 - 5 working days to return your money' caper. Loyalty doesn't pay, and it's even difficult over the phone direct now. The opera bellend aint what he was (gocompare), the meerkats are a let down (compare the market) so it was 'money supermarket' that came through best.

Vehicle excise duty 9road tax) has increased also. Expect to see MOT go up this year. And, you'll never guess who...

"The Local Government Association estimates that the current repair backlog for potholes will cost £14bn to repair."

Potholes: What are they and why are they dangerous?

The RAC estimates there are six potholes per mile on council-controlled roads in England and Wales.

www.bbc.co.uk

 

[heatmeiser]

Just more jumping on the gouging band wagon. They'll get away with it because it takes 5+ years for anything to be done about it

 

[Tigger]

The world is full of greedy pens to fund useless middle men. As @Goat said, unbelievable how much they can push without riots. They must be laughing their cocks off how weak we are.

 

[COYBL25]

No not the kick in the goolies from the Premier League today.

Just got my auto renewal quote car insurance

Now I'm not going to go into what car or level of cover , but it's gone up from £528 to £855.
My circumstances have not changed , no claims for over 30+ years , no convictions.

My daughter said the other day her insurance has jumped up , tbh I never really paid attention.

Obviously I'm going to find an alternative cheaper quote , but this is absolutely ridiculous for someone that has been with this company for over 10 years .

Nothing much in life shocks me now , but this certainly has. So just wait for yours to drop its tough to take.

It’s Keir Starmers fault.

 

[DualityNSNO]

Well that's not a justification at all.

Forgive me if if wrong but I read during covid years claims were almost zero.
Did we get a rebate for this ?

And yes I'm aware that finance was in a mess but that does not justify this sort of price hike.
Is there any other industry pushing these massive increases ?

All of them mate? Have you gone to any shop or service provider in the last year?!

The cost of living has skyrocketed, commodities, services, petrol and groceries cost 20-50% more, etc? lol

As for the rebate question:

The trend shows that the prices dropped after covid and are now higher, granted at an exponential rate as above mentioned cost of living and inflation and the mentioned 700 times increased prices of parts and services around claims.

£ has dropped by 1.17% in last 5 years overall

Buying power and demand for it is much lower, the defacto value is more or less the same as you say, but the steady decline means that it's not as valuable - anecdotal but when I went to live in the UK it was just over/at 3BGN to 1GBP, by the time I left in 2016-17 it was already ~2.2 to 1, which is quite significant, and it's stayed at roundabout that value since.

 

[COYBL25]

Well that's not a justification at all.

Forgive me if if wrong but I read during covid years claims were almost zero.
Did we get a rebate for this ?

And yes I'm aware that finance was in a mess but that does not justify this sort of price hike.
Is there any other industry pushing these massive increases ?

In fairness mate, the insurance on my van went down for the first two years after everything opened up.

However it went up by nearly 300 quid for last year.

The company I was with, Adrian Flux, who are specialist insurers, had always been brilliant and very competitive.

The renewal letter went into great detail as to why it had gone up so much.

Where as my car insurance didn’t go up a penny.

 

[Ivo]

Insurance companies are paying an absolute fortune on hiring cars for courtesy cars as well. Like hundreds of pounds a day. It's probably some tax loophole whereby the company they're hiring from is sub-owned by them, like Lewis Hamilton's flippin helicopter/plane.