Wee moan insurance

[Ray Clayton]

Hi

Just renewed the 109 with cherished car ins £86. Limited to 3000 miles a year which it never gets anywhere near. Including commuting as well.
Dreading the D4 renewal can't see that still being £290 a year.

[diffwhine]

Just opened the insurance renewal notice for my wife's Discovery 2. Last year it was £269.50 comprehensive. This year its £413.15... 

An increase of over 50%. Nothing else has changed - no accidents, no claims, nothing... So what are we paying for and how can anybody justify a 50% increase in 12 months?

To add, we are not elderly, we do not live in some crime ridden high risk borough. We are probably the lowest risk possible at the moment.

Ah! I thought - I'll going and ask a meerkat for a new quote and kick Saga into touch. All were around the new same rate. Has something happened in the last year that I've missed? Have we been invaded, abducted by Martians? Even with this "cost of living crisis", a 50% + increase in 12 months is a clear rip off.

[Phil2014]

I think at least part of the reason is shortage of parts, Facebook is littered with people saying a minor bump has left their car in a body shop somewhere while x y or z part is on back order, meanwhile the insurance company is paying for a hire car for the time the vehicle is off road. Our insurance was £350 year before last, £550 last year and looking like it will be £750-£800 this year.
Phil.

[Alan Drover]

There's no shortage of Series parts in comparison to modern junk.

[w3526602]

Hi,

Why do they do it?

Because they can!

Discuss.

Somewhere in the RTA, possibly Ch.38 or Ch.138, is a clause saying you can insure yourself by depositing a some of money with the Attorney General. Last time I looked, it was £1,000,000.

Some of you will remember Barbara's SAAB being written off by a Super Market "curtain sider" undertaking on the M4 (Road works, one lane closed, 50mph limit). Our insurers told us that the supermarket insured themselves, and ignored all correspondence.

So I invoked the Legal Protection thingy, an extra (£10) on my insurance.

The supermarket settled on the Court Room steps, so I recovered my full, NCB, and the cash I had had to pay up-front. I'm guessing that the supermarket covered their entire fleet (and the CEO's Bentley?) using that same £1,000,000 ... which wasn't spent, just "deposited". My £10 was well spent, and was still available until its 12 months expired.

602

[Wittsend]

Be thankful you don't own a Range Rover ....


 

[diffwhine]

A friend who is an insurance risk assessor threw me a curve ball on this yesterday. He pointed out that proportionately, EVs are more likely to be a total loss following a "thermal event", than ICE vehicles. The costs of removal, clear-up and disposal are also that much higher. Then if you add in the long lead times for replacement vehicles and the costs of loan hire vehicles and you can see why costs have escalated.

In effect he pointed out that I'm paying a premium premium so others can drive their EV pride and joy.