ANOTHER INS Questions

[br1gg5y]

As per the numerous threads. My wifes insurance has increased by 85% this year with no changes, except another years no claim bonus being achieved and another year older!!!!

Does anyone know why suddenly insurance has increased so much in the last say 8 months. This thread is more to discuss why there has been such a general increase, and what as individuals can be done;

- shop around
- don't take price on comparrision website. Find cheapest 3 and then ring each one directly
- IF you can pay in one lump sum, and not monthly, Although unexpected costs can each into savings, As has happened for us this time.

I have tried the following but it doesn't seems to make a huge difference (this is on a non classic policy)
- lowering annual mileage
- lowering value of car
- upping your excess could turn out to be a BIG gamble
- getting a quote for a cat 1 alarm being fitted did not lower the insurance enough to cover getting the alram fitted

[30psi]

Well in my opinion there are 2 main reasons

Motor insurance has often been a direct loss maker (i.e. premiums less claims) for insurance companys, it's way too competitive. This didn't matter in the past as insurers would offset this loss with investment income. They hold on to your premium before having to use it for something. They invest that cash. If investment income is low then so the premiums have to go up.

The other element is claims costs. Specifically, personal injury claims. With all these ambulance chasing companys that in effect encourage people to make opportunistic fraudulent type claims (i.e. exaggerated - my neck was sore, honest, so I need £3k to cover my 'whiplash') along with the more organised fraudsters (staged crashes) then claims costs all go up.

[br1gg5y]

that seems a logical response. Thank you. I'm not happy about the increase, but at least I can see why. Insurance is a business not a charity, and they have to amke a profit. It is up to me to get the best price.

So what hints can poeple offer to me and others on here for getting the best price?
- what age must a vehicle have to be to be classed for classic insurance?

[mrabody]

Many insurance companies probably lost a lot of their investment funds through the financial meltdown from a couple of years ago. They're now rebuilding their balance sheets by - you guessed it - upping their premiums.

It's not motor insurance. I recently renewed the insurance for our business and saw the premiums increase by 50% from the previous year.

[robinmasters]

An increase of 85% sounds more like they're trying to price themselves out of whatever catergory your wife falls into.

If they want to stop insuring, say, young men from Bradford, they don't refuse to insure them, they just up the premiums so far that their policies aren't competitive. No idea why.

[shug]

I asked my insurer how much my premium would go down if I kept the car in a garage. They told me it would go up as I might damage the car driving in or out of the garage!

[br1gg5y]

Jan 26, 2011 12:12:47 GMT robinmasters said:

whatever catergory your wife falls into.

What, a short blonde with big boobs??

[Deleted]

A friend of mine has been perplexed by his insurance policy. He's had the same policy for a few years now and he's in his mid twenties.

When he got married - policy went up
When he got divorced - policy went up
Every time he gets another year older - policy goes up
Every time he gains another year of ncb - policy goes up

It makes no sense. It's the same policy and the same car at the same address and he's doing the same job. Surely, getting older and proving year on year that you're a safe driver should lower the insurance?