Car insurance sees biggest price drop in six years

Associate
Joined
9 Mar 2004
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1,589
The insurance market is so frustrating. I recently changed cars and ran some quotes online before contacting my current insurer to advise of the switch. They told me the current underwriter would not insure the car at all and that to change would mean a £350 (about 70%) increase in my annual premium. I pointed out that they were offering pretty much the same price I paid currently online if I went through a price comparison site but said they were hand tied and that was only for new customers. So of course I found a better deal elsewhere and took that. They are just relying on people being lazy and/or ignorant of the fact that there are likely better deals out there that you can swtich to with minimal effort.
 
Associate
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My renewal was about £6 or something more expensive. Went on comparison site and got it cheaper with the same company. Then rang up to cancel the renewal and got the new cover even cheaper still :cool:

Was a nice surprise.
 
Soldato
Joined
1 Jan 2008
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11,023
I find the industry very frustrating. The high cost, the various different excess charges, the ripping off of loyal customers, the often very poor service and fight when claiming, the ridiculous 'market values' given, all while the excessively wealthy benefit and pay themselves huge bonuses. I didn't read the link but I imagine the costs to insurers must have fallen dramatically through lockdown so I doubt we're seeing a representative reduction in premiums. I guarantee people are benefitting and getting rich off of that (usually those who are already very wealthy). Not the only big businesses to benefit from the pandemic whilst many suffer.

I'm not sure I would want it nationalised but more pragmatic pricing and regulation would be sensible. Maybe the industry is one of those revolving doors with our government or they have strong lobbying, I don't know. Sometimes it seems borderline criminal.

My premium reduced by a small amount but not dramatically.
 
Man of Honour
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Hampshire
^^there was a thread fairly recently in here where it has been explained why costs haven't fallen that much during lockdown. Improvements in underwriting performance will have been partially offset by rising costs due to the pandemic such as needing to mobilise for remote working etc.

Personal lines Motor is by and large a very competitive market running high ratios.

People also need to be careful what they wish for with this dislike about 'loyal customers' being treated badly, effectively the legislation changes to combat this will make it harder to get a good deal because insurers will start lifting their NB premiums rather than using them as a loss leader to snag business.
 
Soldato
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10,555
I've had car insurance with Admiral for quite a while and play the same game at every renewal. A quote arrives that's an increase (sometimes a lot) on the previous year. I hit the comparison sites to find a better price and call Admiral to cancel the renewal. Admiral beat the external quote and I renew at the lower price. It probably helps that I have never made a claim from them, but our annual renewal dance has been going on for something like a decade now.
 
Soldato
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17 Jun 2010
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London
I've only been driving a few years and every year Aviva beat everyone else and knocked about £100 off from the first then second time I renewed. This time they've only knocked £10 off the renewal quote so I'll be looking around...
 
Soldato
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21 Jan 2010
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21,947
I had great luck for the first time using Admiral MultiCar as well, for those that haven't bothered to give it a go. Pro-rata it worked out cheaper to add a car for the time remaining to align renewals, and I get a full year NCBs despite it not being a full year on that new car, and I can always go my own way in September when they are then both due.
 
Soldato
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7 Dec 2012
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17,493
Location
Gloucestershire
I've had car insurance with Admiral for quite a while and play the same game at every renewal. A quote arrives that's an increase (sometimes a lot) on the previous year. I hit the comparison sites to find a better price and call Admiral to cancel the renewal. Admiral beat the external quote and I renew at the lower price. It probably helps that I have never made a claim from them, but our annual renewal dance has been going on for something like a decade now.
Same for me, but for Elephant (part of Admiral). I've been with them for about 16 years as a result. One year, maybe 5 or so years ago, fully comp was only £113!
 
Soldato
Joined
21 Jan 2010
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21,947
Has anyone ever bothered to try the insurers they aren't on comparison sites? I know its a new kind of lazy not trying to save money on such an expense, but man they must be proper fringe providers now :p

I remember NFU were always popular with youngsters as you drive any car before age 25, and Adrian Flux allowed mods - not sure if they are still around!
 
Soldato
Joined
27 Dec 2009
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10,555
Same for me, but for Elephant (part of Admiral). I've been with them for about 16 years as a result. One year, maybe 5 or so years ago, fully comp was only £113!

By far the best insurance deal I had was when I managed to insure a motorbike for something like £50 (it was the lowest I ever paid) and in the process successfully claimed £35 cashback for taking out a new policy. Happy days.
 
Associate
Joined
20 Aug 2010
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1,099
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Not Coventry
Renewed my insurance last month and the price halved.
The renewal price from my old insurer was a smidge cheaper than the previous year, which at the time was competitive. Quick look on the comparison sites and they were half the price!

Has anyone ever bothered to try the insurers they aren't on comparison sites? I know its a new kind of lazy not trying to save money on such an expense, but man they must be proper fringe providers now :p

I remember NFU were always popular with youngsters as you drive any car before age 25, and Adrian Flux allowed mods - not sure if they are still around!
I didn't have a car for 8 years (living abroad and then London where I didn't need a car), meaning I had to start from zero no claims. Found NFU were good at that point, but after a couple years other insurers then became much cheaper. From what I remember NFU include all options in the price so they are not going to be the cheapest for your average driver.
 
Don
Joined
18 Oct 2002
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Notts
Has anyone ever bothered to try the insurers they aren't on comparison sites


I'm with Aviva who aren't on comparison sites afaik, their customer service is fantastic, we have a 3 car multicar policy, 2 are reasonable prices (not cheapest but competitive enough for me to stay) 1 of the cars was so cheap I nearly fell off my chair :p
 
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