Car insurance sees biggest price drop in six years

[HangTime]

All this will do is stop cheap deals for new customers and prices will actually increase.

Correct. At the moment, lazy customers are subsidising savvy customers. Those who just renew at high prices are providing the funds that allow insurers to offer loss-leader 1st years to attract new business. Now that is being banned, they'll have no option but to increase the bottom end prices to balance the books, as they can't offer renewals on the cheap.

So if you are the sort of customer that tends to jump around whatever deals are cheapest each year, prepare for a big hike next year.

Need the same on Broadband then we are set.

Bear in mind will increase prices for people who shop around for the same reason as above.

will this ruling take out the compare market/Lewis type comparison sites - where, they are getting a commission for introducing particular insurers. ?
they'll have to offer the standard ongoing renewal cost, not a reduced switch deal with a cut for them

It won't take out the sites, because people still want to find the best deals and insurers will still pay commission for them generating leads.

 

[FlapR]

Just had my renewal quote through with Hastings, it's gone from £448 down to £428. First time I've ever had a decrease. Probably just going to stick with them. I could pay about £80 less with AXA but they want a £300 excess, whereas Hastings is £0.

 

[Bazzards]

I get the point. But with my broadband supplier being a virtual monopoly it could do with some controls on increases.

 

[Deleted member 66701]

Renewal quote came in - down from 198 to 180, decent 10% drop.

 

[dlockers]

Just had my renewal quote through with Hastings, it's gone from £448 down to £428. First time I've ever had a decrease. Probably just going to stick with them. I could pay about £80 less with AXA but they want a £300 excess, whereas Hastings is £0.

Get your quote through GoCompare and you get £250 excess cover. £80 is a decent saving to go elsewhere.

 

[darrant1234]

I paid 700 last year for a 2018 m3 comp. mines due in July at start so getting quotes as I need to see what it’s going to cost and one today was 465 quid. Could help that I’ve now had car a year ish. Go compare is coming back cheapest too where confused was always cheaper in previous years.

 

[FlapR]

Get your quote through GoCompare and you get £250 excess cover. £80 is a decent saving to go elsewhere.

I'll have a look again and see if I can be bothered with the hassle. I was with AXA 2 years ago then at renewal they tried to double it for no reason.

 

[dlockers]

I'll have a look again and see if I can be bothered with the hassle. I was with AXA 2 years ago then at renewal they tried to double it for no reason.

Well unless you're earning 80 quid an hour then it's worth it

 

[FlapR]

Well unless you're earning 80 quid an hour then it's worth it

Good point will check tomorrow.

 

[sanaxe1]

Just got this year's quote for my S5 . £395 down from £1200 last year . 2 years ago I was paying £170/month.

 

[Dup]

I've saved about £150 compared to last year. £390 for the year with all the usual options ticked. Very happy with that.