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Car insurance sees biggest price drop in six years

Discussion in 'Motors' started by Havana_UK, 20 Apr 2021.

  1. Havana_UK

    Mobster

    Joined: 14 Oct 2004

    Posts: 4,972

    Location: location, location

    Car insurance sees biggest price drop in six years: https://www.bbc.co.uk/news/business-56808145

    Allegedly!!!

    I've renewed literally 4 days ago and my premiums only stayed the same after some haggling :(

    Anyone experienced cheaper insurance this year?
     
  2. mickyflinn

    Capodecina

    Joined: 23 Mar 2011

    Posts: 11,376

    Location: West Side

    It also says

    Yet if you've received your car insurance renewal in the last three months, you might have seen your insurance premium go up by an average of £45
     
  3. dLockers

    Mobster

    Joined: 21 Jan 2010

    Posts: 4,486

    Which just highlights how silly it is to not shop around.
     
  4. Brok

    Wise Guy

    Joined: 9 Mar 2004

    Posts: 1,377

    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.
     
  5. Howard

    Capodecina

    Joined: 12 Jul 2007

    Posts: 16,174

    Location: South East

    Mine has only ever gone down. It's due in August, and it was £171 last year. I'm not sure how much cheaper it can feasibly get :D
     
  6. Clarkson

    Wise Guy

    Joined: 10 Aug 2010

    Posts: 1,508

    Location: Midlands

    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.
     
  7. shadow_boxer

    Sgarrista

    Joined: 9 Oct 2009

    Posts: 8,865

    Location: Stoke-On-Trent

    Renewed in early March. Went from £750ish to £450 I think. Very happy with that for a C63 in Stoke (Well, Newcastle Under Lyme).
     
  8. ahenners

    Wise Guy

    Joined: 31 Mar 2010

    Posts: 1,367

    Location: Lancashire

    Renewed in march for just over 400. Quoted now with the same insurer at £300 :eek:
     
  9. alex24

    Capodecina

    Joined: 1 Jan 2008

    Posts: 10,847

    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.
     
  10. Jokester

    Don

    Joined: 7 Aug 2003

    Posts: 41,756

    Location: Aberdeenshire

    Was just speaking about this the other day, knocked 25% off my main cars insurance when I did it this weekend.
     
  11. HangTime

    Man of Honour

    Joined: 25 Oct 2002

    Posts: 28,759

    Location: 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.
     
  12. Mr Badger

    Sgarrista

    Joined: 27 Dec 2009

    Posts: 9,019

    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.
     
  13. Somnambulist

    Capodecina

    Joined: 17 Jun 2010

    Posts: 10,960

    Location: 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...
     
  14. Rotty

    Don

    Joined: 18 Oct 2002

    Posts: 40,962

    Location: Notts

    while there were changes in cars at renewal times my policy prices have been amazingly low
     
  15. dLockers

    Mobster

    Joined: 21 Jan 2010

    Posts: 4,486

    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.
     
  16. cheesyboy

    Capodecina

    Joined: 7 Dec 2012

    Posts: 14,489

    Location: Gloucestershire

    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!
     
  17. dLockers

    Mobster

    Joined: 21 Jan 2010

    Posts: 4,486

    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!
     
  18. Mr Badger

    Sgarrista

    Joined: 27 Dec 2009

    Posts: 9,019

    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.
     
  19. Evilpaul

    Wise Guy

    Joined: 20 Aug 2010

    Posts: 1,066

    Location: 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!

    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.
     
  20. Rotty

    Don

    Joined: 18 Oct 2002

    Posts: 40,962

    Location: Notts


    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