Inflation - car insurance

[dsc]

Payouts went up by 29%, cost of vehicle repairs has gone up by 46%, cost of replacement cars is up 52% and payouts for vehicle theft is also up by 52%. So I'm not really surprised premiums are up massively tbh, it's not like the companies are going to take it on the chin.

[northernladuk]

Payouts went up by 29%, cost of vehicle repairs has gone up by 46%, cost of replacement cars is up 52% and payouts for vehicle theft is also up by 52%. So I'm not really surprised premiums are up massively tbh, it's not like the companies are going to take it on the chin.

Not sure if it's factored in to those figures or it's a separate one but fraud must be up pushing three figures by now as well.

[JustKeepSwimming]

Payouts went up by 29%, cost of vehicle repairs has gone up by 46%, cost of replacement cars is up 52% and payouts for vehicle theft is also up by 52%. So I'm not really surprised premiums are up massively tbh, it's not like the companies are going to take it on the chin.

Exactly. I'm just surprised it hasn't happened sooner, maybe it was lockdowns that reduced claims.

The car market went crazy with pandemic chip shortages.

I'm running my current car into the ground I think. Just can't justify the cost of something newer.

[JustKeepSwimming]

Not sure if it's factored in to those figures or it's a separate one but fraud must be up pushing three figures by now as well.

https://www.cityoflondon.police.uk/n...ng-pressures2/

Looking at the examples its pretty much sums up the old "only stupid criminals get caught".

[dsc]

Exactly. I'm just surprised it hasn't happened sooner, maybe it was lockdowns that reduced claims.

The car market went crazy with pandemic chip shortages.

I'm running my current car into the ground I think. Just can't justify the cost of something newer.

Just to be clear the increases quoted are vs 2022 and in the first quarter, so it might actually be worse now.

Also no idea how 2022 compared to 2021 as I'm too lazy to check, but I agree that lockdowns must've brought figures down as much less people were driving. Then wfh kicked off big time, perhaps that also reduced car usage in general? so maybe overall we are just a tiny but up from before Covid? not that it matters of course, cause any increase year-to-year will be good enough excuse to bump prices.

[ladymuck]

My 350z insurances have been (renewal is at the end of April)

2020 - £275.43
2021 - £265.01
2022 - £207.11
2023 - £264.89

[SueEllen]

My 350z insurances have been (renewal is at the end of April)

2020 - £275.43
2021 - £265.01
2022 - £207.11
2023 - £264.89

I think you missed the increase. I get the weekly email from MSE and I vaguely remember that he was telling people in August/September that car insurance was going to go up a lot.

[SueEllen]

Payouts went up by 29%, cost of vehicle repairs has gone up by 46%, cost of replacement cars is up 52% and payouts for vehicle theft is also up by 52%. So I'm not really surprised premiums are up massively tbh, it's not like the companies are going to take it on the chin.

I know from another forum that some insurers are refusing to insure EV and those that are, have more than tripled the premiums.

[JustKeepSwimming]

I know from another forum that some insurers are refusing to insure EV and those that are, have more than tripled the premiums.

Land Rover owners are getting screwed too. Harder to steal candy from a baby.

[ladymuck]

I think you missed the increase. I get the weekly email from MSE and I vaguely remember that he was telling people in August/September that car insurance was going to go up a lot.

I remember that email. I suspect I'll be resurrecting this thread in April with my delayed outrage