Inflation - car insurance

[woody1]

Just had my renewal through (with LV). 40% increase since last year, and no change in circumstances.

Quick search on the web, and it seems to be widespread. Some people even reported a 100% hike. From what others have said, there doesn't seem to be much point in shopping around either; all the companies are doing it.

One person queried their insurance company, and were told it was because garages/mechanics were charging more.

[Protagoras]

My annual car insurance premium went up 51% on renewal in August, to a whopping £520. I sought alternative quotes but was actually unable to obtain a lower quote for the same cover.

This percentage increase is not reflected in annual servicing costs, which I might expect if it was related to garage services. It may be related to availability of parts though - I do have an 'old' car (2014) - but I'm not about to replace a perfectly good car on grounds of age while the maintenance costs are reasonable.

Perhaps, though, it's just an insurance cartel putting up prices in the knowledge that customers must pay up, or give up having cars.

[Paddy]

There has been much discussion on the net about this, it appears the insurance companies are offsetting the costs of insuring EV's which have a much greater risk and usually for safety reason have to be written of over the slighted accident

[David71]

Just waiting for my fully insured mobility EV to be delivered after Christmas.....got to be a plus side to being a bit poorly!

[Paddy]

Just waiting for my fully insured mobility EV to be delivered after Christmas.....got to be a plus side to being a bit poorly!

I need to put on 30 kgs to qualify for one.

[northernladuk]

All mine went up between 40 and 50%. Specialist Sports Car, 4x4 with young driver and bog standard Aygo insurance. Hunting around made no difference, it was what it was so paid up

[SueEllen]

Have any of you checked the value of your car?

My insurance has gone up 40% and when I was trying to shop around I had to look up my car's value. Anyway my car's value has gone up about 25% since last year.

So it's not just the cost of parts and labour but petrol/diesel cars that are emission zone compliant are costing more to replace if they are written off.

[northernladuk]

Have any of you checked the value of your car?

My insurance has gone up 40% and when I was trying to shop around I had to look up my car's value. Anyway my car's value has gone up about 25% since last year.

So it's not just the cost of parts and labour but petrol/diesel cars that are emission zone compliant are costing more to replace if they are written off.

It does vary if you've got something a little out of the norm but generally the cost of your car has little impact on your insurance. There will be bands when the price is affected as you jump bands but midrange they can be pretty wide. The cost of your car is a tangible number they can work with. The big costs that are the risks they have to cover is the cost of the car(s) you are going to hit and injuries you'll cause.

[Protagoras]

Have any of you checked the value of your car?

The value of my car would appear not to have fallen by as much as I would have expected, but doesn't appear to have increased either. It's an older diesel that doesn't meet LEZ requirements.

[woody1]

Have any of you checked the value of your car?

My car is 16 years old and worth bugger all, so I guess I'm paying extra for the car(s) I may crash into.