Anyone renewed their insurances recently? Car (admiral) and house (Halifax) are due this month and renewal quotes for both are 25%ish up on last year.
A bit of shopping around for the car still sees a big (15%+) hike on last time. I've yet to dig into the house insurance.
Is it likely just the reality of 2022 - I expected a sizeable increase but quite surprised at just how big it is - or do I need to do a lot more shopping around?
Interesting. Had mine this week and similar increase for car with Hastings. Had assumed they were chancing. That's all we need.
I noticed my compulsory excess is also up on each. From zero to £100 on the Mrs' car, from £250 to £450 on mine.
Same here, Admiral car insurance went up from around £600 to £900 (there was an address change too, but within 1 mile distance).
I've spent a lot of time in comparison sites these lasts days and ended up with Swiftcover for around £600.
are you paying lump sum or monthly?
I remember hearing that car insurance is so competitve that they actually make a slight loss on the "take everyones money and pay out for claims" but they make their profit on the "safely invest the millions/billions they are sitting on at any given point".
Possibly scared of an upcoming slump/recession.
My wife had a accident three days before renewal. It was the other parties fault but at the time I declared it on the insurance and was expecting a increase. It went down bizarrely! That was about a month ago.
No, but I have just hit the lottery of what insurers do or don't cover on home insurance related to bikes....
- Admiral refusing cover as we have too many valuable bikes, and also didn't know themselves if value of the bikes was to be estimated on new cost or secondhand costs....
- Aviva telling two different stories over bikes covered in shed or on bike rack...and refusing to email confirmation that they will cover them in shed and on rack....
Nationwide will cover us (Current insurer) but +20% renewal cost.
It could just be due to the end of introductory / new customer discounts i.e. no dual pricing after Jan 22?
are you paying lump sum or monthly?
Generally lump for the car as there is a significant cost difference between lump and monthly,
Last time round monthly for the house as there was very little impact beyond my cash flow but historically is been lump too.
I declared it on the insurance and was expecting a increase. It went down bizarrely!
That is odd!
It could just be due to the end of introductory / new customer discounts i.e. no dual pricing after Jan 22?
Is that "a thing"? (not that they did them, but that they're no longer allowed to?)
I did my van (Adrian Flux) in June and house with bikes (Aviva) in July, both went down a couple of quid.
£280ish for van and £220ish for house IIRC.
£280ish for van and £220ish for house IIRC
By heck, my (cheapest) car comes in about £180 for the Mrs, £480 for me.
House has gone from 500 to just shy of 700.
And I live in an area where total annual crime stats are in single figures and then only apply to agricultural machinery.
Yeah, £260 to £310 for the van. I got some quotes around £280 but the excesses were ridiculous. I was tempted as I'm not planning on having a crash but... Anything with sensible excess was around the renewal price or higher, so I just let it roll over. Payment taken this morning as it happens. 😭
It could just be due to the end of introductory / new customer discounts i.e. no dual pricing after Jan 22?
That may well be the case - the not-shopping-arounders have been subsidising the deals for people who do.
I guess as material and labour costs have increased (and there also being shortages of both vehicles, parts and labour) insurers can expect the costs paid out for claims to go up too
But I think maybe in straighened times the industry might be bracing itself for for an increase in spurious claims. When the road tax rates first went up for big 4x4s there was a bit of an uptick in 4x4s spontaneously catching fire. There may well be the expectation in the industry of people seeing and insurance-job as a way out of a predicament.
Something to be wary of if prices are going up is aspects of cover being cut to get to the top of the comparison sites. Examples at present of travellers finding out their travel insurance had key components missing because the brokers were gaming the results
My favourite with travel insurance is "£10k baggage cover" "£500 single item limit."
So your expensive camera isn't covered but unless you've a case full of expensive jeans, you'll not get close to the limit even if it were.
Stuff goes up, so people put the prices of stuff up innit!
Oh aye, I expected to see it go up, was expecting about 10% in honesty though, not 25%!
House insurance auto renewed last month, went down by £30, from £360 to £330 for building and contents, with £8600 of bike cover including away from home cover.
Who is that with if you don't mind my asking Jimmy?
I always shop around every renewal and go through cash back sites when actually buying insurance or breakdown cover. Every year the company's put the auto renewal up (especially if your on paperless billing I've found), and every time I phone up to cancel the service I get the 'would you like us to beat your quote?' line, which I absolutely hate. If they can't provide the best price as an auto renewal I won't renew.
Just renewed car insurance, LV quote had gone down by £95 (dual car, Kamiq and MX-5). House insurance went up by £120 with Nationwide but changed to M&S for less than last years price for better cover.
Auto renewal is usually the worst way to buy insurance. You pay a convenience / apathy tax.
My auto renewal price with RAC is £274 less than I paid last year, I'll still be shopping around though.
Auto renewal is usually the worst way to buy [s] insurance [/s]
Agreed, it does however tend to be a reasonable indication of which way costs are headed.
Eg shopping around this year I can get down to about £600 for both cars, that's still a heck of a jump from last year's 480 total though given there's no change in circumstances either except more ncd for me. (Mrs is already at maximum).
House I've not looked yet as it tends to be a much longer trawl for that.
@dangeourbrain LV, I originally went with them as they would insure a single bike at £6000 everyone else was a £5K limit or wanted many hoops jumped through for anything over that.
Auto renewal is usually the worst way to buy insurance. You pay a convenience / apathy tax.
Agree it usually is, but they are the company I want to use and it’s gone down while others seem to have gone up, so it’s not always the case.
LV, I originally went with them as they would insure a single bike at £6000 everyone else was a £5K limit or wanted many hoops jumped through for anything over that.
Ta, sounds broadly like the reason I'm with Halifax
Mine has gone down
Got the renewal for my making progress car yesterday - showing an increase from £329.00 to £376.00.
We're shopping around! 🙂
Is that “a thing”? (not that they did them, but that they’re no longer allowed to?)
Yes - regulatory change that came in this year but many insurers had already built this into pricing last year. They knew it was coming. Be aware also, that some insurers use lead time pricing - rates change daily, your renewal can be based on what day of their pricing cycle they priced you at last year. This is insurer specific but is a thing.
Definitely worth shopping around. I just spent 5 minutes on one of the big comparison sites and got a quote £350 cheaper than my renewal and it includes all the bikes away from the house on a new for old basis
my making progress car
The increase on that front seems about the same as on Mrs brain's panda.
Oddly when I replaced my making zero progress 1.6 c3 Picasso with the current much more excitable car the insurance went up by bugger all.
Like most things, when it comes to insurance, cheapest is very often not the best.
Good timing. I got a renewal quote from Aviva this morning. Up about 10% on the previous, so about £300 per year.
Up about 10% on the previous,
Given the way of things I probably would have just rolled my eyes and paid it at that.
House insurance is up by 20% and shopping around doesn't seem to make a difference.
£280ish for van and £220ish for house IIRC
That highlights how expensive (relative risk) vans are to insure. I'm expecting our van renewal through in the next couple of weeks and bracing myself. Last year £425 for a Transit Custom used for SD&P only, compared to £219 for my making progress car - I'd understand it if I was insuring a 1ltr Fiesta but it's a 6ltr V8 RWD Bogan fanny wagon with an appetite for hedges. I guess its the ease and value of thefts from vans that's resulting in risk analysis like that.
Given the way of things I probably would have just rolled my eyes and paid it at that.
Pretty much my reaction. It's on auto-renewal so the path of least effort is just to let it roll over. If it had gone up by a bit more I'd have likely had a look around.
Like most things, when it comes to insurance, cheapest is very often not the best.
Very much this, took out new car insurance based on reviews rather than price, hope I don't need to find out 🤞
Yep, car insurance came as a big shock. Last month Hastings put it up from £247 last year to £316 this year. Shopped around a bit and got exactly the same level of cover with Churchill Premium (with £50 compulsory excess) this year for £204, which pleased me. This is for a 1 off payment.
House insurance isn't due until December and I'm dreading that.
For cars, spares are scarce and expensive. Wife was hit at a roundabout. Body shop were a month waiting on parts and job took 6 weeks total, just for a cracked rear bumper. Cost to other insurer was £1900 plus 7 weeks car hire.
My car insurance went up £40 but re-adjusted my annual miles since I’m doing less for work and came down to less than last year, even after declaring wife’s accident.
£280ish for van and £220ish for house IIRC
That highlights how expensive (relative risk) vans are to insure.
You're not comparing relative risks - Quite difficult to mount the pavement and mow down a bus queue with your house. The replacement cost of the vehicle isn't the larger of your motor insurance premium - you're actions are the risk thats being insured.
Auto renewal is usually the worst way to buy insurance. You pay a convenience / apathy tax.
This practice is now banned by the FCA so new customers and renewal customers have to be charged the same for like cover (with the same insurer of course) so you should not be disadvantaged anymore for auto-renewing. When I was shopping around this time the price difference between companies and to my renewal price were markedly similar. Not identical but far less variance than before.
I ended up going with By Miles. I only do 5-6000 miles per year and their policy did indeed offer me a very good saving on anything else out there.
Re: the increased prices in general; inflation impacts businesses as well as individuals. Repairs are more costly, staff costs and office costs are higher ergo prices go up.
Cheeky edit - I have spent the last few months balls deep in working on our firm's product governance and fair value stuff for the FCA. They are not messing around on this one and everyone should see much more stable pricing going forward.
"chrismac - might I ask with whom?
Well I am happy as my dual car insurance (both high insurance groups) has gone down by 10% well done LV
