What's got into car insurers

[Phoenix]

This last year prices for car insurance seem to have become totally absurd.

I'm 24, had my car licence 4.5years, never had any claims, got 4yrs NCB and have one 4 year old speeding offence (which seems to make about £30 difference on most premiums).

Latyear I had a Group 16 250bhp Volvo T5 which cost me £600tpft to insure, on renewal last october it was £1200 to renew!! I sold it in the end and bought a US car on a specialist policy and pay just over £400 fully comp on that without even using my no claims bonus.

However I have now bought a 2nd car to use for work, a 2.0 turbodiesel nissan primera (ooh), group 9 insurance and worth about £500, been getting quotes all between £500 and 800 tpft...?? Absolutely insane, had one quote of £350 which is reasonable but that involved some creative "best quotes", just don't get why i'm getting ridiculous quotes on shitboxes all of a sudden.

[Finglonga]

Because there is allot of this happening . . Clicky.
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Andy Sez....
F.Y.Y.F.F.

[Scouse]

Are they using your job as a reason to jack it up?

[Phoenix]

It's a possibility they're using my job, but I would've thought HGV driver was the same risk as Van Driver/Courier which is what I was down as before. Hasn't seemed to affect my bike insurance the same way. Might ask the next company if it makes any difference.

[trevoriv]

Would have thought it would give a small discount if anything!

Rates are going up at the moment as the insurers are trying to reclaim some of their reserves lost through last years floods and storms.

Unless your rating area has been re-rated this year :s
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...

[Phoenix]

Nice to see that it's only the insured that suffer financially when taking a policy, thought insurance was supposed to be a balance of paying a reasonable non returnable fee in the event something might happen, not pay for every event that has happened through distributing the entire cost and extra to recoup their profits to all clients.

If all insurers got together and decided they wanted more money so were going to double all their rates, would there be anything stopping them, after all, premiums are plucked out of peoples backsides as we know, the £350 I got started at £650, after saying i'd already had a quote of £350 it was dropped instantly, ofcourse that doesn't seem to be working with most of them.

[trevoriv]

Last years weather events drained a lot of money from reserves for most companies, 1/4 of a billion quid for the company I work for. The general consensus is that rates are going to increase but not massively, only around 5-10% and with the personal lines market so uber competitive anyway id expect rates in private motor insurance to remain relatively steady with only a nominal increase.

The increase is going to be seen most in the large commercial sector where it's easier to hide slight increases.

Therefor there must be another reason why you're being bummed for premium :/
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...

[Lady P]

You are a "Professional Driver " a higher risk

Just because you have taken more tests than anyone else has counts for nothing or use your car less

You could buy a car in a lower insurance group

I wont tell you what they want for my daughter and she is 20

[trevoriv]

I have a low risk occupation but assuming i had only just got my licence and had 0 ncb the cheapest online quote i can get for a Mitsubishi Colt CZT 1.5 Turbo is £2444 TPFT
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...

[tatters]

how can you find out how risky your job is insurance wise?
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Past:NRG50,AF1125(x2),NSR125RR,ZZR250,CX500,VFR400,KR1S,ZZR600(x2),CB400N,YZF1000(x2),KH125,Z200,FX400R,CBR954RR(x2)GPZ500S,GT550,VFR750F(x2),RD350N,XR650R,CBR600F,CB250,KDX250,YZF750R,CRM250,400EXC,KLR650,TTR600RE,DR350S,R100GSPD,RGV250,VMAX1200,DL650,KZ750 Present:G650XC,C12,CRF450X,1190ADV

[cicatrez]

4 year old speeding offence? if its a minor offence in which you got points. You can get it taken off your license. might make it cheap eh?

[trevoriv]

[Phoenix]

Yep, needs declaring for 5years, plus some nazi insurance companies think they're above the DVLA and expect you to declare all points and convictions even if they were 10years ago, not sure how legal that is, I can't see how they can prove you ever had points if they're gone from your licence.

I bought a Group 9 car as a cheap runabout, assumed insurance would be cheap having had no trouble insuring group 14-16 cars in the past, things just seem to have rocketed this year. Albeit just having one £350 might be good enough, would still expect that to be the norm though not the exception, might try and wangle it to £250 tomorrow, not holding my breath though.

And Lady P, I know that it seems ridiculous not reducing our premiums for being much more experienced than the average 10K a year to work and back driver, but I always assumed i'd get punished a bit as a professional driver, because if I have an accident at work the claim could be large, especially in an HGV. So they're trying to cover their possible losses via my personal insurance too, which I think is completely unnacceptable, and don't see how it doesn't fall under discrimination personally. As there's absolutely no reason why what you do when you're at work would affect the safety of your drive to and from the place you work at if you're not using the vehicle to carry out your job. So the only justification for an increased premium would be to effectively contribute incase of an accident you *may* have in a company vehicle on a company policy, absolutely nothing to do with your personal insurance.

[Kal]

In response to the question above about insurance underwriters price fixing then there is an insurance omsbudsman and the FSA who are chartered to prevent that sort of thing.

In practise a nice dose of healthy competition prevents that kind of co-operation.

As for your premium, have you tried quotes for other addresses? Theres a reasonable chance that there were some expensive claims made from your area last year.

I say as we reinsured the Escort this month and there was barely a rise in the premium.

The insurance companies aren't picking on you. The algorythm is just based on where you live and what you do for a living compared to previous payouts.

If there are expensive payouts for a profession/area etc then the premium is going to go up for everyone.

It's why I can't stand people who treat an insurance claim as a lottery win, it's there to replace financial losses.

As for declaring points for ten years etc etc, well if you don't like the terms of a contract and the other side will not change them then don't sign it.
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Kal...
I Like To Hoon It Hoon It I Like To Hoon It Hoon It I Like To Hoon It Hoon It Ya Like To (HOON IT!).
1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S

[DEN MONKEY]

Seems house insurance is going up over here locally because of a massive fload we had here back in July.

While I can appreciate the pool of funds being depleted and trying to recoup that I thought the premium people were paying before hand was set at such a rate in case this sort of thing happened.

So it seems a little double handed to me.

They're in the bussiness of risk and as soon as it comes time to pay on one of those risks the prices go through the roof.

As an example a flood like this hasn't happened in over 50 years now they're acting like it could happen again next week.
Takin the piss a bit in my book
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meh

[Kal]

The odds and your stake, sorry I mean premuim , is based on historical events. Events which are likely to happen. The underwriters put up their own money against this for payouts

Which is why peoples personal fortunes were wiped out when there was that big scandal involving Lloyds underwriters a few years back.
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Kal...
I Like To Hoon It Hoon It I Like To Hoon It Hoon It I Like To Hoon It Hoon It Ya Like To (HOON IT!).
1984 GB250 Clubman,1983 CB250N Superdream, 1999 GPZ500S

[Jack_Cheese]

[Walloper]

It's because some of us are posting in the WRONG bliddy Section maybe....
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W-ireless A-rtificial L-ifeform L-imited to O-bservation P-eacekeeping and E-fficient R-epair

[trevoriv]

[Lady P]

Also it is a second car and you can only have your no claims on 1 of them

Yes HGV driver can get penalized has they are classed as a higher risk but if it is a company vehicle where it would be there insurance and not yours if involved in an accident

[Phoenix]

My no claims is not being used on the Trans Am as that is classed as the 2nd car so I effectively insured that with 0 NCB, so I have my 4years to use on the Nissan Diseasel.

Walloper, right section as it's bike related, because bikes need insurance too....related...sort of.

Think of another way od describing HGV driver? Logistics implementation Operative?

[Jack_Cheese]

shunter? (may be a little too far off the truth)
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Quacker_boy: "Jack, you really are a dick!"

[trevoriv]

My company give a discount for 'professional' drivers on their SD&P motor policies.
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Past: '96 Thundercat, '02 ZX636R (A1P), '58 KTM 690 SM LC4 Current: '06 ZX636R (C6F)
Mudskipper wrote: Someone just has to sig that...