Car Insurance hiked

[dewaltdisney]

My car insurance renewal this year has seen a £300 increase for no reason. I will try and beat them down but I know I am going to get ripped.The insurance companies need a good shake up to get things back to fair levels as rather than repair cars they write them off and the losses are covered by additions to everyones car insurance. I watched Mark McCann's video https://www.youtube.com/watch?v=gCz5xs4UDNs which is interesting if you can spare the time. More importantly he is trying to get the whole issue examined by Parliament but this needs a petition of 100,000 signatures to get it in. You may wish to consider signing via the link when you see what he has to say.

DWD

[Bob225]

its all across the board 30-60% rise in the 4-5 years, i changed my car this year come renewal time they quoted me something like a 350% increase as my previous insurer would no longer cover me as the car is too new

LV dropped a lot of polices as Allianz now has full control, add in the 9 year cap on NCB for everyone - EV's have been hit hard with the price increase - 60, 70+ and 80+ all have had increases


you get nothing for brand loyalty these days

[dewaltdisney]

No, I think that they are all taking the pee. I have been with LV for years with both our cars. Every year I phone up and have a moan at renewal time and they always give me a discount, I hope it works this year. I think that they rely on inertia from many customers on auto renew. My house insurance had leapt up and I chatted to a nice mature guy who gave be £86 off reducing it to a £50 increase. My travel insurance is a real kicker although I got a relatively cheaper deaL from All Clear after dumping grabbing bastards Staysure. The Mark McCann video is interesting, I signed the petition as the Government needs to get involved and do a deep dive with the FCA Regulators.

DWD

[yartin]

Is it the age, under 50? Location? Low NCD? or do you have a 700BHP plus car? Is it brand new car? Is it high end Tesla? Are you doing 15k miles plus a year? Is it high vehicle crime area? Off street parking on busy road? Too many teens living in the house? Too many cars in the house? Too many second drivers? Motoring convictions and claims in the last 5 years?

None of the above apply to me:
My insurance ends in 2 weeks, current insurer quoted few £s less, just under £300. RAC and 2 more quoted me 10% lower. I have a 15 year old 8 cyl 4.8L 370HP doing low mileage, driveway over night, quiet area, 17 year NCD, not teens/children in the house.

[dewaltdisney]

My Hyundai Tuscon Ultimate Hybrid is just over a year old. I have full NCD, we are in a low crime area, the car is in my drive, just the two of us, I do probably under 5k a year as we use both cars, and there are no kids in the house (unless you count Mrs D's occasional childish behaviour). My renewal was £900 this year and last year it was £600. Robbing bastards

DWD

[Someone-Else]

I have been with LV for years with both our cars.

There is your problem. You should not have to, but you should change your insurance company every year. My OH "takes it in turns" with a few companies. Because once you have been gone for a year you are now a "New customer" so get the "introductory offer" Daft, but true.

[yartin]

Ok the main and only reason is because nearly new car but 50% increase is too much.

I am sure you've been on all different comparison sites.

[Bob225]

LV has a thing with hybrids since the change with under writers in 2023, they will not touch some models, under a year old and its current production - parts prices are high, and the supply chain is very hit-and-miss

lv seems to think Hybrids are the same as EV as they have batteries, don't know where the logic is in that

see the threads on the Tucson forums, you're not the only one

[etaf]

my mother in law has been with LV for 50 years and this year the price for her home nsurance doubled - NO Claim, and they would do nothing on the phone.
Went to saga much cheaper , and lost a very long loyal customer - which i'm sure they dont care about anyway
Not sure what they are like on Car insurance always far more expensive for me , I with bounty (CSMA) and that was with a discount ......

Expecting a big increase when my car and home comes up in oct/nov , and bracing myself for that , every year i use various comparison sites and try and get the price lower , often I succeed to save a lot , last year was the first year when i only saved a little
being retired i can afford the time, but if working flat out, then they really have you.

[peter c]

I have just got my insurance renewal from LV gone up from £330 to £440. I Have full no claims bonus, I live in a low crime rural area. My car is a 2023 Kuga 1.5 petrol. Will try to get a lower quote. Mrs C is also with LV so in theory we should get a discount for the two cars.
Last year LV gave me a quote for house insurance at £1700, my current insurer NFU charges £1,100 for a five bedroom detached house in rural Suffolk. Guess who I insure with!

HTH
Peter C

[dewaltdisney]

Your home insurance is higher than mine at £489 for a similar property. I insure through Lloyds, my bank, and after a moan it got reduced to this figure which is an increase of £50 over last year. It does not add up and I suspect this is the postcode factor coming into play. All this needs a shake up, the FCA needs to look.

DWD

[dewaltdisney]

Following Bob's and others comments I went on the Money Supermarket comparison site to get some alternative quotes. There were at least 12 quotes that offered cover at an average of £600. I picked Sainsburys Bank, who are linked to AXA, for £620. The level of cover is better than LV with lots of extra bits like breakdown and legal cover. When I phoned LV the best they offered was reducing from £900 to £886. I said I would be leaving at the end of the existing policy and signed up with Sainsburys.

What a minefield this all is.

DWD

[etaf]

yep, and time consuming , checking you have the right cover on those comparison sites - NOT each one is the same level of cover or excess amounts -

[dewaltdisney]

Yes, noticed that, Sainsbur⅜y's was the best but not cheapest.

DWD

[Bob225]

Be wary of cheap quotes, I went down that rabbit hole and found everything is an add-on it worked out £150 more for the same coverage