greatgonzo

iTrader: (1)

My insurance renewal has just gone up by 20% and my broker told me its due to the recent economic crisis anyone been told the same?? has yours gone up 20%

Terminator X

iTrader: (7)

Shop around fella ... you'll be amazed that everything is OK

TX.

mr_D

iTrader: (12)

i work in insurance and yes this is the case mate. ours has gone up by 15% on motor and 17% on home. not easy to explain it to people when the current climate is crap and people are struggling.

however that doesnt mean you cant get a reduction or a cheaper quote else where.

BlueBugEye

iTrader: (12)

Mine went down this year

beef-on-the-bone

iTrader: (5)

hope mine doesn't go up too much, had to claim for first time in 9 years

mr_D

iTrader: (12)

do you have protected bonus?

lthough protected bonus doesnt protect your prem it still helps with keeping costs down.

P555SBR

iTrader: (1)

just had my renewal come today for they range rover last years price 120 quid this years price 318 quid just got off the phone to them and there anserw was we have to make our money form some where as people just arnt insureing cars as they carnt aford it my reply thank you but im off else where lancaster just qouted me 163 fully comp job done
lets see how much the scooby goes up by in april

bolasti

iTrader: (6)

my mrs went up 200 quid last month mine due in march wheres the cheapest plave to go????????????????? been on confused so on and insurance coming up plus 300 shiiiiiiiiit on top of my 900

Moley

iTrader: (9)

No it hasn't/isn't going up 20%

Often a large insurer will raise their rates and expect the rest of the market to follow.

However, because it is such a competitive market this just doesn't work anymore.

gray-efc

i work for swinton and about 80% of my renewals have jumped up massively. There are deals to be done as on new quotes insurance companies will lose money on but they get it back when you use their solicitors when making a claim or when you renew because you cant be bothered looking around etc

Mad Hammer

iTrader: (55)

On average motor has seen nearly 20 points go through in 2009. Main reason for this is third party injury claims which have increased by way more than insurers predicted a couple of years back while rates were too low, they are now playing catch up after suffering some really bad results.

The only effect the economy has on insurers is their investment income. So for example where insurers were operating at say a combined operating ratio of 105% in previous years they now can't get anywhere near 5 or more percent return on their investments so they are now trying to write business for an actual underwriting profit, so target is below 100 combined operating ratio. So this has also pushed rates up !

However give it another 6 to 12 months and your will see rates certainly level out and even start turning the other way again, so not all bad news.

picky77

Mines gone up an extra £200

Moley

iTrader: (9)

Mad Hammer is completety correct.

The problem these days isn't repair cost, it is the personal injury aspect.

The main way the insurers are looking after themselves (and the industry) is to avoid insuring people in and around areas where there has been a high frequency in personal injury claims..... especially in certain areas where some of the claims are 'questionable'

Rates in certain areas will certainly increase, and if you live in those areas you might even struggle to get a quote at all.

However, if you want someone to blame don't put it all on the insurers...... i bet most people have a mate who has done the classic ''I stuck in a PI claim and got £1500, even though i didn't have anything wrong with me''.
They are the ones who are causing issues in the industry.

That and the hire car companies who put you in a Fiesta/Corsa, then charge the insurers £150-£200 per day for it.

(I will add however that if someone is genuinely injured they are fully intitled to compensation, it's the dodgy claims that are the problem)

scooby-tc

iTrader: (2)

make sure mine comes down this month Gary

daz1968

iTrader: (13)

I think the insurance companies should check the repairers more often, I went to get a quote for a small scratch, first question is it through insurance, when they know I am paying the bill almost halved. Also a few months ago my wife had someone run in to the back of her, no injury but shes had at least a dozen phonecalls from 2 or 3 different solicitors trying to get her to claim for injury and they have sent out a few forms to be completed. These sort of problems need nipping in the bud as otherwise insurance will be a nightmare to get at a decent price. Years ago when I started driving most insurers insisted on 3 quotes before work commenced.

Moley

iTrader: (9)

Completely agree, the difference between a 'cash job' and an 'insurance job' is massive.

I often hear of repair companies putting in a repair bill of (for example) £3k, therefore having the insurers write the car off, then telling the customer to buy the car from the insurers, bring it back and they'll do the repair for £1k cash.

Not sure exactly what can be done to combat that, but it seems to happen quite a lot.

Ref the 3 quotes - the problem is that if you take a week to get the 3 quotes then the hire car company will charge the insurer an extra weeks hire. Therefore is is cheaper for the insurers to get the car in and fixed asap.

chocolate_o_brian

iTrader: (22)

Just seems that dishonesty is rife in the business of P.I. claims and repair work.

I remember when I had my accident 3 years ago, solicitors were on the phone to me asking about injury. I said I just wanted his insurers to pay for the damage and get the old scoob back. Week later an offer from "my" solicitor from HIS insurers for £1,000 arrived. Didn't want ANY medical records, NO medicals or meetings, so I'm led to believe his car was rather dodgy and they wanted rid of me

I took the first offer of compo against advice from "my" solicitor to push for more

jd5217

No increase in mine this year.........thanks Gary.

Mad Hammer

iTrader: (55)

Most insurers are in a much better place when it come to AD repairs. There will be set costs for certain jobs, you won't even see an estimate these days. Just because they say it will cost say 3k to repair it does not mean that's what they will get ! Photographs are emailed to the insurers engineer and they will agree costs after.

PI claims and hire costs from credit hire companies are the main issue. Just for info for every £1 you pay 78p of that goes towards paying claims PI costs !!!

stevebt

iTrader: (8)

It makes my blood boil when people put dodgy whiplash claims in as I have had a coulpe of people try it on with me that way, absolutely nothing wrong with them and the next minute there after some cash. I wish the insurance companies would employ more private detectives like what the USA and it will suddenly stop these fraudulant claims.
I also think alot of garages steal cars from the insurance companies due to massive storage and recovery fees and this can't be helping the costs either

P555SBR

iTrader: (1)

i had a simaler problem back in october a woman ran into the side of me i reported the claim on monday morning and within 30 mins my phone never stoped ring with diferent companys seeing if i want to claim for p.i which i dont as it was a low speed inpact then 2 months later it started again same companys seeing if i had any delayed afects one even said they can have me a cheque in the post for £1500 within a week for whiplash with no need for a medical

BIG FUD

iTrader: (84)

Mine up in june i dont ever worry last 3 years moley sorted me ...

Daddy ..lol