UK Insurance Premium tidal wave

[headrow]

3 minutes ago, Pip321 said:

 

Compromise for me is after 25 years of insuring using mortgage companies or big brands and NEVER making a claim (and at the time owning several properties because I am a bastard landlord) I decided enough was enough.

So I added up my premiums (about £3500 a year) and went to shitonlinediscountinsurers.com and took out the cheapest premium I could find. Joking apart I just shopped around and took the very cheapest quote I got but with the same/similar cover. I haven’t paid more than £1000 a year since. I don’t care about customer service because I don’t expect to ring them….I imagine when I ring the number no one will answer….but at least I know I am in theory insured. 

ps currently discount insurance and direct line were cheapest this year.😉

It only cost me 27k and I've lived in it for 31 years. It owes me nothing.

[spygirl]

Financial strains at UK businesses lead to surge in insurance payouts for unpaid debts

Ian Smith in London

UK insurance payouts for unpaid business debts topped £100mn in the first half of 2023, the worst start to the year in half a decade, reflecting troubles in the construction and retail sectors.

[King Penda]

On 29/10/2023 at 12:08, Errol said:

Going to end up with loads of people not insuring their homes.

Just paid mine around 45% up to 150 quid

[roundhouse]

Car insurance premium - up 50% almost to the penny.

Been with the company around 25 years, never needed a claim. 

If it is related to their higher payouts over last few years then my *unquantified impression* is there's been more serious road accidents in recent years in east Cornwall. 

Even if , 50% higher premium is mick taking.

[sleepwello'nights]

9 hours ago, headrow said:

It only cost me 27k and I've lived in it for 31 years. It owes me nothing.

How much would it cost to buy somewhere else to live, furnish it, replace your clothes, toys and all the other stuff you need?

[headrow]

8 hours ago, sleepwello'nights said:

How much would it cost to buy somewhere else to live, furnish it, replace your clothes, toys and all the other stuff you need?

A lot more than my insurance cover would be , but that's the point , it's a gamble I'm willing to take.

 

I've insured a car since 1984 , nearly 40 years and never claimed a penny. Dead money.

 

 

[Sasquatch]

Just had our home insurance renewal. Been with the same company for about 10 years.

Up 33%!

Not happy.

[kibuc]

11 hours ago, roundhouse said:

Car insurance premium - up 50% almost to the penny.

Been with the company around 25 years, never needed a claim. 

If it is related to their higher payouts over last few years then my *unquantified impression* is there's been more serious road accidents in recent years in east Cornwall. 

Even if , 50% higher premium is mick taking.

I get that every year, in return I go on comparethemarket, find the cheapest, call my current insurer and quote them that. They usually cannot match but can get within the 10% distance, which for me is good enough to avoid the hassle.

[leonardratso]

48 minutes ago, kibuc said:

I get that every year, in return I go on comparethemarket, find the cheapest, call my current insurer and quote them that. They usually cannot match but can get within the 10% distance, which for me is good enough to avoid the hassle.

Every year.

[sleepwello'nights]

2 hours ago, headrow said:

A lot more than my insurance cover would be , but that's the point , it's a gamble I'm willing to take.

 

I've insured a car since 1984 , nearly 40 years and never claimed a penny. Dead money.

 

 

Mind you that's different because you are required by law to insure others who may be caused damage or injury.

I've always gone for the minimum insurance needed on most risks. I've never had life inusrance except when it was needed for a mortgage application and avoided most of the other types.

The only exception I've made is GAP insurance on the last two cars I bought. I've had two cars written off in accidents, neither of which were my fault I will add. Unless it was my fault for being where it happened at the time! Anyway the first time I didn't have GAP insurance and although I was paid the market value of the car I was out of pocket, by a thousand or two. 

The next cars I bought were new and I took out GAP insurance on them. The last was damaged in an accident, not my fault again, and an insurance assessor estimated cost of repairs would make it beyond economical repair. He worked for Copart by the way. Anyway on his assessment the GAP insurance paid out. The full invoice price of the equivalent current model was the basis of the reimbrsement. With the market price less the scrap value paid by the third parties insurer and the balance paid by the GAP policy I recovered the full price I'd paid for the car three years earlier. 

My insurers never paid out anything and after some faffing about over the market value of the car I had it returned. The cost of repairing it came to £3-£4000 not the £20 odd thousand Copart's assessor estimated. That was covered by the compensation I received for the inconvenience I'd been caused. Even better my car is not recorded as an insurance write off. I still have it and it's fine. The couple of hundred for the GAP insurance was well worth it. 

Edited October 31, 2023 by sleepwello'nights

[BWW]

13 hours ago, roundhouse said:

Car insurance premium - up 50% almost to the penny.

Been with the company around 25 years, never needed a claim. 

If it is related to their higher payouts over last few years then my *unquantified impression* is there's been more serious road accidents in recent years in east Cornwall. 

Even if , 50% higher premium is mick taking.

get more quotes.

i am with aviva. this year they wanted 540 for renewal despite 6 years with them and another year noclaims.

shopped around, cheapest on comparison sites is ...

zero.aviva ( they donate to offsetter ecobollocks twats)

eventually insured without comparison engines for 300 roughly same with ...

aviva.

noticed 6 years ago when i bought my car thattheir system will give a different quote each hour for exactly same thing. i suspect its using an easyjet first sales cheap, then increade price with quota each hour. usually cheaper at 3am.

decl. i hold av shares.

[spygirl]

Our home insurance payments tripled after underwriters blamed 'changes to weather patterns' for causing more floods - as experts warn YOU will have to pay more if your house is flooded

https://www.thisismoney.co.uk/money/article-12942629/flood-homeowners-insurance-premiums-TREBLE.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_ga=2.223795675.1750324916.1704703858-1153876054.1674210976&_gl=1*1fnhtqe*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcwNDgwNTM4My4xODUuMC4xNzA0ODA1MzgzLjAuMC4w

 

[Frank Hovis]

22 hours ago, spygirl said:

Our home insurance payments tripled after underwriters blamed 'changes to weather patterns' for causing more floods - as experts warn YOU will have to pay more if your house is flooded

https://www.thisismoney.co.uk/money/article-12942629/flood-homeowners-insurance-premiums-TREBLE.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_ga=2.223795675.1750324916.1704703858-1153876054.1674210976&_gl=1*1fnhtqe*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcwNDgwNTM4My4xODUuMC4xNzA0ODA1MzgzLjAuMC4w

 

 

I didn't realise that Flood Re cut off in 2009.

And if anyone thinks that their premiums are too high then they can change insurer, insurance is a highly competitive market.

The seaside town of Looe is the most flooded in Britain - several times every year on high tides - and so people have flood proof houses: tiled floors downstairs, electricty cables running along the upper wall rather than at ground level, moving furntiture upstairs when a flood is likely.  You can cope with regular flooding by altering your house.

 

The Government’s Flood Re scheme aims to make homes more affordable for those who live in a high flood risk area, but it typically covers only properties built before 2009.

While the scheme enables homeowners to take out insurance, with prices linked to their council tax band, the number of insurers offering cover is limited. Flood Re also has a Build Back Better scheme offering up to £10,000 for homes to better protect their property against future flood damage.

Separately, following Storm Babet in October, the Government is encouraging flood-hit property owners to apply for up to £5,000 as part of a Property Flood Resilience Repair Grant Scheme.

Heather Shepherd, director of operations at charity National Flood Forum, believes such support does not go far enough and fears it enables the insurance industry to exploit homeowners with unnecessarily high premiums.

She says: ‘There are bound to be new people making claims this year – and they are going to be in for a nasty surprise.

‘We have a never-ending battle with the Government to come up with a better plan to tackle flood risk properties. Insurers are not a charity so you can expect them to profit from floods. But I would much rather they pushed the Government to support homeowners.’

[wherebee]

11 hours ago, Frank Hovis said:

 

I didn't realise that Flood Re cut off in 2009.

And if anyone thinks that their premiums are too high then they can change insurer, insurance is a highly competitive market.

The seaside town of Looe is the most flooded in Britain - several times every year on high tides - and so people have flood proof houses: tiled floors downstairs, electricty cables running along the upper wall rather than at ground level, moving furntiture upstairs when a flood is likely.  You can cope with regular flooding by altering your house.

Or... don't buy a house which will be flooded.  We rented a place once which in a couple of storms had water up to the doorstep.  That made me swear to never ever buy a house that was not on a hill.

If our current place in Oz floods, God's very angry and everyone else is dead already.

[spygirl]

Average UK car insurance quote hits record £995

Rise in prices comes after insurers register surge in cost of claims

https://www.ft.com/content/4bb22968-79ef-44e7-a0b7-04cbbc2c9098

[spygirl]

Young drivers face £3,000 cost for car insurance

https://www.bbc.co.uk/news/business-67991154

 

Some good news. I can buy myself another Honda.

 

[onlyme]

20 minutes ago, spygirl said:

Young drivers face £3,000 cost for car insurance

https://www.bbc.co.uk/news/business-67991154

 

Some good news. I can buy myself another Honda.

 

Not yet, that's just the rate of change, the actual prices are still pretty high.