Car insurance....

[Not_Fred_Honest]

Why does car insurance go up if your out of work or retired? Mine gone up by a 1/3 since I gave up work with 30 years no claims discount.

My old insurance was based on doing 20k miles per year and all the quotes I'm getting are higher based on 4k per year. I even started looking at 3rd party fire and theft and that cost more than fully comp.

Its not like I'm driving at peak times anymore or doing a school run each day.

The whole thing is a joke

 

[LadyOnArooftop]

What bugs me about car insurance is that if you let your insurance lapse for a year or two, for whatever reason, you lose all your NCB and have start again from zero. Twice that's happened to me in the past. Does my nut in.

 

[Smew]

Why does car insurance go up if your out of work or retired? Mine gone up by a 1/3 since I gave up work with 30 years no claims discount.

My old insurance was based on doing 20k miles per year and all the quotes I'm getting are higher based on 4k per year. I even started looking at 3rd party fire and theft and that cost more than fully comp.

Its not like I'm driving at peak times anymore or doing a school run each day.

The whole thing is a joke

Everybody's insurance premiums have jumped up by a large % in comparison with previous years. Maybe the insurance industry is being made to provide for uninsured accidents etc?

 

[Not_Fred_Honest]

No I don't think so. I feel its younger drivers or the lack of them.

In the past every 17 year passed there test and got a crappy car. Insurance was often more than the price of the car. Now young people aren't doing it in cites, they don't need too, they have ebikes and public transport. The back log in driving tests isn't helping too. It can take up to 6 months to get a test date and if you fail, its another 6 months.

For years insurance company's have milked them today death. And now they're looking at the rest of us to make up the short fall.

 

[Smew]

No I don't think so. I feel its younger drivers or the lack of them.

In the past every 17 year passed there test and got a crappy car. Insurance was often more than the price of the car. Now young people aren't doing it in cites, they don't need too, they have ebikes and public transport. The back log in driving tests isn't helping too. It can take up to 6 months to get a test date and if you fail, its another 6 months.

For years insurance company's have milked them today death. And now they're looking at the rest of us to make up the short fall.

I do understand and accept your points, above.
I asked Google for some answers and received the reply shown below. There seem to be a cluster of reasons why every insurer increased prices so heavily at once and together, and since insurance cartels are banned that 'industry' must have been hit hard in several ways.
------------------
Why has car insurance gone up so much in 2024 in the UK?

There are several reasons why car insurance premiums are still relatively high. Inflation has seen the cost of parts and labour soar, in turn it's costing insurers more to pay to repair or replace vehicles.
14 Oct 2024

 

[Not_Fred_Honest]

Hmmm... interesting.......

Lets look back 10 years:

The average premium for comprehensive car insurance in the UK fell by 7.9% to £594 in 2014 as a whole, according to the latest figures from the Confused/Towers Watson Car Insurance Price Index.

This was despite price increases towards the end of the year.

UK motor rates fell 7.9% in 2014 despite end-of-year increases

Comprehensive premiums rose 2% in fourth quarter, says Confused/Towers Watson index

www.insurancetimes.co.uk

So lets have a look at the electric car market in 2014

Electric car sales increased by more than 50% in 2014, with 37,842 AFVs sold. This increased the market share from 1.4% in 2013 to 1.9% in 2014

And now

As of the end of November 2024, there are over 1,300,000 fully electric cars in the UK. This means that around 3.94% of the c. 34 million cars on UK roads are fully electric. The graph below shows the growth in the number of electric cars in the UK between 2020 and 2024.

Look's to me like the increase in electric cars push car insurance up over the last 10 years. I think googles a bit confused or hiding something

 

[Kev45]

Meanwhile, there is a much more straightforward economic explanation following Brexit, the pandemic, the war in Ukraine and 14 years of ideological austerity.

Markey volatility and energy price increases (war in Ukraine).

The cost of repairs has increased by a third since 2023, due to higher costs for raw materials, paint, and labour.

The cost of replacing parts for popular cars has increased by 12% to 21% since 2023.

Significant delays in receiving parts, affecting around 40% of all repair work.

Car thefts rose by 2.2% in 2023-24, up 67% since 2015 and the average payout for car theft hit a record high of £12,600 in 2023.

Inflation increased the cost of repairing cars by 31% compared to figures in 2022.

The standard insurance premium tax is set at 12%.

Adverse weather conditions led to a larger volume of claims.

Etc.

Have a great day, ya all.

 

[Not_Fred_Honest]

I wonder what Kev will do when I cant blame the war in Ukraine and Brexit for all of life's problems

 

[Kev45]

"The United Kingdom’s decision to exit the European Union, commonly referred to as “Brexit,” has had far-reaching consequences across various sectors. Including finance, trade, and immigration. One industry that felt the effects of Brexit is the insurance sector, particularly car insurance. This article delves into the impact of Brexit on car insurance. Exploring the changes, challenges, and opportunities that have arisen in the post-Brexit landscape."

The Impact of Brexit on Car Insurance - ECU Repairs

One significant impact of Brexit on car insurance is currency fluctuations. The pound sterling saw fluctuations in the exchange rate due to

www.ecu-repairs.com

"Among the many price increases UK consumers have experienced in recent years, the rising price of car insurance has been one of the most dramatic. Between May 2021 and June 2024, the price of consumer goods and services in general rose 21%. By comparison, the quoted price of car insurance rose 82%."

https://commonslibrary.parliament.uk/the-rising-cost-of-uk-car-insurance/

"Like most businesses, one of the biggest costs for insurance companies is energy, which is still at record highs due to wholesale price hikes and the war in Ukraine. According to Kevin Pratt, car insurance expert at Forbes Advisor: "Garages are themselves passing on their higher energy bills and labour costs, and insurers have their own bills and wage rolls to pay."

Why has the price of car insurance gone up so much?

May's data from the Office for National Statistics (ONS) saw motor insurance far outstripping overall inflation - at 43.1% compared to 8.7%.

news.sky.com

Have a great day ya all

 

[Not_Fred_Honest]

You still fall for the endless Brexit propaganda

Its about time you woke up to it.

Is there less food on the table now, no.
Did you get a pay cut last year, no.
Did you lose your job in the last 12 month, no.

No mass unemployment or no mass starvation.

The only people suffering right now are the rich who cant get a Polish cleaner for under £20 per hour in London.

 

[Kev45]

The question is about the rise in car insurance.

I have provided links explaining why, it is NOT my opinion, the links provide the cold hard facts.

Facts supported by supporting evidence.

 

[Not_Fred_Honest]

Yes and its got nothing to do with fishing deal with the EU ending in 2025