2023/24 INSURANCE RENEWAL PRICES

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eyedeethree
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Post by eyedeethree »

Just had my renewal November 2023 and my policy (who was best priced last year) has now gone up by 300% - from £302 last year up to over £900. Money Supermarket can get that down to just over £500 but thats still quite a jump - anyone had better prices? I know its about age and location and experience but I'm not residing in Gaza for christs sake, never had an accident or claim, no points, and mid 60"s. Methinks band wagons are rollin here...
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MotMot
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Post by MotMot »

Mines gone up 50% (renewed in July).

All insurance has gone up (inflation in all aspects of car repairs). Also some rumours that the high cost of EV repairs (esp Tesla’s?) has driven up EV quotes. But I’ve no hard evidence.
roybosh
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Post by roybosh »

My wife had a renewal quote for her Honda Civic last week, it was £70.00 more than last years quote at £265.00. She phoned them and they instantly dropped it to £235 and when she showed them a quote for £197.00 from a comparison site, they matched it. £2.00 more than last year.
When I got my ID3 in January, the cost to change was around £40.00. I had about 5 months left on my insurance and to me that was pretty good.
It could very well be that the insurers smell some juicy EV profiteering given that in a few years the rest of the motoring public will be electric. Set the benchmark now.
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Dermottdog
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Post by Dermottdog »

Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.

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Splash-Man
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Post by Splash-Man »

It's definitely not just EV insurance that has gone up.
The renewal on my 2 ICE vehicles has gone about 30%.
Most people at work have reported the same.
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eyedeethree
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Post by eyedeethree »

Splash-Man wrote: Wed Nov 01, 2023 8:53 pm It's definitely not just EV insurance that has gone up.
The renewal on my 2 ICE vehicles has gone about 30%.
Most people at work have reported the same.
30% would have been ok under the circumstances - but my increase was 10 times that and the cheapest quote I've found is a 100% increase on last year (on a 1 year old car now, brand new on the lower price)
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eyedeethree
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Post by eyedeethree »

Dermottdog wrote: Wed Nov 01, 2023 6:21 pm Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.
Thats worth a look to compare - thanks, I'll try it now
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eyedeethree
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Post by eyedeethree »

Dermottdog wrote: Wed Nov 01, 2023 6:21 pm Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.
Ok I tried it, fully comp and with protected no claims option selected, social domestic and commuting - £678 (the option for protected no claims element was about £80 which I included). Car value today I checked comparable car on the approved used VW site which for a similar car was £28k now so I used that figure in my calcs. Obvs twice what I paid last year and a bit more, but it is in the ball park with the other options now available to me and it does say genuine VW parts would be used in its repair so I'd pay a small premium for that. Maybe no accidents and convictions have got these companies thinking statistically its anytime now for me, so bump it up while its on their watch.

Screenshot 2023-11-02 at 01.33.07.png

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sidehaas
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Post by sidehaas »

Last year we insured both our ID3 and other car (a 9yo Octavia VRS) for £250-300 each with Churchill. This year the renewal quotes were well over £500 for each. I managed to get the Octavia down to £400 by shopping around and getting Churchill to price match the cheapest. However we couldn't find any quotes on price comparison sites to lower the ID3 quote - indeed the Churchill quote for a new customer was more! We ended up having to accept the renewal quote, albeit we adjusted our excess to get £30 off. We have had a windscreen claim on the car in the last year but I didn't think that usually made a difference.
So in summary, 40% increase on the ICE and 90-100% on the EV.
We checked the VW insurance that others have suggested as it's not on comparison sites, but it was over £900. Direct Line wouldn't even quote. Bit grim really.
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Dermottdog
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Post by Dermottdog »

eyedeethree wrote: Thu Nov 02, 2023 1:44 am
Dermottdog wrote: Wed Nov 01, 2023 6:21 pm Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.
Ok I tried it, fully comp and with protected no claims option selected, social domestic and commuting - £678 (the option for protected no claims element was about £80 which I included). Car value today I checked comparable car on the approved used VW site which for a similar car was £28k now so I used that figure in my calcs. Obvs twice what I paid last year and a bit more, but it is in the ball park with the other options now available to me and it does say genuine VW parts would be used in its repair so I'd pay a small premium for that. Maybe no accidents and convictions have got these companies thinking statistically its anytime now for me, so bump it up while its on their watch. Screenshot 2023-11-02 at 01.33.07.png
I’ve just had a thought. Was your quote really simple to generate? Thinking about it, I wasn’t told of any mandatory excess or voluntary excess. Seems odd.
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mediaguy
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Post by mediaguy »

Dermottdog wrote: Wed Nov 01, 2023 6:21 pm Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.
Just to let you know, I couldn't purchase my "saved" quote after I'd made a new one quote 25ish days later. I probably could have phoned and sorted it, but it was only a few pence difference.
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Splitty
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Post by Splitty »

Luckily I took out a 3 year fixed price on mine last year with Saga. So it is still around £250. Saga also include EV cover such that if I run our of Juice they cover an RAC callout to provide an emergency recharge. Online quotes now are around the £400 mark.

Thank god I didn't buy a Tesla. Their super low cost manufacturing techniques (Giga Castings etc) mean that repairs are really difficult and expensive, weldling die cast aluminium is not really an option.
eyedeethree
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Post by eyedeethree »

Dermottdog wrote: Thu Nov 02, 2023 8:55 am
eyedeethree wrote: Thu Nov 02, 2023 1:44 am
Dermottdog wrote: Wed Nov 01, 2023 6:21 pm Just been online and had a quote from VW insurance. I don’t need insurance at the moment as I renewal isn’t due to August next year but wanted to know. I think it’s very reasonable.
Ok I tried it, fully comp and with protected no claims option selected, social domestic and commuting - £678 (the option for protected no claims element was about £80 which I included). Car value today I checked comparable car on the approved used VW site which for a similar car was £28k now so I used that figure in my calcs. Obvs twice what I paid last year and a bit more, but it is in the ball park with the other options now available to me and it does say genuine VW parts would be used in its repair so I'd pay a small premium for that. Maybe no accidents and convictions have got these companies thinking statistically its anytime now for me, so bump it up while its on their watch. Screenshot 2023-11-02 at 01.33.07.png
I’ve just had a thought. Was your quote really simple to generate? Thinking about it, I wasn’t told of any mandatory excess or voluntary excess. Seems odd.
It took me through a conventional quote system, it looked familiar to another I did earlier - so it was quite comprehensive yes
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eyedeethree
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Post by eyedeethree »

Splitty wrote: Thu Nov 02, 2023 1:39 pm Luckily I took out a 3 year fixed price on mine last year with Saga. So it is still around £250. Saga also include EV cover such that if I run our of Juice they cover an RAC callout to provide an emergency recharge. Online quotes now are around the £400 mark.

Thank god I didn't buy a Tesla. Their super low cost manufacturing techniques (Giga Castings etc) mean that repairs are really difficult and expensive, weldling die cast aluminium is not really an option.
That was a good move on your part - didnt know such policies existed.
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chrisfs
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Post by chrisfs »

I have read that EV insurance premiums have pretty much doubled and I am fearing the same when mine comes up for renewal in a few weeks. My understanding is that it is mostly down to the much higher repair costs for EVs experienced by insurers and actually I find that credible. Repairs on the electrical side can be more complex and in particular the cost of parts has risen dramatically.

For more on the lack of availability of parts, see my next post coming in a few minutes!
the.kes
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Post by the.kes »

chrisfs wrote: Sun Nov 05, 2023 4:44 pm I have read that EV insurance premiums have pretty much doubled and I am fearing the same when mine comes up for renewal in a few weeks. My understanding is that it is mostly down to the much higher repair costs for EVs experienced by insurers and actually I find that credible. Repairs on the electrical side can be more complex and in particular the cost of parts has risen dramatically.

For more on the lack of availability of parts, see my next post coming in a few minutes!
And yet two people that I have spoken to about insurance renewals on ICE vehicles have been quoted nearly 300% more, both got them down to around 150% more with haggling so it might not just be EV drivers that are getting screwed.
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StuartT
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Post by StuartT »

This was an interesting read
https://www.fleetnews.co.uk/news/expert ... ight-video
Don't shoot the messenger! 😏
Edited to add this https://www.fleetnews.co.uk/news/jlr-pa ... ng-repairs
Turbulent times...
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TimF
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Post by TimF »

Ours has jumped substantially (up 65%). So more than some, less than others. I did look around, but decided to stick with the same company on same policy terms.
mediaguy
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Post by mediaguy »

chrisfs wrote: Sun Nov 05, 2023 4:44 pm I have read that EV insurance premiums have pretty much doubled and I am fearing the same when mine comes up for renewal in a few weeks. My understanding is that it is mostly down to the much higher repair costs for EVs experienced by insurers and actually I find that credible. Repairs on the electrical side can be more complex and in particular the cost of parts has risen dramatically.

For more on the lack of availability of parts, see my next post coming in a few minutes!
Remember 3-4 weeks before renewal is the best time to get your quotes!

https://www.moneysavingexpert.com/insur ... -to-renew/
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TimF
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Post by TimF »

It's a month old now, but this article suggests price hikes and even refusals to insure are the norm:
https://www.theguardian.com/money/2023/ ... ance-costs

In regard to Teslas, I found this article about gigacastings:
https://www.lightmetalage.com/news/indu ... m-content/
- I wouldn't be surprised to find that any Tesla accident involving more than cosmetic damage would mean the vehicle is a write-off, fit only to be stripped for the battery, motor and other parts, as a damaged gigacasting might not repairable at all, while disassembly to the point where any damage to a gigacasting was fully exposed for rework could be long and involved.
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