Insurance shock.

[Kremmen]

https://www.insurancetimes.co.uk/news/motor-premium-inflation-slows-in-q4-2023-despite-some-brands-escalating-prices-at-much-higher-level-than-average/1447548.article

[Lord Voltermore]

Seems like it may not just be car insurance. Just had an E mail from my home  insurers  LV ( no- I dont own the company    )     I though it was the renewal  . It  explained why insurance  costs are going up so much - more claims, higher building costs, bad weather, Blah Blah  .     But no. They will be  sending the renewal quote in a few days  .. This was just priming me to expect the worst    Presumably they hope  I will be less shocked and less likely to rush to find a cheaper quote.   I'm hoping they have  also played the double  mind game of it not being as bad I was expecting. 

[Kremmen]

I renewed my house insurance via a broker friend a month ago

He used Ageas and it was very similar to last year

Can't remember the exact figure but is in the low £200's

[ColinS]

Just renewed my home insurance with LV.  It went up by a whopping 23%.

[Mr Onion]

Just renewed our home insurance with Aviva. Full bells and whistles policy up by £13 pounds from last year

[NoelM]

I renewed my house insurance via a broker friend a month ago

He used Ageas and it was very similar to last year

Can't remember the exact figure but is in the low £200's

Hope you don’t have any issues as Ageas are an absolute nightmare to deal with.

[Mr Onion]

Hope you don’t have any issues as Ageas are an absolute nightmare to deal with.

I have found them to be excellent. I had a repair done under their insurance and 3 years later rust broke through. They arranged for the car to be taken to a different repairers, who replaced the door, resprayed the FNS wing and fixed some damage that the original repairer missed.

Excellent service

[Lord Voltermore]

Just had the renewal from LV  . It went up 27% from last year .   The 'warning'  e mail was a bit deceptive in that it quoted an increase in claims of 50% and the cost of the payouts they made of 70 %  . As they no doubt intended I paid more attention to the high percentage, and less to the fact the increase was spread over an indeterminate number of "recent years" 

So a bit relieved,but also a bit peeved at their tactics.  Not peeved enough to no longer do business with them, or relieved enough not to check for other quotes.   

[Kremmen]

I renewed my house insurance via a broker friend a month ago

He used Ageas and it was very similar to last year

Can't remember the exact figure but is in the low £200's

Hope you don’t have any issues as Ageas are an absolute nightmare to deal with.

My broker handles all that on my behalf. He's had no issues in the past which is why he uses them

If he does have any issues at claim time he drops the company off his database

[RichardA]

My renewal with Dial Direct (Ageas) has gone up from £169.86 to £222.19.

[Kremmen]

My turn

LV gone up from £267 to £485

I put all my details into DL as a paper exercise and they quoted £976 !!! Now waiting for DL to start some sales strategy with texts and emails. They will be fun to reply to

[123Drive!]

The whole industry got together and the competition authority needs to investigate this

[Mr Onion]

IMHO the problem is electric cars, well not so much electric cars but the potential for damage of the battery in any accident resulting in an insurance write off.

Understandably no one wants to take a risk on a potentially lethal battery being reused with the consequences that might bring.

Unless/until there is a process in place to re certify batteries as roadworthy the annual price hike is likely to continue.

[Kremmen]

The day before renewal I got a LV email telling me that insurance claims and costs had risen considerably so expect a shock

What has happened in my case is that my quote is what it would have been had I stayed in London and I'd bugetted for it

According to LV, claims have risen 30% and claim costs have risen 75% ...... yes, thanks EV

[RichardA]

Direct line quoted me over £800.

LV wouldn't quote the car as mentioned previously.

(2007 Jazz Sport, 43 year old male, licence since 2001, 10 years NCB).