Boxster Insurance renewal increase!

[911hillclimber]

Just for info:

My Boxster, 987.2 2009, 2.9 litre.
I've owned it for 6 years so 6 years NCB, last 4 years have been with LV

Last year was £235.97 and this year's invitation is £355.43, about a 50% increase.
Nothing has changed, no claims, no points, just me a year older (now 71)
They exhaustively explained why cost rises etc are reflected in the renewal.
I will look at what else there is, but prefer to insure through big organisations only, so will probably grin and bear it.

How come 50% increase is down to cost increases of parts etc and labour rates in garages?
I feel a sense of Rip-Off TBH.

[Mick Cliff]

50% increase seems to be par for the course these days.
Insurance on my car went from £300 to £450 recently.
I hawked around extensively before paying!
Same as you Graham, no changes at all apart from 1 year older.

[KS]

The problem is caused by the sharp increase in repair costs (paint, and materials in general) allegedly...

[hmg66]

All of our cars both toys ( on classic policies with agreed valuations) and dailies have seen a slight decrease this year. Go figure?

Personally I would not accept that degree of increase but a quick search of the comparison sites should give you a better idea..

[KS]

All of our cars both toys ( on classic policies with agreed valuations) and dailies have seen a slight decrease this year. Go figure?

Personally I would not accept that degree of increase but a quick search of the comparison sites should give you a better idea..

The insurance premium (with Direct Line) on my Golf tdi estate went up by almost 30 per cent this year - checking the two main comparison sites, all results were up by a similar amount compared to last year...

[Anta]

Quite a few big insurers have pulled out the retail market which is bad for competition. Actual labour rates are up a bit, parts and paint more but not to the degree of the increases, It is more that insurers have been losing money for years on first year premiums, aggregator fees and sites are bad for profit! They are looking to make some margin, With everything else going up in cost and a bit less competition a good time for them all to make some hay, Bummer,

[Hugo 356]

Related to Pandora lifting the lid on inflation; insureres are regulated to hold large amounts of capital (in respect of the premiums you pay up front and money set aside for large injury claims) in low risk (of default) gilts - government debt. As interest rates rise, gilts prices drop so insurers have a hole on their balance sheet they need to fill by charging you more.

The same principal has generated losses estimated at £270bn on successive government's quantitative easing schemes (or should that be scams?) so expect Insurance Premium Tax to keep going up too...

[Nine One One]

It is a bit like fuel prices, which I am sure could be less. If all these companies agree to set the same principles and up their prices, they all follow. Too many companies are ready to rip off the public nowadays. Weird how gas and electricity companies have agreed to lower their prices once the summer comes, you use less, and more daylight hours, only for them to raise prices in the winter to reap more profit from more use, colder weather and shorter days.
Some times you are better off phoning up insurance companies direct, that are not on comparison sites, who may give you a better deal. If you can put your current car, with current details in a comparison site, and your current insurance company comes up with it cheaper, they are now breaking the law.

https://www.fca.org.uk/news/press-relea ... 0customers.

Some good advice on renewals here...........

https://www.theguardian.com/money/2022/ ... s-renewals

[Sam]

Being a damn hippy I’ve always used mutuals, I’ve had no increases at renewal this year or last, minor drops in fact.

Inflation over the last 12 months has been 6.something %, not 30 or 50%.

Maybe it’s an age thing. I did read somewhere that pensioners are driving up motorways the wrong way a lot more than they were.

[911hillclimber]

Just put the Boxster into Go Compare. LV quote is £10 more.
All quotes from the big people, Hastings etc are a touch more or into the 400's.

Looks like an auto renewal.

[Nine One One]

Try Chubb or NFU Mutual?

[PeterK]

All of my family’s car insurances renew this month. All have gone up 50% with Direct Line and they can’t / won’t do anything with their quotes, even when I said I could get cheaper. However, when I could quote a specific cheaper (MoneySuperMarket online) quote with my X1 and they pretty much matched it. Lesson learned, get a comparison quote before you call to discuss your renewal and be prepared to prove it.

[911hillclimber]

I left Direct Line with my last Skoda renewal for the very same reason, no negotiation at all, that's the price, take it or leave it.

We made a claim on them with the wife's Citigo 6 years ago.
They were really good at resolving it (not our fault) but the repair was poor.

[neilbardsley]

Related to Pandora lifting the lid on inflation; insureres are regulated to hold large amounts of capital (in respect of the premiums you pay up front and money set aside for large injury claims) in low risk (of default) gilts - government debt. As interest rates rise, gilts prices drop so insurers have a hole on their balance sheet they need to fill by charging you more.

The same principal has generated losses estimated at £270bn on successive government's quantitative easing schemes (or should that be scams?) so expect Insurance Premium Tax to keep going up too...

This is son no 3 specialist subject now. He is trying to lower the capital cost for a large insurance business or rather measure and justify the allocation. Unfortunately, higher rates are here for a while

Just spoke to him. Appears that the capital can be invested in a wide range of instruments not just gilts. It's the same old story of post 2008 zero rates, lower inflation and strong asset growth. The world has changed into high rates, high inflation and low growth.

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[Cortina]

I had the same issue - quote up 48%. (Direct line) - told them I was a year older , more experience , less risk , years extra no claims , and the car was worth less - so +48% was NOT going to fly .... Period !!. Renewal quote came down about 15% immediately. No good I said ... "we" need to make a change to the policy ... any ideas ? ... NO !! Right I said , let's look at excess figure .... so it was increased to max of £500. Oh - that worked .... down about another 20%. so , we went for it.