# Massive Hike for insurance



## s2kpaul (Jul 27, 2006)

Are we in for a massive hike next year on ins renewals due to the bad weather this year?


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## Maggi200 (Aug 21, 2009)

That's probably the reason that'll be given


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## Fatman Soldier (Sep 24, 2009)

I hope not but its going to happen tho.


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## Maggi200 (Aug 21, 2009)

What was the reason given this year? I think I remember reading that everyones was due to increase by 30% in the current year due to losses made in other areas of busines (guessing that's pensions and investments etc)


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## SimonBash (Jun 7, 2010)

Market cycles are one reason, we have been in a 'soft' market for some time with lots of competition, no motor insurer has made money on motor insurance for years, they have been investing the premiums elsewhere to make a return.

Obviously the method above cannot last in this climate so they now need to make a profit, hence premium increases. Also, there is less capacity in the market, NIG were a large personal motor insurer and they have now pulled out of the market having put their account for private motor insurance into run-off.

Injury claims, fraud etc all have a bearing as well.


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## Red_Cloverleaf (Jul 26, 2009)

s2kpaul said:


> Are we in for a massive hike next year on ins renewals due to the bad weather this year?


Substitute "a" for "another" and you'll be closer to the mark.

Last year - £162, renewal - £459.

Bargain. I declined.


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