# All insurance premiums to rise by 20% from today !



## wedgie (Apr 5, 2008)

I heard this nasty rumour today that all insurance premiums are to increase by 20% from today :doublesho:doublesho. I was moaning about getting my renewal through the other day and elephant are looking for £370 to insure the EK9 this year, it was only £272 last year :thumb::thumb:


I guess I'll need to start looking at specialists for this year,because i ain't paying over £300 to insure a bloody 1.6 @ 35 ..




Hopefully Lloyd will see this and hopefully be able to confirm if this nasty rumour is correct or not


----------



## -ROM- (Feb 23, 2007)

Don't believe the hype mate, just shop around!


----------



## Maggi200 (Aug 21, 2009)

Might only be a 1.6 but it's group 20 isn't it? Under 6 seconds to 60 is still quick, regardless of engine size lol


----------



## JoeAVS1 (Jul 8, 2008)

Premium for mine went from £950 up to £1500 for no reason whatsoever, told them they'd lost my business & went elsewhere.


----------



## PJS (Aug 18, 2007)

Was sent a renewal quote of more than what it was previously, called in to see them whilst out and about, and I've been quoted less than what it was last year, albeit only £30 odd.
Seems we're helping the insurers out with the extra claims they've had to pay out other than car related prangs and injury compensation!
As always, shop around, and use your initiative to push pricing down to a level you think is fair - did just that last time, and would up saving over £180 on the previous year's.
Thus far, I've yet to remain with the same insurer for more than 1 policy (12 months), as someone always seems to be doing a deal for your area or wants you on their books more.
Do the legwork (or fingerwork in this day and age), and use that to your advantage.


----------



## mouthyman (May 1, 2006)

I have recently bought a new vehicle and had spoken to my insurance company about transferring the policy over to the new vehicle. I have the quote for the 1st Feb, does this mean the quote will increase. or am I safe with the price quoted till then?


----------



## Jaws (Jun 20, 2008)

It better not increase, i've been waiting to insure my ek9 for 3 weeks now but still don't have the reg argh!


----------



## mouthyman (May 1, 2006)

i have the new vehicle parked on the drive waiting to transfer the insurance over, so I really hope it doesnt go up


----------



## Dipesh (Oct 12, 2007)

Lol, I'm going to Insure my ek9 next weekend too! Hope I don't get s bloody shock!!!


----------



## Cliff (Mar 4, 2007)

We just got our renewel through for the 20th, just about exactly the same as last year. Legal cover has gone up in price though I did notice.


----------



## karl_liverpool (Sep 25, 2008)

my insurance seemed to go the other way my old van premium was over 1000. when i got new bigger van and had 2 years ncd. it dropped to 600 not sure how they worked that one out


----------



## PJS (Aug 18, 2007)

mouthyman said:


> I have recently bought a new vehicle and had spoken to my insurance company about transferring the policy over to the new vehicle. I have the quote for the 1st Feb, does this mean the quote will increase. or am I safe with the price quoted till then?


A quote is guaranteed for 28/30 days/1 month from making contact, so if you don't take it, but then go back after that period has elapsed, they have to requote you, which could be more or less.


----------



## Shiny (Apr 23, 2007)

Insurers won't be allowed to all increase the rates by 20% effective on the same day. Last time the "big ones" (i think there were 6 insurers involved) tried to look at an agreement where they all increased their rates, the monopolies lot tapped them on the shoulder.

Usually one of the big players like Aviva (NU) takes the plunge first, this means a big slow in business for them and then the smaller insurers pick up a load of business off of it, then gradually the smaller Insurers bring their premiums in line with the increase.

Car insurance is such a cut throat market these days that Insurers are still scared to increase their rates for fear of the loss of market share (and of course customer marketing database!).

The trouble is premiums are, in general, a lot cheaper than they were 5 years ago as it has been a very soft market for at least the last 5 years. The hardening of rates has been speculated for at least the last couple of years, but still hasn't really happened.

Then there is the recession, less people are paying in to the insurance pot and more claims are being paid (people tend to claim for things when they are hard up that otherwise they would have paid for themselves). Couple this with virtually zilch coming back from the investment market and shareholders wanting to see dividends and it becomes clear that current premiums just can't be sustained.

Injury awards are getting higher and the compensation culture is growing. The cost of reinsurance (what the Insurers pay to cover their own backs) has increased massively due to the global disasters. Then back home there are the floods and bad weather claims.

Then there is the added cost of regulation that is needed to keep the FSA happy.

Rates will go up, they will have to if the Insurers are to make a profit, but it will be bit by bit, Insurer by insurer.


----------



## Jaws (Jun 20, 2008)

Hah how many people are insuring ek9's! I called up today and my quote was the same so I think it's just a silly rumour. Roll on Monday


----------



## mouthyman (May 1, 2006)

I accepted my quote and asked them to put it in effect from monday, so it was still the same.

got a quote online though from the same company and it is about £300 more :lol:


----------

