Whats the deal with insurance this year?

[TamSV]

Motor insurance in general has been seeing some big rises this year.

If you look at the results of most motor insurers, they're currently in the business of selling £10 notes for £8. With poor investment returns, they need to correct their underwriting results so overall premium will need to go up.

However, bear in mind the press releases from insurance companies are a wee bit self-serving. There is still a competitive market out there.

The youngsters among us (for me, that's anyone under 30) will continue to take a kicking though.

Mines due next month so obviously been shopping around. It's halfed again this year, so I'm not complaining.

Surprised that nobody spotted this

Originally Posted by the_lone_wolf

All the snow caused a big spike in accidents... take it with a pinch of salt...

Insurance threads always make me smile. Completely different field, but my firm's professional indemnity insurance is er rather higher. Current year's premium is £24,500. That's with no claims too.

[TamSV]

Originally Posted by Ed

my firm's professional indemnity insurance is er rather higher.

You've got a fairly strange situation there though - your insurer avoids writing poor risks and then has to pay their claims anyway through the ARP.

[yorkie_chris]

Originally Posted by mcgrimes

It was just a renewal with no alterations as far as im aware. If it wasnt so darned icy with chance of snow in the winter i'd get rid of the car.

You always get f***ed on a renewal, it's how it works. Shop around.

Originally Posted by yorkie_chris

You always get f***ed on a renewal, it's how it works. Shop around.

Always do, it tends to be cheaper with direct line though as we have 4 policies with them. Insurance will always be an **** for younger drivers unfortunately!

Just did my renewal and most places were more expensive than last year so somthing strange a happening....although i managed to get quite a good deal and saved myself about £70 on last year so pretty happy.

[Juju]

Just to illuminate, RBS Insurance, who operate NIG, PRivilige, Churchill, Directline, and lots of branded products like (up to very recently) Tesco, PRudential, Saab, Vauxhall, Virgin, Barclays, American Express, Natwest ect, made a 6m loss of over £200m.

Basically, solicitors have in this recession, with converyancing departments lying idle, got really really organised. And people are now with the growth in PI claims, with the knowledge of how easy it is, as they've done it before. Seeing regularly, young people, sub 25, who are on their second, third pi claims. So people now are hurt "de rigeur" as they know how easy it is, and will now, through their lives, be "hurt" every time.

Every car with several people in - again, "everyone" will be hurt, regardless of seating position, age, weight or sex. Basically PI claims are going through the roof, I reckon in my position about 50-60% of fault policy holders simply cannot believe that the person in the vehilce ahead could have been hurt, but no medical expert ever casts doubt on their "oral evidence" as to do so simply would stop the lucrative flow of work from the solicitors themselves.

RBS are rresently paying out about £1.21 in claims for every £1 they earn. And they're realised young drivers really are a very very ****ty prospect these days. Crowded roads, ever faster cars, more likely to have several claim minded frineds in. When we were kids, we probably would never have claimed against "a mate". These days kids will have no second thoughts about it.

Frankly, its only going to get worse, until doctors wake up to the fact that rubber stamping all these claims is costing everyone dear, and until a mechanism is in place that can diagnose genuine whiplash injuries to those chancers with "twinges".

[ethariel]

Don't forget the un-insured, who get 6 points on a licence they dont have and a 200 quid fine for not stumping up the cash to take a test and insure a car/bike, begining to see why they do it!

[embee]

I renewed my multi-bike policy with Aviva a couple of weeks ago, the SV650 is the primary bike (3 other bikes on it too), and the premium was £15 less than last year (I'm a wrinkly and have been with them for donkey's years).