Just got my renewal - £422 increase!!!
02 October 2003, 12:07 PM
#1
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What is going on with these insurance companys? I just got my renewal and it has increased from £900 to £1322 what a joke considering I have max ncb and no claims at all.... Is the Impreza now becoming a car that will cost a fortune to insure.
Jake
MY00 UK 330+ bhp.
Jake
MY00 UK 330+ bhp.
04 October 2003, 02:32 AM
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Insurance Geek answer:
Insurance companies go through what is know as the insurance cycle. Basically, if you undercharge for a couple of years, you start to make losses and a number of companies pull out of the market. You realise this and then increase premiums which brings you into profit. Other companies see the profits and enter the market bringing in extra capacity. This increases competition hence rates start to come down. Companies then start to make losses and some pull out etc etc etc.
At this point in time we are just at the end of the rate "hardening" cycle where rates have been increasing for a few years by upto 10-15% p.a. However, indications at the moment are that rate increases are starting to flatten hence we are moving in to the next part of the cycle i.e. where we expect rate decreases to occur.
Try Elephant.co.uk, they undercut everybody by about 25% and I tried over a dozen companies.
Insurance companies go through what is know as the insurance cycle. Basically, if you undercharge for a couple of years, you start to make losses and a number of companies pull out of the market. You realise this and then increase premiums which brings you into profit. Other companies see the profits and enter the market bringing in extra capacity. This increases competition hence rates start to come down. Companies then start to make losses and some pull out etc etc etc.
At this point in time we are just at the end of the rate "hardening" cycle where rates have been increasing for a few years by upto 10-15% p.a. However, indications at the moment are that rate increases are starting to flatten hence we are moving in to the next part of the cycle i.e. where we expect rate decreases to occur.
Try Elephant.co.uk, they undercut everybody by about 25% and I tried over a dozen companies.
04 October 2003, 03:43 PM
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Elephant were the dearest one of all my quotes £1200
ended up with good old L/V £643 all in. Having said that if my car was standard AXA were by far the cheapest £575 all in, doesn't make any sense to me at all.
James.
ended up with good old L/V £643 all in. Having said that if my car was standard AXA were by far the cheapest £575 all in, doesn't make any sense to me at all.James.
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