New Driver Insurance

Just read an article on the BBC about young drivers and they presented this graph of average insurance premiums for young drivers.  

 

Interesting how the average premiums jumped in 2023 and I am sure there was a similar jump for everyone else.  It’s not great for the motorist and expect a hike in fuel duty next week.

Robin

I was playing round with quotes last night for a 2016 Gen 3 Jimny (sadly sold before I could even view it today) anyway I'm nearly 29 with no claims over 11 years, clean license etc and it was looking like £350-450 depending on who you went with. That was with a bog standard car and I did raise the excess as that does bring the price down. I then tried slapping on a suspension change as I would have lifted the car so this went up to over £800!!!! My Gen 4 lcv is just under £800 and my 2019 SZ5 is under £500 both have limited miles and one is garaged all the time although both do have mods. Insurance is definatly one of the biggest scams in history.

I renewed my SZ5 earlier this month with 8,000 miles per year for £275 fully comp, inc breakdown and legal protection, 5 years no claims on this vehicle, makes it look quite a good price.

Robin

It the recent change in the legislation that by unintended consequences has caused this. The idea was to legislate away the new policy discounting that was so prevalent in the past and so bring premiums down across the board. Instead because of the greed of the companies everything went up. It's hardly surprising that uninsured is on the rise.

You know you start from zero NCD with an additional car?

Lambert wrote:

It the recent change in the legislation that by unintended consequences has caused this. The idea was to legislate away the new policy discounting that was so prevalent in the past and so bring premiums down across the board. Instead because of the greed of the companies everything went up. It's hardly surprising that uninsured is on the rise.

Too true, except it didn’t work for me.  My insurance company sent me a renewal for £325, I was all set to accept the renewal and thought I would go on Compare the Meerkat and the same policy from the very same company was £275.  I had to have two 1 hour phone calls to them, they eventually matched my renewal to the new policy price.

Except when I went to renew it said £275, but they were going to take £325 from my bank account.  I couldn’t face another hour on the phone so took out the new policy and let the old one lapse.

Roger is correct, you can only use a no claims bonus on one car, but have a claim and you loose both, or all if you have more than one policy.  I have had two cars for over 20 years and until 2019 one of them was a company vehicle, but in my name.  When my company car went back and I bought a Jimny in 2019, I tried to use my company insurance, but very few companies will carry a company car insurance NCD to a personal policy, so I started on no NCD on my Jimny, despite not having a claim since the mid nineties.

Robin