Car insurance auto-renewal

[simonineaston]

I just received the offer to roll over my car insurance and had to re read it several times due to astonishment / lack of understanding - it’s roughly 70% the price of last year’s… what is going on?!

[oaklec]

Is the renewal for a BEV or ICE?

[simonineaston]

Ice.

[PH]

What's the price history over the last five years? Insurance ought to be dropping, the shortage of parts that caused a lot of repairable cars to be scrapped due to timescale has been largely resolved.

[the snail]

I just received the offer to roll over my car insurance and had to re read it several times due to astonishment / lack of understanding - it’s roughly 70% the price of last year’s… what is going on?!

Same here, my renewal went from £250 to £300 last year, £390 this year, so I pulled my finger out and shopped around, paid £180. They're just hoping you can't be bothered to look elsewhere.

[PH]

it’s roughly 70% the price of last year’s… what is going on?!

Same here, my renewal went from £250 to £300 last year, £390 this year,

Not the same - If Simon's insurance is 70% of last years, it has reduced by 30%. Your's has moved n the opposite direction, maybe to pay for Simon's good fortune!

[Jezrant]

Mine also decreased significantly. From around £500 last year to around £350 this year, same insurer.

[the snail]

it’s roughly 70% the price of last year’s… what is going on?!

Same here, my renewal went from £250 to £300 last year, £390 this year,

Not the same - If Simon's insurance is 70% of last years, it has reduced by 30%. Your's has moved n the opposite direction, maybe to pay for Simon's good fortune!

Lol, read that wrong. I definitely like your insurers more than mine then, they're just taking the *&^%.

[pete75]

Is the renewal for a BEV or ICE?

It appears to have come down a lot for electric. Last year when I was looking at getting electric but didn't, I was quoted £1,012 for a Mercedes EQE, this year was quoted £591 for the same model of car.

[PH]

Some people have an idea of the insurance industry as some sort of rip-off where most of their premium is pocketed. It can be a hugely profitable business, but that's down to volume rather than margins. Industry wide figures show them back into profit in 2024 after two years of losses. Supply chain issues had increased settlements, but there's also the increased costs every business has been subject to the last few years. Despite some wide policy variations, year on year and between providers, I'm impressed how close the actuaries, or algorithms, are with their predictions.

https://www.ey.com/en_uk/newsroom/2024/ ... s-analysis

[RickH]

I just received the offer to roll over my car insurance and had to re read it several times due to astonishment / lack of understanding - it’s roughly 70% the price of last year’s… what is going on?!

This could be part of the reason (I'd already heard the same about premiums in Wales) -

"UK’s 20mph speed limits ‘are cutting car insurance costs’"
https://www.theguardian.com/money/2025/ ... s-premiums

[Jules59]

Insurance for our 10 year old diesel Freelander is down 15% this year, about what we paid 2 years ago.