I think the problem insurers have is that with several years experience they are now finding the claims record is poor for EV's and are now making them pay the correct figure. The industry does not make one group pay more than another without justification as there is no benefit in this.
Some insurers have publicly blamed the increased cost of EV claims as part of their justification for increasing IC premiums.
Not seen that but it is a fact that if the EV driver is the innocent victim in an accident the claim can cost far more and therefore the third party part of the cover does increase.
I think in some countries the Third party insurance may be a collective pot held by a trust for all the insurance companies?
But it's not like all of (us) IC drivers are deliberately running into EVs.
Anecdotally, a good friend of ours switched to an EV last year, a brand-new Nissan Leaf - she does find controlling it at low speed difficult because of the "instant" acceleration - I suspect she hasn't got the settings right for one-pedal control as she's "too old" to get the hang of all the computerisation.
In my previous post (#34 on this thread) I shared that the insurance renewal for my shogun had come down by Ā£50 vs last year. Now renewing for my vw t4 caravelle with same company , price has gone up fr Ā£143 to Ā£190. Ah well, no increase in price if considered combined but not what I was hoping for.
And compared to many EVs the Leaf is pedestrian but still accelerates as fast as my Forester XT did with 238 bhp available.
Even before EV's were ever on the road, insurance premiums have been going up almost annually, becasue people continue to make claims and some are making false claims, or are tearaways who seem to be more prone to prangs, and then of course there the out and out criminals who are deliberately engineering crashes for cash. All law abiding people who take out insurance end up subsidising those who genuinely do have problems and those who are trying to milk system.
So before demonising EV's for putting up premiums, demonise the people who are defrauding all of us.
So before demonising EV's for putting up premiums, demonise the people who are defrauding all of us.
Strangely in the past our renewal premiums in many cases, but not always, have been slightly lower especially on the Corolla? If there was an increase it was not a big deal to do a comparison. However when the govt tried to "level" the playing field making it uncompetitive, premiums shot up!
I guess a lot depends on the insurance company and years with no claim . This year the increase on the Jeep was only Ā£40. The Corolla was a lot less, but we took grandson off the policy. Taking into account before he went onto policy and now difference is less than Ā£10.
I guess a lot depends on the insurance company and years with no claim . This year the increase on the Jeep was only Ā£40. The Corolla was a lot less, but we took grandson off the policy. Taking into account before he went onto policy and now difference is less than Ā£10.
I agree Buckmans view as that is my experience. This summer was the first time in many years that I decided to compare my quotation from LV with other companies given the significant increase in both cars. But in the end I am still with LV as all other insurers were more expensive in some cases twice as expensive.
Oddly enough we had a big increase from Aviva for our car. I got several quotations and except for one about Ā£25 less all the others came out more including LV.
I appreciate the point RogerL makes but the number of EV,s is increasing and therefore they are involved in more third party claims now so that extra cost of these is getting higher proportionately.
I appreciate the point RogerL makes but the number of EV,s is increasing and therefore they are involved in more third party claims now so that extra cost of these is getting higher proportionately.
There appears to be a lack of understanding how a motor insurer calculates the premium.
There are a number of factors, too many to list here.But these are probably the most important
Economic factors such as
Insurance Premium Tax now 12% originally 2.5%
Increased car body repairs.The ABI say the cost has risen by 46% this year.
Increase in forecourt price of used vehicles by 36% for some this year.
Fraud generally adds Ā£50 to each of our premiums. A bit like shop lifting is increasing your shopping.
Uninsured drivers ? The MIB deal with these but it adds approx Ā£30 to our premium.
Bodily injury compensation rising steadily thanks to changes in the āOgden rateā
Make and model of car. Note most EVs , NOT all, are in the very highest insurance group. Eg Tesla X is 50.
Drivers age. Where car is kept overnight.what you do for a living. Your driving history.
The experts at ABI, Thatcham and car insurance underwriters have made it clear this year, it is well documented, the EV factor has played a major part in premium increases.
Until EVs are more easily repaired rather than written off this factor will not decrease.
Clive has touched on the phenomenal acceleration rate which has probably caught out the less capable EV driver.
IMO it is well documented that for now a major factor is the ICE premium reflects a large % for EVs repairs .
There are a number of factors, too many to list here.But these are probably the most important
Economic factors such as
Insurance Premium Tax now 12% originally 2.5%
Increased car body repairs.The ABI say the cost has risen by 46% this year.
Increase in forecourt price of used vehicles by 36% for some this year.
Fraud generally adds Ā£50 to each of our premiums. A bit like shop lifting is increasing your shopping.
Uninsured drivers ? The MIB deal with these but it adds approx Ā£30 to our premium.
Bodily injury compensation rising steadily thanks to changes in the āOgden rateā
Make and model of car. Note most EVs , NOT all, are in the very highest insurance group. Eg Tesla X is 50.
Drivers age. Where car is kept overnight.what you do for a living. Your driving history.
The experts at ABI, Thatcham and car insurance underwriters have made it clear this year, it is well documented, the EV factor has played a major part in premium increases.
Until EVs are more easily repaired rather than written off this factor will not decrease.
Clive has touched on the phenomenal acceleration rate which has probably caught out the less capable EV driver.
IMO it is well documented that for now a major factor is the ICE premium reflects a large % for EVs repairs .
My daughter has just moved to a new house on a small development in a rural village. When she went to do the change of address online, her and her neighbours house were not listed. The houses either side of them were.
She phoned the insurance company who would make the change for her but wanted Ā£25 to do so. She argued that it wasnt her problem their database was wrong and got it done for free but in the process was told the premium would go up about Ā£18. Strange as we figured it was a much safer location than the large town she was in.
The other strange factor was that she now has off road parking but this would have been a few pence more expensive than parking on road.
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She phoned the insurance company who would make the change for her but wanted Ā£25 to do so. She argued that it wasnt her problem their database was wrong and got it done for free but in the process was told the premium would go up about Ā£18. Strange as we figured it was a much safer location than the large town she was in.
The other strange factor was that she now has off road parking but this would have been a few pence more expensive than parking on road.
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Thatās because your house has electrical systemsš
Seriously though thatās quite an increase, ours with LV renewed in July wasnāt much more than last years. I wonder if costs that insurers have to bear in other areas such as floods, storm damage, overseas risks etc are affecting domestic rates. Perhaps Dusty and Ray have a view.
Had we been in a flood risk area I would understand but we are not. Money supermarket search brings up Churchill at Ā£355. I will have to do some more investigation.
Iām shocked Hutch!
Thatās a 62% increase š¤¬
Have you changed anything since last years renewal? Had a claim? Does this premium cover both building and contents?
Time to talk to LV. Mistakes do happen especially if AI is involvedšš
Thatās a 62% increase š¤¬
Have you changed anything since last years renewal? Had a claim? Does this premium cover both building and contents?
Time to talk to LV. Mistakes do happen especially if AI is involvedšš
Nothing changed, No claims, LV through Compare the Market are quoting Ā£848. I will call them on Monday.
My home insurance, with Ageas, went up from Ā£169 to Ā£183 - about in line with inflation - despite being within 100m of a brook & balancing pond that regularly floods.
That sounds a lot although it will normally go up in line with inflation. LV have been far harder on premiums it seems since they were taken over a couple of years ag
I do wonder if the postcode includes a difficult area. The other thing is their premiums may have increased since the policy was taken out and this is reflected in the new quote. Possibly getting todays premium for yesterdays policy.
I did wonder about this Ray in view of the ārestraints ā put on Zurich and R&SA by their new masters. But Allianz, who bought Cornhill decades ago , and are now the Owners of LV, are very much a major U.K. player. Hutch will no doubt enlighten us when he gets the answer.
Just had our renewal for our 2022 72 plate Fiat 500EC. Up from Ā£167 to Ā£262 an increase of about 57%. Best alternative quote on Go Compare, Ā£238 with a black box or 256 without. Will stick with Flow for teh very flexible policy.
Thatās not bad Tobes and seems in line with Hutch increase. L V being the owner of Flow.
The question is are we all in for similar increasesš„²š„²
The question is are we all in for similar increasesš„²š„²
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