GolfGTIforum.co.uk
Model specific boards => Golf mk7 => Topic started by: tonyg123 on 19 April 2023, 20:53
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Anyone else get an insurance quote recently and been shocked?
I drive a mk7.5 pp DSG and my premium has almost doubled since last year. For no reason
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In the same way that we are all seeing increases in the cost of living, insurance companies will also be seeing their costs increase in relation to claims and vehicle repair costs and we all contribute to these increased costs whether we have claim or not. The Association of British Insurers article at the link below summarises some of the increases affecting claims costs that feed through into the premiums we pay;
https://www.abi.org.uk/news/news-articles/2023/2/rising-cost-pressures-push-up-the-price-of-motor-insurance/
You’ve said your premium has increased for no reason - there will be reason(s), although they may not necessary be directly related to you personally as an insurance risk. It could be that your insurance company has seen a significant increase in the number and cost of claims overall for mk7.5 Golf GTI pp’s overall as a risk segment. If so, then premiums for all policyholders in that risk segment are likely to increase. My premium also increased this year; by around 15%. For me as an insurance risk, nothing has changed compared to last year so I could also say my premium has increased for no reason.
Car insurance is seen by many as a grudge purchase as the majority of people see nothing in return for the premium they pay. As always, if you feel your premium increase is excessive, then shop around to see if you can get a better price. However, don’t necessarily go for the cheapest price - it might be cheapest for a reason; e.g. poor claims service, poor customer service, lower levels of cover. If practical to do so, you could also consider making changes to your insurance that might reduce the cost - e.g. pay your premium annually if you can afford to as it works out cheaper than paying monthly, increase your excess, limit the annual mileage you drive if you can legitimately do so, review any add-ons you have on your policy and consider deleting any if they’re no longer required.
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My renewal came through £130 higher but with a few changes I got it down to £100 increase. The quote was still competitive with other companies so didn’t bother changing
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My renewal came through £130 higher but with a few changes I got it down to £100 increase. The quote was still competitive with other companies so didn’t bother changing
Apart from a couple of companies I’d never heard of, the renewal price from my existing insurance company was also competitive compared to other insurance companies, in spite of it having increased by 15% over last year’s price.
So I renewed with my existing insurer.
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I renewed last month and it was barely any more than last year. £24 per month.
Lucky I guess.
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Ditto on renewing last month, mine was an increase of the princely sum of £19.98 for the year, or 7%, with LW via a local broker. I stayed with them.
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Likewise I renewed last month around the sameness it cost over the last two renewals.
BUT, I wonder if I might be very controversial and advance a reason why insurance costs on performance cars increases as they get older and cheaper.
But first you need to understand that insuring the value of the car itself is just a drop in the ocean. If a HTI is written off, the settlement will rarely top 30k…… more like 20k average. It’s the Third Party injury claims that are the killer.
Soooooo…….. as performance cars get older they get cheaper to buy. This means they are more accessible to younger drivers and as the cars descend down from owners who bought new to second, third or fourth owners, the insurance risk profile goes up until you have a very fast but relatively cheap car involved in an accident with four young passengers. The lifetime liability risks go through the roof.
Ah, you say but that shouldn’t apply to me as an older driver with a good record. Maybe so but statistics are a funny and sometimes misleading thing and if an insurer has caught a cold with insuring a particular model then the “machine” will tell them they need to increase the premiums for that model.
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HTI = GTI
Bloody predictive!
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I reckon my small increase was due to fact I’m retired, rapidly approaching 60 and walk more miles a year than I drive.
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Jan 22 premium with Flow £220. Jan this year with Churchill £233. I always shop around. Retired and 67, might be the reason. I do worry when I watch all the traffic cop programmes and it's the Golf that's been nicked. Hence, a steering wheel bar goes on at night, or if I feel in a dodgy area.
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Jan 22 premium with Flow £220. Jan this year with Churchill £233. I always shop around. Retired and 67, might be the reason. I do worry when I watch all the traffic cop programmes and it's the Golf that's been nicked. Hence, a steering wheel bar goes on at night, or if I feel in a dodgy area.
With you on that, I’ve got a Disklock, a Drive Post and tracker / immobiliser, but still a concern. Sadly crime car is rampant where I live, my mate a few doors away had his Mercedes and son’s Golf stolen last week☹️
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Last year was £180 fully comp, renewal was £222, so managed to get for £197 shopping around