Do you want the good news or the bad news?

[ChrisKnottIns]

Hi, I thought you'd be interested in this even if your car insurance isn't due just yet but especially if it is! There's some bad news but there's also some relief at the end...

The bad news
According to an industry report last week, Comprehensive car insurance premiums are now at their highest levels since 2010.

The report reveals that the average premium rose to £847 during Q2 of 2017. That's an increase of £66 or 8.4% across the last quarter and £132 or 18.5% across the last 12 months.

The report cites 4 main reasons:

1) the increase in Insurance Premium Tax (IPT), which has been going up since July 2015 and now sits at 12%,

2) the marked reduction in the Ogden discount rate for personal injury awards,

3) good old Brexit - insurers are seeing increases in the cost of vehicle repairs, fuelled by Brexit’s impact on car part prices, and

4) greater repair complexity as the level of expensive technology in vehicles increases.

The report claims there's no evidence to suggest the increases are going to abate. A £1,000 average premium is still on the horizon but is getting closer.

There's some good news though...
Chris Knott's average new policy premium is just £405 - less than half the national average according to the report. This is also a much shallower increase across the last year - only £14 (3.6%) and still bucking the trend.

As a happy client recently said "This is my third year with @ChrisKnottIns and every year they beat all my other quotes for both cars that are modded. Many thanks again and keep up the good work and the prices down!" carcall, Audi-Sport forum

Please give us a call for a quote to access these lower average rates for club members. You'll need to mention this forum to gain access to our 'Clubs & Enthusiasts scheme'.

QUOTELINE: 0800 023 4374

ONLINE: Visit https://www.chrisknott.co.uk/CarQuote to request a call back.

*****************
Feedback about our clubs and enthusiasts offering:

"Well Chris Knott's has come good again - this is my 3rd year with them now this year. They beat all other quotes I was getting without even trying." Rusty2009, Astra J/GTC OC

"Another customer today. Not entirely new as insured a few Alfas with you many years ago. Good price, friendly chat with Ian. Not convinced about the need to supply driving licence check code as never had to do that before, nothing to hide but guess it's to flush out some that have." gavp, BabyBMW forum

"Hi Guys, just purchased my first policy from you - beat my renewal with AXA of £845, now I'm paying £760. Happy motoring. Easy, quick and competitive ." Vrs_Maj, VWAudi Forum

[Dancake]

So even though most of us drive older vehicles here, insurers see fit to inflate our premiums because of the added expense of fixing newer vehicles with more complex technology? I've said it before, it's legalised theft. What amazes me even more is that a broker can offer cheaper premiums than going to the insurer direct. This begs the question, just how much profit are insurance companies actually making if they can afford to cut deals with middlemen? It's an industry that is out purely to make money, and has absolutely no empathy or consideration for it's customers. Claims are always perceived as an inconvenience when the management sit down at their board meetings to discuss the months kpi's and targets. It's all bad news, as nobody should be paying artificially inflated prices for their insurance premium.

[canis]

What really grates on me is the whole notion of Protected No Claims Bonus. How does that incentivise good driving? And fully comp cheaper than 3rd party - on a car like ours that's ridiculous.

Disgusting industry, rife with corruption by both insurers and claimants. I've never made a claim in my life (47 today), yet we're paying through the nose.

[jamesmark]

Wow, £847 that is just under double what Association of British Insurers (ABI) is saying the average has gone up to, which they say is the average premium now is £484.

http://www.bbc.co.uk/news/business-40632427

[The vast minority]

Originally Posted by canis

What really grates on me is the whole notion of Protected No Claims Bonus. How does that incentivise good driving? And fully comp cheaper than 3rd party - on a car like ours that's ridiculous.

Disgusting industry, rife with corruption by both insurers and claimants. I've never made a claim in my life (47 today), yet we're paying through the nose.

Yes, there are a lot of dishonest people about but surely this makes protected no claims even more important for decent folks because not all claims will be the fault of the policyholder.

What about when a scumbag driver crashes into your parked car in a carpark and drives off as happened to my mrs lately? should you loose your no claims for that? The protected no claims isn't just there so previously careful drivers can drive like idiots safe in the knowledge that they are immune from premium increases. I also have got protected no claim on all my policies and I too have never been the cause of a claim. (I too am 47) This NCD protection is simply an insurance policy in its own right, the insurer is offering the proposer the chance to protect their time-earned NCD and in exchange for this risk they charge an additional premium. Its business, we are working to make money.

I have 4 cars and a motorbike, the old Volvo is a hobby car as is one other. all are fully comp and I honestly think the industry offers good value.

[christheancient]

Originally Posted by The vast minority

What about when a scumbag driver crashes into your parked car in a carpark and drives off as happened to my mrs lately? should you loose your no claims for that?

That's the 'problem'. It's a 'no claim' bonus rather than a 'no blame' bonus.

It stinks; but it's life and the way it's always been.

[The vast minority]

Originally Posted by christheancient

That's the 'problem'. It's a 'no claim' bonus rather than a 'no blame' bonus.

It stinks; but it's life and the way it's always been.

I see the point, however, this wasn't the case here, a chav in a crap car was responsible and he was caught in the act by the security cameras. He certainly wont have had NCDP. I doubt many people with full no claims and NCP drive like idiots just because they cant loose their NCD. These are people that have NCDP because they are careful drivers. Thats my view, it applies to me and those that I know. Perhaps others have different experiences

[classicswede]

The protected no claims bonus is not what it is made out to be. Regardless of who is to blame you still have to declare the claim and this will still put your premium up.

[classicswede]

Point 3 is just rubbish. If a honest reason is given that the exchange rate has put prices up then fine.
Brexit that has not happened yet is not the cause, it is the trigger for loss of confidence in the pound resulting in the poor exchange rate we are now seeing. I do always feel that when Brexit is used as a reason for a price rise it just sounds like someone using it as an excuse.

[T5R92011]

Just wait until fully autonomous vehicles are set loose into the mix with the everyday "driver operated" vehicles.

THEN you will know what expensive car insurance looks like.