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joox
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my insurance policy is coming to an end and have been looking at all the site for a quote. I’ve had my car for 3 years now and every year my insurance getting more expensive? how does that happen? can anyone let me know why this is happening? I’ve had no claims and have 3 year no claim bonus !

my first year i paid around £500 now the cheapest i have found is around £700

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Hi joox

 

Insurance companies will claim that insurance claims are going up, so in effect existing customers have to pay for the increased claims. What you need to do is shop

around. Firstly go to your insurer and say you want a new quote from a broker, see what they say. Don't except the renewal notice, say you've been to another

company and they can do it for £400, better if you track down a really low quote. Don't use the sites that give you a bulk load of quotes. There are also sites that give you cash back. Just Google Cash Back uk, see what it throws up.

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yes. so what happens when a new policy is taken out? does this effect my premium? i have been told that i need to let the new insurance company know about the ongoing claim.

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Yes you do have to declare either fault or no fault claims. They say no fault does not load your premium, I don't know if it does or not. Policies are going up so the percentage of no claims discount may be getting swallowed up by the percentage rise in the premium. I have a 3 car multicar policy. I have full no claims and the other two drivers have 2 years and one year NCB as they are earning their discount the premium stays around the same.

 

But as they get older the excess is coming down as well:-D

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A variety of factors come into it but age/ NCD is usually the main thing presuming there has been no accidents / convictions. Young drivers (up to 30 for some insurance companies) are being hammered on premiums at the moment. Insurance companies always go on an 'acquisition' spree from time to time so it's really just a case of shopping around.

 

FYI- I've pretty much paid the same premium over the last 5 years, despite getting 5 years older and an extra 5 years without an accident- it's about as good ad it gets.

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