My car insurance is due and my current company sent an information email a day or two before renewal quote to explain why it will be high

[Teeonethousand]

My car insurance is due and my current company sent an information email a day or two before renewal quote to explain why it will be high

Here is a copy of relevant bit...probably the new model on top with no risk history doesn't help. I know this is for a car but we also know we all insurance shares the pain.

Why is the cost of insurance rising?

It’s no secret that insurers are dealing with an increase in claims and growing costs. So, let’s look at why it’s happening and what we’re doing about it. In recent years we’ve seen the number of car insurance claims rise by 30% and the amount we spend on those claims by over 75%. Challenges faced by the car insurance industry: Cost of vehicle repairs – up 32% since 2022. Reflecting rising costs, energy inflation and more expensive repairs (source: ABI). Payouts for vehicle theft - up 35% since 2022 (source: ABI). Labour costs for repairs – up 50% since 2019, due to inflation, shortage of skilled workers and the energy crisis (source: Auto Body Professionals). Severe weather – Storms are getting worse and more frequent and it’s impacting motorists. Recent storms, Babet and Ciarán, saw many cars damaged by flash floods and falling trees/debris in the high winds.

 

[wessie]

My car insurance is due and my current company sent an information email a day or two before renewal quote to explain why it will be high

Here is a copy of relevant bit...probably the new model on top with no risk history doesn't help. I know this is for a car but we also know we all insurance shares the pain.

Why is the cost of insurance rising?

It’s no secret that insurers are dealing with an increase in claims and growing costs. So, let’s look at why it’s happening and what we’re doing about it. In recent years we’ve seen the number of car insurance claims rise by 30% and the amount we spend on those claims by over 75%. Challenges faced by the car insurance industry: Cost of vehicle repairs – up 32% since 2022. Reflecting rising costs, energy inflation and more expensive repairs (source: ABI). Payouts for vehicle theft - up 35% since 2022 (source: ABI). Labour costs for repairs – up 50% since 2019, due to inflation, shortage of skilled workers and the energy crisis (source: Auto Body Professionals). Severe weather – Storms are getting worse and more frequent and it’s impacting motorists. Recent storms, Babet and Ciarán, saw many cars damaged by flash floods and falling trees/debris in the high winds.

So the usual suspects of Putin, Tory austerity, Tory Brexit, Popular Tory Liz Truss & climate change.

 

[Teeonethousand]

So the usual suspects of Putin, Tory austerity, Tory Brexit, Popular Tory Liz Truss & climate change.

You forgot Covid