Massive Car insurance costs?

[theone8181]

Someone at work just passed his test and has bought a basic mx5. He reckons it's only 1500 for the year but that seems suspiciously cheap for a first time driver (although it is only 100hp).

 

[bigmike20vt]

Maybe not the whole premium.

But maybe everyone should get like 75% back.

The rest can go in the pot for repairs, admin costs, profits. Etc.

IF they did that then it would signal an end to no claims bonus.
I dont like how expensive car insurance is, but i would rather have a no claims bonus i think rather than have to pay say £3k but get 75% of it back if i dont claim. Yes it stings for the 1st few years but get those out of the way and if you are a good driver things get manageable.

if you think me having >20 years no claims, in any system would allow me to pay £750 AND get even 50% back on that let alone 75% if i dont claim, then you are kidding yourself.


£3k with 75% back would be equivalent to me currently now IF i dont claim.............. but 1) that is a big outlay and 2) it would massively screw me over if i did have to claim. Having a sword of Damocles hanging over me like that would ruin any pleasure in my car and (more importantly from the insurers POV) likely make me a worse driver as i would be more hesitant. (hesitancy potentially being almost as dangerous as over confidence imo)

 

[katy81]

IF they did that then it would signal an end to no claims bonus.
I dont like how expensive car insurance is, but i would rather have a no claims bonus i think rather than have to pay say £3k but get 75% of it back if i dont claim. Yes it stings for the 1st few years but get those out of the way and if you are a good driver things get manageable.

if you think me having >20 years no claims, in any system would allow me to pay £750 AND get even 50% back on that let alone 75% if i dont claim, then you are kidding yourself.


£3k with 75% back would be equivalent to me currently now IF i dont claim.............. but 1) that is a big outlay and 2) it would massively screw me over if i did have to claim. Having a sword of Damocles hanging over me like that would ruin any pleasure in my car and (more importantly from the insurers POV) likely make me a worse driver as i would be more hesitant. (hesitancy potentially being almost as dangerous as over confidence imo)

Valid point to be fair.

 

[Mekrel]

I renewed today, with my policy set to expire mid June. The cost for the main policy only went up £100 to £600, I was surprised at that considering I had a no fault accident back in November '23 (which apparently the total cost was £14,769).

Managed to get it down a little from the +£100, after they updated the address and brought my mileage down as it was overcalled on last year's policy versus what I'm actually doing.

This was remaining with Chris Knott (policy with LV Broker), others were coming in much higher.