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You chaps in the US have no bloody idea how lucky you are. In the UK, everyone's car insurance are increasing by 50% to 100% for ICE cars. EVs premiums are even

You chaps in the US have no bloody idea how lucky you are. In the UK, everyone's car insurance are increasing by 50% to 100% for ICE cars. EVs premiums are even worse. I think personally greed has a lot to do with it and the fact the UK Govt don't care about the people.

whimsicalism 3y ago
I live somewhere where the government has tried to impose price caps on auto insurance and now I can’t even get insured. My guess is the reason premiums are going up is people are driving worse and repair costs are going up.
- dclowd9901 3y ago
  Also, car design requirements for safety usually leave the car as totaled from almost any accident. It’s basically always cheaper to total out a car, but of course that still isn’t a cheap thing to do.
- callalex 3y ago
  Healthcare costs keep doubling every few years as well.
alexriddle 3y ago
The UK motor insurance market is one of the most competitive in the world. Aggregators have created a situation where every insurer is looking for the slightest competitive advantage to drive themselves up the comparison table. I don't have the most up to date figures but in 2022, combined ratio was forecast to be 115% for motor insurance - this means for every £1 in premium, £1.15 was paid out in claims and expenses. There is some income from investments but it's minimal compared to the pre 2008 situation. Consequentially several insurers have exited the personal lines market as they cannot make money from it - RSA for example. 2022 is forecast to be the worst year for insurers since 2010. The market does suffer from a cycle of 'hard' and 'soft' markets and there will be an overcorrection in the short term - over a few years, we'll see insurers seeing an opportunity to undercut the market and gain market share and premiums increases will ease. TLDR - whilst it is painful to see premiums rising so quickly, it is not an industry that is awash with profits.
- mrlonglong 3y ago
  That's quite an eye opener, thanks. I hadn't also thought about the recent conveyor belt of pretty nasty storms, that definitely would have an knock on effect on insurance. I think it is in the insurers' own interest that the Govt should implement NetZero measures asap to reduce the impact of these storms.
y-c-o-m-b 3y ago
West coast of the US here. Mine more than doubled this year and shopping around has been an eye-opening exercise in the sense that it seems to be an across-the-board increase, not just my insurance company. I've been driving for over two decades and have a spotless driving record, so it's really painful to see such a dramatic increase in a short amount of time.
daveoc64 3y ago
Looking at the comments here, the UK is incredibly cheap for car insurance compared to the USA. Some of the monthly prices mentioned in the US are similar to an annual price in the UK, and a lot more is covered on a UK policy.

whimsicalism 3y ago

I live somewhere where the government has tried to impose price caps on auto insurance and now I can’t even get insured. My guess is the reason premiums are going up is people are driving worse and repair costs are going up.

dclowd9901 3y ago
Also, car design requirements for safety usually leave the car as totaled from almost any accident. It’s basically always cheaper to total out a car, but of course that still isn’t a cheap thing to do.
callalex 3y ago
Healthcare costs keep doubling every few years as well.

alexriddle 3y ago

The UK motor insurance market is one of the most competitive in the world. Aggregators have created a situation where every insurer is looking for the slightest competitive advantage to drive themselves up the comparison table. I don't have the most up to date figures but in 2022, combined ratio was forecast to be 115% for motor insurance - this means for every £1 in premium, £1.15 was paid out in claims and expenses. There is some income from investments but it's minimal compared to the pre 2008 situation. Consequentially several insurers have exited the personal lines market as they cannot make money from it - RSA for example. 2022 is forecast to be the worst year for insurers since 2010. The market does suffer from a cycle of 'hard' and 'soft' markets and there will be an overcorrection in the short term - over a few years, we'll see insurers seeing an opportunity to undercut the market and gain market share and premiums increases will ease. TLDR - whilst it is painful to see premiums rising so quickly, it is not an industry that is awash with profits.

mrlonglong 3y ago
That's quite an eye opener, thanks. I hadn't also thought about the recent conveyor belt of pretty nasty storms, that definitely would have an knock on effect on insurance. I think it is in the insurers' own interest that the Govt should implement NetZero measures asap to reduce the impact of these storms.

y-c-o-m-b 3y ago

West coast of the US here. Mine more than doubled this year and shopping around has been an eye-opening exercise in the sense that it seems to be an across-the-board increase, not just my insurance company. I've been driving for over two decades and have a spotless driving record, so it's really painful to see such a dramatic increase in a short amount of time.

daveoc64 3y ago

Looking at the comments here, the UK is incredibly cheap for car insurance compared to the USA. Some of the monthly prices mentioned in the US are similar to an annual price in the UK, and a lot more is covered on a UK policy.