Rising premiums

Sky Insurance

Official MSC Trader
Sorry to be the bearer of bad news... Insurers are taking a lot of stick for rising premiums at the moment, there is a new article here which makes for interesting reading:

http://www.bbc.co.uk/news/business-11516195

So a lot of you will see an increase in your renewal price unfortunately.

For any MSC members who are aged over 19 with 2 years driving experience, feel free to call Sky insurance for a comparison quote against your renewal.

Thanks

Ollie
Sky Insurance
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
do you insure the driver so that they can drive other cars third party
Hi,

yes but this will be for over 25's only or in some cases we can offer it to customers aged 23 or over. The companies that offered it to under 25 years olds have had their fingers badly burnt so fewer and fewer companies offer it these days.

Thanks
 
Not having a pop at you personally but it's a con!

Which insurance company has made a loss in the last 12 months? - None of them (and that's with a huge number of claims that they weren't expecting after all the snow). Oh yes some of them will try to make out that they are on the breadline and just about breaking even but the figures they quote are all after they have paid handsome dividends to their shareholders and millions of pounds worth of bonuses to the board of directors.

It's an excuse to raise prices and supplement the profits that weren't as large as they wanted them to be so they stick out a lot of scaremongering stuff like this and we're supposed to take it up the you know what with a smile when our premiums double instead of maybe triple like they forecast (unless of course you are dumb enough to assume that the renewal price they send out when a policy is about to expire really is the best price they can offer in which case you'll be lucky to get away with a threefold increase).

Personally I think it's high time that the government defended us from this bunch of lying thieving scum. Insurance is pretty much mandatory by law therefore there should be something in place to make sure it's fair by law. Monitor the insurance companies profit (real profit - not just what they couldn'y hide in the books) and set a reasonable level of profit - if they make say 5% over their allowed profit margin in a given year then they should be required to refund that percentage of all the premiums they sold in that year to any driver who hasn't made a claim.

The farce of "no-claims" should also be sorted. Ditch the protection so that 5 years of no claims really means you've had 5 claim free years and sort out whether it and the accident record applies to a policy or the driver. My personal pet hate - if I crash my car then I have to tell 3 insurers that I have had an accident and it affects the premium on 3 cars but when I phone up to insure an additional car my no claims bonus has no effect because it's "being used" on an existing policy.

Iain
 

r-reg-sr

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Site Supporter
na na ,,,,,um gonna wear a wig and soften the voice instant quote as a girl=lower price:laugh:
 

Scouse boy

Buy & Sell Member
Completely agree with ibrooks. A friend (female) is younger than me, has been driving less time and yet when she wrote off both her corsa and a brand new 10' plate 307 her insurance is still £400 less than mine. How does that work out? tbh it makes me want to take public transport to stop putting money into these insurance company boss's pockets!!!! grrrr, rant over!

Oh and we're both with the same car insurance group
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
Not having a pop at you personally but it's a con!

Which insurance company has made a loss in the last 12 months? - None of them (and that's with a huge number of claims that they weren't expecting after all the snow). Oh yes some of them will try to make out that they are on the breadline and just about breaking even but the figures they quote are all after they have paid handsome dividends to their shareholders and millions of pounds worth of bonuses to the board of directors.

It's an excuse to raise prices and supplement the profits that weren't as large as they wanted them to be so they stick out a lot of scaremongering stuff like this and we're supposed to take it up the you know what with a smile when our premiums double instead of maybe triple like they forecast (unless of course you are dumb enough to assume that the renewal price they send out when a policy is about to expire really is the best price they can offer in which case you'll be lucky to get away with a threefold increase).

Personally I think it's high time that the government defended us from this bunch of lying thieving scum. Insurance is pretty much mandatory by law therefore there should be something in place to make sure it's fair by law. Monitor the insurance companies profit (real profit - not just what they couldn'y hide in the books) and set a reasonable level of profit - if they make say 5% over their allowed profit margin in a given year then they should be required to refund that percentage of all the premiums they sold in that year to any driver who hasn't made a claim.

The farce of "no-claims" should also be sorted. Ditch the protection so that 5 years of no claims really means you've had 5 claim free years and sort out whether it and the accident record applies to a policy or the driver. My personal pet hate - if I crash my car then I have to tell 3 insurers that I have had an accident and it affects the premium on 3 cars but when I phone up to insure an additional car my no claims bonus has no effect because it's "being used" on an existing policy.

Iain
Hi Iain,

on a personal note i agree with a lot of what you have said but some of what you say is wrong.. I am only aware of one insurer who has posted a profit in the last 12 months, several of the larger players have pulled out of the market as the cannot keep up with their losses.

But yes, I agree the Uk insurance system needs a complete over haul.. no arguement there!

As far as Sky insurance goes, we are a very small player in a huge, cut throat industry.

Ollie
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
Completely agree with ibrooks. A friend (female) is younger than me, has been driving less time and yet when she wrote off both her corsa and a brand new 10' plate 307 her insurance is still £400 less than mine. How does that work out? tbh it makes me want to take public transport to stop putting money into these insurance company boss's pockets!!!! grrrr, rant over!

Oh and we're both with the same car insurance group
Insurance rates for young male drivers are higher than females due to males carrying a much, much worse claims/loss ratio.. ie insurance underwriters pay out more in claims for males than they do females, hence why males are charged more.
 

Guy

Has gone over to the oily side...
Club Member
In Ollies's defense, in the few months since I've been a serious member on here again, I've lost count of the number members who've totalled their cars :suspect:.
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
In Ollies's defense, in the few months since I've been a serious member on here again, I've lost count of the number members who've totalled their cars :suspect:.
Dont worry about defending me, I'm pretty thick skinned and this is an issue with the insurance industry, not an issue with my Sky Insurance, but thanks (Y)
 

frank

Club Member
In Ollies's defense, in the few months since I've been a serious member on here again, I've lost count of the number members who've totalled their cars :suspect:.
yeh, it was just the same when i started driving in the 70,s lol, when insurance companies wont touch young males with a bargepole, they,re obviously too high a risk (even at 2 or 3 k/year :eek:)
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
yeh, it was just the same when i started driving in the 70,s lol, when insurance companies wont touch young males with a bargepole, they,re obviously too high a risk (even at 2 or 3 k/year :eek:)
In a round about way, that is a good point though.. when I was 17 (in 1998) I paid £1300 to insure an MG Metro worth under £500 on a TPFT basis. High insurance prices for the younget drivers is not a new thing, but things have got worse recently, hence posting the news article.
 

r-reg-sr

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Site Supporter
it goes deeper
guess who run the banks and are untouchable no matter what they do
who does uk give 12 billion a year to for? nuthing apart from giving us a bad name
 

mike

I love Ed!!!!
Moderator
Everyone please play nice or the infraction fairy will come out to play.

It is a shame that insurance is going up again however it is expected, however talking to people i know in the industry most companies paid out £2 for every £1 they made last year and know of a few that went under or got bought out. Unfortunately young men are a risk (i know i was one of them) and we are charged accordingly.
 
Yep really sucks, took me days to get a realistic quote or i couldn't have afforded driving, and at 18, come on, drivings a must.

Ended up 1600 in the end, which makes me happy against the 2500's i was getting lol.

Cheers for heads up sky (Y)
 
when i insured my 1.0 k10 ls in april it cost me £800 then when swapping the insurance over to my 1.3 k11 super s last friday the company i was with stopped insuring micras?? AND it went up to £1300 any ideas Ollie
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
when i insured my 1.0 k10 ls in april it cost me £800 then when swapping the insurance over to my 1.3 k11 super s last friday the company i was with stopped insuring micras?? AND it went up to £1300 any ideas Ollie
Sounds bizaare to me but insurers can and will change their criteria on a regular basis..
 

Eliot

Ex Super S Owner
It is daylight robberey when your a teenager like me, but to be fair it is all the idiot boyracers that cause the problem, I hate they way I have to pay high prices because of the stuff they do! I always drive sensibly and save all the racing for Santa Pod.

In my opinion they should raise the driving age and have cheap insurance rather than a low driving age with high insurance.
 
it is all the idiot boyracers that cause the problem
They should charge them more, not me or any other normal driver. Like I said to me its just an excuse. What I dont get is. How the hell is possible that with one more year of no claim and experience my renewal is more?
I do like the idea of No claims being actually bonuses for no claiming and not for having it protected. They would make a bigger difference then.
About their £2 paid for every £1 charged thats after all the people got bonuses and bosses has bought houses on maldives.
 

Ed

Fusion Motorsport
MSC Founder
Official MSC Trader
I reckon they should charge new/young drivers high premiums then give back say 25-50% (lol) at the end of the year if they have not had any claims. This is a proper incentive to drive more sensible rather than oh well I paid X amount I don't care now...
 

Stani1029

Club Member
Dont get me started on insurance. £1600 on a 1.0ltr micra £2000 on a 2ltr lexus. Thats just this year, not to forget the other 7 cars ive owned. Also this whole no claims thing is rubbish, the smallest little thing can cause an accident wether youve alot or no expereince driving. I had driven 4 years without any sort of accident and within 4 days had 2 accidents in 2 seperate cars on 2 seperate policies. One of the policies were cancelled due to a tiny error on it and the other are still chasing me for over £1000 that i refuse to pay. (very long story)
 

solarice

Ex. Club Member
I reckon they should charge new/young drivers high premiums then give back say 25-50% (lol) at the end of the year if they have not had any claims. This is a proper incentive to drive more sensible rather than oh well I paid X amount I don't care now...
something id thought about aswell...after all the insurance people could easily make a fair amount of interest on the original payment before handing it back or just using the extra money to offset the new policy. This of course would mean they loose money compared to what they currently get, so guess its a non starter haha.

If the main companies had less subdivisions (under different names ) that are split for age, gender, etc etc they'd spend less money in the first place. IMO its an industry that could do with some fat trimming...but dont get me started lol.
 

James

Chairman
Dont get me started on insurance. £1600 on a 1.0ltr micra £2000 on a 2ltr lexus.
You must be quite unlucky, with 2 claims and only a years NCB this is what a quick confused search brought up on an IS200 for me (this is without shopping around with the forum insurers etc):
 
As far as Sky insurance goes, we are a very small player in a huge, cut throat industry.
Then here you have an amazing opportunity - offer some premiums at sensible prices with some of the features mentioned here (I like the refund if you haven't claimed idea and have thought it would be a sensible idea myself in the past). Before you know it you'll have people hammering on the door to buy from you.

Iain
 

James

Chairman
you knocked it down with excess james
£250 excess is nothing. My mate has a £1000 excess to put it in perspective, £250 voluntary is pretty standard fare!

Just to satisfy curiosity, here it is with £0 voluntary excess, still even below a grand:
 
OP
OP
Sky Insurance

Sky Insurance

Official MSC Trader
Then here you have an amazing opportunity - offer some premiums at sensible prices with some of the features mentioned here (I like the refund if you haven't claimed idea and have thought it would be a sensible idea myself in the past). Before you know it you'll have people hammering on the door to buy from you.

Iain
If only it was as simple as you put it!
 

r-reg-sr

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Site Supporter
with the amount of tax added to fuel it really should pay for tax and insurance
govement =fail again - not insurance groups
 
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