Hideous Insurance Renewal Cost Increase

[MacherAWD]

Zero value means nobody will buy them. I don't see that happening. There is a large majority of the north american population that will be driving ICE vehicles for the next 30 years. Now, it may be on bio fuels, but there will be buyers and plenty of demand.

Not zero, but once we are at a point where 75% of new car sales are EV, and we have MILLIONS of ICE from 2000-2030 still viable on the road, those will be worth very little.

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[richeze]

Stupid increase for me too.

£450 last year up to £950. Thought the inflation rate was ‘only’ 8% in uk!

House insurance quote has increased the same % .

 

[DennisD]

I've had the exact opposite experience. We swapped a lower-value ICE for the Mustang. Our Mustang's insurance is about 80% of the ICE's insurance. Our Mustang's maintenance costs are about 10% of the ICE's. Our Mustang's fuel costs are about 25% of the ICE. We drive about 3x more with the Mustang than we did with the ICE.

Quite frankly, I absolutely don't believe that to be true on the insurance end. There is no way that your insurance is 20% cheaper than the comparative ICE vehicle unless you were driving an ICE car that has a value of 6 figures and when you said "lower value", either you or your insurance agent is smoking something that is not legal.

https://www.consumerreports.org/mon...-to-insure-than-gasoline-powered-a6372607024/

 

[MacherAWD]

Quite frankly, I absolutely don't believe that to be true on the insurance end. There is no way that your insurance is 20% cheaper than the comparative ICE vehicle unless you were driving an ICE car that has a value of 6 figures and when you said "lower value", either you or your insurance agent is smoking something that is not legal.

https://www.consumerreports.org/mon...-to-insure-than-gasoline-powered-a6372607024/

Multi car policy with Progressive. We pay $456 a year for full coverage on our highlander (2015), and $650 on our Mach-E. The cost between the 2 is more likely the year of car, and noted annual driving, 2k miles vs 16k per year.

Our costs have barely changed from when I replaced the Bolt with the Mach-E and we are on year 2 with the mach-e at the same rate.

 

[SpaceEVDriver]

Quite frankly, I absolutely don't believe that to be true on the insurance end. There is no way that your insurance is 20% cheaper than the comparative ICE vehicle unless you were driving an ICE car that has a value of 6 figures and when you said "lower value", either you or your insurance agent is smoking something that is not legal.

https://www.consumerreports.org/mon...-to-insure-than-gasoline-powered-a6372607024/

So, you're calling me a liar? Wow. Okay.

We've had a multi-car policy with this agency for decades. We've only had a single accident that was the other driver's fault. We also use the parent company for our homeowner's insurance. We called them and told them we were going to be getting a new EV, would be replacing such-and-such ICE, and would be shopping around for a better price than what we had on the ICE. They offered a better price.

 

[EELinneman]

Not zero, but once we are at a point where 75% of new car sales are EV, and we have MILLIONS of ICE from 2000-2030 still viable on the road, those will be worth very little.

It sounds like you are quoting Dr. Know-It-All from the Teslas marketing YouTube world. Correct me if I am wrong, but we are a long, long way from 75% of new car sales. Plus, cars are lasting longer and longer and the lower economic tiers are not going electric without a huge subsidy.

The last item that I see blocking the path you forsee is the grid capacity and the logistics of large-scale BEV charging. And, this is coming from someone with both a BEV and solar on my roof.

 

[DennisD]

So, you're calling me a liar? Wow. Okay.

We've had a multi-car policy with this agency for decades. We've only had a single accident that was the other driver's fault. We also use the parent company for our homeowner's insurance. We called them and told them we were going to be getting a new EV, would be replacing such-and-such ICE, and would be shopping around for a better price than what we had on the ICE. They offered a better price.

Well now you changed the Goal Posts. Whenever someone suggests, "I am going to shop around", the business usually counters with their best price at the time.

I stand by my original statement that one could not receive a 20% discount on an EV compared to the used lower value ICE counterpart if you will. I would be willing to wager that at the time your agent quoted you a lower price (which I believe now knowing more information) that you would have undoubtedly received a substantial reduction on the ICE car that you traded in and it would have been lower than the EV you drive now.

I do that on both home and auto insurance about once every year. More times than not, if they can't match the price I go elsewhere. The agent will manipulate some numbers (miles driven, deleted drivers etc.) and the number magically goes down and I can say that I pay lower insurance. I don't advertise that I paid too high of insurance before though.

 

[Wonky_Donkey]

Not wishing to be a party pooper … but while this thread is throwing up some interesting topics it has strayed a bit from the original post topic.

We also have some cross pollination of posters from the UK and the US, and while everybody’s voice counts some of the US based posters may not realise they are in a sub of the UK thread. Insurance practices and underwriting decisions will vary between countries so some of the US based facts and opinions may not be relevant to the original thread.

#justsaying

 

[SpaceEVDriver]

Not wishing to be a party pooper … but while this thread is throwing up some interesting topics it has strayed a bit from the original post topic.

We also have some cross pollination of posters from the UK and the US, and while everybody’s voice counts some of the US based posters may not realise they are in a sub of the UK thread. Insurance practices and underwriting decisions will vary between countries so some of the US based facts and opinions may not be relevant to the original thread.

#justsaying

Fair. I did not realize this was on a sub. My apologies.

 

[SmallDents]

First year insurance cost was £432 now £746 and this was with shopping around. My present insurer won't quote for a renewal. At the present rate of increase it will be closer to £1,000 this time next year. To say I'm angry and disappointed is an understatement. I know part of the reason is the number of lazy, good for nothing b******d parasites who drive with no insurance, no road fund licence and no driving licence.? (Tell us how you really feel)

I might have to sell up and drive a cheapy electric box on wheels. I live in a village, not a metropolitan area.

EDIT - Thanks everyone for your replies. I did take it more personally than perhaps I should have. My trim level is AWD ER and is Group 40 so perhaps a lower trim level could be in order for the future when I do decide to change.

Hmm. I am old enough to be with Saga, and my previous car was a 65 Reg X5 M sport. I have now upgraded to a MME ER AWD

My insurance renewal is the 1st July. I was quoted roughly double the previous year, from 368 to approx. 650. In discussions with Saga, their comment was that the after Covid, a lot of peeople had accidents. Probably lack of practice? I checked with Direct Line, and their quote was approx. £1,1500.- for the same hence I went back to Saga and I ultimately paid £490 with some extra miles added.

When switching to the MME, I paid an extra £240 as the car is valued at £42K.

 

[portlandg]

First year insurance cost was £432 now £746 and this was with shopping around. My present insurer won't quote for a renewal. At the present rate of increase it will be closer to £1,000 this time next year. To say I'm angry and disappointed is an understatement. I know part of the reason is the number of lazy, good for nothing b******d parasites who drive with no insurance, no road fund licence and no driving licence.? (Tell us how you really feel)

I might have to sell up and drive a cheapy electric box on wheels. I live in a village, not a metropolitan area.

EDIT - Thanks everyone for your replies. I did take it more personally than perhaps I should have. My trim level is AWD ER and is Group 40 so perhaps a lower trim level could be in order for the future when I do decide to change.

Lower trim level would work. I have a RWD ER and mine is 37E

 

[sgriffin130]

Quite frankly, I absolutely don't believe that to be true on the insurance end. There is no way that your insurance is 20% cheaper than the comparative ICE vehicle unless you were driving an ICE car that has a value of 6 figures and when you said "lower value", either you or your insurance agent is smoking something that is not legal.

https://www.consumerreports.org/mon...-to-insure-than-gasoline-powered-a6372607024/

We bought a Mach E then traded in a Hyundai Santa Fe Limited Ultimate on a Ford Escape PHEV. Our insurance didn't go down 20% but it did go down on the Escape versus the Sant Fe through USAA. Been with them over 50 years with auto, home and umbrella coverage. Great company.

 

[Spacey]

Lower trim level would work. I have a RWD ER and mine is 37E

I do like my electric folding mirrors, especially on narrow roads with passing places. Unless the RWD ER now has them as standard?

 

[Djmc321]

Renewal with Churchill came through.

Last year was £900, this year £1800!

Absolutely taking the piss, I have no changes and at least 10 years no claims. This is unsustainable if trend follows for all electronic car insurance, it's going to set back the ev adoption years if it becomes commonplace. Needs urgent UK government intervention.

 

[richeze]

Renewal with Churchill came through.

Last year was £900, this year £1800!

Absolutely taking the piss, I have no changes and at least 10 years no claims. This is unsustainable if trend follows for all electronic car insurance, it's going to set back the ev adoption years if it becomes commonplace. Needs urgent UK government intervention.

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