Large increase in Insurance premiums (UK centric)

[Butch]

The UK is seeing large increases in car insurance premiums for certain cars in certain areas.

Range Rover Sports are almost uninsurable in London.

high end performance cars like BMW M series, Audi RS and Merc AMG again, you're looking at serious increases in premiums, especially in London, Bradford, B'ham, Leeds and Manchester postcodes.

EV's owners and also Hybrid ownsers again, high premiums.

Part of the reason, across the board is the cost of repairs, parts and availability. Ukraine was the largest producer of vehicle wiring looms in Europe, the manufacturing capacity is virtually zero now.

There's also the increase in global raw materials, fed by increased fuel prices and general inflation. This means that the former "yardstick" of that if the cost of repair was more than 30% (ish) of the cars trade value ,then it was beyond economical repair and a write off (I might be wrong on that, but I think it was a general rule).

added to that, high end cars cost high end money to repair. I mentioned elsewhere that an EV battery being slightly damaged will total loss the vehicle. Same for Teslas Model Y single piece cast rear chassis. That's it, any damage and the cars a total. It doesn't end there though, even on a high end non EV car, chassis damage is pretty much a ticket to write off these days, given the sensors, advanced suspension units, differential parts and then "recoding" all the parts back to the ECU in the car.

sometimes running an old banger makes good sense. My insurance dropped this year, due to the cars value dropping and for some daft reason, a risk adjustment.

[Golfingboy]

So happy I just drove a beater now….although I live in Canada’s cheapest province for insurance, there is no doubt I would pay more at 50 with inflation, than I probably did at 22 for a new car being young & high-risk…..it never used to be like this. But the corporations are NOT in it to lose $

I have heard of people in Alberta who feel they have no choice pay the equivalent of a decent condo mortgage in auto premiums……f—in that I would take the bus  and a few limos if that was my case

[maipenrai]

17 hours ago, Golfingboy said:

So happy I just drove a beater now….although I live in Canada’s cheapest province for insurance, there is no doubt I would pay more at 50 with inflation, than I probably did at 22 for a new car being young & high-risk…..it never used to be like this. But the corporations are NOT in it to lose $

I have heard of people in Alberta who feel they have no choice pay the equivalent of a decent condo mortgage in auto premiums……f—in that I would take the bus  and a few limos if that was my case

I'm not familiar with Quebec's system but I always thought that BC and Ontario had the highest premiums in Canada with their province-run insurance systems - here in the YT we still have private insurance and I hope it stays that way, it doesn't cost me much at all to insure my old junk and gov't registration is also quite cheap.