Car Insurance

[leestudd30]

I've been doing loads of quotes from comparison sites the last few days and I can't believe what it costs these days! I've had a licence since 1998, no points or convictions, 10 years no claims, the car is completely stock and parked in a residential car park and the cheapest quote I've managed is £308 TPFT. Car only cost me £575 and its probably worth half that now lol. My old modded V6 Vectra cost me between £250 & £300 the last 4 years, what is going on?

[highlander]

what is going on?

Greed.

The car insurance industry would like you to believe that this is due to a massive rise in car accidents, car-related crime (car theft, vandalism, etc), and crash-for-cash scams. I believe that this is horseshit and that they are increasing the cost of your insurance artificially for their own benefit and for the benefit of their stockholders.

There are actually very few car insurers out there; most of the names you know and get quotes from are just brands traded by the few actual insurers. This means there's really not as much competition in the car insurance market as you might think.

They're vampires, pure and simple. They have a license to print money because the government (rightly) requires you to buy car insurance to drive legally, but (wrongly) doesn't regulate the factors that influence your car insurance premiums tightly enough.

[leestudd30]

Yep, I have to agree with that. I remember hearing it that was because of all the uninsured drivers, but I thought that was covered anyway and the premiums still go up. This may sound daft but do some insurers take a view that as you own an old car, despite your own age, that you don't care about it and will drive it like a loony?