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Baz46
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Somewhere rural 'out in the sticks', UK
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31-05-2021, 09:46 AM
1

Reduction in car insurance premiums?

With the reduction in car use during the coronavirus, plus this recent news, premiums should reduce considerably, should being the operative word. Less mileage, less risk. The more miles driven we are charged a higher premium so with less miles will premiums reduce, I wonder?

"Motorists across England and Wales are set to collectively make over £1 billion-worth of savings as new rules on whiplash claims come into force.

The Ministry of Justice (MoJ) said the move could slash around £35 off a typical car insurance premium per year."

https://www.itv.com/news/2021-05-31/...hiplash-claims


Edited to add: It gets better – further changes to insurance premiums could also be on the cards with this news too:

"The Financial Conduct Authority (FCA) is bringing an end to the practice of car and home insurers charging loyal customers more than new customers.

‘Price walking’ – commonly known as the ‘loyalty penalty’ – is a pricing practice where existing customers are increasingly charged more, the longer they stay with the same insurer.

Following a consultation launched in September 2020, the FCA has confirmed this unfair practice will be banned from 1 January 2022 – saving customers an estimated £4.2bn over 10 years."


https://www.which.co.uk/news/2021/05...ou-save-money/
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31-05-2021, 10:56 AM
2

Re: Reduction in car insurance premiums?

Strangely enough Baz, my motor insurance was twenty quid cheaper than last year.....So they really did 'Quote me Happy'....Such a surprise....
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Baz46
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31-05-2021, 11:06 AM
3

Re: Reduction in car insurance premiums?

Originally Posted by OldGreyFox ->
Strangely enough Baz, my motor insurance was twenty quid cheaper than last year.....So they really did 'Quote me Happy'....Such a surprise....
No complaints there then OGF, long may it continue!
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01-06-2021, 05:43 PM
4

Re: Reduction in car insurance premiums?

I just got £36 back from my premium for 2020
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Baz46
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01-06-2021, 06:18 PM
5

Re: Reduction in car insurance premiums?

Originally Posted by Longdogs ->
I just got £36 back from my premium for 2020
That was good going LD, I only posted the information yesterday at 09.46!
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02-06-2021, 05:11 PM
6

Re: Reduction in car insurance premiums?

Originally Posted by Baz46 ->
That was good going LD, I only posted the information yesterday at 09.46!
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Lindyloo
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isle of wight
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02-06-2021, 10:11 PM
7

Re: Reduction in car insurance premiums?

When I renewed last year I asked how I could reduce the premium and was told there was nothing I could do............unless I had a low mileage..........and it turns out I've had a low mileage for many years!!!

BUT Martin Lewis has recently sent an email saying insurance premiums are about to massively increase.
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05-06-2021, 06:04 AM
8

Re: Reduction in car insurance premiums?

It seems to me that the insurance companies will use any excuse to punish their customers and hike up the premiums.

I recently had a hoist fitted to my car for the wife's electric wheelchair and after I had informed them they simply stopped my no claims bonus.

It took the threat of legal proceedings before the NCB was reinstated. Needless to say I didn't renew with them.
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Lindyloo
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05-06-2021, 07:06 AM
9

Re: Reduction in car insurance premiums?

Originally Posted by PooBear ->
It seems to me that the insurance companies will use any excuse to punish their customers and hike up the premiums.

I recently had a hoist fitted to my car for the wife's electric wheelchair and after I had informed them they simply stopped my no claims bonus.

It took the threat of legal proceedings before the NCB was reinstated. Needless to say I didn't renew with them.
This is not exclusive to insurance companies. Yesterday I requested refund of my (substantial) credit balance from my energy company and have had a reply saying they're very busy.........AND due to covid (of course) they have fewer people working for them. I can either phone their emergency number and hold on forever as they're not answering OR re submit my request - in which case I can expect a delay!!!
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Baz46
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05-06-2021, 07:53 AM
10

Re: Reduction in car insurance premiums?

Many companies it seems are using covid as the excuse for delays. Recently I had to communicate by telephone, with an insurance / personal pension company as it happens, one of the biggest. The total wait, after being given online an incorrect telephone number for that department following finding their 'online chat' service was not working, then being put through to the correct department was an hour.

Initially I sorted out what was a minor query that would have taken at most 10 minutes under 'normal' circumstances. Then I made it clear I was very dissatisfied with the service having been left on hold for this amount of time and asked to make an official complaint. I was quite quickly put through to the Customer Services department.

I made my complaint that coronavirus has now been with us for 15 months, more than enough time to make the 'service' for customers far better than it is. The 'service' received this year was no better than it was last year, also at my age I don't have time in my life to waste being left on hold with no alternative. Quite surprisingly the person I was speaking to agreed and as I had wasted so much of my time offered a very unexpected goodwill gesture of £50! Within the hour I received an e-mail confirming the conversation and goodwill gesture and also advising that I could make a complaint to the Ombudsman, giving details of how to do that should I choose to.

In this case not only did it pay to make an official complaint but I believe doing so also makes companies very aware of the total dissatisfaction customers are feeling, hopefully perhaps spurring them on to improve their services.
 
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