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House Price Crash Forum

Is Car Insurance Included In Inflation?


Dylan
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Just to be clear, yeah car insurance is in both the CPI + RPI.

http://www.statistics.gov.uk/articles/nojo...basket_2007.pdf

Rent is in CPI + RPI

Mortgage fees are in CPI + RPI (new item from 2007)

Mortgage interest payments are in RPI only

Credit card charges are also an interesting new inclusion from 2007 (in both CPI+RPI baskets)

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I've yet to receive a competitive renewal quote for any insurance product. Norwich Union's home contents insurance being the most recent example I can think of. I managed to find equivalent cover for half their renewal price online, and improved cover (inc. accidental damage outside the home) that was around 20% cheaper.

They're just capitalising on peoples' inaction.

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There's no way anyone should have to accept a 25% increase in any insurance premium, shop around and you'll find it cheaper.

Absolutely, I fully intend to. When I rang them to find out why it was so much, even they were surprised and couldn't explain it. I was curious whether this is a general trend (albeit not so severe), or whether the underwriters have changed something specific that affects me. Judging by the lack of 'me too' posts, it's probably the latter.

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Got my renewal quote this morning - same address, same car, no claims or endorsements - 25% increase!

It's not inflation though - the price of cars is falling. Merely a reaction to several years poor returns. Aviva is a big player and is hoping other insurers will respond in kind, the opposite of a price war really.

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