2024 Insurance Costs

[Js1977]

Well, half-way through and a shiny meaningless Gold medal plus immaculate DriveScore, er, score (might as well):

Keep up setting the good example for us Tesla drivers... hopefully Ill get a good discount on renewal next year from them

 

[M00cow]

In a shocking turn of events my policy renewal arrived today from Admiral - and it is the first time I can remember it being LOWER than I paid the previous year with no negotiation. Considering I already have full no claims and approaching 50 this year, it's rare to see year on year reductions any longer like I did when I was younger or had low NCB.

 

[Jason71]

In a shocking turn of events my policy renewal arrived today from Admiral - and it is the first time I can remember it being LOWER than I paid the previous year with no negotiation. Considering I already have full no claims and approaching 50 this year, it's rare to see year on year reductions any longer like I did when I was younger or had low NCB.

bodes well for my renewal in July.
I have been with admiral for a few years now and I have to say, relative to others, their prices have been reasonable and have not gone up significantly.
When I switched from an M3LR to an MYLR mid policy they actually gave me a rebate!
I am in that sweet spot of age, postcode, clean licence , no accidents etc where i am probably about the lowest risk possible I would think, which maybe helps stop it going up much but like you its all down hill price wise from here...

 

[MadeAutomatic]

My insurance was shockingly low on a new M3. I just renewed our other car and that was only £267

 

[GlynG]

I was reading a news article just yesterday, it reported the insurance industry has been asked to play fair on annual premiums after an average 25% rise last year, the article also commented on some companies who are charging up to 30% more to allow people to pay monthly and they have been asked to curb that too.

My renewal is due end of June, last year was under £500 though it did represent an uplift of almost £150 - overall I cant complain, If is stays under £500 I will be happy. 2020 M3P

 

[Adopado]

In a shocking turn of events my policy renewal arrived today from Admiral - and it is the first time I can remember it being LOWER than I paid the previous year with no negotiation. Considering I already have full no claims and approaching 50 this year, it's rare to see year on year reductions any longer like I did when I was younger or had low NCB.

That's reassuring. (Mine did go down slightly between 2020/2021 but a significant percentage rise 2022/2023). Let's hope the recent nonsense is levelling off.

 

[M00cow]

That's reassuring. (Mine did go down slightly between 2020/2021 but a significant percentage rise 2022/2023). Let's hope the recent nonsense is levelling off.

Yeah it's about 6% lower - not huge, but appreciated instead of a 30%+ increase which seems to be usual fair

 

[Pink Duck]

14 days into DriveScore with 1,000/1,000 for each factor, thought I’d try some fixed comparison quotes to reveal discount…

CompareTheMarket

• Admiral Essential £458.47
• Admiral £487.74
• Elephant £492.62
• Diamond £507.25
• Admiral Gold £512.25
• Admiral Platinum £556.39

MoneySuperMarket

• Admiral Essential £509.04
• Admiral £541.54
• Elephant £546.96
• Diamond £552.38
• Admiral Gold £566.05
• Admiral Platinum £610.19

Confused.com

• Admiral Essential £459.93
• Admiral £489.29
• Elephant £494.17
• Diamond £499.06
• Admiral Gold £513.79
• Admiral Platinum £557.93

DriveScore

• Admiral Essential £454.15 (0.942% cheaper)
• Admiral £483.13 (0.945% cheaper)
• Elephant £487.97 (0.944% cheaper)
• Diamond £492.80 (1.25% cheaper)
• Admiral Gold £507.64 (0.900% cheaper)
• Admiral Platinum £551.78 (0.829% cheaper)

Left wondering if it would be more worthwhile with a full 365 day score history… suspect not.

The best of those is still 9.3% more than what I paid back in March.

 

[Trevel]

I was lucky I took out a policy admiral £835,and thought wow that’s dear so put a cancellation in which gave me 2 weeks to find another policy as most I would pay was £25 cancellation fee

then took out a go skippy one £710 when the 2 week ended so managed to get that refunded no charge

and still thought this is too much,I went through all comparison sights so thought check some old quotes one was £530 admiral

thought that’s better so clicked through the quote wouldn’t let me finish it,but it gave me a quote code so thought ring up quoted it,got a beltin yank on the phone he said any other policies nope,then I said my daughter has one he said let’s get you on that it’s cheaper separate policies but same account

£225 until end of October then all policies will be inline,and when’s your home due,I said June 1st you can have that as well for £96 B&C,so definitely looks like multi policies are a good saving

 

[Pink Duck]

Seems Admiral MyTrips only reveals the final, qualifying medal once 12 weeks is up AND 1,000 mi is covered.

The intermediary states appear purely based on mileage. Which means it’s quite a long wait until 14th June until I can once again floor the throttle pedal.

Meantime I’ve become accustomed to being undertaken more and tempting more roundabout entrants to do their thing earlier.

 

[GlynG]

I just had to resurrect this thread again.

My Insurance is due for renewal mid to late June. M3P - currently with LV.
Received an email from them 2 days ago - telling me they are about to send me my renewal price - plus lots of blurb about the number of claims and overall cost increases - a sort of softening you up to get you acclimatised for the percentage increase they are about to announce - and 2 days later the quote came.
Now in comparison to some peoples premiums my quotes are low - but obviously don't feel that way to me.

Anyway - The quote for 2024 to 2025 (Fully comp, wife as named driver, protected NCB, no claims for over 20 years, old bugger, retired and 5K per year - Social/Domestic/pleasure) £643.50 - a rise from last years premium of 38%
Last years renewal 2023 to 2024 represented a 35% rise from the year before and was £465.06
2022 to 2023 with LV was £343.93

So, onto the comparison sites - could i do better? get a better price for comparable cover? Well be surprised to hear not only have i obtained better cover I've also saved a lot of money too.
The better cover to be honest is the new company doing a first year throw in for free with legal cover, courtesy car and personal items - something I never bother with anyway.
Plus - Sourced via Confused.com - so taking out new cover via their site provides me with a free £20 gift voucher for Halfords

But, the big deal - Aviva quoted £377.37 and it includes windscreen cover too, so bought and paid for.

I do tend to swap each year and I'm sure I've been with Aviva before, I don't know how good any company is because I haven't claimed, but I don't really care either, They all cover everything until a claim comes in then wriggle, I'm legal, I'm covered and will cross any bridges If and when they arise.

 

[Pink Duck]

While Aviva is Defaqto 5* rated they’ve been an oddity for me at same address with increasing unprotected NCD to 19 years:

Year: Actual paid vs
2018: £536 vs £759 Aviva
2019: £365 (32% drop) vs £1,060 Aviva
2020: £424 (16% rise) vs Aviva declined
2021: £309 (27% drop) Aviva competitive!
2022: £398 (29% rise) Aviva renewal competitive!
2023: £427 (7% rise) vs £518 Aviva
2024: £442 (4% rise) vs £1,394 Aviva

Just assumed their CEO of 2021 must have switched vehicle to Tesla

 

[Pink Duck]

DriveScore have been bugging me with marketing with nonsense claims such as 51% of users with score over 750/1,000 saving £145 or more.
(based on 5,894 quotes Aug–Nov 2023, when premiums are higher from lack of competition)

Technically true, looking at the savings across the entire set of returned quotes then taking the average impact. However, in reality most policies are only picked from the top few competitively priced - significantly lowering the actual expected saving (0.92% for 1,000/1,000 score, actually worse after 500 mi).

 

[Lord Farquad]

Just had my Admiral renewal through and it’s £8 less than last year. MYLR mid 40’s in the North West. £490
10k miles with business use.
I think for the performance on offer that’s reasonable and I’m grateful Admiral continue to offer competitive and sensible premiums for EVs.