http://news.bbc.co.uk/1/hi/business/8475734.stm

being an old fart does have its upsides.....

found this bit intresting:

BBC said:

The rising costs are explained in part because claims are getting bigger. Experts say there is a particular problem with young drivers crashing with their friends in the car with them - accidents that lead to large liability payouts.

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so not only do you drive like a bitch, your injured mates also spank you like one after....

:doh: I am afraid i am one of those statistics.

volxstu said:

:doh: I am afraid i am one of those statistics.

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ahh this explains why my insurance company tried it on for an extra £30 this year....and have ended up charging me £50 less:slayer:

I passed in 2004 and my first car was a Ford Escort. It cost me £1600 to insure and I was 18. So are they saying that in the last 5/6 years the risk of young drivers having accidents, coupled with the costs of settling claims, has more than doubled to over £3500?

My Escort was a 1.6 too, so I am assuming that the cars I could have got insured to drive for say £1000 (maybe a 1.1 Fester) are at least £3500 to insure now-a-days? So in fact it's a 350% increase in just 5/6 years?! Or am I just reading that article wrongly?

Unfortunately, I suspect this will lead to more uninsured drivers which in turn gives these companies the chance to increase premiums further.

Ha Ha yeah that was me single handed :devil:. Last year i asked them to quote for my tints over the phone. I didnt like the price so told them to take it off the policy. They said they couldnt take it off because they know i have tints so i said well im not paying for it and they added it on for free . The stupid thing is the induction kit and zorst put my premium up less collectively than just the tints.

Garree001 said:

So are they saying that in the last 5/6 years the risk of young drivers having accidents, coupled with the costs of settling claims, has more than doubled to over £3500?

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Yes. 6 years ago young drivers were more likely to drive cheap ol cars. Now days they all have expensive relatively new ones which are a lot more expensive to repair than older cars.
I crashed my first car which was a Renault 5, i paid for the Nova that i hit to get a new bumber and fixed mine myself to save my no claims and having to tell the insurance. You have no chance of that happening now days with bumpers costing thousands.

Repair costs for a lot of newer vehicles has come down in recent years. This is reflected in some insurance groups. Of course, I know there are some exceptions to this though.

oh ffs i was hopeing to get a cheaper quote this year....ovb not :bang:

volxstu said:

Yes. 6 years ago young drivers were more likely to drive cheap ol cars. Now days they all have expensive relatively new ones which are a lot more expensive to repair than older cars.
I crashed my first car which was a Renault 5, i paid for the Nova that i hit to get a new bumber and fixed mine myself to save my no claims and having to tell the insurance. You have no chance of that happening now days with bumpers costing thousands.

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You can counter that with death being more likely in a £50 escort.

Is it cheaper for them if you die in an accident or live but claim for injury??

Expensive insurance. It's just a fact of life. It's like the weather. I'm powerless to do anything about it.

fenton_jd said:

You can counter that with death being more likely in a £50 escort.

Is it cheaper for them if you die in an accident or live but claim for injury??

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Accident claims out number deaths by millions probably. Also how much is paid out when you die and how many families actually claim. They as far as i am aware normally only pay out for funeral costs etc etc. Its not like life insurance paying out £100,000's.
Also have you read how much you get from a dying on your policy. I think last time i read a personal injury list it was something like £2000 for a loss of limb, which is a bumper really

when i was in the 17-22 age bracket i didnt crash or claim for anything. it is a pain in the ass that everyone else has to pay (quite literally) for the mistakes of a few really fluffing stupid people

the only reason im glad about getting older is i can buy better, faster cars and insure them.... might upgrade to the 20VT at the end of the year when i turn 25 :slayer:

volxstu said:

Yes. 6 years ago young drivers were more likely to drive cheap ol cars. Now days they all have expensive relatively new ones which are a lot more expensive to repair than older cars.
I crashed my first car which was a Renault 5, i paid for the Nova that i hit to get a new bumber and fixed mine myself to save my no claims and having to tell the insurance. You have no chance of that happening now days with bumpers costing thousands.

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New cars are also a lot more safe which means the average payout for injury's is substantially reduced which actually reduces the premiums in my experience as the biggest cost of insurance claims with young people is paying for injuries / other peoples damage.

This is why when I was 17 it was £1700 to insure my mk2 1.2 8v Punto which is Ncap 4* rated and 2100+ to insure a Saxo 1.1 which is only 3*.

kayl0rz said:

when i was in the 17-22 age bracket i didnt crash or claim for anything. it is a pain in the ass that everyone else has to pay (quite literally) for the mistakes of a few really fluffing stupid people

the only reason im glad about getting older is i can buy better, faster cars and insure them.... might upgrade to the 20VT at the end of the year when i turn 25 :slayer:

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there was £1 difference when i looked at insuring a 20v or a 20vt. thE £1 extra was well spent

Painful!!

ChrisUK said:

New cars are also a lot more safe which means the average payout for injury's is substantially reduced which actually reduces the premiums in my experience as the biggest cost of insurance claims with young people is paying for injuries / other peoples damage.

This is why when I was 17 it was £1700 to insure my mk2 1.2 8v Punto which is Ncap 4* rated and 2100+ to insure a Saxo 1.1 which is only 3*.

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my mk2 punto 1.2 cost exactly same to insure as my first car!

I have a claim on my policy but it's with the MIB at the moment as the other party involved isn't replying to any letters and has now ceased trading (was a company van that hit me) so it's classed as my fault until it's proved otherwise :bang:

Mine went down by £90 this year, guess I must be getting old!