Car Insurance... gutted...

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I had a minor prang last Friday, I tried to settle it with the other driver without going through the insurance but he wouldn't have it (old codger).

So, I'm 22, been driving for approximately 4-5 months and currently pay £650 annum. Now, you can bet your b*llocks to a barn dance that it will go up over £1000 next year. I only drive a 1.1l! Ouch! Or does anyone think it will be mroe or less than that?

Anyone else pay scary insurance because of having a prang?

 

How come you've only been driving for 5 months? At what age can yoy get your driver's licence in the UK. I'd been driving for 7 years by the time I was 22 and had a nice no-claims bonus by then, although I would still have been paying the significant additional premium for being under 25. Once you get past 25, car insurance becomes really cheap. Unfortunately for you, I reckon you'll be stuffed.

 

You can get a licence at 16 or 17 I think. I was just never in a rush to get one, as my ex always drove me everywhere or I got the bus.
I rely on it big style now though (and pay an arm and a leg on petrol every month - stupid British prices).

 

Don't worry. The world will run out of petrol soon enough and then you won't have to pay any more car insurance or petrol prices.

 

Do what then? I'm not sure I understand what you mean, but I thought your accident records were kept on some database somewhere or whatever, and you keep that history forever, or at least for so many years.

 

Cheers, will do. Although I'm pretty sure that each persons records are kept. I'll see what the crack is.

 

That definitely doesn't work in the U.S. Shopping around for a new insurance company may get you a better rate, but in the U.S., if you're found at fault in the accident, it stays on your record for 3 years, and you'll have a higher premium until that time is up, no matter who your company is. AFAIK, the process Tal outlines would only work if your driving records were only kept by your insurance company, which isn't the case here in the U.S.

That having been said 650 per year doesn't sound that bad at all. I pay approximately $1800 per year for my wife and myself, we both have clean driving records, and we're both over 30, meaning we're not paying the high prices anymore. Unless of course, you're driving a really old car and don't have collision on it.

 

£650 isn't too bad for a lad my age (approx. $900 I'd guess). But it'll fly up now.

 

Wow, you guys are getting ripped off. At last I have found something that is cheaper in NZ than overseas - car insurance. Must be because we can't afford to pay for the petrol to actually make our cars go anywhere dangerous.

 

Is that every 6 months? If it's every 3 months or less, then yes, you're getting ripped off.

We have to pay $600 every 6 months...and it's only that high because neither one of us are in school (yet), and we have 2 cars on the pollacy, one of which requires that we have the higest level of protection coverage...I guess the bank requires newer cars to be overly protected.

Insurance sucks the money out of good driver's wallets, and they never hand out any good discounts for not getting in any accidents or having any tickets.

 

Then that's crazy. You should change insurance companies. I get a 50% discount on my car insurance because I have been lucky enough to have never had an accident.

 

Welcome to America dude. All insurance companies are out to screw you over.

I do get a small discount when I (and my fiance) are 25 or older, another small discount for being a student with good grades, and I think there might be a very small discount for being married.

Other than that, I don't get s**t for discounts, even though we both have a clean driving record.

 

£650 per annum, Kitrax.
Car insurance seems cheaper here... !

Don't forget the pound / dollar increase though. It's about .69 or so I think, not sure mind.

 

Being an insurance agent myself - not specalising in car insurance, in fact I don't touch the stuff - I can say that Barmy is getting seriously ripped off, at least compared to NZ prices.

Can you describe the prang, BA?

 

Was behind someone at a roundabout waiting to pull on, the guy in front started to pull off, so I did, and I was looking at any traffic coming my way and not at his car.. he slammed the brakes on, and that was good night, done the front of my car in pretty bad.

It's pretty annoying because it was perfectly safe to carry on after he had started to go. Silly old ****! It's my fault in the eyes of the insurance company.

I think old people shouldn't be allowed on the road. Or at least have to be re-tested every year after the age of 60 or so.

 

The car-insurances are a mandatory rip-off in any case, IMO, and especially if you have to pay over 950 €/a. Ironically, every finn pays about 1,000 €/a around here. Which is crap, because the law states you must have an insurance and when the companies know you have no alternative, they sure can abuse it...

On the other hand, that's for cars. Say, Barmy, have you ever considered buying a good, quick motorcycle...?

 

Speaking (writing) as an insurance claims adjuster, I would agree that based on your description of the accident, you would be considered at fault.

Applying for new insurance and not disclosing a prior accident opens up potential problems you really don't want--if you think your rates will be high as a 22 year old with an accident, imagine what they would be as a 22 year old with an accident and an instance of insurance fraud.

 

@Kitrax - you actually get a pretty significant discount for being married. The first reduction occurs at 25, and another substantial one at 30. After that, it also goes down if you have kids. For some reason, you immediately become a statistically safer driver once you get married, and again after having kids.

Barmy's current price isn't bad at all. He's paying about the same as I am ($1800 per year for two cars/drivers), but I'm married and over 30. Being unmarried and under 25, paying the equivalent of about $900 a year is a relative bargain. It is almost certain that the cost will increase as a result of the accident, but there's no way it should jump from 650 all the way up to 1000. That's a 54% increase in price. If it goes up THAT much, it's definitely time to shop around for a new insurance company.

@Wordplay - your laws are very different if they don't require insurance on motorcycles. In the U.S. you are required to have insurance on any motorized vehicle. However, it is true that insurance on motorcycles cost less, because a good chunk of your premium is determined not by your age, but by how much your vehicle is worth. As motorcycles are generally speaking less expensive than cars, they cost less to insure.