Last month we wrote about car insurance premiums reaching an all time high here in the UK. Well, the writer of this post has just received his renewal notification from the insurer of his car and was staggered to see how much the renewal premium is going to be for the next 12 months.
Over the past 12 months we have been paying £49.99pm. From the 1st September 2023 the new premium will be £137.93pm. That is a huge rise of £87.94pm.
Yes, we have had to claim on the policy due to a road traffic accident involving our wing mirror hitting the wing mirror of an on-coming vehicle with both parties to blame so that will have had a negative impact on the revised premium. However, we were not expecting such an increase in car insurance premiums. Needless to say, we are shopping around to see how much another insurer will charge for the same cover.
Had we not bothered to read the renewal invitation documentation then the first we would have known about the higher premium would have been when it came out of our bank account by direct debit. By then it would have been too late to move the cover to another provider unless we would have been prepare to pay an administration fee to cancel the policy.
So, when you receive your car insurance renewal notification do make sure that you study it. Unless you are very fortunate, you may well find that your premium is going to be increasing significantly for the next 12 months. If it is, make sure that you shop around to see what sort of deal you can get with another insurer. Do remember that not all car insurance companies use the likes of a price comparison website.
Why not get in touch with us when you receive your renewal notice to see if we can help you find a competitive car insurance quotation without any obligation.
