‘My car insurance renewal quote is double what I pay now – I’m fuming’
A driver tried to renew their car insurance but was shocked to find out their existing provider had offered them a renewal quote of almost double what they were currently paying.
When looking for cheaper quotes, Britons are encouraged to “shop around on the comparison sites” to find out how much money they could save. but even more so if their existing company hikes their bill significantly.
However, drivers are finding the cheapest offers are starting at almost double what they currently pay.
Millions of drivers are suffering the same shock when going to renew their policies.
According to data from the House of Commons Library, the latest figures for average car insurance premiums were £924.
READ MORE: Record-high car insurance as average leaps by £125 compared to last year
One driver explained their car insurance experience to Birmingham Live and voiced their disbelief about the high renewal prices.
They wrote: “Shopping around for a cheap deal didn’t prove so easy this year. I’ve been driving for nearly 15 years now and have never claimed so I was hopeful for a decent deal. So it was a bit of a shock when the results came back.
“No insurance company could beat my renewal quote by more than a few quid each month. Even then, you have to pay a deposit up front so I would end up losing out in the long run.
“Not even the ‘YouveNeverHeardOfUs.com’ company you would probably scroll past, suspicious of its ludicrously cheap rate. Nope, cheapest offers started at almost double what I was currently paying.
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“No chance of calling up my existing provider to demand they match what I’d been offered on the comparison site this year then, safe in the knowledge I could otherwise tell them I was leaving for the better deal.
“I’ve basically been left with little choice, other than to give up driving, than pay more.”
Even with a year’s more driving experience and no claims, the driver could not get a lower quote and they knew they were not alone in facing this issue.
At a time when the cost of living continues to remain high, higher insurance renewals could be causing financial burdens on families with lower incomes.
The Association of British Insurers says the government could help remove some of the additional financial pain by reducing a tax on premiums in the looming autumn statement.
A rise in costs including for energy and repairs has contributed to annual car insurance premiums hitting a new record high.
Mervyn Skeet, director of general insurance policy at the ABI, said: “We appreciate that another quarter of increased motor insurance premiums will be concerning for households who are already grappling with rising costs in other areas.
“Insurers continue to do all they can to keep motor insurance as competitively priced as possible, despite facing substantial increases in costs outside of their control. If your insurance is coming up for renewal, we would always recommend shopping around and find the best policy for you.
“But be sure to choose a policy that meets your needs, not just based on price. If you’re struggling to pay your premium, speak to your insurer who may be able to help.”
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