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Insurance Premiums - Going Down

Red_in_SE8Red_in_SE8
in Not Sports Related
I received my car insurance renewal quote last week and was surprised it was reduced by about 25%. After some Googling I determined it was in some part due to lower accidents over last two years which in turn was due to reduced number of new drivers coming through because of cancellations of driving tests and reduced traffic over the last two years. I received my buildings insurance renewal quote this morning and it has been reduced by about 30%. Very rarely in the past have I had renewal quotes for any kind of insurance that were this much lower than the previous year. I was under the impression that building materials and building labour costs have increased greatly over the last few years.

Anyone else experiencing reduced renewal quotes like this or am I just lucky with the insurance companies I use?

Comments

  • Rob7LeeRob7Lee
    It's likely to do with the fact insurers can no longer charge differential rates for new business compared to renewals. I suspect it's simply likely you've been over paying in recent years!
  • JamesSeedJamesSeed
    edited February 2022
    .
  • soapy_jonessoapy_jones
    It is good news indeed.  Every year these bastards try to ride you with a sandpaper strap on!

    Hope it catches on.
  • Red_in_SE8Red_in_SE8
    edited February 2022
    Rob7Lee said:
    It's likely to do with the fact insurers can no longer charge differential rates for new business compared to renewals. I suspect it's simply likely you've been over paying in recent years!
    When did this regulation come into force?
  • Rob7LeeRob7Lee
    Red_in_SE8 said:
    Rob7Lee said:
    It's likely to do with the fact insurers can no longer charge differential rates for new business compared to renewals. I suspect it's simply likely you've been over paying in recent years!
    When did this regulation come into force?
    1.1.2022
  • ChippycafcChippycafc
    My building and contents insurance has come down by 25% too, i did compare last years summary to this and nothing had changed.
  • jonseventyfivejonseventyfive
    We are pleasantly surprised with a new policy on my wife's A3, adding our son on the policy who is 21 didn't make my eyes water.
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