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This is the best summary I could come up with:
Admiral hiked prices by 20% during the first half of the year in response to high inflation and repair costs.
Matt Britzman, equity analyst at Hargreaves Lansdown, said: "The bad news for consumers is that car insurance is now another inflated cost to try and manage as part of the ever-increasing pressures on income.
But for Admiral, that’s a loss worth taking as maintaining profitable insurance contracts is key, even if it means losing a few customers along the way."
According to an analysis of 28 million policies by the Association of British Insurers (ABI), the average premium across the industry in the three months to the end of June was £511 - 21% higher than the same period last year.
Paint and material costs have increased by nearly 16%, with the average price of second-hand cars rising 19%, it found.
Mr Britzman said Admiral had been increasing its prices ahead of its competitors but now the rest of the market had caught up, which should help “soften the number of customers leaving the firm”.
I’m a bot and I’m open source!
They’re all at it… although Admiral were by far the cheapest for me, giving me a renewal price of £500 compared to >£1k from just about everyone else.
£500?! For how mant cars. My latest car insurance was £69.
£69 a year? I don’t think so.
Even when I had a 10 year old Peugeot it was about £200.
You routinely hear of people paying 2k+ these days… I’d seriously think about selling the car at that point.
The average cost of insurance is £478 (or maybe was, not sure how old that statistic is). £69 is an ebike, not a car…
They could have the insurance on yearly credit, and pay monthly, maybe.
Nope. £69 was for a yearly policy. Initial renewal quote was £130 and I phoned up with a cheaper rival quote so they came down.
Press X for doubt.
I logged into the online portal and turns out I misremembered. It was actually £82.05.
You must be extremely lucky with your location, job, car… everything really.
