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Just got my renewal for my old Ranger truck and Skoda
Ranger has gone up by £100 which is approx 50% increase
Skoda has gone up by £200 which is again a 50% increase
im 50 and usually every yr prices have been either the same or slightly less each time…
I get that everyone’s costs have gone up due to the shitshow that the govt have managed to drop on us but 50% increase? Feels like a shafting to me and blatantly taking advantage of needing to make a raise to cover costs.
with lv currently. Will shop around.
There’s several things at play. Admiral are setting an example that you can make more money with fewer customers if you hike your prices. The price hike might mean they want more money from you, might mean they just want rid of you- it’s win win for them. So there’s some disaster capitalism at play.
But in risk management terms - during a financial squeeze - desperate people liquidate their assets by them miraculously catching fire. Because of things like ULEZ People who’ve got an ‘old truck’ will be finding them dropping in value, hard to sell but still expensive to run and own especially if rent and mortgage costs are hitting them too. That’s not to say they think you specifically are reaching for the matches but they’ll be bracing themselves for a spike in claims.
Back when the higher ved rate first came in for larger cars a lot of older 4x4s spontaneously caught fire.