Originally Posted by
Beagle
Got my renewal notice for my car insurance premium from Tower last week. Insurance premium up by 27% with no claims and no explanation whatsoever regarding the increase. Not a single word to explain it.
I think what's grinding my gears the most though is that its well known that people have driven a lot less this last year with the extended lockdown (107 days in Auckland) which should have lead to a lot lower claims which is wholly unsupportive of such a substantial increase. Further, a family member in the panel beating industry tells me that the hourly rate insurance companies pay has not increased for many years which is leading to a crisis in the industry of retaining qualified staff.
Maybe they think old dog's are less attentive and now I'm 60 despite decades of no accidents they think I'll go wandering off the road in a daze lol.
It feels like I'm being overcharged so I shopped around a bit but couldn't find a better deal. ~$750 for a $40K car with a $1K excess seems like a lot. Wonder how much of that $750 goes in overheads, office leases, staff and profit, maybe $300-$400 ? Thinking about self insuring as a matter of principle because the premium seems excessive.
Anyone else drive around in a reasonable car and not have insurance ?