Why are insurance premiums going up / rising?

Why are insurance premiums going up / rising?  

In the UK insurance premiums are rising quickly. Particularly starting around October 2023 which will continue to 2026.  There are 4 main reasons for this.

  • Bodyshop costs have risen hugely.  This is due to a few main factors, cost of materials, business running costs, shortage of skills and bodyshop’s and a reluctance for bodyshop’s to be over ruled anymore by insurance companies who have been dictating to them for 30 years.
  • Electric Vehicle dent and body repairs.  EV repairs are astronomically high.  Various reasons include the wait for parts from manufacturers is way too long, the type of metal they use on the vehicles cannot be repaired so replacement body panels are needed and manufacturers cashing in on parts.  A great example…. A Tesla needs a dent removal on its tailgate because of the way it’s poorly designed having no bumper to protect it.  Normally the bodyshop would fill and paint this dent, but because of the type of metal they use they cannot do that and the whole panel needs replacing. This would cost around £3500 instead of £1000 for a repair and not replacement.
  • Waiting time for parts and hire car costs- the wait for most parts is extremely long. Some light units for and EV can take up to 6 weeks to arrive. This in itself isn’t a major issue but one insurance company is paying another to put the non fault party in a hire car.  For example a hire tesla that has been dented may cost the fault insurer £250 a day.  When you’re waiting 6 weeks for a brakelight unit to arrive that’s a a lot of money in hire cars.

Dent repair near me 

Did you know that you can get a lot of dent removal done at your home, without the need for filler and paint?  Repairs are completed at your home or work and you don’t need to claim on your insurance.

Paintless dent repair is a process where dents are pushed out from behind and at a fraction of the costs of a bodyshop.  See here https://fixadent.co.uk/paintless-dent-removal/

 

 

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