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Why do your car insurance quotes keep changing?

One of the more confusing aspects of arranging a car insurance policy is trying to pin down the best quote. It seems that the constantly changing premiums mean that the company offering today’s best deal may no longer be the most attractive by tomorrow. It’s little wonder that many people shopping around for a good deal are prompted to ask insurance companies ‘why do your car insurance quotes keep changing?’

The need for changing premiums

Insurance companies frequently review the deals they are offering. In fact, prices can change every day. However, a quote is normally valid for a set period of time. It can be as much as 30 days, but it may be less than that, so you need to make sure you don’t run out of time when you receive a quote that you’re happy with.

Waiting to take action is a bit of a gamble. The price will change and it’s possible that it might get cheaper if you hang off for a couple of weeks. Of course, the reverse is also true, and it might become more expensive if you delay taking out the policy. The safest way to proceed is to take action if the price is within your budget and you’re happy with the level of cover.

A choice of providers

Although all insurers change their prices, direct companies will take a different approach to brokers or comparison sites. Direct insurers sell their own product. So if you visit their website or call for a quote, they will only be able to discuss their own policies, even if they are more expensive than what’s on offer elsewhere. In contrast, comparison sites and brokers will take your details then look for the best option to suit your circumstances.

Arranging the cover

It’s normally only possible to buy a policy no more than 30 days before you want the cover to start. That’s why it’s normal for the quote to be valid for that amount of time.

One of the reasons for changing premiums is the need for insurance companies to have a spread of risks. If lots of drivers in a particular category take out a policy, the company may want to attract another group of drivers. That could mean seeking to avoid those of a certain age, particular vehicle types, or possibly even workers in certain industries. As a result, if you happen to fall into the right group of drivers, you might get a more attractive premium.

Another factor that can mean higher costs can be any modifications to your car, as these vehicles can be more expensive to repair, and in some cases may be more likely to be involved in accidents.

The nature of your job, your address and whether you rent or own your home can also feed into the premiums. If your circumstances change during the period of your policy, you should tell the insurer as it may affect the cost. If you fail to disclose the information, any claims you make could be turned down.

You also need to inform the insurance company if you are convicted of a driving offence while the policy is in force. Some companies may charge an extra premium, and your next policy will certainly cost more.

Do your research, and don’t delay once you see the right quote 

The important points to bear in mind when you’re searching for the best deal on car insurance are to do your research and shop around to find the most competitive quotes, and once you’ve seen one you’re happy with in terms of price and level of cover, don’t delay in agreeing to it. If you hesitate for too long, you might find the price goes up.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

Unfortunately, it’s impossible to accurately calculate how much your car insurance is going to cost without getting a range of quotes. As well as looking at national driving statistics, insurers will seek a huge amount of information about you and your vehicle before deciding on a personalised price.

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Car insurance is usually calculated based on the likelihood of you making a claim in the future. A range of factors are taken into consideration too, such as age, occupation, your driving history and the details of your vehicle.

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If you make a claim on your insurance policy, car insurance excess is the amount you will pay towards that claim. There are two types of car insurance excess – one compulsory, the other voluntary. The compulsory excess that your insurance company sets is the amount you must pay towards any repair done to your vehicle if you cause an accident. The voluntary excess is an optional amount on top of this – which means you’ll pay more towards repairs – but your annual premium price will come down in exchange.

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Car insurance can go up for a number of reasons – especially if you’ve had an accident or received a fixed penalty in the last year. If you haven’t, you might find you’re just getting a poor deal when your deal automatically renews – so don’t be afraid to shop around until you’ve got a better price.

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Insurers generally do not offer the facility to put your car insurance on hold – and cancelling and restarting your car insurance cover rarely makes financial sense. If you’ve got a reason for needing a break in cover, talk to a specialist company who cater for your circumstances – like classic car insurers or student policy providers.

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Yes, you can transfer your car insurance policy. Simply contact your existing insurer to ask. There may be a price difference and a fee to amend the policy.

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If you make a claim on your car insurance, then yes, the cost of renewing your insurance will go up, unless some other significant factor works in your favour to bring it down.

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In the UK, every car is allocated an insurance group. This helps insurance companies determine the cost of cover. The groups run from 1, which offers the cheapest premiums, to 50, which offers the highest. The cheapest car insurance group is therefore group 1.

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A no claims bonus is a discount that’s applied after your insurance premium is calculated by a car insurance provider. The discount doesn’t stop your premium from going up; instead, it simply gives you a percentage off your premium – and that discount grows with every claim-free motoring year you have.

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Put simply, the reason why car insurance is high is because the cost of claims is high. As a result, insurers increase premiums to protect themselves and make a profit.

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