Current Affairs Cost of living…

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Car insurance is up for renewal next month. Currently with Hastings and paid £1,061 last year even though i having 8 years ncd and 3 more years of driving a motability car prior. 11 years of no accidents or claims and one speeding fine 4 years ago.

Got my renewal quote for £1,700, checked the same cover with Hastings and it was £1,300 on a comparison site. Called them up and haggled and they brought it down to £1,080.

They can give all the soundbites they want about premiums increasing across the board but this shows the increase in their opportunistic profiteering practices.
 
IrishBlue2022 said:
Car insurance is up for renewal next month. Currently with Hastings and paid £1,061 last year even though i having 8 years ncd and 3 more years of driving a motability car prior. 11 years of no accidents or claims and one speeding fine 4 years ago.

Got my renewal quote for £1,700, checked the same cover with Hastings and it was £1,300 on a comparison site. Called them up and haggled and they brought it down to £1,080.

They can give all the soundbites they want about premiums increasing across the board but this shows the increase in their opportunistic profiteering practices.
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Christ alive, that’s mad! Mine too is due, got a letter from the incumbent insurer assuring me they will to their best to minimise increases. £15 increase to £251 with same excesses. Pretty happy with that TBH considering all the tales I hear from people in the office, a quick meerkat suggests I cant get better.
 
Mr. White said:
Profit isn't a dirty word.

And a profitable business, for many reasons, is preferable to a loss-making business.

And how do you define what an acceptable profit/return is? Should it be break-even only? Is a tiny profit OK? At what point does an acceptable profit become unacceptable? Who decides?

Also, think longer term... these companies don't make profits every year. Some years they lose money, maybe massive losses. These financial results need to be evened out over a period of time.
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Profit is fine, but how could you justify a company raising their prices by say 15% while their costs go up by 5%, the profits go up by 5 billion but we are told the reason for the increase is because they have to cover the increase in their costs.
 
Tipp blue said:
Profit is fine, but how could you justify a company raising their prices by say 15% while their costs go up by 5%, the profits go up by 5 billion but we are told the reason for the increase is because they have to cover the increase in their costs.
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This is why we have the Competition and Markets Authority, to ensure we have fair competition between big businesses, and to prevent anything that is noncompetitive. That, combined with a 'let the market decide' approach works best, I think...
 
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Tipp blue said:
Profit is fine, but how could you justify a company raising their prices by say 15% while their costs go up by 5%, the profits go up by 5 billion but we are told the reason for the increase is because they have to cover the increase in their costs.
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The thing about these Libertarian-style "Let the Markets Decide" types is that they'll always claim that any company that gets too greedy (or inefficient) will end up being taken down by younger, hungrier competitors able to operate on finer margins, cut costs to the consumer, and so steal all the business.

And then instead these companies just work in concert to price fix/gouge together, or are perhaps awarded a monopoly by the Government (the irony).
 
urquattro said:
Joking aside, Water Companies do operate schemes whereby if you can't afford your Bill they subsidise it partially or fully. Well, the money actually comes from those who do pay their Bill and not from the Companies own pocket. Approx 18% of all households get partially or fully subsidised Water Bills.
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Some water companies do, others don't or its difficult , not just being able to afford it does not cut it, if on means tested benefits they will work with DWP and apply for "water direct" which they deduct monies out of benefit at source and if heavy water user for ill ill health they often require substantial evidence from health professionals. In my experience they are quickest to go debt enforcement too.
 
NilSatisOptimum said:
Some water companies do, others don't or its difficult , not just being able to afford it does not cut it, if on means tested benefits they will work with DWP and apply for "water direct" which they deduct monies out of benefit at source and if heavy water user for ill ill health they often require substantial evidence from health professionals. In my experience they are quickest to go debt enforcement too.
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Yes, it is means tested otherwise we would all just stop paying.
For anyone who needs it - Here is the link to all the Water Companies in England and Wales that provide bill assistance.
www.ccw.org.uk

Help with bills - CCW

Our advice hub is packed with information and useful tools to help you reduce your bills or access financial support, including advice on the different types of schemes that water companies provide.
www.ccw.org.uk www.ccw.org.uk
 
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