Insurance in uk compared to rest of europe?
Discussion
As per the title really ,Is car insurance as expensive in the rest of europe or are we being conned? Any info/ prices ??
second question, if it was cheaper could a mainland european company quote
for insurance in uk? i know irish companies do so just wondered if it were possible etc etc
second question, if it was cheaper could a mainland european company quote
for insurance in uk? i know irish companies do so just wondered if it were possible etc etc
Not sure. I think it partially depends on where you claim to insure your car most of the time. If you're going to insure through, say, an Irish company, you might have to give an Irish address for it to work, in which case they may want evidence that it spends most of its time there too.
How timely! Just finished talking to a mate who now lives on Germany.
German insurance runs from Jan 1 to dec 31 and you pay for it in November.
His cover for his 330d seems to cost about double what it would cost on the uk. He's tried different insurers and the quotes were within about 10 euros.
Seems like a big cartel.
German insurance runs from Jan 1 to dec 31 and you pay for it in November.
His cover for his 330d seems to cost about double what it would cost on the uk. He's tried different insurers and the quotes were within about 10 euros.
Seems like a big cartel.
redstu said:
How timely! Just finished talking to a mate who now lives on Germany.
German insurance runs from Jan 1 to dec 31 and you pay for it in November.
His cover for his 330d seems to cost about double what it would cost on the uk. He's tried different insurers and the quotes were within about 10 euros.
Seems like a big cartel.
thats not good anyone else?German insurance runs from Jan 1 to dec 31 and you pay for it in November.
His cover for his 330d seems to cost about double what it would cost on the uk. He's tried different insurers and the quotes were within about 10 euros.
Seems like a big cartel.
Really depends what you are asking.
Does UK motor insurance, in general, cost more than other EU countries ? Then the answer is yes. Even if you take purchasing parity into account. Average costs are very skewed by newer Johnny Two-Donkey EU entrants, but even without them it is high.
Is this "a rip off" ? The thing to look at is "Combined Ratio" which is the ratio of what the insurer pays out in Claims and Operating Expenses (running the business) against what you take in Premium.
In 2009, for UK PL Motor business, the Claims Ratio alone (ignoring the expenses) was about 100%. i.e. for every £1 taken in premium, £1 was paid in claims. UK expense ratios are pretty good (i.e. given the level of competition, we are fairly efficient compared to other EU areas) so this takes us to a Combined Ratio of 120%. So for every £1 taken in premium, we pay £1 in claims, and this costs us 20p. We make a loss at an underwriting level. Fairly consistent with other EU countries, CER has been above 100% for several years.
This doesn't mean you can't make a "profit", this is just an average, and you have investment income. But on a purely operational level, this isn't a rip off, it is just down to claims costs in the UK.
Does UK motor insurance, in general, cost more than other EU countries ? Then the answer is yes. Even if you take purchasing parity into account. Average costs are very skewed by newer Johnny Two-Donkey EU entrants, but even without them it is high.
Is this "a rip off" ? The thing to look at is "Combined Ratio" which is the ratio of what the insurer pays out in Claims and Operating Expenses (running the business) against what you take in Premium.
In 2009, for UK PL Motor business, the Claims Ratio alone (ignoring the expenses) was about 100%. i.e. for every £1 taken in premium, £1 was paid in claims. UK expense ratios are pretty good (i.e. given the level of competition, we are fairly efficient compared to other EU areas) so this takes us to a Combined Ratio of 120%. So for every £1 taken in premium, we pay £1 in claims, and this costs us 20p. We make a loss at an underwriting level. Fairly consistent with other EU countries, CER has been above 100% for several years.
This doesn't mean you can't make a "profit", this is just an average, and you have investment income. But on a purely operational level, this isn't a rip off, it is just down to claims costs in the UK.
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