How do some people insure their cars ?

[J4CKO]

Was just on another thread and it mentioned the young drivers of high powered, expensive cars in what you would assume would be a fairly high risk area, was just pondering how much younger drivers pay for relatively modest cars in less risky areas and it can be several thousand so how do these people insure say a modified 50k Range Rover Sport as insurance wise it would be the "Perfect Storm".

[DannyVTS]

Free monies?

[Robbo101]

Do what the residents of Bradford do - dont bother. Alternatively, get your, your families & all your neighbours cars on the same Motor Traders Policy & everytime your pulled, just explain you were on a test drive. Innit.

[Shnozz]

Robbo101 said:

Do what the residents of Bradford do - dont bother.

Indeed...

http://www.thetelegraphandargus.co.uk/news/8323639...

Also note at the bottom of the article about the Ferrai seized for no insurance and the fine...1/20th of the cost to pay the annual premium in a Bradford postcode?

And another..

http://www.thetelegraphandargus.co.uk/news/4324476...

Edited by Shnozz on Friday 29th July 13:50

[B160 AVE]

There was a chap on Readers Cars explaining how at 21 (I think) he was paying a grand to insure a 996 turbo, and it all came down to statistics. As there was next to no claims for 21 year olds in 996 turbos it was considerably cheaper to insure than a 1.1 Saxo!

[AndrewTait]

The fine for not having insurance should be double what the cost of insurance should be, no if's no buts, and none of this I can't afford to pay the fine ste. Where is the deterrent in having a few quid fine?

[iphonedyou]

B160 AVE said:

There was a chap on Readers Cars explaining how at 21 (I think) he was paying a grand to insure a 996 turbo, and it all came down to statistics. As there was next to no claims for 21 year olds in 996 turbos it was considerably cheaper to insure than a 1.1 Saxo!

Exactly.

How many 21 year olds crash RR Sports? Not very many. So the premium will take this into account.

[J4CKO]

iphonedyou said:

B160 AVE said:

There was a chap on Readers Cars explaining how at 21 (I think) he was paying a grand to insure a 996 turbo, and it all came down to statistics. As there was next to no claims for 21 year olds in 996 turbos it was considerably cheaper to insure than a 1.1 Saxo!

Exactly.

How many 21 year olds crash RR Sports? Not very many. So the premium will take this into account.

Thats just wrong, if that were the case if 17 year olds all drove something really obscure they could insure it for £100, surely its just a formula based on all the factors, they dont need representative stats to model every risk individually just the factors that they then mung together.

[Dog Star]

Shnozz said:

Indeed...

http://www.thetelegraphandargus.co.uk/news/8323639...

Also note at the bottom of the article about the Ferrai seized for no insurance and the fine...1/20th of the cost to pay the annual premium in a Bradford postcode?

And another..

It's interesting that very often article on stuff like this - along with the grooming of underage girls - never mention the names of the offenders. Strange, innit? Don't know why they don't.

[monthefish]

J4CKO said:

iphonedyou said:

B160 AVE said:

There was a chap on Readers Cars explaining how at 21 (I think) he was paying a grand to insure a 996 turbo, and it all came down to statistics. As there was next to no claims for 21 year olds in 996 turbos it was considerably cheaper to insure than a 1.1 Saxo!

Exactly.

How many 21 year olds crash RR Sports? Not very many. So the premium will take this into account.

Thats just wrong, if that were the case if 17 year olds all drove something really obscure they could insure it for £100, surely its just a formula based on all the factors, they dont need representative stats to model every risk individually just the factors that they then mung together.

Insurance is less about what the 'youth' is driving and more about what it it they are likely to hit, hence insurance for a £200 car costing 5 times as much.

[LouD86]

This is a thread I have personal experience in, with the case of young people in flash cars, 996, RRS etc.

At the lovely age of 21, id been saving up, and with my 4 years of NCB, I went looking for the Clio 172 I wanted. Insurance, just a tad over £1200 fully comp. Not bad, not bad at all.

Ebay is a terrible thing, whilst browsing one night, I had an urge to bid on a beautiful, 2000 Jag XJR. Insurance check on compare etc, wow, £590 fully comp, with a lower excess than the clio!! Well, you can guess where my hard spent pennies went, to Ebay, and to Mr Shell for the 8mpg I was getting, but my god that noise and comfort was worth it!!

So yup, 172bhp hatch, 370bhp supercharged v8 saloon, half the insurance!! Makes no sence!

[crofty1984]

J4CKO said:

iphonedyou said:

B160 AVE said:

There was a chap on Readers Cars explaining how at 21 (I think) he was paying a grand to insure a 996 turbo, and it all came down to statistics. As there was next to no claims for 21 year olds in 996 turbos it was considerably cheaper to insure than a 1.1 Saxo!

Exactly.

How many 21 year olds crash RR Sports? Not very many. So the premium will take this into account.

Thats just wrong, if that were the case if 17 year olds all drove something really obscure they could insure it for £100, surely its just a formula based on all the factors, they dont need representative stats to model every risk individually just the factors that they then mung together.

I insured a 911 carrera 3.2 for £700 when I was 22.
But it's true, it's cheaper to insure an old man car if you're young, because as mentioned, there's LOADS of 1.1 saxos get crashed.

Insurance quote said:

Male? Bum him!
Young? Bum him!
Car that's commonly wrapped round tres by young males? Bum him!

Male? Bum him!
Young? Bum him!
Car that's commonly driven by old gimmers so only taken out once a week for the shopping? That's enough bumming for now. You may rest Susan. You naughty thing you. Go and play with the others.

[omgus]

LouD86 said:

Makes no sence!

Makes perfect sense, but is very difficult to explain over the internet.

It all comes down to statistical risk, i will try to do it very simply and very quickly (and probably quite badly).

Male, age 21yo

So out imagine 1000 males aged 21.

Of this 1000 there are 500 driving clios.

Of this 500 clios 50 are 172's


Every time a male crashes the risk of insuring a male rises.

Every time a 21yo crahes the risk of insuring a 21yo rises.

Every time a clio crashes the risk of insuring a clio rises.

Every tims a 172 crashes the risk of insuring a 172 rises.

So that is 4 groups which you fall into that affect your risk.



Imagine the same 1000 21yo males

Only 1 of them has a Jaaaaag V8.


Every time a male crashes the risk of insuring a male rises.

Every time a 21yo crahes the risk of insuring a 21yo rises.

Every time a Jag crashes the risk of insuring a Jag rises.

3 groups.

Less risk.


Please note this is a massively simplified version of a branch of mathmatics that i need a calculator, a pad and a lot of time to work anything out in, it's like the difference between Secondary school physics and quantum physics, but the gist of it is still the same.


Damn you crofty thats a much better explanation.

Insurance quote said:

Male? Bum him!
Young? Bum him!
Car that's commonly wrapped round tres by young males? Bum him!

Male? Bum him!
Young? Bum him!
Car that's commonly driven by old gimmers so only taken out once a week for the shopping? That's enough bumming for now. You may rest Susan. You naughty thing you. Go and play with the others.

Edited by omgus on Friday 29th July 16:04

[Rawwr]

When I was 19, my insurance on a £27,000 Elise was £1,666 fully comprehensive with a £250 excess.

When I was 20, I was pondering TVRs and had a sub-£700 quote for a £40,000 Cerbera 4.5.

[Mattt]

Nobles seems to be the most comical for premium/performance ratio.

[brillomaster]

this has confused me no end, not that im complaining.

How is it less for me to get insured on a 350bhp Nissan 300zx TT, than a 140bhp MX5? I was 23 at the time.

Anyways, after finding this out i'd more than doubled my horsepower within a month lol - only problem was the 15mpg it got, and the fact that it was constantly breaking down.

My bet is always to go leftfield in car choice - after all, what self respecting 17 yr old wants a saxo/clio/corsa/fiesta anyways? you'll be exactly the same as all the other young drivers on the road >yawn<

[J4CKO]

I really cant see an 18 year old lad who eschews the usual bazzed up shopping rocket and goes for something with five times the power not getting bummed royally, ok it may not be five times more but I cant imagine that just by going for Sports Car it will be cheaper than a poxy Clio, instead of 2 grand it will be perhaps 3 or 4.

[tercelgold]

I don't think it can be as simplistic as accident rates, maybe people who buy odd ball cars are a lower risk.

There doesn't seem to be any link between the quote and vehicle power or cost of repair. Motorbikes get very low quotes
for comprehensive insurance no matter if they are 8 or 170bhp, same with cars. The model seems to matter more than what
is does or costs to reapir.

[off_again]

Never understood the cost of insurance - seems to be random prices that have little or no consistency.

Heard too many stories about a young lad with some super mini worth half of sod all getting fleeced to the tune of £2k - £3k. I know that this is because they are the most "at risk" drivers, but it just forces them away from insurance and its cheaper to take the fine! Doesnt make sense.

[GroundEffect]

I've gotten quotes for 360 Modenas and M3s at my ripe age of well under £1k whereas to get an Evo would just send it off the scale.