Couple of general interest insurance questions.
Discussion
Looking to insure the Jag, I've been around the Meerkats etc and found one insurer to consistently be cheaper than the others. Off I went to their own site and plumbed in my details. Up pops the quote, both for monthly payment (£19/month = £228/year) and annual payment (£215). My first question then: why is the monthly payment so cheap? I remember a couple of years ago that paying annually was somewhere in the region of 50-66% cheaper than paying monthly. Have the insurance companies been legislated against to prevent them charging such excessive amounts for monthly cover?
There is a little slider at the bottom of the page of my quote which allows me to adjust my excess to see its effect on the premium. The default was £200 voluntary, so I slid the bar down to £100 to see how much more I would pay and blow me down if the cost didn't drop by a couple of quid. So, my second question is this: Is that an error on the part of the website (or the algorithm which calculates the quote) or do insurers somehow manage to equate a lower voluntary excess (and a corresponding upping of their liability in the event of a qualifying claim) to a lower risk driver?
Simon.
There is a little slider at the bottom of the page of my quote which allows me to adjust my excess to see its effect on the premium. The default was £200 voluntary, so I slid the bar down to £100 to see how much more I would pay and blow me down if the cost didn't drop by a couple of quid. So, my second question is this: Is that an error on the part of the website (or the algorithm which calculates the quote) or do insurers somehow manage to equate a lower voluntary excess (and a corresponding upping of their liability in the event of a qualifying claim) to a lower risk driver?
Simon.
ferrariF50lover said:
Looking to insure the Jag, I've been around the Meerkats etc and found one insurer to consistently be cheaper than the others. Off I went to their own site and plumbed in my details. Up pops the quote, both for monthly payment (£19/month = £228/year) and annual payment (£215). My first question then: why is the monthly payment so cheap? I remember a couple of years ago that paying annually was somewhere in the region of 50-66% cheaper than paying monthly. Have the insurance companies been legislated against to prevent them charging such excessive amounts for monthly cover?
There is a little slider at the bottom of the page of my quote which allows me to adjust my excess to see its effect on the premium. The default was £200 voluntary, so I slid the bar down to £100 to see how much more I would pay and blow me down if the cost didn't drop by a couple of quid. So, my second question is this: Is that an error on the part of the website (or the algorithm which calculates the quote) or do insurers somehow manage to equate a lower voluntary excess (and a corresponding upping of their liability in the event of a qualifying claim) to a lower risk driver?
Simon.
When Insurers originally introduced instalments instead of the one off payment or the broker offering two or three post dated cheques, they found their renewal retention rates went up due to customer inertia and customers thinking my other quote is only £20 cheaper I may as well just let it renew.There is a little slider at the bottom of the page of my quote which allows me to adjust my excess to see its effect on the premium. The default was £200 voluntary, so I slid the bar down to £100 to see how much more I would pay and blow me down if the cost didn't drop by a couple of quid. So, my second question is this: Is that an error on the part of the website (or the algorithm which calculates the quote) or do insurers somehow manage to equate a lower voluntary excess (and a corresponding upping of their liability in the event of a qualifying claim) to a lower risk driver?
Simon.
It may well be the company you've chosen have decided this is going to be their business model again.
It could be due to many companies performing a credit check, it may be you have a good credit rating and they've linked their instalment charge to this.
The excess part is probably down to a faulty programming.
Take a screen shot
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