Anyone else baffled by insurance?
Discussion
Afternoon all,
been toying with the idea of a new car lately after getting a new job, which has led to some insurance quotes...
...and being left confused on where they get their prices from?
For example, a 1999 Peagout 106 1.4 was £140 a month for me fully comp
in contrast
a 2003 BMW 320 Coupe was £139 a month fully comp?
I have also found that MANUAL cars are almost a £1000 a year cheaper than their AUTOMATIC counterpart.
Left me wondering where do they get there insurance prices from? I understand its not just the insurance group but also how many are written off etc, would have thought a 19 year old lad in a BMW coupe is a much higher risk than a 1.4 eurobox?
Not complaining as i can get insured on some rather nice big engined cars
Anyone else been surprised/shocked by insurance prices?
Or found some surprising bargains?
been toying with the idea of a new car lately after getting a new job, which has led to some insurance quotes...
...and being left confused on where they get their prices from?
For example, a 1999 Peagout 106 1.4 was £140 a month for me fully comp
in contrast
a 2003 BMW 320 Coupe was £139 a month fully comp?
I have also found that MANUAL cars are almost a £1000 a year cheaper than their AUTOMATIC counterpart.
Left me wondering where do they get there insurance prices from? I understand its not just the insurance group but also how many are written off etc, would have thought a 19 year old lad in a BMW coupe is a much higher risk than a 1.4 eurobox?
Not complaining as i can get insured on some rather nice big engined cars
Anyone else been surprised/shocked by insurance prices?
Or found some surprising bargains?
AgentZ said:
As well as statistics already mentioned, I'm guessing the safety difference between a '03 BMW 3 series and a '99 Peugeot 106 plays quite a big part?
Don't think so. It's just you can work the system, as everyone thinks small cheap car when starting out (Focus etc). Then those have a higher risk as due to the number of people driving them they are involved in more crashes, so higher risk. The more unusual cars can then work out cheaper as the 1 person driving them who hasn't crashed shows low risk. From what I understand MX-5s used to be a bit of a bargin car for starting but it seems as if it's rising now from what people have said.Assuming your credit rating is good, I recommend that instead of paying the insurer monthly (incurring APR) what you do is pay up front on a credit card with 0% interest for a year. Then pay the credit card company monthly.
Perhaps I'm missing 'the catch', but as far as I know.... so long as you pay back the 'loan' to the card company within the 0% period, you'll pay back only what you borrowed (no interest). See: http://www.moneysavingexpert.com/loans/plastic-loa...
Perhaps I'm missing 'the catch', but as far as I know.... so long as you pay back the 'loan' to the card company within the 0% period, you'll pay back only what you borrowed (no interest). See: http://www.moneysavingexpert.com/loans/plastic-loa...
OP,
I will give you one example even more unreal
I am 52 with 9 years NCB, 3 points for speeding 2 years ago.
Recently looked at 2002 Porsche 911 manual.
The quote was £238 fully comp. My partner drives 2008 Citroen Picasso 1.6HDI
Just for a sake of it I run a quote for me (like if I am buying the Picasso) The quote was £287 She started laughing when the quote showed on the screen....I was speechless.
My current car is 2004 Mercedes E220CDI and I am paying £168.00 fully comp.
So rest assured that you are not the only one scratching your head with the Insurance companies quotations.
I will give you one example even more unreal
I am 52 with 9 years NCB, 3 points for speeding 2 years ago.
Recently looked at 2002 Porsche 911 manual.
The quote was £238 fully comp. My partner drives 2008 Citroen Picasso 1.6HDI
Just for a sake of it I run a quote for me (like if I am buying the Picasso) The quote was £287
She started laughing when the quote showed on the screen....I was speechless.My current car is 2004 Mercedes E220CDI and I am paying £168.00 fully comp.
So rest assured that you are not the only one scratching your head with the Insurance companies quotations.
One of the reasons I bought Jaguars, could insure a group 15 or 16 car for a similar price to a Renault Scenic! Crazy!
There are a number of factors considered, apart from the number of crashes. Cost of replacement parts and how much labour to fit them, job title, age, mileage covered, area you live in ect.
I moved to a better area once and the cost of my insurance was actually higher. When I called the insurance company and asked why, they said is down to more people crashing that car in that area. Is a bit of a lottery if you ask me, as you can't do anything to change some of the factors they use for the calculations.
There are a number of factors considered, apart from the number of crashes. Cost of replacement parts and how much labour to fit them, job title, age, mileage covered, area you live in ect.
I moved to a better area once and the cost of my insurance was actually higher. When I called the insurance company and asked why, they said is down to more people crashing that car in that area. Is a bit of a lottery if you ask me, as you can't do anything to change some of the factors they use for the calculations.
I think they have a dart board with various numbers on there spend 15-20 mins taking details then while your on hold they throw 3 darts at it take the 3 numbers take the average and there you go. That's my idea anyway.
Im 21 soon to be 22. Thinking of changing from my mx5 currently paying £600 for a 1.8 mk1 had a quote for a Toyota celica gt4 st 205 and guess what yep exactly the same price.
Im 21 soon to be 22. Thinking of changing from my mx5 currently paying £600 for a 1.8 mk1 had a quote for a Toyota celica gt4 st 205 and guess what yep exactly the same price.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff