Modifications and NCD
Discussion
It's about time we had a bit more openness from insurers on how their premiums are calculated. As it's a legal requirement, all the smoke and mirrors that goes on is, IMO, out of order.
Ignoring wheels etc for a sec, it's not unheard of for people with identical histories/circumstances getting wildly different quotes. That can't be right.
I'd like to see a quote broken down into what's influencing the premium, and to see the rationale behind that loading. I'm perfectly fine with discounts being applied to attract/retain custom, but would like to be party to the logic used across the board as insurance comes across as a big old State backed scam all too often.
On wheels etc, if they're non-standard I can think of many reasons why it might load a premium (most obviously, think why you put them on yourself). Same thing goes with power upgrades. I'd just like to see insurers being more open about it rather than it simply looking like an opportunity to charge a big slug more.
Ignoring wheels etc for a sec, it's not unheard of for people with identical histories/circumstances getting wildly different quotes. That can't be right.
I'd like to see a quote broken down into what's influencing the premium, and to see the rationale behind that loading. I'm perfectly fine with discounts being applied to attract/retain custom, but would like to be party to the logic used across the board as insurance comes across as a big old State backed scam all too often.
On wheels etc, if they're non-standard I can think of many reasons why it might load a premium (most obviously, think why you put them on yourself). Same thing goes with power upgrades. I'd just like to see insurers being more open about it rather than it simply looking like an opportunity to charge a big slug more.
spiralp said:
It seems to me that we are all missing the point. It is probably correct that the modifications (either minor performance increases or cosmetic changes) have minial impact on the actual performance or value of the car. Hence you would imagine there should be no change to the premium. However, the insured risk includes both the driver and the vehicle; and I strongly suspect that insurers regard people who modify their cars are a higher risk. If I am correct, then the premium increases are nothing to do with the modifications and everything to do with the person choosing to modify the car.
I can see your point... But you're trying to apply logic to insurance!!If you are in the Market for a used V8V, and choose a car where the previous owner has modified the car by adding N400 sills, a diffuser and let's add sports pack and sports exhaust too, why would you then be classed as a higher risk and face higher premiums than if you chose an N420??? After all, you wouldn't have modified the car.
Insurers want to know whether the car has been modified, not who modified it!
Edited by Ice27 on Sunday 6th March 09:14
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