Absurd insurance
Discussion
I am also being dry raped for two cars: (on a multicar policy)
- VW Bora 1.9TDI PD130
- Fiat Seicento Sporting
Me and my OH, both 20, 2years NCB on the Bora, relatively good postcode no accidents, convictions blah blah blah...
Approx £15k/annum with both on business insurance:
wait for it
£195 per MONTH
- VW Bora 1.9TDI PD130
- Fiat Seicento Sporting
Me and my OH, both 20, 2years NCB on the Bora, relatively good postcode no accidents, convictions blah blah blah...
Approx £15k/annum with both on business insurance:
wait for it
£195 per MONTH
twazzock said:
And you're actually paying that? 
I work obscure hours and can't rely on public transport for work, being under 21 and living where I do undoubtedly contributes to that. My first years insurance was 3k tpft on a 1.3 fiesta, so I'm used to being shafted by insurance companies.16v stretch said:
I work obscure hours and can't rely on public transport for work, being under 21 and living where I do undoubtedly contributes to that. My first years insurance was 3k tpft on a 1.3 fiesta, so I'm used to being shafted by insurance companies.
Even so, 4 and a half grand is just insane. I'd rather bimble about in a Fiesta for a few years, then put the several grand saved in insurance premiums towards something better. I'm at a similar age so I realise insurance is never going to be 'cheap', but I wouldn't be able to stomach spending that amount of money on something like insurance.Du1point8 said:
If young drivers want cheap insurance why not go classic or kit car.
Most classic policies aren't avaliable to under 25'sDu1point8 said:
What I dont understand is why the UK doesnt insure the car and instead the driver?? stick the insurance doc in the car like the tax disk and it should make it easier.
Can't see that working - cars don't drive themselves or have accidents on their own (ignoring the obvious hit whilst parked) the person holding the steering wheel and working the pedals unfortunately is the biggest risk.B'stard Child said:
Du1point8 said:
If young drivers want cheap insurance why not go classic or kit car.
Most classic policies aren't avaliable to under 25'sDu1point8 said:
What I dont understand is why the UK doesnt insure the car and instead the driver?? stick the insurance doc in the car like the tax disk and it should make it easier.
Can't see that working - cars don't drive themselves or have accidents on their own (ignoring the obvious hit whilst parked) the person holding the steering wheel and working the pedals unfortunately is the biggest risk.Du1point8 said:
B'stard Child said:
Du1point8 said:
If young drivers want cheap insurance why not go classic or kit car.
Most classic policies aren't avaliable to under 25'sDu1point8 said:
What I dont understand is why the UK doesnt insure the car and instead the driver?? stick the insurance doc in the car like the tax disk and it should make it easier.
Can't see that working - cars don't drive themselves or have accidents on their own (ignoring the obvious hit whilst parked) the person holding the steering wheel and working the pedals unfortunately is the biggest risk.B'stard Child said:
Du1point8 said:
B'stard Child said:
Du1point8 said:
If young drivers want cheap insurance why not go classic or kit car.
Most classic policies aren't avaliable to under 25'sDu1point8 said:
What I dont understand is why the UK doesnt insure the car and instead the driver?? stick the insurance doc in the car like the tax disk and it should make it easier.
Can't see that working - cars don't drive themselves or have accidents on their own (ignoring the obvious hit whilst parked) the person holding the steering wheel and working the pedals unfortunately is the biggest risk.Think they also dont give you a number plate unless you have insurance so even easier to spot.
Insurance has changed a lot over the last 7 or 8 years. The broker i work for spend a lot of time and invest a lot of money analysing stats to make sure they are protecting the insurers and offering the best premiums for the right sort of risk.
For example, there are certain postcodes that are virtually a no quote becuase they just lose too much money.
The same applies to certain cars, occupations, ages, convictions, accidents etc...
Say for example you lost control of a car and skidded on ice and hit a wall. With 3 of our insurers, that incurs as much as a 75% load depending on how much has been claimed, instead what may only be 10-20% loading for just bumping into the back of someone.
Certain occupations can incur loadings of 50%, dont ask me why, but general occupations such as cleaners, labourers, self employed (there are plenty more and it can be very specific) all incur large loadings on the policy. It may sound a little strange, but the claims that have been submitted from people in these trades can be huge.
Also, groupings of cars has become a lot less important. As a broker we deal with approx 20 different insurers. They all have specialist areas where they look to write business. Say for example you had a quote through Highway insurance for a Peugeot 206 GTI, then called up for a quote on say an Audi A3 1.8t, they may not be the same rate because some of insurers load more for a particular type of car and also discount some other types of particular car. Also car insurance groups can also differ between Comprehensive and TPFT.
Finally certain convictions can incur a higher loading although the penalty may have been the same. 1 x TS10 convictions can make the insurance as much as 30% higher than 1 SP30 conviction.
We do also have access to some policies which dont have a set format for the price. We can effectively make up a premium suitable for the risk. The most common risks that go on these schemes are where the customer has owned the car for a long period claim free. Insurers like nothing more than someone who looks after their car and drives it sensibly and has a proven record.
So, i guess really what i'm trying to say is, any pre-conceptions you have about insurance and what you expect it to cost should almost go out the window. You always have the right to try and haggle and of course shop round, be sensible if your gonna try and play them off each other, it also helps to reveal what you've been quoted, our supervisors like to beat rates from some other brokers.
I've tried to give a glimpse into how we work. I'm sure all insurers operate differently, the above examples are exactly that, examples so dont take anything as gospel. I know i've not really helped you to save money, but next time you start moaning and kicking off, why not just ask if theres one particular area of your risk that causes your premium to be higher, i'm always happy to advise customers what they can do to help reduce the premium, but sometimes my hands are tied and you have to remember that although it may offend you a bit, you as a risk may not be the sort of business we want to insure.
For example, there are certain postcodes that are virtually a no quote becuase they just lose too much money.
The same applies to certain cars, occupations, ages, convictions, accidents etc...
Say for example you lost control of a car and skidded on ice and hit a wall. With 3 of our insurers, that incurs as much as a 75% load depending on how much has been claimed, instead what may only be 10-20% loading for just bumping into the back of someone.
Certain occupations can incur loadings of 50%, dont ask me why, but general occupations such as cleaners, labourers, self employed (there are plenty more and it can be very specific) all incur large loadings on the policy. It may sound a little strange, but the claims that have been submitted from people in these trades can be huge.
Also, groupings of cars has become a lot less important. As a broker we deal with approx 20 different insurers. They all have specialist areas where they look to write business. Say for example you had a quote through Highway insurance for a Peugeot 206 GTI, then called up for a quote on say an Audi A3 1.8t, they may not be the same rate because some of insurers load more for a particular type of car and also discount some other types of particular car. Also car insurance groups can also differ between Comprehensive and TPFT.
Finally certain convictions can incur a higher loading although the penalty may have been the same. 1 x TS10 convictions can make the insurance as much as 30% higher than 1 SP30 conviction.
We do also have access to some policies which dont have a set format for the price. We can effectively make up a premium suitable for the risk. The most common risks that go on these schemes are where the customer has owned the car for a long period claim free. Insurers like nothing more than someone who looks after their car and drives it sensibly and has a proven record.
So, i guess really what i'm trying to say is, any pre-conceptions you have about insurance and what you expect it to cost should almost go out the window. You always have the right to try and haggle and of course shop round, be sensible if your gonna try and play them off each other, it also helps to reveal what you've been quoted, our supervisors like to beat rates from some other brokers.
I've tried to give a glimpse into how we work. I'm sure all insurers operate differently, the above examples are exactly that, examples so dont take anything as gospel. I know i've not really helped you to save money, but next time you start moaning and kicking off, why not just ask if theres one particular area of your risk that causes your premium to be higher, i'm always happy to advise customers what they can do to help reduce the premium, but sometimes my hands are tied and you have to remember that although it may offend you a bit, you as a risk may not be the sort of business we want to insure.
One positive trend I've noticed. In days gone by if you wanted to mod your car you needed a specialist like Sky, Adrian Flux etc.. These days the regular companies handle stage 1 and common basic mods and are way cheaper than the specialists now.
This was one of the reasons I got rid of my turbo'd mk3 MR2. I could not get the insurance below £900 as I needed a specialist, yet was only paying £600 on a stock Focus ST with the same sort of performance.
Rang Admiral the other day, we have dual policy on my now stock MR2 and better halves Micra. She's changing car to a Civic and I'm lowering the MR2 30mm. So I'm expecting to get the brunt of the extra premium. £26 to lower the MR2 and £70 to change to a Civic! lol Now I guarantee if that had been Sky or AF the lowering would have been £50+
This was one of the reasons I got rid of my turbo'd mk3 MR2. I could not get the insurance below £900 as I needed a specialist, yet was only paying £600 on a stock Focus ST with the same sort of performance.
Rang Admiral the other day, we have dual policy on my now stock MR2 and better halves Micra. She's changing car to a Civic and I'm lowering the MR2 30mm. So I'm expecting to get the brunt of the extra premium. £26 to lower the MR2 and £70 to change to a Civic! lol Now I guarantee if that had been Sky or AF the lowering would have been £50+
Why is it awell that the fact that as your car gets older and so is now worth a lot less (and therefore the insurance companies don't pay out as much) does the premium not do down. They say that you are insuring against hitting ppl etc not really the value of the car. It that is so, why is the premium the same as brand new cars. Why can't you insure your car for a set value and automatically get that if u write it off???
torqueofthedevil said:
Why is it awell that the fact that as your car gets older and so is now worth a lot less (and therefore the insurance companies don't pay out as much) does the premium not do down. They say that you are insuring against hitting ppl etc not really the value of the car. It that is so, why is the premium the same as brand new cars. Why can't you insure your car for a set value and automatically get that if u write it off???
I'm not sure you quite understand what you are paying for.twazzock said:
I'm not sure you quite understand what you are paying for.
Yeah I do. Remove the costs that make up the premium that is for the risk of hitting 3rd parties etc and just look at the cost for covering damage to your car. There is not much difference between a new car and a 10 yr old car.Another way of looking at it is, all things being equal why is it that it costs me x to insure a 20k car which they will replace if I crash it outside the showroom and still costs approximately x 5 years later when they will only pay about 2k?
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