Insurance renewal
Discussion
Mine went down but probably because I turned 55 so went into the next age group.
Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
Mound Dawg said:
Mine went down but probably because I turned 55 so went into the next age group.
Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
richs2891 said:
OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?
http://www.telegraph.co.uk/news/2017/02/27/insurance-premiums-young-drivers-could-rise-1000-government/My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.
charltjr said:
Mazinbrum said:
My son is advertising his car after getting a renewal quote this year as its gone up about £250 even after using the comparison sites.
Tried calling some independent brokers? Not all the best schemes are available via the internet.richs2891 said:
Mound Dawg said:
Mine went down but probably because I turned 55 so went into the next age group.
Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
richs2891 said:
OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?
Because once you hit max ncb, stats show that the risk doesn't improve. So someone with 10 years claim free driving is no better risk than someone with 9. Whereas someone with 4 yrs claim free driving is a better risk than someone with 3. If you are no better risk than you were last year, and the insurance company overheads have increased due to inflation/tax increase/Ogden table/ etc. why shouldn't your premium go up?
TwigtheWonderkid said:
richs2891 said:
OK So can you explain and hopefully educate some of us why the premium should not go down assuming no changes to car / address / job ?
Because once you hit max ncb, stats show that the risk doesn't improve. So someone with 10 years claim free driving is no better risk than someone with 9. Whereas someone with 4 yrs claim free driving is a better risk than someone with 3. If you are no better risk than you were last year, and the insurance company overheads have increased due to inflation/tax increase/Ogden table/ etc. why shouldn't your premium go up?
Got my renewal through the other day and based upon monthly payments they were asking for an additional £190 (nearly 30% extra). Only change was a claim for a replacement windscreen
Went on the web, rung them up and after a bit of to and fro ended up £300 cheaper in total
£502 all in with legal, breakdown, personal accident, protected no claims and class 1 business use
Suppose it's one advantage of getting old
Now to get the debts paid off so that I can afford something decent now that I can afford the insurance!
Went on the web, rung them up and after a bit of to and fro ended up £300 cheaper in total
£502 all in with legal, breakdown, personal accident, protected no claims and class 1 business use
Suppose it's one advantage of getting old
Now to get the debts paid off so that I can afford something decent now that I can afford the insurance!
Mound Dawg said:
Mine went down but probably because I turned 55 so went into the next age group.
Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
I've recently turned 50 so had hoped = a milestone reduction!Used to work in insurance and never understood why people on maximum NCD and in their forties expected their premium to reduce EVERY year. What other things do you buy that are subject to reverse inflation?
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