Insurance Postcode Lottery

[rickeyt]

It's about time insurance companies adopted a less blunt instrument than the postcode to calculate your premium. For example, live in BB1 or BB2 (Blackburn where the crash for cash scam first saw the light of day) then expect to pay double the premium paid by someone who lives 5 miles down the road.
Why should all drivers in a postcode area be punished for the actions of a few mindless idiots.

[falkster]

I've just experienced this, I've moved from a nice area to a very nice area. Houses about 2 and a bit the value of my old house, very quiet, permit, no through road with about 20 houses on the road.
My insurance has doubled and the excuse from the insurance companies was 'people travel from a rough area to robbed Steven gerrards house and steal his car'

[rickeyt]

I wonder if the police ever liaise with the Insurers regarding postcode hotspots (and try to address the problem) or are they too busy becoming mini-celebs in their Scoobies for Channel 5.

[aw51 121565]

rickeyt said:

It's about time insurance companies adopted a less blunt instrument than the postcode to calculate your premium. For example, live in BB1 or BB2 (Blackburn where the crash for cash scam first saw the light of day) then expect to pay double the premium paid by someone who lives 5 miles down the road.
Why should all drivers in a postcode area be punished for the actions of a few mindless idiots.

Ha ha ha etc... Try insuring in BL7, 5 miles (optimistically ) down the road to the South. 4 years ago it was 25% more expensive than BL9 "due to people having accidents at higher speeds that cost more, compared to the town centre of the next town". BL9 includes Bury town centre - BL7 is the north side of Bolton including some very "desirable" areas...

And I've had two cars vandalised in BL7 (doors kicked in by passers-by) in the last 4 years - that's 2 more cars vandalised than happened in BL9 in the previous ten years. No claims made - or notifications to insurance companies - so don't panic .

Not ideal, but where do you start?

[warp9]

rickeyt said:

It's about time insurance companies adopted a less blunt instrument than the postcode to calculate your premium.

And prey tell exactly what would you suggest?

[Nigel Worc's]

It isn't a secret, just like you choose what car you have, you also choose what postcode you live in ;

http://www.motorcarinsuranceuk.co.uk/post-code-rat...

[Meoricin]

falkster said:

I've just experienced this, I've moved from a nice area to a very nice area. Houses about 2 and a bit the value of my old house, very quiet, permit, no through road with about 20 houses on the road.
My insurance has doubled and the excuse from the insurance companies was 'people travel from a rough area to robbed Steven gerrards house and steal his car'

Not sure what the issue is here - stealing the keys is likely to be a more common phenomenom in areas with nicer cars. Not to mention, wealthy people with nicer/more expensive cars are more likely to claim on their insurance for parking dings/scrapes which people with lesser cars wouldn't bother with.

Same sort of principle to 'lawyer' being one of the most expensive jobs to get insurance as - they're more likely to make claims than people who aren't constantly dealing with that sort of thing.

[warp9]

Nigel Worc's said:

It isn't a secret, just like you choose what car you have, you also choose what postcode you live in ;

http://www.motorcarinsuranceuk.co.uk/post-code-rat...

While this is a useful guide, its exactly that - a guide. This is a ripped off rating from one insurer, which is not going to be accurate accross the board, plus there are many other rating considerations.

[ClintonB]

Meoricin said:

falkster said:

I've just experienced this, I've moved from a nice area to a very nice area. Houses about 2 and a bit the value of my old house, very quiet, permit, no through road with about 20 houses on the road.
My insurance has doubled and the excuse from the insurance companies was 'people travel from a rough area to robbed Steven gerrards house and steal his car'

Not sure what the issue is here - stealing the keys is likely to be a more common phenomenom in areas with nicer cars. Not to mention, wealthy people with nicer/more expensive cars are more likely to claim on their insurance for parking dings/scrapes which people with lesser cars wouldn't bother with.

Same sort of principle to 'lawyer' being one of the most expensive jobs to get insurance as - they're more likely to make claims than people who aren't constantly dealing with that sort of thing.

The issue is that it you don't appear to be able to win. Move to a nice postcode and everyone will travel to appropriate your motor. Live in a less wonderful postcode and those same tea leaves are apparently nailed on to be robbing your car at the same time

I live in a postcode one step down from the Moss Sides of this world & yet I've never had an issue in a good number of years (bar one non-theft related which was 100% not my fault). This means I pay more on a hot hatch as a 30 something with cleaner than vicar's joke licence etc than apparently many younger, less experienced drivers do on M3 types & upwards. As a guide, I'd be looking at couple of bags for aforementioned M3 or even an S2000 worth about a fiver.

Why? Standard application of a postcode loading without consideration of any other factors. Life's a bh & silly stuff sometimes irritates.

[ambuletz]

i moved house about 1/3 of a mile a way. In the same residential area. still away from a main road. Same postcode, just the last 2 letters were different. My premium went up by another £170. was not pleased in the slightest.

[Nigel Worc's]

Yet I live on a private estate, in a WR5 postcode, just down the road from one of the worst council states in Worcester ........ and I'm band A !

I only posted the link as a guide, it's something I was given when asking how these things are worked out.

[vit4]

If I moved to the next street my premium would go down by about 25%. When you're paying £2k anyway that's worth having, but nowhere will listen to actual logic. If I moved to my gf's, about 5 miles away, it would halve, allowing me to get something half-decent, but meh.

[Noger]

Try living up a big hill a few hundred yards from a river that floods. The Gerogians that built the house did so on high ground for obvious reasons. Yes, the lane floods regularly and spectacularly. But half of Surrey would be underwater if it reached here. Try explaining that to most insurers. And I work for an insurer !!

[jason s4]

im sure i read here somewhere that parking your car on the road is cheaper on insurance than if you parked on your drive?

Whats that all about?

[Pints]

Noger said:

Try living up a big hill a few hundred yards from a river that floods. The Gerogians that built the house did so on high ground for obvious reasons. Yes, the lane floods regularly and spectacularly. But half of Surrey would be underwater if it reached here. Try explaining that to most insurers. And I work for an insurer !!

Surely this is down to risk being calculated using computer based algorithms, rather than some bloke with a clipboard, calculator and well chewed pencil popping round and doing his own risk assessment calculation.

[Engineer1]

My Mum's family have a house that backs onto the Trent, it is a good 2 or meters above the river level and more importantly on the higher bank as opposite is a massive flood plane meaning that most of the towns on the Trent would be completely underwater before they flooded.