Cant understand insurance

[smiffy180]

Just thought id play with insurance quotes to pass time, put in my details but as 21 instead of 20 on a 60 plate Lamborghini gallardo spyder valued @ £100000. Was expecting the usual £10k quotes. Nope; £2,500!
Yet I have friends paying that on their bangers!
How? I understand there won't be many accident rates in that car/age range but I can go behind the wheel of a 5 litre for such a small amount. Maybe the insurance industry isn't so crooked after all

[Slow]

At 18 with 1 years no claims i could insure a cl55 amg with 380 bhp or something for £3200....

No logic in some numbers.

Got quoted £2000 for a 3.4l diesel but £1200 for a 4.7l petrol.... same make of car just differnt engines.

[Disco You]

How many lambos do you reckon get crashed by twenty year olds?

Also, you may find that you can't actually purchase the policy...

[smiffy180]

Slow said:

At 18 with 1 years no claims i could insure a cl55 amg with 380 bhp or something for £3200....

No logic in some numbers.

Got quoted £2000 for a 3.4l diesel but £1200 for a 4.7l petrol.... same make of car just differnt engines.

Barmy isn't it! Yet you go for sensible option such as a 1.2 and pay double that!

[Steffan]

smiffy180 said:

Just thought id play with insurance quotes to pass time, put in my details but as 21 instead of 20 on a 60 plate Lamborghini gallardo spyder valued @ £100000. Was expecting the usual £10k quotes. Nope; £2,500!
Yet I have friends paying that on their bangers!
How? I understand there won't be many accident rates in that car/age range but I can go behind the wheel of a 5 litre for such a small amount. Maybe the insurance industry isn't so crooked after all

I do hope that quotation is confirmed. Sounds very low to me. Good Luck.

[smiffy180]

Disco You said:

How many lambos do you reckon get crashed by twenty year olds?

Also, you may find that you can't actually purchase the policy...

How so? Genuinely interested why they'd quote then not provide it

[smiffy180]

Steffan said:

I do hope that quotation is confirmed. Sounds very low to me. Good Luck.

I cant afford one I was just having fun

[Otter Smacker]

Strangely, an automatic Toyota Supra 3.0 TT (UK Spec) works out £50+ cheaper to insure FC than FC on my 1.4 Rover 45

[smiffy180]

Otter Smacker said:

Strangely, an automatic Toyota Supra 3.0 TT (UK Spec) works out £50+ cheaper to insure FC than FC on my 1.4 Rover 45

2 words. Do it.

[Disco You]

smiffy180 said:

How so? Genuinely interested why they'd quote then not provide it

It's been a while since I read it, and it may have been anecdotal back then, but I think that it goes like this:
You enter the details, it generates a quote using a recipe
You click buy
It realises that the recipe doesn't work for that car/ that car and your age
Computer says "phone us for a quote" or "no"

[smiffy180]

Disco You said:

smiffy180 said:

How so? Genuinely interested why they'd quote then not provide it

It's been a while since I read it, and it may have been anecdotal back then, but I think that it goes like this:
You enter the details, it generates a quote using a recipe
You click buy
It realises that the recipe doesn't work for that car/ that car and your age
Computer says "phone us for a quote" or "no"

Ah fair enough. Ill give em a buzz as its actually my company im with now that quoted me

[LoonR1]

Why not go to University, study to be an Actuary for 4 years, graduate with a 1st or 2:1 (if you're lucky), go through a few more years training and you'll get a nicely rounded understanding of reserving principles and the many ways to apply them, pricing models amongst other more complex financial modelling approaches.

Click the top link on this google search and when you can translate it into English, then you've scratched the surface of one element.

http://www.google.co.uk/#q=insurance+reserving+met...

Or you could run two quotes on an aggregator site and hey presto you can question the whole industry in one fell swoop. Probably completely ignoring the fact that you got quotes from different underwriters / brokers.

[Tuvra]

smiffy180 said:

Steffan said:

I do hope that quotation is confirmed. Sounds very low to me. Good Luck.

I cant afford one I was just having fun

I don't know how much truth is in this but an admiral employee (my best mate) told me insurance companies track what you have put into those comparison websites. They often ask for copies of your licence if you have out down points in the past and then removed them for a new quote for example.

[smiffy180]

Tuvra said:

I don't know how much truth is in this but an admiral employee (my best mate) told me insurance companies track what you have put into those comparison websites. They often ask for copies of your licence if you have out down points in the past and then removed them for a new quote for example.

Glad I didn't put points down then, just an age difference

[Disco You]

LoonR1 said:

Why not go to University, study to be an Actuary for 4 years, graduate with a 1st or 2:1 (if you're lucky), go through a few more years training and you'll get a nicely rounded understanding of reserving principles and the many ways to apply them, pricing models amongst other more complex financial modelling approaches.

Click the top link on this google search and when you can translate it into English, then you've scratched the surface of one element.

http://www.google.co.uk/#q=insurance+reserving+met...

Or you could run two quotes on an aggregator site and hey presto you can question the whole industry in one fell swoop. Probably completely ignoring the fact that you got quotes from different underwriters / brokers.

Oh hi R1. Someone who actually knows what they are talking about for once.

Am I right in thinking that they don't have to / often don't honour the quote that they give on comparison sites when exotic metal is concerned?

[LoonR1]

Disco You said:

Oh hi R1. Someone who actually knows what they are talking about for once.

Am I right in thinking that they don't have to / often don't honour the quote that they give on comparison sites when exotic metal is concerned?

Nah, we'll honour it. Most of the quotes late at night for kids with exotica are completely random anyway, just to start threads like this.

[Slow]

Turns out im gonna drive a 4.7l land cruiser next year. The money saved insuring it at 18 is more than the extra cost of fuel for the miles i do.

Logic.

[Otter Smacker]

smiffy180 said:

2 words. Do it.

Really wish I could do it now, but I'm really needing to put my money towards something else (not car related)...

It's this very one that I need to scratch that itch with:

[smiffy180]

Slow said:

Turns out im gonna drive a 4.7l land cruiser next year. The money saved insuring it at 18 is more than the extra cost of fuel for the miles i do.

Logic.

Pics when it comes

[smiffy180]

Otter Smacker said:

Really wish I could do it now, but I'm really needing to put my money towards something else (not car related)...

It's this very one that I need to scratch that itch with:

Do it. Do it. Do it. Do it! :P