Can't understand car insurance

[55palfers]

For the last 5 years COOP have insured my 30 year old G Wagen

Getting a much newer one soon, about 5 years old. G350 diesel.

Nothing else on the policy has changed.

For no reason at all they won't give me a quote - just underwriter says "No!"

New car is worth more, but will cost about the same to repair I guess and new one is capable of doing the same amount amount of damage.

Any ideas please?

[CaptainSlow]

Higher write-off threshold?

[mfmman]

Greatly increased theft risk?

Aren't these gone and off to a ferry terminal super quickly?

[2 sMoKiN bArReLs]

OP, you are trying to apply logic to insurance. It's like tax, you just can't.

[55palfers]

Been on Meerkats and policy cost has almost doubled - to be expected I suppose.

My old one is probably easier to steal and still worth a fair bit in Albania. And easier to repair too.

It's just tax!

[T5SOR]

I think it is random, but sometimes in a good way!

2004 1.2 Clio worth £500 - £140 a year
1999 S2000 worth £13k+ - £150 a year

[Tegriffic]

You're in an economic state following COVID whereby insurers claims experience will increase due to an increase in fraudulent claims. Also, insurers investment income (which is actually where they make their profit not so much on your premium) is reduced due, again, to the economic state. The premium that type of market is based on formulaic market rate.

Home insurance has gone up in the same way, for the same reasons.

With that in mind, insurers still need to be competitive in the market so their underwriting protocols may change to try and reduce the claims experience whilst maintaining a broad client base - ie. they may choose not to insure certain models or postcodes or other statements of facts. Just because your details don't change, doesn't mean they're risk acceptance doesn't change.

[LimaDelta]

I imagine the typical driver of a 5 year old G-Wagen is very different to the typical driver of a 30 year old G-Wagen.

[davidc1]

Is hard to fathom the logic sometimes.
My insurance this week was renewed. 75k porsche 265quid. 4k SEAT 160quid.