what insurance are people paying on their db9?
Discussion
£240 fully comp limit to 6k miles a year with Saga.
Update, living in Surrey/Hants border, mid 50's clean licence no points or convictions, car parked on drive under a cover and not seen by other road users or passers-by.
As others have said it's a mute point unless you can disclose more detail etc.
I shopped around and had quotes from early £200's to well over grand. Adrian Flux called me yesterday asking if I would give them a chance to match or better my quote, they were one of those at well over a grand, so what's changed that they feel they can now match??
Update, living in Surrey/Hants border, mid 50's clean licence no points or convictions, car parked on drive under a cover and not seen by other road users or passers-by.
As others have said it's a mute point unless you can disclose more detail etc.
I shopped around and had quotes from early £200's to well over grand. Adrian Flux called me yesterday asking if I would give them a chance to match or better my quote, they were one of those at well over a grand, so what's changed that they feel they can now match??
Edited by BiggaJ on Friday 1st July 19:57
Simpo Two said:
Rather meaningless because it depends on your location, claim history, points etc. Best I could get was £600 and no need for a Tracker.
This - its a totally pointless question unless the chap next door to you is the same age, same driving history and his car is an identical age and value. Aside from all the factors Simpo has correctly identified the value of the car has a HUGE impact on premium as well as the quality of the policy you have opted to go for.In fact I remember when I was living in the city once, I moved my car parking space (only - home address remained the same) 50yrds down the road on the same address and my premium went up by £100.
So all in all it is totally meaningless. Its like saying what is better my apple or your orange.
karatemaserati said:
...Yeah but the quote has doubled in 2 weekS with the same details. NOTHING HAS CHANGED.
That happens, it is not about YOU, its is about how your factors rate as risks to them at that particular moment. Insurers constantly re-asses the risk of certain types of claims on the books. It maybe that DB9's have recently had a lot of claims for them, or it maybe that men in your postcode have had a lot of claims, or anything else has changed - in fact its very very likely many factors have been changed.
If you dont like the premium then go elsewhere. But be careful - cheapest is absolutely NOT the best. But it's your money and your car, so your risk so do as you think is right.
Insurers quote premiums these days, as if they operate from a stall in a Per....... Market.
They now even change their prices during the day, the month, or if you haggle !
I used NFU for several years, with a premium that even reduced during that period ( £400 ish).
Suddenly last year, their renewal trebled. If they still wanted to offer cover for Aston Martins, they should have been less greedy, because everyone is going to notice +200%.
Simply changed back to Aviva at about £350, which was much less than they had charged me several years ago.
Now with the availability of comparison sites, there always seems to be lower and far more expensive premiums on offer.
Felt more than happy recently, when a neighbour mentioned a £1,500 premium for his old Range Rover !
My only suggestion, is to try again and use more than one comparison site.
Edited by Dewi 2 on Saturday 2nd July 07:18
OP, have you tried Direct Line? They're not (I think) on comparison websites so don't pay a commission. Apart from wanting a tracker, they offered me the equal lowest premium. Because of the tracker issue I went with Mannings, following a recommendation here, and find them very good. If your mileage is <5,000 miles try the specialist/classic insurers.
karatemaserati said:
...Yeah but the quote has doubled in 2 weekS with the same details. NOTHING HAS CHANGED.
I believe there is an optimum time to buy car insurance that is about 3 weeks before renewal date.If you wait until the last minute they think you are a chancer / desperate / don't plan ahead sort of person and price accordingly.
Not saying you are but the algorthyums (can't spell the darn word) may think you are.
Agent57 said:
I believe there is an optimum time to buy car insurance that is about 3 weeks before renewal date.
If you wait until the last minute they think you are a chancer / desperate / don't plan ahead sort of person and price accordingly.
Not saying you are but the algorthyums (can't spell the darn word) may think you are.
Doubling the premium because a buyer might be desperate, if true, is pretty cynical of the industry. The price should be the price. Or do the maths say that people who renew at the last minute are more likely to claim?If you wait until the last minute they think you are a chancer / desperate / don't plan ahead sort of person and price accordingly.
Not saying you are but the algorthyums (can't spell the darn word) may think you are.
Agent57 said:
Simpo Two said:
do the maths say that people who renew at the last minute are more likely to claim?
Yes.Perhaps we are conditioned into thinking that we can get a 'last minute' deal, like a holiday. The difference of course is that a holiday has a fixed number of places and they may be keen to sell empty seats. Insurance, on the other hand, has no seats... so no pressure to sell... in fact the buyer is under pressure to buy.
Insurers 1, Johnny Punter 0.
I still think the price should be the price. I used to photograph weddings and would never dream of charging extra, still less double for a short-notice booking on the basis the customer was desperate. Indeed it would have looked very bad if I had and anyone found out.
https://www.moneysavingexpert.com/insurance/car-in...
"The cheapest time to get quotes is 23 days ahead of your renewal date – cover becomes more expensive the closer you get
Our analysis of over 70 million quotes from February 2020 to February 2021 from the four biggest comparison sites – Compare The Market, Confused.com, Gocompare and MoneySupermarket – showed a policy costs an average of £1,198 a year on renewal day. But 23 days earlier the average is just £694 a year, a MASSIVE £504 difference.
In general, the closer to your renewal date you get quotes, the more of a risk you're deemed to be (we've heard that it can show insurers you're a bit disorganised). But getting quotes too early, for example, 28+ days out, can also push the average price up – likely as fewer insurers will provide quotes that early. "
"The cheapest time to get quotes is 23 days ahead of your renewal date – cover becomes more expensive the closer you get
Our analysis of over 70 million quotes from February 2020 to February 2021 from the four biggest comparison sites – Compare The Market, Confused.com, Gocompare and MoneySupermarket – showed a policy costs an average of £1,198 a year on renewal day. But 23 days earlier the average is just £694 a year, a MASSIVE £504 difference.
In general, the closer to your renewal date you get quotes, the more of a risk you're deemed to be (we've heard that it can show insurers you're a bit disorganised). But getting quotes too early, for example, 28+ days out, can also push the average price up – likely as fewer insurers will provide quotes that early. "
Simpo Two said:
Well, that is remarkable!
I still think the price should be the price. I used to photograph weddings and would never dream of charging extra, still less double for a short-notice booking on the basis the customer was desperate. Indeed it would have looked very bad if I had and anyone found out.
I still think the price should be the price. I used to photograph weddings and would never dream of charging extra, still less double for a short-notice booking on the basis the customer was desperate. Indeed it would have looked very bad if I had and anyone found out.
Insurance used to be a profession. It has changed.
One clue to this is when contacting them, saying you are leaving, because another insurer has offered a better deal.
Reads the script;
"I will talk to my manager for you. We might be able to improve on your other offer."
Well what a surprise;
"Our new premium which is special and just for you, is £50 less than your other offer. You need to decide now though."
Underwriting, Utmost good faith, all out of the window, replaced by computer says and we need more business to meet the targets.
As most people still seem to be confused as to how insurance companies calculate premiums I thought it might be worth spending 5mins explaining. For background, prior to my retirement I spent the previous 15yrs working for a very large insurance company as IT Director and frequently was involved in meetings and discussions around the design of our bespoke IT systems that amongst other things calculated the insurance premiums both online and offline.
So the basis is that there is a base risk that sets the premium rate for a given quote. This will include key things like the type of policy (fully comp vs TPFT) and the quality and level of the cover in the policy, and if it is online or offline. Each company will set their own criteria here, but whilst I wasnt in auto insurance I would guess that those three things would likely be the basis of the rate.
So that will give a cost per £1000 insured. So you would get a base premium of say £1.50 per £1000. That in itself maybe tiered too, so the rate may change on insured value bands rather than strict individual £1 increments, and band spread may change and get wider as the value increases significantly.
So lets for the sake of simplicity assume that a £1.50 rate applied to your quote on say £100,000 of vehicle - your base premium would be £150 in this instance.
From there a number of primary risk loadings will be applied to that premium first, such as the type and model of vehicle and these can override absolutely or have a major rate adjustment modifier. Lets say for example at the end of this you get a 500% modifier for your Aston Martin DB9 - your rate is now £7.50 per £1000, so a base £750 premium.
From there other factors are then assessed which may have a increase or reduction loading on that premium. These will likely be held in a 2d or 3d matrix for each type of factor. These factors would likely include, NCB, age, gender, postcode, miles p/a, prior claims history, points on license, etc, etc... Some of these as I said will have sub factors to asscertain the exact loading.
So from our £750 premium we may then have to load it by say for example 102% x 60% x 105% x 120% x 95% x etc, etc.... This will give a final rate for the premium. This is why the company always asks you 101 questions on renewal again, or at least asks you to confirm nothing has changed. The computer will calculate all of the above in a instant and spit out the final premium. Hence the clerk doing your quote may not know exactly what has made your premium change a lot, but their experience of doing many day in day out may lead them to have an idea which factor is currently setting high or low final policies.
Each insurer will regularly review their claims history and make adjustments to each and every parameter above. Some simply changing in line with inflation, some changing due to commercial pressures in a specific market that set the commercial rate, but most of all the risk appetite that insurance company has at that time to any given factor. If say for example in the last quarter they statistically paid out a huge chunk of claims on Aston Martin cars, or say owners who live in a specific postcode, then they may adjust one of the above parameters that month to increase the loading for that sub factor, in an attempt to make sure they don't loose further money on those risks going forward.
Each company will largely be setting its own risk appetite on each factor based on its own claims history. Some will simply want to be out of a given sector going forward for a while to reduce the risk of their overall portfolio by not taking new business on that risk, and pricing themselves out of the market is an easy way to achieve that.
So this means it really isn't much to do with YOU at all - its about how one insurance company views your factors against their own bespoke risk matrix at the particular time you apply for a quote. Many years things may not have changed much at all for you, especially if you drive say a common car and live in the middle of nowhere, where there are simply never going to be enough specific claims to vary the overall average for that car, or simply not enough claims in your postcode to make a difference. Other things of course may change more significantly in the course of a quarter.
I hope that helps a little.
So the basis is that there is a base risk that sets the premium rate for a given quote. This will include key things like the type of policy (fully comp vs TPFT) and the quality and level of the cover in the policy, and if it is online or offline. Each company will set their own criteria here, but whilst I wasnt in auto insurance I would guess that those three things would likely be the basis of the rate.
So that will give a cost per £1000 insured. So you would get a base premium of say £1.50 per £1000. That in itself maybe tiered too, so the rate may change on insured value bands rather than strict individual £1 increments, and band spread may change and get wider as the value increases significantly.
So lets for the sake of simplicity assume that a £1.50 rate applied to your quote on say £100,000 of vehicle - your base premium would be £150 in this instance.
From there a number of primary risk loadings will be applied to that premium first, such as the type and model of vehicle and these can override absolutely or have a major rate adjustment modifier. Lets say for example at the end of this you get a 500% modifier for your Aston Martin DB9 - your rate is now £7.50 per £1000, so a base £750 premium.
From there other factors are then assessed which may have a increase or reduction loading on that premium. These will likely be held in a 2d or 3d matrix for each type of factor. These factors would likely include, NCB, age, gender, postcode, miles p/a, prior claims history, points on license, etc, etc... Some of these as I said will have sub factors to asscertain the exact loading.
So from our £750 premium we may then have to load it by say for example 102% x 60% x 105% x 120% x 95% x etc, etc.... This will give a final rate for the premium. This is why the company always asks you 101 questions on renewal again, or at least asks you to confirm nothing has changed. The computer will calculate all of the above in a instant and spit out the final premium. Hence the clerk doing your quote may not know exactly what has made your premium change a lot, but their experience of doing many day in day out may lead them to have an idea which factor is currently setting high or low final policies.
Each insurer will regularly review their claims history and make adjustments to each and every parameter above. Some simply changing in line with inflation, some changing due to commercial pressures in a specific market that set the commercial rate, but most of all the risk appetite that insurance company has at that time to any given factor. If say for example in the last quarter they statistically paid out a huge chunk of claims on Aston Martin cars, or say owners who live in a specific postcode, then they may adjust one of the above parameters that month to increase the loading for that sub factor, in an attempt to make sure they don't loose further money on those risks going forward.
Each company will largely be setting its own risk appetite on each factor based on its own claims history. Some will simply want to be out of a given sector going forward for a while to reduce the risk of their overall portfolio by not taking new business on that risk, and pricing themselves out of the market is an easy way to achieve that.
So this means it really isn't much to do with YOU at all - its about how one insurance company views your factors against their own bespoke risk matrix at the particular time you apply for a quote. Many years things may not have changed much at all for you, especially if you drive say a common car and live in the middle of nowhere, where there are simply never going to be enough specific claims to vary the overall average for that car, or simply not enough claims in your postcode to make a difference. Other things of course may change more significantly in the course of a quarter.
I hope that helps a little.
Edited by AdamV12V on Saturday 2nd July 13:18
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