Insurance for multiple postcodes
Discussion
Do all insurance companies assess postcode risk in the same way?
I've just phoned by broker to move one of my cars 'over night' parking location from a dodgy central london postcode (where I live) to a nice safe rural postcode where I've got a workshop (the car is being converted into a road-legal race car and will be kept there).
Broker informs me that there will be no change to the premium as the insurer takes into account both postcodes and loads the premium based on the 'worst' postcode.
This clearly seems unfair, as my race car will never be at my london location.
Is this scenario specific to the company I am using? or is it typical?
The difference in premium is likely to be around 50%.
I've just phoned by broker to move one of my cars 'over night' parking location from a dodgy central london postcode (where I live) to a nice safe rural postcode where I've got a workshop (the car is being converted into a road-legal race car and will be kept there).
Broker informs me that there will be no change to the premium as the insurer takes into account both postcodes and loads the premium based on the 'worst' postcode.
This clearly seems unfair, as my race car will never be at my london location.
Is this scenario specific to the company I am using? or is it typical?
The difference in premium is likely to be around 50%.
I think they may have gotten confused, if a PH lives at 2 different locations for say 50/50 of their time usually the higher risk is rated on but if the car itself is being kept at a whole new address for the full policy term then the previous postcode shouldn't be taken into account.
Edited by ZOLLAR on Thursday 18th November 16:36
Hmm sounds odd.
Where the vehicle is kept overnight should be the postcode on which the rate is based on. Are you saying you will now not be using it daily in and around the dodgy area?
Where this sometimes falls down is that they will use the postcode you give them for your address as the postcode for rating. That is true in the majority of cases but in yours, your risk should be based on the location where the car is kept.
I would ask the broker to speak to the insurer in question and get their definitive answer. The problem these days is that this industry is very automated and so the broker's 'broking' skills are dictated more and more by technology. If they use the technology properly then great, but if they don't it can be a case of 'computer says no'.
Ocean
Where the vehicle is kept overnight should be the postcode on which the rate is based on. Are you saying you will now not be using it daily in and around the dodgy area?
Where this sometimes falls down is that they will use the postcode you give them for your address as the postcode for rating. That is true in the majority of cases but in yours, your risk should be based on the location where the car is kept.
I would ask the broker to speak to the insurer in question and get their definitive answer. The problem these days is that this industry is very automated and so the broker's 'broking' skills are dictated more and more by technology. If they use the technology properly then great, but if they don't it can be a case of 'computer says no'.
Ocean
If you look at it from the insurer's perspective: someone claims that their car is kept 95% of the time in a locked garage in a quiet corner of the village of Middle-of-Nowhereton. And 5% of the time at their ex-council semi in Junkie-Joyriders-and-Broken-Windowsville, Manchester.
Want to bet where the car is more likely to have an accident?
Now, of course someone living in the little village might visit a relative in the city and might have an accident: but someone who actually lives there can be assumed to be there quite a lot of the time.
Your situation is unusual though - do you actually need it to be insured at all?
Want to bet where the car is more likely to have an accident?
Now, of course someone living in the little village might visit a relative in the city and might have an accident: but someone who actually lives there can be assumed to be there quite a lot of the time.
Your situation is unusual though - do you actually need it to be insured at all?
I want to keep the car road legal for the odd trip to the 'ring and to be able to legally test the car on the road after I've been working on it.
I explained exactly what I was doing with it (converting the car to a race car, and therefore wanted to reduce the mileage covered to a nominal 2500 a year with the car based in the new postcode).
The car wont have a steering lock or a roof, so I can't keep it in london over night anyway.
I have another much more valuable car insured via the same broker and insurance company which is remaining insured at my london address.
I explained exactly what I was doing with it (converting the car to a race car, and therefore wanted to reduce the mileage covered to a nominal 2500 a year with the car based in the new postcode).
The car wont have a steering lock or a roof, so I can't keep it in london over night anyway.
I have another much more valuable car insured via the same broker and insurance company which is remaining insured at my london address.
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