FFTS
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| posted on 25/5/10 at 09:37 AM |
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Can you buy direct with the actual insurance companies???
Got my insurance sorted out the other week and I guess it must be new legislation or something as the broker had included a breakdown of the premium
and I cant see they volunteered it to be nice and friendly. The breakdown was.....
50% to pay for the actual insurance and a whacking 50% to the broker for arranging it 
So out of my £260 only £130 was used to give me what I needed and the broker with no risk got £130 for taking a phone call, tapping on a keyboard and
printing some docs to post to me.
SO!!! is there any way you can buy direct or do you have to put up with a broker robbing you?
Chris.
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tegwin
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| posted on 25/5/10 at 09:57 AM |
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Setup your own brokerage? 
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Would the last person who leaves the country please switch off the lights and close the door!
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FFTS
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| posted on 25/5/10 at 09:58 AM |
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quote:
Originally posted by tegwin
Setup your own brokerage?
Hahah if I wanted to rob people I'd be a mugger 
Chris.
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Mal
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| posted on 25/5/10 at 10:30 AM |
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If you use a company like Direct Line to insure a tin-top then you are dealing directly with the insurance company.
But if you are referring to kit car insurers then it is a specialist market with fewer providers, who as far as I know, use brokers such as Footman
James and Adrian Flux.
The £130 price you mentioned is effectively the trade price to the broker. Even if you find a direct insurer it is likey that you will be charger a
higher price as the retail customer.
As they say: phone around.
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FFTS
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| posted on 25/5/10 at 10:37 AM |
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quote:
Originally posted by Mal
If you use a company like Direct Line to insure a tin-top then you are dealing directly with the insurance company.
But if you are referring to kit car insurers then it is a specialist market with fewer providers, who as far as I know, use brokers such as Footman
James and Adrian Flux.
The £130 price you mentioned is effectively the trade price to the broker. Even if you find a direct insurer it is likey that you will be charger a
higher price as the retail customer.
As they say: phone around.
Yep I understand the broker has to make money but shocked at just how much when the risk is with the actual insurance company. I always phone around
ant that was the very best quote on R1Becca.
Just this minute renewed my clio diesel. Automatic best quote from confused.com £196 up from last years by £40.. got quote from swiftcover who I was
insured with last year and guess what .. £142.
I think confused.com got confused thinking I wanted to pay £50 too much
Chris.
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blakep82
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| posted on 25/5/10 at 10:40 AM |
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whic company is the insurer?
________________________
IVA manual link http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1081997083
don't write OT on a new thread title, you're creating the topic, everything you write is very much ON topic!
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FFTS
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| posted on 25/5/10 at 11:09 AM |
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quote:
Originally posted by blakep82
whic company is the insurer?
SURETERM
Chris.
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Kriss
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| posted on 25/5/10 at 11:31 AM |
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sureterm i think will be the policy administrators and arrangers, the actual underwritier is who you may want to track down. should be on your cert or
schedule
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RIE
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| posted on 25/5/10 at 11:42 AM |
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50% is way over the industry standard for broker commissions on private motor - it's usually 10-12.5%, maybe 15-20% on specialist schemes.
In a scheme, the agent/intermediary/broker does most (or all) of the administration, taking that cost off the insurer - this can include the
underwriting/actuarial bits, stationery production, legal stuff, promotion, claims handling and payment, marketing and what have you; the final
portion is literally the money set aside in the pool to pay for actual damage.
A lot of intermediaries add on admin charges for their work, that might add quite a bit on.
At the end of the day, it doesn't matter who gets what money, the only thing to ask is can you get it anywhere else cheaper?*
*taking into account level of cover/service/etc provided 
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blakep82
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| posted on 25/5/10 at 12:42 PM |
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http://www.sureterm.com/
________________________
IVA manual link http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1081997083
don't write OT on a new thread title, you're creating the topic, everything you write is very much ON topic!
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norfolkluego
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| posted on 25/5/10 at 05:22 PM |
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quote:
Originally posted by RIE
50% is way over the industry standard for broker commissions on private motor - it's usually 10-12.5%, maybe 15-20% on specialist schemes.
In a scheme, the agent/intermediary/broker does most (or all) of the administration, taking that cost off the insurer - this can include the
underwriting/actuarial bits, stationery production, legal stuff, promotion, claims handling and payment, marketing and what have you; the final
portion is literally the money set aside in the pool to pay for actual damage.
A lot of intermediaries add on admin charges for their work, that might add quite a bit on.
At the end of the day, it doesn't matter who gets what money, the only thing to ask is can you get it anywhere else cheaper?*
*taking into account level of cover/service/etc provided
I'd agree with that, wouldn't expect more than 15%, call them and moan.
I believe Sureterm place a lot of their business with Lloyds syndicates who I suspect don't deal direct.
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bassett
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| posted on 25/5/10 at 09:21 PM |
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Sounds like a lot of room to work on for a discount, go back to them with a figure they can try and match. Im an insurance underwriter myself just
wish i wrote car insurance business as i get a 50% company discount!
My MNR Blog Updated Jan 2010 - Track Day Prep Begins!
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