RogerM
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| posted on 8/4/05 at 10:42 AM |
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Insurance .... how do they work it out??????
I have just had an insurance renewal come through and after I had picked my self off the floor I started ringing round.
By the end of it I had got quotes 25% less than my renewal for my current car spec (1600 CVH engine, £1500 car value) but staggeringly more than a 50%
reduction in my next cars spec (4AGE engine, £5500 car value).
My question is this, how do they work out premiums?????? Why is there such a difference broker to broker and how do they get away with it???????
Is it possible that we could have a sticky topic covering insurance, after all it is something that we all have to have so is of interest to all of
us.
Anybody got any insurance stories or recomendations?
I know we have to be careful not to say anything rude about any company but surely it would be useful for hear the praise when people have found good
companies to deal with?!?!?!?!
[Edited on 8/4/05 by RogerM]
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RogerM
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| posted on 8/4/05 at 10:48 AM |
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Forgot to mention the companies that I found helpful;
Roadsure, friendly and helpful. Lady I spoke to knew what I was talking about and was very nice to deal with.
MSM (Dave seems to really know, and care about his product range and the cars)
Not sure which I will go with as there was not much difference in quotes but there was a slight difference in payment options and benifits.
Will let you all know what I decide.
If anybody is interested I got quoted £170 - £175 fully comp, 3000 miles/year, garaged for a 29 year old engineer living in Cheltenham with the car
being a concourse quality Dutton B+ with a Toyota 4AGE engine (std spec for now) and valued at £5500. I didn't think with was bad at all....
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Surrey Dave
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| posted on 8/4/05 at 10:54 AM |
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Did you try Adrian Flux or Graham Sykes?
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NS Dev
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| posted on 8/4/05 at 10:59 AM |
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as far as I am aware, it's based on risk categories at some stage, hence the cheapness of insuring kit's and homebuilts as opposed to
production cars.
Firstly, how likely is your car to be stolen, if it was it would not be tricky to find! Second, what is the accident record for Duttons like yours.
probably not many accidents, but if there were, most likely it was a CVH or some other fordy engine in the one that crashed, not a Toyota engine.
Consequently, despite the power gain, statistically the Toyota engine attaches less risk?
That's my take on it anyway!?
Likewise, I was the victim or a rather unfair and unfortunate court case that culminated in me being convicted of a CD20, which is "Driving
without reasonable consideration for other road users" (these being horses!!!!!!!!!! :mad
I dreaded ringing the insurance company to tell them I had now been awarded 8 penalty points, but because there was no accident, and no insurance
claim, on checking with their underwriter, no change in premium was levied!!!!
Apparently, the underwriters saw no enhanced risk as their records had no cases of this offence without an accompanying claim for a resultant
accident, which I had not had!
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RogerM
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| posted on 8/4/05 at 11:05 AM |
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I have used both Sykes and Flux in the past.
All I can say is I would use Sykes again .. but they aren't giving ME competitive quotes at the moment clean licence, no claims ..lalalalal ..
just aren't the best choice for ME today)
Flux, no comment......
As for the difference in the quotes my current company wanted £178 for the CVH engined car and £389 for the 4AGE powered one...
Both of the companies I mentioned gave circa £150 for the CVH and £170 for the 4AGE. That is what I mean by more than a 50% saving!!
In fairness my current broker, HIC, are brilliant for my heavily modified Mini, the 20V Turbo Scirocco and my everyday car (Passat 1.9TDi estate). I
have used them almost exclusively (except for one season with Flux and one with Sykes on two different cars). I would always recomend ringing HIC as
they have never failed to be the most competative for anything but the kits and on several occasions the benifits of having all my cars with one
company have been worth more to me than the saving of separating them. This is the first time they have given me a  quote.
[Edited on 8/4/05 by RogerM]
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Snuggs
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| posted on 8/4/05 at 11:19 AM |
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Footman James.
£232 F/comp on a Viento V8
£238 F/comp on a XJ12 6.0
I tried most of the other companies and always got a cheaper quote with FJ.
Clive
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Spider pig, spider pig, does whatever a spider pig does.
I doubt therefore I may be.
Luposlipophobia : Fear of being chased by wolves around a freshly waxed kitchen floor, while wearing only socks on your feet.
My mind not only wanders, sometimes it leaves completely!
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http://www.snuggs.co.uk
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locoboy
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| posted on 8/4/05 at 11:24 AM |
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i beleive that companies who insure production cars tend to have their own 'specialist' area eg, young, old, modified, kept in city/rural
location. You can get very different quotes from many companes for the same thing, it just deoends upon whether you car and situation fits into their
'specialist' area or not.
EDIT:
Got my renewal through from Flux this morning for the F27 i have now sold
2.0 pinto, 3K miles per year fully comp £200, not bad it thought.
[Edited on 8/4/05 by locoboy]
[Edited on 18/4/05 by locoboy]
ATB
Locoboy
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theconrodkid
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| posted on 8/4/05 at 04:15 PM |
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what about the no claims bit,mine is on my shopping trolly
who cares who wins
pass the pork pies
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zilspeed
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| posted on 8/4/05 at 04:22 PM |
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My renewal is up on the GTM.
Sureterm - who I'm currently with want £180
Flux want £137.
This is comp with a limit of 3000 miles PA.
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stevebubs
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| posted on 8/4/05 at 05:22 PM |
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Tell me about it...my insurance premium for my daily driver has "apparently" risen by £200 in a year. Quick visit to a couple of insurance
companies brought it down by £100 - a saving of £300 over just letting it renew and let them rip me off!!!
PS HHH for Fury last year, Adrian Flux year before.
quote:
Originally posted by RogerM
I have just had an insurance renewal come through and after I had picked my self off the floor I started ringing round.
By the end of it I had got quotes 25% less than my renewal for my current car spec (1600 CVH engine, £1500 car value) but staggeringly more than a 50%
reduction in my next cars spec (4AGE engine, £5500 car value).
My question is this, how do they work out premiums?????? Why is there such a difference broker to broker and how do they get away with it???????
Is it possible that we could have a sticky topic covering insurance, after all it is something that we all have to have so is of interest to all of
us.
Anybody got any insurance stories or recomendations?
I know we have to be careful not to say anything rude about any company but surely it would be useful for hear the praise when people have found good
companies to deal with?!?!?!?!
[Edited on 8/4/05 by RogerM]
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irvined
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| posted on 8/4/05 at 06:53 PM |
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elephant were the least extortionate for my tintop, and tesco for the missus. I've heard good things about footman james, and sykes.
There are two ways they work out your premium, the black magic method:
Coun the number of tea leaves in the average cup, multiply that by the total of the first 10 cards out the deck.
Divide this figure by 1/your age.
Add the number of mice the cat drags in, and subtract the number of beats your heart stops for when the 'ball park figure' comes out.
Theres also the modern method:
Take the value of your car, double it, add 10%,
Or the under 30 years old method:
1500quid regardless of car.
<rant> I was quoted the same price for a 998cc mini, volvo t5, merc cosworth, saab 900 turbo, 106 1.5 diesel and a ford fiesta.</rant>
All joking aside, Tesco where pretty good with our tintop, and elephant where a close second.
HTH
David
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