r1_pete
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| posted on 22/9/10 at 03:07 PM |
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Insurance policy 'additional costs' bit of a rant...
Just got the insurance renewal for the Jaguar, the policy is £88.29, but the total is £137.79, so I ask where the other £49.50 goes.
Here's the answer cut from their email
With regards to your motor insurance we would be obliged if you would note our comments below. We acknowledge receipt of your recent correspondence
with thanks. We can confirm that the total payable for your policy was £137.79. This included a £30.00 policy issue fee, and £88.29 payable to the
insurer. As per our terms of business, policies with Trinity Lane also have a percentage fee based on the insurer premium that is applied to your
policy. This works out to be £19.50. We trust the above is clear to yourself, should you have any further queries then please do not hesitate to
contact us.
So the insurer gets £88.29 and the broker £49.50 for shuffling a few bits of paper, pressing a few keys and sending 3 emails........
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flak monkey
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| posted on 22/9/10 at 03:21 PM |
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Yep, thats how brokers make their money - they wouldnt do it if there was no money in it.
But you also probably got cheaper insurance going through a broker as a lot of the companies (like Highway, Equity Red Star and Trinity Lane) wont
give such good deals direct, or even quote at all on specialised/modified vehicles.
Sera
http://www.motosera.com
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loggyboy
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| posted on 22/9/10 at 03:30 PM |
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Just count yourself lucky the premium is that low. For most that £50 extra is going to be less than 10% of the premium.
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Hellfire
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| posted on 22/9/10 at 06:17 PM |
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If you're not happy with it, have a ring round some of the other insurance companies........
Phil
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norfolkluego
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| posted on 22/9/10 at 06:27 PM |
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Frankly for motor insurance I think brokers have had their day. The comparison websites do exactly the same job as they do for free basically. For
commercial insurance where specialist knowledge is needed, brokers still have a role to play, but for home and motorinsurance why pay someone to do
what takes 30 seconds on your own sofa.
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GeorgeM
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| posted on 22/9/10 at 07:57 PM |
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quote:
Originally posted by norfolkluego
Frankly for motor insurance I think brokers have had their day. The comparison websites do exactly the same job as they do for free basically. For
commercial insurance where specialist knowledge is needed, brokers still have a role to play, but for home and motorinsurance why pay someone to do
what takes 30 seconds on your own sofa.
That's fine until you need help, a good broker will help you through a claim.
Some on line companies just have a po box address for claims. You can pop into your broker to sort a problem instead of 2 hours talking to a
non-english speaking call centre
Well worth a few pounds extra- if you find the right one, might not be any extra !
My conscience is clear - I drive a GREEN car
MNR Racing
essexkitcarclub.com
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bigbravedave
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| posted on 22/9/10 at 09:07 PM |
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on the tin top I got insured for over a hundred pounds less then what the insurer that underwrites the policy was prepared to offer me direct.
Ive used HIC for 7 years in a row, I always do a price comparison, then phone them to see if there's anyway I can reduce it further, they are
really clued up and I saved a further 30 quid by adding the misses
with more compensation claims these days most brokers do seperate legal cover through their own policy rather then the underwriters.
I made a claim a few years ago and they just delt with it, very simples!
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mad4x4
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| posted on 22/9/10 at 09:14 PM |
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I got told that £120 is the "basic" minimum standard policy pirce - you won't get insurance much below that
Scot's do it better in Kilts.
MK INDY's Don't Self Centre Regardless of MK Setting !
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norfolkluego
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| posted on 22/9/10 at 09:33 PM |
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quote:
Originally posted by GeorgeM
quote:
Originally posted by norfolkluego
Frankly for motor insurance I think brokers have had their day. The comparison websites do exactly the same job as they do for free basically. For
commercial insurance where specialist knowledge is needed, brokers still have a role to play, but for home and motorinsurance why pay someone to do
what takes 30 seconds on your own sofa.
That's fine until you need help, a good broker will help you through a claim.
Some on line companies just have a po box address for claims. You can pop into your broker to sort a problem instead of 2 hours talking to a
non-english speaking call centre
Well worth a few pounds extra- if you find the right one, might not be any extra !
Stand by what I said about brokers for personal/motor insurance, complex commercial stuff is a whole different ball game.
Lets be honest most broker sold policies are not done through a local high street broker anymore, they're done online or over the phone with one
of the big brokers so you can't 'pop in' anyway and the claims help number will probably be that of the insurer not the broker.
If you have a good local broker, fine, use them and pay the extra, they may well be worth it, I for one wouldn't use the big ones anymore. In my
opinion you're paying for them to do something you can do for yourself, poor value if all they do is sell.
[Edited on 22/9/10 by norfolkluego]
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