your chance as an indivivual might be the same or less but thats not what insurance companies rate upon they rate upon the average in the uk for people with the same details as yourself, so where as you might be the safest person in the world!!!!1! people with the same details as yourself might not be driving at the same standard as yourself
Insurance Prices!
- Thread starter webmonkeyuk
- Start date
your chance as an indivivual might be the same or less but thats not what insurance companies rate upon they rate upon the average in the uk for people with the same details as yourself, so where as you might be the safest person in the world!!!!1! people with the same details as yourself might not be driving at the same standard as yourself
yes makes perfect sense....dont use the full name when describing it (on a forum) and your premium goes up.
I was also mocking the misspelling of diesel but my Apple iPad was smart enough to correct it
yeah i thought it may be something as silly as that but gave you the benefit of not being that pathetic.....
btw i corrected the spelling not your apple ipad.
It not all about you
If you have 3rd party only it's not even about you at all!
Soldato
- Joined
- 20 Feb 2010
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- 4,503
- Location
- Darkest Worcestershire
Just to rub it in I pay £194 for my Focus
and £204 for my camper
and the Old Man pay £136 for his Yaris
and £204 for my camper
and the Old Man pay £136 for his Yaris
Insurance is simple-
(Chance of crashing/claiming X Average cost claim) + Admin Costs + Profit = Quote
They work out the chance of claiming by looking at people the same age as you driving the same car and taking the % of people that crash and combine that with the car crime rate in your area and how easy your car is to pinch.
The rest should be self explanatory. Prices have gone up; I think you'll find insurances company’s profits have fallen, go figure...
(Chance of crashing/claiming X Average cost claim) + Admin Costs + Profit = Quote
They work out the chance of claiming by looking at people the same age as you driving the same car and taking the % of people that crash and combine that with the car crime rate in your area and how easy your car is to pinch.
The rest should be self explanatory. Prices have gone up; I think you'll find insurances company’s profits have fallen, go figure...
Imagine all the money insurers could save by simply sacking all their highly skilled highly experienced actuaries and employing you.
Your equation is interesting - just out of curiosity what value goes in the chance of crashing field? 3? 7? 50%? Geese? Wooden pegs?
Not sure if everyone knows but occupation makes a big difference on quotes too, Carpenter opposed to I.T Technician worked out around 25% more when I was playing around doing quotes (whether you had business use or not).
With Bell/Admiral the following combination seems to work out cheapest for me -
I.T Technician
Under 6k miles (seems to be the cut off point)
Cheaper WITH business cover and commuting
Residential parking (cheaper than garaged)
Fully comp with high excess (cheaper than TP or TPFT)
With Bell/Admiral the following combination seems to work out cheapest for me -
I.T Technician
Under 6k miles (seems to be the cut off point)
Cheaper WITH business cover and commuting
Residential parking (cheaper than garaged)
Fully comp with high excess (cheaper than TP or TPFT)
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mine went up this year for the first time by about the same £60-100. they blamed it on other people claiming.. couldnt give me an answer as to why mine goes up when i never claim. stupidness. they need to clamp down on what insurance companies can charge imo.
adrian flux are pathetic, a quote for me on a non modified 1200cc car with 6yrs ncb.. wanted over £500 i laughed so much at the woman on the phone.
last year i paid £225 fc, this year i had to shop around and now im insured for like £325
Managed to get mine down this year to £350 fully comp on my 106GTi (Insurance group 14) with 5 years NCB. My renewal notice was £600 though from Churchill and most of my quotes on comparison websites weren't much better. Insurance market sucks atm
I was talking about the basic theory. As you have so brightly pointed out It's the actuaries that wirk out what the numbers are and put them in the formula.
Top of the class!
Soldato
- Joined
- 20 Aug 2003
- Posts
- 6,703
- Location
- Pembrokeshire
The tax on insurance premiums went up in the emergency budget, that adds some. Most major insurers have also decided paying out more than they take in premiums each year is not a good business model and have increased their premiums, they also paid a few hundred million to the MIB last year to cover claims against uninsured drivers. I read somewhere that the average increase is currently at about 30% on last year.
It will be worse next year when VAT increases.
It will be worse next year when VAT increases.
That's terrible, I paid just over £550 for a newer focus 1.6 with 2years ncb.
IPT rise isn't effective just yet.