Insurance

DAIR

DAIR

DAIR

Soldato
Joined
23 Jul 2009
Posts
8,920
Location
Cayman Islands
Why are insurance premiums so......... Random?

Why do these providers spew out these outrageous, inconsistent and frankly unreasonable figures?

Last year (Aug, '10) an insurance provider quotes me £3598.72p for a policy.

Why such a random figure?

Whereas another provider quoted me £1203.59p.

Random still.... But with a number of ncb's one would expect a more reasonable quote.

Why don't they charge flat fees instead of these stupid random figures?



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in sales if I sold anything for round figures I got a ticking off, add pennies, always

if that insurer sells 2000 policies a day thats 2000 x 72p, which is £1400

easy money
 
the obsurdly high ones are that insurers way of telling you that they dont want your business.

They could probably insure you for a reasonable price, but they dont want to.

M&S insurance for example, is aimed at their typical store customer. Probably 40 + with shed loads of experience, shed loads of ncb, and driving a Range Rover or whatever.

20 year olds in VXR and fast cars are not what they want to deal with, so quote you such a stupid price you'd never even think about using them.
 
Some companies just don't want the buisness so give an outragous quote to put you off.

I had a quote last year on my Scorpio estate of £9,450 TPFT :eek:
Finally insured it for £425 fully comp.
 
As MrLOL said. A company wanting to charge more than double is a way of them saying we won't insure you, because obviously you wouldn't be stupid enough to go with a company charging x2+ the amount of another.
 
I think the varied prices also come down to the experience different insurance companies have with particular car brands, specific models and the demographics of the people who drive such cars.

It's all down to risk perception.
 
My insurance went up from £338 last year to £678 this year with fully comp with 9 years NCB and never claimed over 9 years as the insurance are being so greedy after being with them for 9 years. So, I look elsewhere and found the cheaper one £320.
 
Its just a complete joke. Whatever happened to simple common sense and discretion... Instead they rely on computers...... to hurl up these wild figures.
 
I know, Insurance just don't care as they don't want a business with you in a long term. A biggest joke overall, really sick of tired of Great Britain rip off and robbed.
 
I got my insurance renewal through today for £630 from Bell. Did a quote through a comparison site which gave me a quote with Admiral (same company) for £530. Phoned them up and reduced my premium by a hundred quid. Not bad for 5 minutes work.

Just goes to show how much they value my custom though as they're more than willing to charge me £100 more for the same policy that a new customer wouldn't have to pay.
 
mike66uk said:
I got my insurance renewal through today for £630 from Bell. Did a quote through a comparison site which gave me a quote with Admiral (same company) for £530. Phoned them up and reduced my premium by a hundred quid. Not bad for 5 minutes work.

Just goes to show how much they value my custom though as they're more than willing to charge me £100 more for the same policy that a new customer wouldn't have to pay.
Click to expand...

I did exactly the same when I renewed my Bell policy and saved a few hundred.
 
mike66uk said:
I got my insurance renewal through today for £630 from Bell. Did a quote through a comparison site which gave me a quote with Admiral (same company) for £530. Phoned them up and reduced my premium by a hundred quid. Not bad for 5 minutes work.

Just goes to show how much they value my custom though as they're more than willing to charge me £100 more for the same policy that a new customer wouldn't have to pay.
Click to expand...

Most insurance companies will give internet discount on top of discounted new business prices. Each company or sister company rate upon things differently otherwise there would be no market at all. Matching prces saves paperwork on both sides. I do like these threads on'has insurance gone mad?!?!' But they havent changed the way they rate upon thins but the amount of claims and the total of costs have increased.
 
The point I was trying to make is that they give lower prices to new customers and higher prices to existing customers. In most other industries it works the opposite way.
 
mike66uk said:
I got my insurance renewal through today for £630 from Bell. Did a quote through a comparison site which gave me a quote with Admiral (same company) for £530. Phoned them up and reduced my premium by a hundred quid. Not bad for 5 minutes work.

Just goes to show how much they value my custom though as they're more than willing to charge me £100 more for the same policy that a new customer wouldn't have to pay.
Click to expand...

I wouldve asked why there was a difference. All it proves is how random these quotes really are.

The system really needs to change. A reduction should be guaranteed (for those who go through a year claim free)!

Really does grind my gears....!
 
Got my renewal through the other day with co-op, £1568.??. went onto their site and did a new quote with them and it was £1427. same details that they had just sent me. how can starting a new quote drop another £100 from it?
went onto aviva site and got a quote of £976.
 
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