Riddle me this (insurance)

Jono8

Jono8

Jono8

Caporegime
Joined
20 May 2007
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Location
Surrey
I am moving soon to a postcode that i have checked as being A rated and low risk on all the insurance postcode checker websites from a postcode that is still fairly low risk and rated as B.

however i have just run some quotes through a comparison site and the new postcode ( the lower risk one) is giving me quotes loads higher!?

What gives?
 
Makhaira said:
Have you changed any other details such as where it will be parked etc?
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Nope, It makes no sense. New postcode is higher rated than my current one yet quotes are more. One company is quoting almost double for the new postcode !!?
 
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...and if i just put a postcode in for around the corner(same postcode start) the quotes are LOADS better ( though still not quite as good as the higher risk rated postcode.....

This is a new build development so i am wondering whether that has anything to do with it?
 
Probably due to statistics. That type of car or tha type of policy holder suffers more claims in the new area than the old area, even if the new area is generally a lower risk.
 
Hades said:
Probably due to statistics. That type of car or tha type of policy holder suffers more claims in the new area than the old area, even if the new area is generally a lower risk.
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What a load of rubbish if that is true! Interestingly, some companies do quote lower for the new postcode but some quote higher? Why on earth would that be?

Also, as it is a new development there are a lot more results for my current postcode so maybe some insurers don't have the new address on their database yet?
 
Jono8 said:
What a load of rubbish if that is true! Interestingly, some companies do quote lower for the new postcode but some quote higher? Why on earth would that be?

Also, as it is a new development there are a lot more results for my current postcode so maybe some insurers don't have the new address on their database yet?
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Statistics is unfortunately how insurance works.
 
Hades said:
Statistics is unfortunately how insurance works.
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Going by that logic, your insurance should get cheaper after you've had an accident - surely an individual is statistically likely to have X amount of accidents during your driving career. So if I have one, my chances of suffering another must drop :p
 
Conscript said:
Going by that logic, your insurance should get cheaper after you've had an accident - surely an individual is statistically likely to have X amount of accidents during your driving career. So if I have one, my chances of suffering another must drop :p
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Quite the opposite in fact, someone who has an accident is statistically more likely to have another since most accidents, even entirely non-fault, have some element of "could be avoided by..."

You can still be not at fault, but there could have been something you could have done to avoid the accident. Even in the case of someone hitting your parked car - why your car? Why not any other? Statistically, your car was most likely to be hit due to the way it was parked (on a corner, opposite a junction or whatever), and therefore you're considered a greater risk than someone who parks away from all those risks.

Mass-market insurance is a numbers/statistics game, people need to stop taking it so personally when their premium changes, risks are not individually underwritten in the same way, it's all statistics based.
 
Panic over. I phoned my insurance broker (Greenlight) re my renewal and inquired as to the difference i would have to pay if i was to change to the new postcode in a few months and they ran it through their system and said it was a great postcode and it would be free of charge :confused:

Their quote is miles better than any of the comparison sites and with a decent insurer (Highway, part of Liverpool Victoria).

I have found comparison sites are slowly becoming a waste of time. As recommended by other people, i think you have to pick up the phone to get the best and most sensible quotes.
 
Jono8 said:
I have found comparison sites are slowly becoming a waste of time. As recommended by other people, i think you have to pick up the phone to get the best and most sensible quotes.
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I think this was always inevitable. Comparison sites are aimed at those not wanting to shop around properly. Therefore the best rates will not be on there.
 
I use a combination. I use comparison sites to identify the cheapest and filter out the most lolworthy quotes, then approach my narrowed down choices directly.
 
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Hyburnate said:
This is the proper way to use them :)
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Indeed. I just thought it weird as to why the comparison sites were throwing out much higher quotes for the new postcode when my current insurer/broker have just told me it wouldn't be a problem and changing would be free of charge.
 
XeNoN89 said:
Basically this.

I give up trying to understand insurance companies

Brb insuring my brand new £34k Audi TT for £30 LESS than my old A3 which is worth about £5k

Yes serious.
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I can insure a 14 plate car worth 10k no box off the forecourt for about 1.5k less than a used 56 plate Fiesta
 
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