Evidently you're statistically more likely to make a claim if you have a higher excess with all of your other details.
As I said, it makes sense - it's just counter intuitive sometimes
WTF is with with insurance?!
- Thread starter Justintime
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Evidently you're statistically more likely to make a claim if you have a higher excess with all of your other details.
As I said, it makes sense - it's just counter intuitive sometimes
It makes perfect sense. People with similar details to you, who choose a higher excess are statistically more likely to have an accident. I don't get why people find this concept difficult to grasp?
Care to explain how these statistics can cause a renewal premium to double from the previous year, with all other circumstances remaining the same (other than an extra years NCD)?
How do these statistics also explain the 5:1 (or higher) ratio of quotes you tend to get going through a comparison website?
Because, like any business, insurance companies want to make money - like renewing any product or service, the outright renewal will be more expensive. Also, statistics change continuusly, it could be that your particular set of circumstances have become more risky to the particular insurance company
What do you mean ratio of quotes? Do you mean that some quotes are more expensive than others? Of course they are........
Do a few online quotes, then call Chris Knott and they'll beat your best quote.
Just moved both of our cars to them, the renewal quote (in the post) for both cars was £1100, best I could manage online was around £850.
Chris Knott price = £797, this is for two cars
Just moved both of our cars to them, the renewal quote (in the post) for both cars was £1100, best I could manage online was around £850.
Chris Knott price = £797, this is for two cars
what was the change
My insurance was cheaper at £150 excess than it was at £750, i was aware insurance was done statistically not logically so I asked no questions and just clicked buy
MW
Who's your underwriter?
Associate
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I passed my test just before girls insurance went up, so I made my sister apply for a provisional licence so that I could be put down as a named driver on the policy which brought it down by half the price. (it cost me £1500)
The problem I have with that is that, unlike most other businesses, they aren't providing a service that drivers are legally required to use. Sure, you can haggle with Sky, RAC, your phone network or your broadband provider and get a better deal, but it's really your choice as to whether you use those services.
If we're legally required to pay (sometimes ridiculous amounts of money) for car insurance, the insurance companies should be legally required to provide their cheapest, most competitive quote only at the time of getting a quote/renewal. I could be mistaken, but similar requirements are being introduced (or at least considered) for energy suppliers to prevent customers paying more than they have to, so car insurance should be no different.
You are legally required to have it obviously, but its still an open and free market place. The companies are in it to make money so will try to make as much as they can but competition (and regulation) will mean that the prices arent spiraling out of control.
I can see what you mean, it would make it simpler for the consumer in the short term, but in the long term it would have a derogatory affect on competition so could hurt the consumer more in the long run. Comparing to the energy market isnt entirely fair for 2 reasons - energy is much closer to a basic human right, you need warmth to live! Also, energy doesnt have the annual renewal that insurance does, so there's less shopping around.
With energy supply it's argued it's needed as some (old people) are not 'tech-savvy' enough to find the cheapest price, so it should always be the minimum price for all. In doing so it increase the price for everyone as companies can't make a large margin on some and be competitive on others. Is it a road we want to go down? IMO, no...
My BMW330ci is being renewed this month.
I had an accident which the other party admitted all liability for. Initially I had contacted my insurance company about this to inform them, not to lodge a claim. Fast forward to the renewal 6 months later and it was left on the system as an open claim.
This resulted in a renewal of £1500.
Annoying but I got the contact details of the other insurance company and it was changed to non fault and closed.
This changed the renewal to £1200.
Went to gocompare and knocked it down to £950 odd.
Went to the insurance site itself and it was £970
Went to confused.com and it lowered to £783...
Last year I paid £1300.
I'm happy I'm paying a lot less, I'm just annoyed at how insurance companies try to take the pee.
Edit: I might try chris knott...
I had an accident which the other party admitted all liability for. Initially I had contacted my insurance company about this to inform them, not to lodge a claim. Fast forward to the renewal 6 months later and it was left on the system as an open claim.
This resulted in a renewal of £1500.
Annoying but I got the contact details of the other insurance company and it was changed to non fault and closed.
This changed the renewal to £1200.
Went to gocompare and knocked it down to £950 odd.
Went to the insurance site itself and it was £970
Went to confused.com and it lowered to £783...
Last year I paid £1300.
I'm happy I'm paying a lot less, I'm just annoyed at how insurance companies try to take the pee.
Edit: I might try chris knott...
How old are you? seems a bit high as mine is £870 and I was 24 with 3 years NC, just done a quote at 25 with 4years and it's £590
The tendency for some/most insurance companies to do this annoys me greatly, to the extent I've started up a pointless 'blacklist' of companies that have done this to me that I will no longer buy policies from (lets face it, with comparison sites and brokers there are often 30+ quotes within a few quid of each other..)
The list currently stands at:
Admiral group
Swinton
Direct Line
eGroup (eBike and eVan specifically)
Oddly I currently insure my bike with 'wicked quotes', got the renewal through at the end of last week and it's £3 less than an identical/new quote from them, can't complain at that
The list currently stands at:
Admiral group
Swinton
Direct Line
eGroup (eBike and eVan specifically)
Oddly I currently insure my bike with 'wicked quotes', got the renewal through at the end of last week and it's £3 less than an identical/new quote from them, can't complain at that
It depends on absolutely everything you put into the quote (apart from gender now!)
Of course your prices are different, you're different people living in different places with different jobs doing different mileage etc etc... There's no point trying to compare
Of course your prices are different, you're different people living in different places with different jobs doing different mileage etc etc... There's no point trying to compare
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I really dread moving back from a company car to running my own. Despite having 13-14 years of no claims - for the last 3-4 I haven't had my own insurance other than being a named driver on my other half's car. 
Admiral too, they seem to be far cheaper than anyone else each time, with Elephant at the mo(same group)
I don't understand why you see this as a bad thing. It now takes minutes to find alternative quotes and those who do just accept over priced renewals effectively allow the insurers to offer better deals to those who shop around.