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Post by gainsb1 on Jan 23, 2013 11:21:16 GMT 1
Just swapped my insurance from a Fiat Stilo to the recently-acquired-for-£460 1998 Nissan Primera to find that the insurance group has gone up from 26 to 38.  The lad told me that every insurer has its' own grouping - can't see that
Apparently, the Prudential has over 100 groups !!!!!! 
Yes, they also charged me £26.50 for doing it (£15.90 for the admin and the rest for the "additional risk").
How the hell can they justify this, seeing as if I did write the car off they would only pay me about £100 for the car. The personal injury etc. must, surely be the same? 
I wonder how many insurance groups our classics have
Leigh (Area rep)
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tommygoldy
club Member
Posts: 191
Location: North London
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Post by tommygoldy on Jan 23, 2013 12:36:07 GMT 1
Frustrating, innit. I've come to the conclusion that there's no point asking why, or how they justify it...I just accept that insurance is basically a scam, and do what I can to minimise my outlay, whilst staying legal. Enjoy the Primera. At least you saved on the purchase cost! |
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30psi
club Member
Posts: 166
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Post by 30psi on Jan 23, 2013 19:53:13 GMT 1
Insurance is a scam? A lot of complex calculations go on in an insurance quote which is based on acturial analysis.
Insurers will typically group cars in to 20-100 groups that they consider common from the type of risk they wish to take on their books. Every insurer is likely to have their own groupings which they base on their own statistics. Whilst they can use the Thatcham groupings, they're a guide based on value, performance, cost of repair, security and safety. An insurer will then alter these according to their own research and flex them to be based on the type of risks they want.
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tommygoldy
club Member
Posts: 191
Location: North London
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Post by tommygoldy on Jan 23, 2013 20:39:48 GMT 1
Insurance is a scam? A lot of complex calculations go on in an insurance quote which is based on acturial analysis. This may all be true. But nonetheless, the industry, together with fradulent claimants, are making lots money out of honest, careful drivers who will never claim anywhere near what they spend on insurance. Insurance companies hard-sell add-ons to policies which are not required (e.g. "legal protection") and encourage people to buy insurance on credit at high interest rates. They overcharge for "administrative fees" and in my experience most companies offer very poor customer service. There are also many ways in which insurance is sold and marketed in a (borderline) dishonest way. In my view it's a racket. At the least it offers very poor value for money to most motorists. But that's just my view  |
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tommygoldy
club Member
Posts: 191
Location: North London
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Post by tommygoldy on Feb 5, 2013 12:21:25 GMT 1
Here's an example: The other week, following a daft renewal quote of £686 from Admiral, I got a quote via confused.com of £464.28 I left it for the time being because I wanted to ring a couple of independent companies. As it happened they couldn't beat the price quoted. The insurance lapsed yesterday so I went back on to confused. The original quote had expired, best on offer now with the same details (but cover starting immediately) was £523.93 |
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tommygoldy
club Member
Posts: 191
Location: North London
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Post by tommygoldy on Feb 5, 2013 12:27:59 GMT 1
If I let the insurance lapse 'til monday the premium drops to £434.92  |
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Post by gainsb1 on Feb 5, 2013 13:35:23 GMT 1
Insurance is a scam? A lot of complex calculations go on in an insurance quote which is based on acturial analysis. Insurance companies hard-sell add-ons to policies which are not required (e.g. "legal protection") I would always recommend legal protection as it is relatively cheap (around £10-00) and has saved me a few headaches. In my case where the third party insurers refused to pay for a hire car after I was pranged. The solicitors in my case then lodged the case at the local county court and Hey Presto they paid up. I would have found this difficult to do.  That said, I do agree that the prices go up and down on a daily basis... and why? They couldn't tell me why, just that they do.  Leigh (Area rep) PS my son's Punto premium went UP by nearly £100-00 when the insurers were told that he had a Toad Alarm fitted. Scam? |
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tommygoldy
club Member
Posts: 191
Location: North London
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Post by tommygoldy on Feb 5, 2013 14:15:57 GMT 1
Insurance companies hard-sell add-ons to policies which are not required (e.g. "legal protection") I would always recommend legal protection as it is relatively cheap (around £10-00) and has saved me a few headaches. In my case where the third party insurers refused to pay for a hire car after I was pranged. The solicitors in my case then lodged the case at the local county court and Hey Presto they paid up. I would have found this difficult to do. That said, I do agree that the prices go up and down on a daily basis... and why? They couldn't tell me why, just that they do. Leigh (Area rep) PS my son's Punto premium went UP by nearly £100-00 when the insurers were told that he had a Toad Alarm fitted. Scam? As I understand it, if you don't have legal protection you can usually get a legal firm to perform the same service on a no win no fee basis. So not really worth paying extra. Re price going up and down, confused quote more if insurance is due for immediate renewal. This added £100 to my premium with no rational justification. Seems the best bet is to renew or purchase at least a week in advance if possible. |
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Post by gainsb1 on Feb 21, 2013 23:16:56 GMT 1
Just insured the wife's Megane convertible (bought it for her for Valentine's Day - am I soft in the head or what?  ) and they wanted £29.99 for Legal Protection. Went on-line and got it direct for........ £10. And they wanted £39.00 for Breakdown cover that we get from the bank for next to nothing, along with other travel goodies. It shows that it, sometimes, pays to shop around.
Leigh (Area rep)
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