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Comparing like-for-like cover for my KA I have quotes in the range £178 to £467 and one odd one from a firm called "Bad Boy", of £1465! How can there be this much variation for low-mileage, accident and claim free OAP?
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>>> a firm called "Bad Boy", of £1465
That quote was quite fair... but it wasn't for insurance services :-)
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"Bad Boy seeks Perky Penguin"?
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Because some want your business more than others.
Its like when people ring me up for a valet. I quote stupidly high prices for full valets because I think they are inefficient as they tie me up all day and I dont want to do them, but the quick jobs which are low on chemicals and mean I can pack a day out I quote lower than most because it makes me the most money - so I want to encourage this type of work.
Its down to the business model.
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Because insurance is a money-making racket and they invent the quotes just to see how much you can be conned into paying.
When I got the whole range of quotes from a comparison site recently they varied from £500 to over £5,000. When I tried again a few weeks later they had all changed. Last week's best buy had doubled, another had fallen to £350.
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Well the quotes to renew for our Galaxy range from £470 (which is bad enough) to, wait for it................
wait for it....................
Eight thousand, five hundred and sixty one pounds and twenty five pence. Thought I'd spell that out, just like the vidiprinter used to on Grandstand when Fulham had put 7 (seven) past Darlington.
Both of us are over 40.
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>> Well the quotes to renew for our Galaxy range from £470 (which is bad enough)
>>
I don't think that's too bad for a 7-seater. The more bums on seats, the more potential 3rd party claims.
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It's almost doubled since my wife has filed two fault claims in the last six months, BB - despite having protected no claims. Groan.
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We have just had to arrange UK insurance on our SEAT Alhambra and have been similarly astonished by the variation in premiums.£300 to over £1000. We are "of a certain age" and have clean driving records, too.
As our NCB was earned in Spain (55% from Linea Directa, who cater well for expats) and temporarily transferred to a company insuring UK plated cars in Spain, there was also the added difficulty that not all insurers will accept Spanish NCB - even if, as it is with Linea Directa, written in English.
A call to Tesco confirmed they WILL accept Spanish NCB and we did the deal with them for a fraction under £300.
Interestingly Tesco would not insure our house contents "as we will not quote for the post code in which you live"! (Moving soon, I hasten to add!)
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>> Because insurance is a money-making racket and they invent the quotes just to see how
>> much you can be conned into paying.
I think you will find UK motor insurers have only made an underwriting profit once or twice in the last quarter of a century so no money making racket there.....
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of course victorbox they do it for the love
and im going to wear my sally anne head to work tommorrow
:-)
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>> I think you will find UK motor insurers have only made an underwriting profit once
>> or twice in the last quarter of a century so no money making racket there.....
>>
That's often trotted out but I'm not sure it's valid - it's a complex business model and they make a lot of monly from add-on services. Admiral made a few hundred million profit last year.
I guess if the quotes all came in more or less the same then people would accuse the industry of being a cartel.
Last edited by: Bill Payer on Tue 8 Mar 11 at 22:22
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The geniuses behind it all, the quantative research guys, or "quants" cook up mathematical risk models based on a few inputs from management on what segment(s) of the Market they'd like to target.
You should get a good price from a company targeting your demographic, and a bad price from others.
The fun begins as there's a few more inputs to the model than just management, it's mega complex but there's 2 completely different sides - customer facing side we talk about and the investment banks facing side we never see - to insurance underwriting and you need to be on top of both sides. These other inputs do change, also different ways of implementing the model are used over time for efficiency reasons (with 3,000 fast CPU cores it can take overnight nearly to calculate today's risk). Prices can and do change week to week.
Best you can do is get quotes from as many as possible and get a quote reference for the keener prices and try again over the coming week(s).
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Some insurers insist on you using one of their "approved" repairers. You can bet your boots they're approved because it's financially advantageous to the the insurer, and not in any way advantageous to yourself!
Last edited by: L'escargot on Wed 9 Mar 11 at 15:06
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Ford Ka - Staggering Variation of Insurance Quotes - Fenlander
