Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50934
Insurance group changes will mean higher premiums??
AE mag this week highlights changes to insurance groupings which are due in 2009. They will be based on a scale of 1 to 50 similar to the rest of the EU ....but I have noticed that it's really giving an opportunity to spread the groupings relative to models in the range.
Click image to enlarge
So TDV6's will move from group 13\14 to a group spread of between 33 and 37 ....Also some vehicles that would have previously appeared in group 13\14 alongside the disco3 now appear in a lower group because insurers are going to reflect the so called 'bigger financial risk' of off-roaders.
So is this a fairer system or just another opportunity for us to be ripped off ??
BTW you can checkout all the changes here : http://www.thatcham.org/abigrouprating/21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
9th Apr 2008 4:52 pm
countrywide
Member Since: 16 Sep 2007
Location: UK
Posts: 6019
Proptionally it is almost just in the same place, my S is a group 13 of 20 and is now 34 of 50, so it is proportionally slightly higher by 1.5 groups.
Doesn't seem like they have changed much to me on my Discovery.
"You don't buy a car like a D3 and worry about economy" I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
9th Apr 2008 10:09 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50934
Theres a difference between economy of the machine ...and having the pish ripped out of you by a few w.anky insurance men deciding that your motor should go up a few groups in relative terms 21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
Cars get regrouped from time to time; it's a transparent process. I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
9th Apr 2008 10:32 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50934
Hmmm...just like VED then eh
Penny and bun ?21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
9th Apr 2008 10:37 pm
Dom Harvey Lord of the Four Fingers
Member Since: 15 Apr 2005
Location: Dorset
Posts: 7454
Another sneaky move that will benefit Insurance companies only 2004 Discovery 3 - gone
2006 Discovery 3 - gone
2008 Discovery 3 GS - gone
2011 Freelander LE Special Edition - gone
2007 Discovery 3 XS - gone
2012 Discovery 4 GS - current
The groups are agreed between the manufacturers, ABI and Thatcham based on expected repair costs and actual claims experience. Two cars of similar price and group will be vastly different at rating based on a given insurer's premium. Some cars will get regrouped up, others down. If there is a higher risk/cost the insurer is being reasonable in reflecting that in premiums.
Not read the specifics of this change yet as the project I'm working on at the moment isn't involved in rating/quote engines, more geared towards the accounting and bordereau side of broker settlement but I'll have a dig and see if I can find some CPs.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
Tell you what guys, swap your cover to Road Traffic Act only to save a few quid and self insure for own-risk incidents. That'll help you sleep better at night, having the extra £100 or so in your bank?I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
9th Apr 2008 10:43 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50934
It's not about the money ND .....it's about discrepancies of application ..for example a mini clubman cooper s that was in the same grouping will be 10 groupings below the D3 in 2009 ...so either we... or the current clubman owners are being ripped off ...no??21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
Groups are based on the best knowledge available at the time of the grouping. If that knowledge changes, next time there is a group realignment it is reflected. In the meantime that knowledge results in two identically grouped cars getting very different premium quotes. Try it using one of the online composites like confused.com and you'll see for yourself.
Insurers change their ratings independently of groups, the groups are just a starting point for the pricing model. If you look at a typical pricing model there are loadings and discounts for a whole host of factors, from driver age, occupation and location to the model specific variations within a broad insurance group. It's a highly competitive market so insurers who don't reflect good experience with lower rates soon lose business.
Without revealing commercially sensitive data, I can tell you that the pricing structures I've looked at for my 06 SE all broadly reflect an aggregate reduction on the initial group price for Group 14 before driver specific factors get priced in.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
9th Apr 2008 10:58 pm
Dom Harvey Lord of the Four Fingers
Member Since: 15 Apr 2005
Location: Dorset
Posts: 7454
Sorry but I have nothing good to say about Insurance companies....................slippery as 2004 Discovery 3 - gone
2006 Discovery 3 - gone
2008 Discovery 3 GS - gone
2011 Freelander LE Special Edition - gone
2007 Discovery 3 XS - gone
2012 Discovery 4 GS - current
To add to the above, I expect if I looked at the pricing for the mini it would show a larger reduction within group before driver specifics are factored in.
You can also have scenarios where driver a) has to pay more for a lower group car than for a higher one because that driver doesn't fit the normal driver profile for the lower group car.I know it's not considered "kind" to say no these days, but no. Just no, ok? And if it's not ok, still no.
9th Apr 2008 11:00 pm
DG Site Moderator
Member Since: 12 Dec 2005
Location: The Gaff
Posts: 50934
Well thats a strong defence on behalf of the insurance industry .....thanks
BTW ...did you notice that as from last Tuesday ..you should be around £300+ pa better off as a result of lower income tax bands coming into force
.....no ...I thought not 21 year LR veteran > D2 GS 2003 > D3 S 2006 > D3 HSE 2009 > D4 HSE 2013 > D4 HSE 2015 > D5 HSE 2018 > DS HSE R-Dynamic P300e 2021
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