MrH
Member Since: 08 Aug 2007
Location: lost in the forest
Posts: 7754
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Still does help me understand why two NFU clients with the same vehicle in the same general area are so far apart, so my questions to TC still stand.
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 21st Feb 2012 9:28 pm |
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Zapp79
Member Since: 25 Jan 2012
Location: Staffordshire
Posts: 129
 
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The only conclusion I came to is that insurance premiums defy all logic.
My premium rose from £600 (£250 excess) for a 525d sport, to £800 for the first year I had my D3. Then increased to £890, then £1080. This year it is £1200.... and those are the best 'like-for-like' premiums I can get without adding an excess above £600. 
Clean licence, 8 years NCD, 1 claim in 5 years.
Each year I have the same argument with some poor call centre slave desperately trying to justify the increased premium:
- it's because of the value of the car (then how come I can insure a £75000 motorhome for 1/3 the premium of my car?)
- my postcode is a higher risk (I haven't moved),
- it's the engine size (I haven't changed the engine),
- it's my age (my name isn't Peter Pan, so I tend to get older each year - my insurance was actually much cheaper when I was 17!),
- it has been a record year for claims....again (my heart bleeds...oh, and I haven't claimed),
- premiums are returning to their 'true' cost as they have been falsely reduced by the effects of comparison sites until now. (  )
For me, the NFU have never been remotely competitive for car insurance and, unless they sharpen their pencils, will be losing me for home insurance this year too.
The great British public is clearly getting thoroughly stuffed over motor insurance and I hate to suspect that the lack of direct interest from our political 'betters' has anything to do with HM Treasury taking a direct cut by way of IPT. 
I need a lie down now.... deep breaths.... and calm.
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| 21st Feb 2012 10:09 pm |
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lespes
Member Since: 17 Sep 2009
Location: Sitting Down
Posts: 2232
 
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Not sure on how the private car insurance mkt works, but commercial insurance premiums are based on returns from the stock market, or how hard the premium can work in current market conditions.
From the variances to be had from evn the same company, over a couple of weeks looks like it is pretty much the same.
Would guess the mkt premiums change at least weekly after some complex formula is crunched looking at returns from premiums invested to claim and profit margins.
As stock mkt returns have been very poor in recent years and huge swings have and still continue is probably what we are seeing being mirrored in the premiums offered.
Insurers also have huge funds at their disposal which can be used to divert into subsidiary companies or products.
Made up eg insurer x invests in 10 mill shares in company selling tracking systems. Makes good sense to require everyone to have one fitted.
Made up 2 eg: invest in price comparison site so they can control the prices input
The fact is they know most people are to busy to have time to shop around and are not as likely to move once they haveo the business. It has also beccome common practise for companies to "forget" to send out renewals as they have direct debits or continuous credit card details. D4 Landmark MY16 Santorini Black THE LAST
D4 HSE MY12 Marmais Teal: Gone. Missed a lot!
Freelander 2 SD HSE MY11 Silver:Thankfully gone.
D4 HSE MY11 Silver: Gone missed !
Range Rover Sport MY06 HSE Buck Blue: Gone missed!
Discovery D2 TD5 Facelift MY Red Gone Missed!
Discovery D2 TD5 Cobalt Blue: Gone Missed!
Discovery D1 Auto Oxford Blue Not missed at all!
Discovery D1 Avalon Blue First LR! missed!
Now demoted to a VW
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| 21st Feb 2012 11:52 pm |
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Ecosse
Member Since: 07 Jan 2005
Location: Grampian, Scotland
Posts: 892
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Zapp79 wrote:
For me, the NFU have never been remotely competitive for car insurance and, unless they sharpen their pencils, will be losing me for home insurance this year too.
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From what I've seen despite being a "mutual" NFU have become less competitive across a range of products that many commercial insurers - but is that either due to their sales model of "agents" or using non-farming insurances to fund payouts to farmers? - a quick look at many of their farming policies seems to indicate very low excesses and a lack of control over the condition of insured property and with poor weather conditions they must hav ehad to replace a lot of run-down cow sheds with brand new barns!!! My view is "vote with your feet"!!
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| 22nd Feb 2012 1:52 pm |
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pcregeen
Member Since: 02 Feb 2008
Location: Huddersfield
Posts: 421
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I had an issue with my wifes car. She has a VW Polo GTI that was naturally quite heavy on insurance. We sold it and bought a Seat Altea so rang AXA and was told that it was a mere £18 quid additional money. I found this odd as cars were about 7 groups apart (on old system) but for £18 wasnt going to argue. Then was told it was £18 per month so actually was £216 over the year. I accepted it as had three months left and wanted no claims before jumping ship. However, Altea was a lemon and we had the dealer buy it back off of us within a week. I rang to inform the insurance company and as we still had Polo (kept in garage on a 28 day policy till sold) asked to transfer policy back. I was told fine but additional premium was £48 a month. the arguement that started then can only be described as  . The sales team could not see my point for want of trying that actually it should be going down by £18 based on the garbage they fed me 7 days earlier. My experience therefore is it matters not what you drive or where you live but purely whether they want your business on that day.
Pete
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| 22nd Feb 2012 2:08 pm |
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