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Modifications and the insurance rip off...
I recently bought a mesh infill for the grille on my S Type Jag; all above board - reputable specialist supplier etc. I thought I should tell my insurer of the 'modification' rather than have it come back to bite me later.
Expected no effect on the terms for a minor cosmetic modification costing £60 and 20 minutes work by a 10 year customer (on two cars) with no claims. Did the bulldog say, 'Oh Yessss?' No, his computer said, 'another £140 pa premium and extra £200 excess please.'
Obviously I immediately changed insurer on both cars (to see net saving anyway).
Is this the 'private equity/banks' thing again that makes insurers care only for new customers always at the expense of existing ones? Should we all change annually as a result? And was I naive to advise them of the 'modification' or is that always advisible anyway?
Expected no effect on the terms for a minor cosmetic modification costing £60 and 20 minutes work by a 10 year customer (on two cars) with no claims. Did the bulldog say, 'Oh Yessss?' No, his computer said, 'another £140 pa premium and extra £200 excess please.'
Obviously I immediately changed insurer on both cars (to see net saving anyway).
Is this the 'private equity/banks' thing again that makes insurers care only for new customers always at the expense of existing ones? Should we all change annually as a result? And was I naive to advise them of the 'modification' or is that always advisible anyway?
Asked on 24 June 2011 by ST
Answered by
Honest John
Yes, Private Equity Funding and simplified procedures leaving the clerks (or the automated system) no option other than to hit you for daft money. This is more likely to come from the broker than the actual underwriter. Private Equity invests in the middlemen, not the underwriters, because the middlemen is where the real money can be made.
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