Just been on the phone to my broker, and the reason I have been given for my insurance going up this year is that I changed to a car that is in a higher insurance group during the last year. Maybe this proves that insurers have a different system of mathematics to the rest of us, as I'm sure 2 (the grouping of the Yaris) is lower than 8 (the grouping of my old Tipo)...
Anyone else got any implausible reasons for increases?
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No - my insurance is seriously down as I now have my first ever NCB. I would like to point out that the ABI groups are only a guide though and while some insurers follow them very closely, others don't... so a Yaris may actually be perceived as a higher risk than a Tipo by your insurer.
This is unfortunate for you now, of course, but was probably the reason why you were with them in the first place when you still had the Tipo. The best thing you can do is shop around.
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My insurance company, Citroen Insurance, uses 99 groups!! Quite scary when I rang up and was told my new car would be 13 groups higher, I added on the 6 I thought it was before, and decided to get a 15 year old Porsche! Fortunatly, group 45 seemed quite reasonable.
Ben
On my 3rd Citroen. Saxo, Xsara, C5.
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>>>the reason I have been given for my insurance going up this year is that I changed to a car that is in a higher insurance group during the last year>>>
And like a true British gent, you did not correct them?
And the increase had nothing to do with your rear-ending someone whose claim has been (? or has not yet been ?) settled?
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And like a true British gent, you did not correct them?
I didn't bother - after the pathetic service I've had this last year I'm not going with them again.
And the increase had nothing to do with your rear-ending someone whose claim has been (? or has not yet been ?) settled?
It quite probably is, although if the premium loading for such a minor bump is larger than an extra year NCD then they really are after their pound of flesh. I'm only giving the reason they claimed for the increase...
(Mark & DD - can I start building my bridge now?)
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SteveH42 - I was just trying to show that what seems pathetic from viewpoint may seem entirely reasonable from another viewpoint when all the factors are taken in to account. If, as you suspect, your previous allegedly inefficient/pathetic Insurer has given you the message that they only want your business at a higher premium - and you have taken that message on board by going to someone else who wants to welcome you with a lower premium - then in the end they have done you a good deed!
See it in that positive light and you will feel happier for it.
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SteveH42 - I was just trying to show that what seems pathetic from viewpoint may seem entirely reasonable from another viewpoint when all the factors are taken in to account.
I can see your point, but if they hadn't said anything, or had given a couple of reasons I wouldn't mind, but to say that a car of a considerably lower grouping is actually classed as more of a risk is just plain daft.
If, as you suspect, your previous allegedly inefficient/pathetic Insurer
I think an insurer that claims never to have heard of me when a claim is made but is still more than happy to take money off me for changes to the policy and renewals is a bit pathetic. I wouldn't have gone with them again anyway - this first incident has caused enough trouble, if I actually need to claim for any serious amount then I'd rather be with an insurer who will deal with the claim!
As an aside, the renewal letter did not mention any accumulated NCD. I'm sure they have in the past, and am wondering if this may cause me problems changing to another insurer, proving how much NCD I am entitled to?
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As an aside, the renewal letter did not mention any accumulated NCD. I'm sure they have in the past, and am wondering if this may cause me problems changing to another insurer, proving how much NCD I am entitled to?
Errrm, I thought I read further up that you'd had a claim?? if so, then erm, no NCD.. If the to-ing and fro-ing hasn't finished yet, then no matter who's fault it was, you'll have an outstanding claim on the books until it's settled and to get your NCD back to where it was your insurance company will have had to get everything back from the other party - including excesses.
Things change a bit if you have 'protected ncd' they just wack the premiums up then!
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"Things change a bit if you have 'protected ncd' they just wack the premiums up then!"
We (as an insurance group) are: -
1 Wacking each other (or stationary objects) more often.
2 Having more cars nicked.
3 Incurring higher legal bills through m'learned friends' compensation culture.
4 Watching repair charges go through the roof (is this an insurance job guv?
5 Making more fraudulant claims.
6 Suffering the consequences of more uninsured drivers.
And we wonder why our premiums go up. Oh really?
FACT - Motor insurers lose money most years - it is the influx of new insurers during the better times that keeps premiums lower than they should be (until they in turn get burnt by the cheap premiums that extra competition brings).
FACT 2 - Composite insurers make more out of the other products that they sell to the motor customers.
Sorry but this "insurers rip me off" gets tedious.
No. I'm not a motor insurer.
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Spot on.
There is a well known phenomenen known as the insurtance premium cycle. It goes something like this.
1. Competition drives premiums down.
2. Providors start to lose money and therefore raise premiums or withdraw from the market.
3. Higher premiums and less competition lead to improved profitability. This encourages some companies to cut premiums and others to enter or re-enter the market.
4. See 1. above!
Hence, when premiums are going up either meens that the cost of claims is increasing and/or we are at stage 2 above.
Peter
PS I don't work in insurance but am a qualified actuary.
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Errrm, I thought I read further up that you'd had a claim??
If you read the various 'Accident questions' threads, you'll get a fuller picture, but basically, had a minor accident, informed insurer, insurer replied with words to the effect of 'who are you, we've never heard of you', I wrote back saying 'look again', no answer after a few weeks and repair costs had come back as about what I'd be paying extra in premium anyway so I wrote to them again saying 'forget it, I'm paying'.
> if so, then erm, no NCD..
Well, yes, as I had 3 years before so will have at least 1. However, the quote from them suggested they had got my last letter and hadn't paid up. (It was about £20 more than last year - £350 as opposed to £330)
The only potential problem is that I've not finalised the settlement with the other insurance company. However, I have made it clear to both companies I am meeting the cost of the claim and I am waiting for the other company to get back to me.
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