It's costing me 280 a year to insure an old banger worth 200 quid, third party fire and theft.
I phoned up to ask them how much extra it would be if I changed cars to a R reg Audi S8 4.2, which is listed as Group 20.
An extra 270 quid. I asked the dude to check his price three times, as I thought there must be something wrong.
I don't get how they work out insurance prices. How come the quote for the old banger is so much relative to the S8?
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Third party covers other cars.
Just because your old banger is worthless does not mean you will not hit a Bentley Continental and do £50,000 of damage.
The insurance risk for that is the same for a banger as a S8.
madf
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A large chunk of the premium is allocated to paying out to repair the car you run into, not that *you* would of course... o:)
...in a strange sort of way the insurance companies may think that one would not be quite so careful when driving an old banger as a newish top of the range model and load up the TPFT cover accordingly.
If you want cheap insurance drive a classic or motorhome, very low accident statistics and therefore insurance on these.
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One mans junk is another mans treasure
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As well as what's already been mentioned, your old banger is easier to steal than something more modern with factory fitted security immobilisers and the like. Someone just wanting a ride home would more than likely steal yours than the newer car down the road.
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And also the old banger is unlikely to have safety features like ABS.
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Never neglect
www.confused.com
when looking for insurance.
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Unless they consistently come back with quotes more than double what you already paying now. Talk about confused.
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I had similar fun with Screentrade years ago. The only quote which matched my renewal was from someone like "Darren's Insurance" - a few quotes were a couple of hundred quid more and then Norwich Union came in with a quote that was a magnitude higher than anyone else. 10 times higher. Quote me happy? They certainly did. I couldn't stop laughing.
----
Life is complex; it has real and imaginary parts.
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Never neglect www.confused.com when looking for insurance.
I live in London with zero no claims bonus, and the only company that offers decent pricing for me is Bell. Everyone else is pricing quotes in terms of thousands!
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And also the old banger is unlikely to have safety features like ABS.
It does have ABS, and side impact beams!
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Why not just change the policy to third party only and drop the fire & theft bit?
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Try confused for a 911. Always good for a laugh:
No
No
No chance
Get lost
No
£xx,xxx.xx
Ha Ha
No
NU also quoted me happy the first time I tried to insure it. Their quote was four figures, starting £6,66.. - a hint perhaps?
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It may be the risk of writing off people rather than cars that's driving the premium. The cost of lifetime care plus lost earnings for someone with a reasonable career prospect can easily top a million.
£500 for the Audi looks incredible value though.
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As an aside: if you are the First Party, the person you have the accident with is the Third Party. Who is the Second Party?
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I did push the call centre guy to ask him why it was so cheap when the car was group 20. His response was that they probably had very good experiences with S8 drivers in the past, which is why their take a low risk on that model. Maybe the Brembo brakes or the Quattro all wheel drive or the fierce acceleration help to prevent accidents in certain cases?
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Truckosaurus - the second party is the other party to the contract, i.e., you're the first, the second party is the insurer and everyone else is a third party (no further ranking).
nutty_nissan - if you live in London and have zero no claims, it's more or less pointless looking at anyone other than Bell Direct, except possibly Elephant or Admiral (same company, slightly different quotes).
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Just tried Bell Direct, TPFT £996 for a grp 15, N Reg BMW 520i. That quote was with my 2 years NCD, which is a whole two years more than nutty. My car has ABS, no clue about side door beams though.
Was there a magic word you used to get your low quote, nutty?.
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Just tried Bell Direct, TPFT £996 for a grp 15, N Reg BMW 520i. That quote was with my 2 years NCD, which is a whole two years more than nutty. My car has ABS, no clue about side door beams though. Was there a magic word you used to get your low quote, nutty?.
that is HIGH compared to my quotes. Again, I called Bell again and asked them how much extra for a BMW 750i, which is group 20 again. More than the S8, but would work out at a yearly total of 780.
Maybe it's your occupation dude? I put down computer programmer. Oh yeah, I'd put down an additional driver, preferably a woman with a ordinary occupation (wife,sister,mother etc.) Apparently, adding a woman to a policy where only a bloke is insured will reduce the price, as they reckon the woman could share the driving etc.
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"Maybe it's your occupation dude?"
Nah, can't see being a forklift driver being high risk. It must be to do with only having my license for two years. Can't think of anything else as my age (35) and postcode (BB, East Lancs) should be pretty low on insurance hit lists.
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Truckosaurus - the second party is the other party to the contract, i.e., you're the first, the second party is the insurer and everyone else is a third party (no further ranking). nutty_nissan - if you live in London and have zero no claims, it's more or less pointless looking at anyone other than Bell Direct, except possibly Elephant or Admiral (same company, slightly different quotes).
Interesting when you look at Elephant and Bell which are different brands of Admiral. The quotes are identical from both. However, I looked at the small print. If you decide to cancel with Elephant, after you 14 day cooling off period, no refund given. With Bell, you can get pro rata refund if you cancel after cooling off period.
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Isn't 2nd party an abstract Latin term?
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£200 a yr,,bmw 320i coupe 3 yrs old and the wife to drive..
(fully comp)
thats what ya get for having full no claims bonus park in a garage at night and drive approx 6000 miles a yr
and your job has a factor in the price and your area where u live
--
www.storme.co.uk
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