Renault Clio - car insurance query

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Mon 31 Jan 2011 20:45
Renault Clio - car insurance query - stivvy

My 20 yr-old daughter this year arranged her own car insurance and has learned the lesson of looking at the small print having been charged £100 for four mid-term changes. Hard lesson but my question is:is there a rough percentage increase when the same 3PFT cover is kept but the vehicle is changed from 1.2 to1.4 and the value increased from £2k to £4k? (She has now upgraded to Fully Comp.)

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Mon 31 Jan 2011 23:46
Renault Clio - car insurance query - Dutchie

It makes me sick the way young people are ripped off by insurance companies.My 25 yr old daughter pays about £1000 for a 1.2 little car.I know there are statistics regarding accidents with young people.But I my opinion insurance companies are profitering way over the top.Iam not sure now if she is paying £1200.

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Tue 1 Feb 2011 10:15
Renault Clio - car insurance query - stivvy
I agree. I have two youngsters both under 21 and although I think they're lucky to have cars, that's how it is these days, the insurance is absurd. My boy had a renewal on his Corsa, going up from £830 to over £1000. I queried this, added his mother as additional driver and the cost came down to £859!

My posted question was in the hope someone with inside knowledge would be able to give me a rough figure for going up to a 1.4 from a 1.2 and with an increased value from £2k to £4k, keeping the same 3PFT cover.
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Tue 1 Feb 2011 10:46
Renault Clio - car insurance query - Armstrong Sid

This link from Honest John a few days ago is interesting.

www.honestjohn.co.uk/news/tax-insurance-and-warran...s

One quote in that piece stands out from an AA Insurance man.

"in 2009, when for every £100 taken in premiums, £123 was being paid out in claims"

Are they really making excess profits?

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Sun 27 Feb 2011 18:32
Renault Clio - car insurance query - stivvy
My daughter went through SWINTON, Reading branch for her insurance and didn't spot, or was not informed, that she would be levied an "admin. charge" of £25 for any change in her policy. She had three changes of vehicle, two of which were cars that had to be returned to the dealer for refunds, then upgraded to comprehensive cover. All told £250 in admin. charges! Since I got involved I have also discovered an additional amount of £58 was taken for "interest charges". By the end of the period she will have coughed up over £1200, over £300 of which is not for insurance. All correspondence with the branch asking for clarification in writing has been replied to by telephone and I was informed last week that "we do not have the facility in this branch to write non-standard letters". A refund of £25 by way of a cheque was promised 5 weeks ago. Still waiting.
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Sun 27 Feb 2011 18:57
Renault Clio - car insurance query - Cymrogwyllt

This link from Honest John a few days ago is interesting.

www.honestjohn.co.uk/news/tax-insurance-and-warran...s

One quote in that piece stands out from an AA Insurance man.

"in 2009, when for every £100 taken in premiums, £123 was being paid out in claims"

Are they really making excess profits?

That's traditional insurance co speak. They've been using the same line since the '70's. They neglect to include the money they normally make by investing the premiums before they pay out. We're paying for the investment losses due to the crash. If they were really losing money on that scale would they still be there?

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Sun 27 Feb 2011 19:03
Renault Clio - car insurance query - TTToommy

Don't forget that a YOUNG driver is odds on to have an accident before they are 21 - the accident might kill or maim someone resulting in the Insurance Companies paying out MILLIONS in the case of a young person requiring a lifetime of care.

There's also the get rich quick solicitors and the greedy

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Mon 28 Feb 2011 09:50
Renault Clio - car insurance query - LucyBC

There are some products that can reduce costs:

http://www.i-kube.co.uk/

Basically it's cheaper because it imposes a curfew at the highest risk times for young drivers.

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Mon 28 Feb 2011 21:23
Renault Clio - car insurance query - bonzo dog

the money they normally make by investing the premiums

the investment losses due to the crash

I give in .... which is it?

Just like lots of companies from small corner shops to multi-nationals, the good years need to subsidise the bad; that's basic economics. Similarly some elements of the business will be profitable whilst others will lose money & in order to attract "good clean" business insurance companies have to price it very keenly, which means that higher risk business needs to stand on its own two feet.

And as someone else half pointed out, you only need motor insurance if you want a car; like the petrol, RFL etc etc, it's a cost of motoring

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