Enshwurince For Chod

[Isaac Hunt]

I read in Broadswords Two Jag thread

 

There is some algorithm that says that sub £1000 cars are higher risk so you can get higher quotes, or some places even refusing cover.

 

Feck me. I would have thought a lower value was lower risk on the basis that the pay out would be less. I mean, if you have declared lower to market value, surely that not going to pay out higher than you declared. Just goes to show how wrong one can be.

 

Any Other starange algorithms that catch us out

[Tamworthbay]

I gather the understanding is that the cars are likely to be less well maintained and that the drivers are less likely to be ‘conscientious drivers’ so more likely to have a crash. A £100 snotter can write off a Ferrari just as well as newer can.

[Pillock]

Absolutely.

It'll be based on their stats of how many £250 Renault Clios were landed upside down, on fire, in a Bentley dealership compared to £25,000 Audis.

 

Someone once told me the only speeding points that make any difference are 6 - because 3 is quite normal, and if you're got 9 then you drive like a nun. Not prepared to get caught speeding twice to check this out!

[Scruffy Bodger]

A younger friend of mine who is always swapping about old cars on insurance was told that if a car is too cheap it will be dearer to insure. He now insures most of them for around the £1500 mark if I remember correctly to keep his premiums lower.

[Broadsword]

Yeah I simply wasn't aware of this insurance thing. A slight surprise as I had never thought of it that way. I thought the algorithms really were based on the reputation of make and model. Lesson learnt for me at least.

[UltraWomble]

Tru

Ive been playing with quotes for Womble Jr and a £2500+ Panda is cheaper to insure than a £250 Punto with the same 1.2 donkey

[sierraman]

Sort of stands to reason as it’s based on risk. Something like a 15 year old Astra or Focus is going to cost you as there’s a fair chance it will be driven by a high risk demographic in a poor area. A six month old Toyota Auris on the other hand it’s not likely it’ll be driven by someone pissed up or drugged of his eyeballs.

[Justin Case]

According to my brokers, newer cars can be cheaper to insure because they have more safety features which makes them a, less likely to crash and b, less likely to injure the occupants in the case of a crash, which is the cause of the highest payouts. On the other hand they say that a car imported from NZ will cost 50% more than one to the identical spec which has spent all its life in the UK

 

I suppose to sum it up it seems to be a mixture of basing premiums  on  actual risk when they have enough information and plucking a (high) figure out of thin air when they haven't. So it is a win-win situation, but only for the insurance companies. Surprise, surprise

[sutty2006]

Another reason is theft.

 

Put your sub grand chod next to a brand new Toyota auris hybrid in a car park and the cross eyed nuckle dragging thief is more likely to take your old chod for shits and giggles round the estate for a few hours fun.

 

Times have changed recently though with thieves stealing high end cars from your drive while you sleep through the obd port.