Insurance gone mad... wankers
03 October 2003, 10:17 PM
#1
Scooby Regular
Thread Starter
Join Date: Apr 2002
Location: Bournemouth - 5x Ex Impreza owner. 997 GT3 CS.
Posts: 7,333
Likes: 0
Received 0 Likes
on
0 Posts
Ok, insurers have always been a mystery, and damn inconsistent.
My first scoob was a UK MY96 when I was 22, paid £1000 with Privilege, with full decat, spoiler, filter, wheels etc.
Next scoob I insured at 24, last year. MY99 worth around 12k, full decat, lots of Prodrive goodies, TEK2.5, dawes, alloys etc... £1000 with the nice chaps at Greenlight.
Sold that in April this year as I was buying a house. Bought a MY94 WRX and am paying £1100 with A-Plan. Most quotes were through the roof so this was quite good.
Now going back to a MY99 UK turbo, Prodrive wheels and full decat. Best quote is £1400 from Flux, or £1100 plus expensive tracker from Tesco.
How the **** does that work? Ive got 5 yrs NCB, no points, no convictions, good post code etc. Most companies have pulled out or wont insure you at all.
Really ****s me off. You'd think with a track record of owning performance cars, and not claiming, you'd be a safer bet. Obviously they don't use that in their criteria. 3 years on, cheaper car, less mods = %40 increase
[img]images/smilies/mad.gif[/img]
Tossers, the lot of them.
MB
My first scoob was a UK MY96 when I was 22, paid £1000 with Privilege, with full decat, spoiler, filter, wheels etc.
Next scoob I insured at 24, last year. MY99 worth around 12k, full decat, lots of Prodrive goodies, TEK2.5, dawes, alloys etc... £1000 with the nice chaps at Greenlight.
Sold that in April this year as I was buying a house. Bought a MY94 WRX and am paying £1100 with A-Plan. Most quotes were through the roof so this was quite good.
Now going back to a MY99 UK turbo, Prodrive wheels and full decat. Best quote is £1400 from Flux, or £1100 plus expensive tracker from Tesco.
How the **** does that work? Ive got 5 yrs NCB, no points, no convictions, good post code etc. Most companies have pulled out or wont insure you at all.
Really ****s me off. You'd think with a track record of owning performance cars, and not claiming, you'd be a safer bet. Obviously they don't use that in their criteria. 3 years on, cheaper car, less mods = %40 increase
[img]images/smilies/mad.gif[/img]Tossers, the lot of them.
MB
04 October 2003, 02:15 AM
#2
Scooby Newbie
Join Date: Sep 2003
Posts: 9
Likes: 0
Received 0 Likes
on
0 Posts
Insurance Geek answer:
Insurance companies go through what is know as the insurance cycle. Basically, if you undercharge for a couple of years, you start to make losses and a number of companies pull out of the market. You realise this and then increase premiums which brings you into profit. Other companies see the profits and enter the market bringing in extra capacity. This increases competition hence rates start to come down. Companies then start to make losses and some pull out etc etc etc.
At this point in time we are just at the end of the rate "hardening" cycle where rates have been increasing for a few years by upto 10-15% p.a. However, indications at the moment are that rate increases are starting to flatten hence we are moving in to the next part of the cycle i.e. where we expect rate decreases to occur.
Insurance companies go through what is know as the insurance cycle. Basically, if you undercharge for a couple of years, you start to make losses and a number of companies pull out of the market. You realise this and then increase premiums which brings you into profit. Other companies see the profits and enter the market bringing in extra capacity. This increases competition hence rates start to come down. Companies then start to make losses and some pull out etc etc etc.
At this point in time we are just at the end of the rate "hardening" cycle where rates have been increasing for a few years by upto 10-15% p.a. However, indications at the moment are that rate increases are starting to flatten hence we are moving in to the next part of the cycle i.e. where we expect rate decreases to occur.
04 October 2003, 09:31 AM
#3
Scooby Regular
Thread Starter
Join Date: Apr 2002
Location: Bournemouth - 5x Ex Impreza owner. 997 GT3 CS.
Posts: 7,333
Likes: 0
Received 0 Likes
on
0 Posts
Ta for that,
Still in a bad mood though! I think what you describe there has happened to Greenlight - They were always very well priced for scoobs, especially with mods. They guy on the phone told me they had made a big loss on many claims ans had to stop covering Subaru's. Im sure they will be back...
MB
Still in a bad mood though! I think what you describe there has happened to Greenlight - They were always very well priced for scoobs, especially with mods. They guy on the phone told me they had made a big loss on many claims ans had to stop covering Subaru's. Im sure they will be back...
MB
Thread
Thread Starter
Forum
Replies
Last Post