How does insurance work.

[Robby122]

Hi,

Both my cars are miles apart from each other one is 80hp daily and one is 500+hp toy but....

1) 2008 Corsa SXI 1.2 (my first car will never sell it) Costs me £987 with 4 years NCB.

2) 2012 C63 Coupe PP costs me £1100 with 6 years NCB.

I asked insurance why its such a small difference between two, they said because corsa attracts theifs. I was like wtf!

Rant over

 

[developer]

I was like wtf!

Made me smile .

 

[whitenemesis]

My Singer Chamois (Monte Carlo spec) cost me £200/yr in 1975, equivalent to £1200 today, probably not far off what a 19yr old would pay for a similar spec car today?

My CLS55 cost me £190/yr last year equivalent to £32 back in 1975

Yep, all meaningless comparisons .....

 

[hotrodder]

The value (and performance etc) of the vehicle is often relatively meaningless... can maim or kill someone in a old snotter worth £10 just as easily as you can in something worth millions. The payout to third parties whether it's make believe "compensashion innit" or a lifetime of round the clock care can involve waaaaaaay more money than fixing or replacing a lump of bent metal

If your car is stolen you're insurer may not only be paying you to replace it... if the thief rams a plod car chashing it or is crashed into something or whatever there's gonna be a long line of 3rd parties looking for someone to claim from. Read up on the Road Traffic Act (specifically RTA insurer) to find out what insurance companies can be legally responsible for
Appologies for the dail fail link but i can't be bothered to go looking for better examples... Police charge man £1,000 for car crash damage caused by thief who had stolen his VW Golf | Daily Mail Online

 

[M.A.94]

Hi,

Both my cars are miles apart from each other one is 80hp daily and one is 500+hp toy but....

1) 2008 Corsa SXI 1.2 (my first car will never sell it) Costs me £987 with 4 years NCB.

2) 2012 C63 Coupe PP costs me £1100 with 6 years NCB.

I asked insurance why its such a small difference between two, they said because corsa attracts theifs. I was like wtf!

Rant over

Not 100% on this but I remember reading up a while back that some smaller cars are more expensive to insure than you would expect due to them being involved in accidents etc a lot more than a car which is more expensive therefore has more value to the owner who would naturally take care of the way he/she drives it.

 

[mat8n]

Basically there's (made up figures but you'll get the idea),

2 million corsas on the road in the UK.
2 thousand c63 coupes on the road in the UK.

4 thousand corsas will make claims
4 c63s will make claims.


Expensive powerful cars are 'generally' looked after and driven carefully, old bangers aren't.


The corsa is a higher risk car than the c63 so the price is hiked up. The c63 is low risk so the price is reduced.

 

[PobodY]

Depending on your insurer, you may get a discount for being a member of and owner's club or admitting you go to car shows. - Apparently that's an indication that you will care about your car and maintain it correctly, so you're a lower risk.

Ultimately it's just a form of gambling though; the insurer gives you a wager that your car will not be damaged or stolen, and you "win" if it is.

 

[kid-jensen]

Give up lining the pockets of insurance compamies with your corsa premium...

If you're so attached to it that you can't bear to be parted, put it on a pedistal in your living room and use it as an ornament!

We work too hard for our money to hand it over in ever-increasing quantities to unworthy insurance companies.

Just Google "Cheap to insure cars" and get yourself another clunker that the insurance companies won't shaft you with....

 

[dejongj]

Out of interest, how you do split your NCB across the cars? Are they truly like for like being compared?

Another element that will not help is the lack of safety features on the Corsa, build in anti-collision systems help to reduce costs.

I still can't believe that my 2014 Golf R was just £136 full comp to insure. The biggest factors in my experience, are age and where you live.

 

[Robby122]

Out of interest, how you do split your NCB across the cars? Are they truly like for like being compared?

Another element that will not help is the lack of safety features on the Corsa, build in anti-collision systems help to reduce costs.

I still can't believe that my 2014 Golf R was just £136 full comp to insure. The biggest factors in my experience, are age and where you live.

As I've had 2 policies in last 4 years I earn double ncb

 

[bob6600]

How does insurance work.

1. They charge you a fee to cover your vehicle against possible eventualities
2. The premium is based on information you provide them (as high as possible). However, in the event of a claim, they will tell you what it is worth (as low as possible).
3. The increase the premium the following year using any excuse they can
4. In the event of a claim, they use any excuse they can not to pay out

Feel free to add to the above

 

[John]

It would be easier to rationalise chaos theory than the UK insurance industry...