Reverse engineered car insurance.

[wemorgan]

This is a cool website idea I heard from a colleague. Drivers enter their personal details and the website then gives the cheapest car the driver can insure. Results can then be filtered by make/model/engine etc etc. Or you’d specify a policy price range and it would give a list of suitable cars.

Anyone clever enough to develop this…..?

 

[redbaron]

but the answer would be basically the same for everyone?

 

[wemorgan]

but the answer would be basically the same for everyone?

If no additional filters were applied then maybe yes. It would be the filters that would make the results useful.

Learner drivers would know what s/h cars are available locally to them, or which cars they would want to own.

Even more experienced drivers could use this website. If drivers had an insurance budget of say £500 max the website could tell them the most powerful car within budget.

There are plenty of anomalies for the basic insurance categories of cars not to give the full picture on insurance costs.

 

[st4]

I like it, but the insurance group catagories are meant to do this

 

[renault12ts]

I like it, but the insurance group catagories are meant to do this

Indeed...but they don't.

I think it's a great idea. Though possibly difficult to do.

 

[markjay]

Indeed...but they don't.

I think it's a great idea. Though possibly difficult to do.

Because different insurers offer different terms, the website would have to check with each insurer individually.

Therefore insurers' participation (and an interface into their quoting system) is required, in the same way as price comparison websites work.

So the success of such a website will depend on how many insurers you can get to sign-up to participate.

 

[wemorgan]

Example: Colleague, young male, no NCB, wants a cheap 1st car. Looks on Autotrader for obvious first type car, Fiesta, Clio etc. Insurance quotes range from £600-2000, yet all the cars are low insurance category cars.

 

[moff]

Because different insurers offer different terms, the website would have to check with each insurer individually.

Therefore insurers' participation (and an interface into their quoting system) is required, in the same way as price comparison websites work.

So the success of such a website will depend on how many insurers you can get to sign-up to participate.

And an insurer / broker will only sign up if they sell more policies and I don't think they will.

Add to that, it's virtually impossible to do this given the complex nature of insurance quotations and the data they use.

 

[Dieselman]

This is a cool website idea I heard from a colleague. Drivers enter their personal details and the website then gives the cheapest car the driver can insure. Results can then be filtered by make/model/engine etc etc. Or you’d specify a policy price range and it would give a list of suitable cars.

Anyone clever enough to develop this…..?

Too late, certainly for trade insurance.

Motor Trade Insurance

 

[grober]

Nice idea. What it might reveal [ if it worked] are set of insurance "sleepers" = cars that are relatively cheap to insure in comparison to their class rivals. However I'm not sure if the insurance companies would go for this as they seem to prefer the "black box" model where the punters input all the data about themselves and the car and the "black box " outputs a policy quote. The black box is convincingly labelled "model age, risk, convictions, garaged or street, engine cc's manufacturer etc" but empirical evidence shows that's far from the complete truth. Taking only one example new business quotes being routinely cheaper than renewals - [ at least until questioned ] so I'm not sure how these more "intangible factors" might figure in the equation.