Car Insurance renewal

[SD1too]

Originally Posted by MSS

... this is not a case of age discrimination.

But this is Maninder ...

Originally Posted by MSS

... how many of you have experienced elderly men and women driving at 40MPH in the middle lane of the M25 or another motorway in the dark and moderate traffic.

That would be an exception in my driving experience. What I find common is drivers of all ages sitting in the middle lane of motorways with their speed falling on an incline and increasing on a downward slope, cyclically. This can result in their speed varying between 50 mph or less and beyond the legal limit.

That has nothing to do with age and everything to do with a lack of concentration and awareness.

Simon

[Arctic]

[QUOTE]

Originally Posted by MSS

Before the OP wastes his and the insurer's time, this is not a case of age discrimination.

Age is a protected characteristic but insurance premiums are risk based on the basis of claims history in geographical areas, age groups etc.

Insurers have to be able to demonstrate in court the basis of their underwriting algorithms and if they are able to demonstrate a correlation between age and claims history then age based premium differentiation is perfectly acceptable and reasonable. I believe this has been tested in the courts.

It is well recognised that insurance premiums increase from the age of around 70.

Just ask yourselves, how many of you have experienced elderly men and women driving at 40MPH in the middle lane of the M25 or another motorway in the dark and moderate traffic. I have on numerous occasions recently. Having earned extensive NCD from the age of 55 is of little relevance at the age of 75 when thinking and reaction times are likely to be significantly different, as are the average motorist's driving habbits!

I suspect the OP is now firmly in that "high risk" motorist group due to age - the group that even the young amongst us Rover drivers are slowly approaching!


PS My experience of LV and their lack of jacking up premiums every year has been excellent. Also, I have just insured the 75 for £131 although I will admit that I live in a post code where news getting out of a resident receving a parking or speeding ticket would be a stain on the family name!

Originally Posted by wraymond

PostCOVcosts

As we all know, risks are based on increasing age and location of owners and Insurer’s overall claims experience. That’s as well as new young drivers where often the insurance is the same as the cost of the first car. Not merely in terms of frequency, but the huge increases put on the cost of just about everything.

Beware unnecessary add-ons you will be highly unlikely to need. A full month before renewal, get 4 quotes, not all on line, together with the attached conditions and excesses. Most of all, remember the companies do not have any regard for loyalty to you.

But that’s not all. In a burgeoning monetary world regular and increasing margins are essential to maintain growth. Oh, and one other thing. Every market has its ceiling and depends to a large extent on the reluctance the public (and/or misplaced loyalty) to manage their renewal.

Two weeks before yet another claim-free renewal date, let your broker/Insurer know you are looking for no more than an official rise of the inflation figure. You probably won’t get it, but there just might be some movement. Forget the pulling power of the Insurer’s name, all that matters is the cover.

From a personal point of view, I’m a dinosaur. 25 years as an insurance agent (nickname ‘Old Septic Knuckles’) and I thoroughly enjoyed every minute. An envelope, impersonally shoved through the letter box, never smiles.[/QUOTE

]

Ok all well and good to the above, but I'm after car insurance, not insurance for me has a human being.

The car should be insured not the person ie one price for Rover 75 albeit diesel petrol etc.

We all know it is still a big con and we can do nowt about it.

That is the end of my ranting on this conversation and thread i will now unsubscribe from said thread as it's all small talk which never gets anywhere they have us over a barrel with a gun at our heads.

[MSS]

I know we motorists feel had done by the insurers, but some facts may be helpful.

The motor insurance industry in the UK is highly competitive - to the point that motor insurers overall make hardly any profit from it. The profits are made largely from their ancilliary and other financial services.

Simon - I say that it is a case of premium differentiation based on risk, in which age is a factor, but it is most certainly not age discrimination.

Steve (Arctic) - At the present time it is the driver that controls the vehicle and therefore dterermines the risk, not the car.

PS I have no interest in the motor insurance industry nor do I work in it.

[bl52krz]

Originally Posted by MSS

I know we motorists feel had done by the insurers, but some facts may be helpful.

The motor insurance industry in the UK is highly competitive - to the point that motor insurers overall make hardly any profit from it. The profits are made largely from their ancilliary and other financial services.

Simon - I say that it is a case of premium differentiation based on risk, in which age is a factor, but it is most certainly not age discrimination.

Steve (Arctic) - At the present time it is the driver that controls the vehicle and therefore dterermines the risk, not the car.

PS I have no interest in the motor insurance industry nor do I work in it.

I also have nothing to do with the insurance industry, but I have an interest in it, because I use it to insure my vehicle, and house/contents. The industry is a free hand to make money. That is all they are in it for, NOT to help you out. Can someone explain to me how my insurance was just under £400 last year, and this year I had quotes of up to £3000, all for the same car. My own insurer decided to put my insurance up from just under £400 to over £600. The only difference is my age. I obviously told them to stick it. Partly because I am taking it off the road, sorned, the end of this month. Now, I am putting the Connie SE 2.5 on the road instead. The insurance for that is £502.00. I was offered insurance on the diesel for £406.00. If you can explain the anomaly between those two figures, I would be most grateful. I would have expected the insurance for the 2.5 to have been higher than the diesel, but by a larger margin. Glad it is not, but it just shows what a racket the car, and probably the rest of the insurance industry is. I think I will start an insurance company up, then I might manage to get my Aston Martin.

[picky747]

I've just received my renewal for my motorhome....last years was £500ish the renewal is now £1600 with my current insurer refusing to quote. Clean licence for 42 years and no claims. I'm sure they are trying to force older drivers off the road!!

Here in Spain it is the vehicle that is insured not the person.

[KWIL]

I enquired about "modern classic car insurance" from one of the brokers mentioned in this thread.



The reply in due course "none of our insuers would quote" why? because I am over 80!


In the end I stayed with my present insurer with my costs actually just under the cost of the outgoing cost.

[MSS]

Looking at the age demographic of MG/Rover ownership, I wonder if some insurers have heard of the triple-lock on pensions and want a share.

Just a thought!

[Gate Keeper]

Originally Posted by picky747

I've just received my renewal for my motorhome....last years was £500ish the renewal is now £1600 with my current insurer refusing to quote. Clean licence for 42 years and no claims. I'm sure they are trying to force older drivers off the road!!

Here in Spain it is the vehicle that is insured not the person.

Did you ask the current insurance why the hike?

Your renewal of £1600 must be so disappointing and disheartening, sorry.

Next week I am borrowing a 16 year old estate car from a very good friend. Through go compare I was quoted between £1400 to £2000 plus for comprehensive. Third party fire and theft was more expensive. Some insurance companies refused to quote.

Eventually I found an insurer who would cover under the conditions of car borrowed, the car is Thatcham security protected, fully comp for £250 first payment and then a rolling payment of £116 every month for as long as is needed with no cancellation fee. It was the best deal I could find.

I have had no speeding offences or convictions or made any claims in more than 20 years and have the NCB protected for 20+ years. I am aged 69 years young

I was telling my wife I had some friends over the years who worked as insurance brokers, they all had nice houses, nice clothes, a permanent tan and a lovely car, that was a long time ago. Could it still be the same.

The insurance industry is changing and we have to go along with it. If we don’t or if we do, we are stuffed either way.

I think it helps to have a moan and support each other.

[MSS]

Young drivers have often paid £3k+ for car insurance for years.

[wraymond]

Write-off?

Naturally, agree with most of the above.

However, at the mention of insurance, there are pitfalls on the economical aspects of 'cover'. At current values, and anticipated costs allowing for market trends, the Insurers will always seek a minimum settlement in the event of a claim for damage or loss.

The words 'economic residue leading to write-off’ solutions are another way of saying they don’t care, they are in the insurance business – not the motor trade.

For instance, age has its drawbacks. Many 25 year old cars are lovely, cherished and highly valued by the owner but, to the trade, they are dinosaurs and many of them are insured for risks that amount to, in the event of a major claim, a ridiculously low pay-out. It’s the ‘write off value’ that counts.

How many of us have so-called ‘fully comprehensive’ cover? We see value in the care and maintenance we have lavished on a car over the years but insurers see it as a dinosaur worth a pittance and will only pay on a ‘residual value’ following a serious accident. Even on cover of 3PF&T a car will only be valued at its market value which is significantly lower than what an enthusiast would want. A more realistic policy would be 3rd party only.

Effectively, insurers are essentially an offshoot of the bankers. And that last word was correctly spelled. Believe me, directors are all very well remunerated for doing absolutely nothing of any value. Does anybody know anyone who has had an 'agreed value' on their 75 at the inception of their policy?