New Insurance Groups

[monkey636]

Spied this post on CS...

Autotrader

Thatcham

v6 looks like insurance group 39.

 

[sammyturbo]

is this gonna be a good or a bad thing ?

 

[® Andy]

Well it's 39 out of 50, rather than 20 out of 20, so got to hope that's good!?

 

[Rich]

What a daft idea, it seems they are overcomplicating a system which already works ok.

 

[stevo]

it might seem aft or it night be because i'm getting old but i've just done an insurance quote for my vee which starts in febuary but here it is..

i've just turned 25, 7yrs no claims, lorry driver, home owner, with jade insured too, up to 8000 miles a year...

£651..

thats nearly half the current price i pay at the moment.


also i had a look on the tatchams site. you can searh all cars that have been classed as group 39 the same as the vee...

i was supprised what they class as the same..

saab 95 aero's
merc clk's
merc c class 200
bmw 330's
audi q7's
range rover td6
cadillac cts sport
jag xjr8
peugeot 4007
vw tourag's
most volvos

group 50 cars :-

caddilac escalade..
911 carrera 4
911 turbo
lot of big merc's..sl500 amg's etc
toyota land cruiser.

yet not a single ferarri or lambo or any true exotic's..

lotus exige comes in at group 40

 

[pugs9000]

Think it will only benefit the lower end, in the region we are its bound to hurt, because we know how 'bad' those fast cars are!

 

[Rich]

Hmmm so if the categories have more spread now it should pinpoint more accurately the right amount to charge us? My question is, if the old system was unsuitable for some reason, have they either been undercharging us or overcharging us for insurance for years and if they have been getting it right why change anything about the old system? There is more to this than making insurance more fairly calculated for customers.

 

[pugs9000]

Hmmm so if the categories have more spread now it should pinpoint more accurately the right amount to charge us? My question is, if the old system was unsuitable for some reason, have they either been undercharging us or overcharging us for insurance for years and if they have been getting it right why change anything about the old system? There is more to this than making insurance more fairly calculated for customers.

But this begs the question why are companies so far apart when quoting? I mean a quick example was the insurance for my 197 cup, bell who i have been with for a few years wanted £799, but the AA wanted £2500- surely they cannot be miles apart and both quotes were obtained by ringing and trying to haggle it down.

 

[FunkyMunky]

But this begs the question why are companies so far apart when quoting? I mean a quick example was the insurance for my 197 cup, bell who i have been with for a few years wanted £799, but the AA wanted £2500- surely they cannot be miles apart and both quotes were obtained by ringing and trying to haggle it down.

partly to do with the profile of customers they're trying to attract and the type of car they would like to insure would be my thoughts... Admiral/Elephant/Bell are all part of the same group and have always been fantastic price wise on hot hatches/sports cars for people in their 20's... their customer service is shocking and it's quite painful to actually get money out of them when you need to claim but that's the trade-off I guess... Privilege seem to be better on price for slightly less sporty but more prestige stuff i have found... now i'm in my 30's that may all be a different story! :s

 

[Rich]

Well I bet the new banding won't make that much difference to the spread of quotes, some companies will still offer a good deal, some will try it on and some wont touch certain cars with certain owners in certain area's with a 10ft barge pole and charge accordingly. tbf seeing as there are comparison sites now which allow you to quickly scan the market it's easier to see who might give you a better deal so it's fair to assume that these companies quoting high, know that you are aware of this and don't actually want your business for reasons only they can explain. I remember the old days going though the yellow pages during a lunch break and nearly all asked what everyone else was quoting, I wonder why that is eh...