Vehicle Insurance

[brockers]

Re the original post, is the bike old enough to count as a classic bike? Can you get classic bike insurance on cheaper rates, as you can with most classic cars?

As I was in a bit of a panic yesterday as the insurance had actually run out, I forgot to check for classic status. It's only a '92 so I'd think unlikely. I remember being told last year though, that my premium was cheap as it was an oldish bike. So perhaps I assumed that the age would be factored into most quotes - classic or not. However, I might run some numbers through a classic insurance provider and see what comes up, and then take the hit on cancelling the policy I bought on Monday, if it offers better value.

 

[vernon]

As I was in a bit of a panic yesterday as the insurance had actually run out, I forgot to check for classic status. It's only a '92 so I'd think unlikely. I remember being told last year though, that my premium was cheap as it was an oldish bike. So perhaps I assumed that the age would be factored into most quotes - classic or not. However, I might run some numbers through a classic insurance provider and see what comes up, and then take the hit on cancelling the policy I bought on Monday, if it offers better value.

I can't believe what you've been asked to pay.

My CB500 (1995) is costing me £77 fully comprehensive.

Have you tried some of the comparison web sites?

 

[brockers]

I can't believe what you've been asked to pay.

My CB500 (1995) is costing me £77 fully comprehensive.

Have you tried some of the comparison web sites?

..er yes! Thing is, you go to the comparison websites, which give you a rough idea of a premium, which you think seems reasonable, so you click on 'Buy Me'. That takes you off to the provider's more in depth questionnaire, and that premium always ends up being far more than the one that hooked you in. In the end, I gave up and phoned some of the big motorbike insurance call centres to see if they had any special deals that weren't available on-line - a practice which has paid off before.

 

[srw]

..er yes! Thing is, you go to the comparison websites, which give you a rough idea of a premium, which you think seems reasonable, so you click on 'Buy Me'. That takes you off to the provider's more in depth questionnaire, and that premium always ends up being far more than the one that hooked you in.

Which site were you using? Most of the aggregators offer full quote+buy.

 

[srw]

I would love to know how they weight these premiums.

You live in the middle of nowhere. Colly lives in the middle of one of the country's largest cities. It's not surprising there's a difference!

In all seriousness, the companies will do statistical analysis (Generalised Linear Models if there are any geeks out there) on historical experience. They will have discovered that people in the country tend to have lower claims experience than people in cities.

The main difference will be that you are more likely to be driving on quiet roads than Colly, and so much less likely to hit someone else.

 

[colly]

You live in the middle of nowhere. Colly lives in the middle of one of the country's largest cities.

That's the reason I would guess and LS8, so it seems, is a high risk area too.

Some years ago I had a very old Renault van which finally gave up the ghost. I bought another van, same model same size, same engine size but just one year younger. I rang to swap the insurance to the new van and was told there would be a small increase in premium.
I asked why and was told the van is newer and is worth more. True I suppose but only by perhaps £200 at most but the real reason I got into a 'discussion' with the insurance company was that the van was insured third pary only.
So no matter what happened to it, the van itself was effectively unisured as an item. I just had insurance to drive it and to cover anyone I might hit.

It made no difference though I still had to pay the extra.

 

[Boatman]

I can sympathise with your problem. I am 50+ and my van went up by 34% and was still the cheapest in Jan. Car was due early March and only went up by 4%! very pleased with this. Have never had a claim on either. Ball breaker at the weekend when I received house renewal, they want an increase of 70% yes you read it correctly. Guess what have never had a claim on this either, we are surely being ripped off.

 

[JtB]

Just received a letter from Co-operative Insurance telling me that when the policy on my wife's car expires we have to go elsewhere as they will not be sending us an invitation to renew the policy. Strange because we have not made any claims, but if they don't want our money I'm sure there are others who will.

 

[colly]

Prices have been static for several years. The result is that the motor insurance market is catastrophically unprofitable..

Funny thing is I have heard spokesmen/women/persons for insurance companies saying this on radio programs for years and years, and I suppose they can produce the figures to 'prove' the fact.

However it does lead one to ask the blindingly obvious question that if they are all losing money by the ship load by providing motor insurance............Why are there so many companies doing it?

Surely they can't all be that desperate for insovency to land on the doorstep?

 

[Black Sheep]

Cost of insurance can't be helped by the repair and loan car industry helping themselves to huge amounts of money at the insurers expense, I recently was bumped up the rear(ohh err). Rear bumper slightly damaged, paint and reflector, .car was off road for 3 days, and total cost to the other persons insurance company was just under a grand!!!!!!!!

part of the problem is accident management companies, you contact one and they sort out a hire car of your choice (funded by your insurance company / person deemed to be at fault) however, they not only own the car hire company, they own the garage repairing your car, who take longer about it resulting in a longer hire period (at no cost to you)


as such, car is repaired at a slightly higher cost over a longer period of time resulting in a longer hire car term which someone has to pay for.

personally, the only things I need in a courtesy car if ours needs repairing is: small enough for wife to be happy driving it, decent boot space and if I had been planning a biking trip, roof bars

Don't really care what the badge on the bonnet is.

 

[Over The Hill]

If you broke a headlight on an old style Mini, I would guess the light fitting and bulb would cost about £20 and take 10 minutes to fit. So cost about £30 to fix.

Take a modern car and the light fitting and bulb will be more like £200 (at least) and take a good hour to fit. So you are now on at least £300 to fix.

So suddenly it is not too bad if the insurance only doubles in price!