Updated (Vehicle group went up?): Change address- car insurance more than doubled!!!

ginvzt

Well, in the previous area we had bikes locked to the tree - they were stolen. And to do that thieves cut the tree down!!!! How is that for you a safer area?????

dzug1

ginvzt wrote: »

Obviously, if to steel you would choose Toyota Yaris!!!

I thought Toyotas were made of plastic, not steel??:rotfl:

dzug1

anewman wrote: »

. For example NP12 largely has a boy racer/cruiser problem, yet is considered lower risk than NP11 which I consider likely to have lower risk in certain parts.

Maybe they don't LIVE in NP12 but come in from outside?

raskazz

ginvzt wrote: »

The chart you posted has both areas in the same band - B. So it is within the same band, but for some reason the new location attracts £275 premium for 7 months :mad:
On my car insurance schedule for old address it says rating area - D.

You can never win.....

I wouldn't place too much faith in that chart posted earlier in the thread - most insurers use a much more accurate system of assessing risk nowadays - ie.e using the full postcode (for example AA1 1AA - not just the 'out code' part AA1) and using up to 75 different classifications rather than only A-F!

In any case, due to (i) premium rate inflation and (ii) insurer administration fees you would in reality be paying an additional premium even if you did move to an area which was exactly the same risk.

Keith

This is a new-build area out of town

What was there before? Factory? Lots of break in/damage in car park/etc?

When we moved out policy trebled from £500 to £1500 :rotfl:Our postcode is a refer on the chart above

AdrianHi

raskazz wrote: »

I wouldn't place too much faith in that chart posted earlier in the thread - most insurers use a much more accurate system of assessing risk nowadays - ie.e using the full postcode (for example AA1 1AA - not just the 'out code' part AA1) and using up to 75 different classifications rather than only A-F!

In any case, due to (i) premium rate inflation and (ii) insurer administration fees you would in reality be paying an additional premium even if you did move to an area which was exactly the same risk.

I know exactly how post codes are assessed for home insurance for two different insurers, one of my clients is an insurance sales intermediary selling home (and other) insurance and I built their on-line quotation and application system.
Both of these insurers have the following in common:
Post codes are condensed into a limited number of "bands" such as A to J or 1 to 25 (they each have their own banding system).
A post code then gets tested as follows, using the example NR1 3WG
Firstly the end two letters WG are ignored, neither go to that level of detail (which does not mean other insurers will not go to this level).
Then it gets variable, some post codes get a banding on "NR1 3" for example, but there may not be a band for "NR1 2", these cases fall back to the band assigned for "NR1". In other words a band for "NR1" is used unless a band for a more granular level like "NR1 3" is found.
Each insurer then has their own idea of a starting multiplication factor to apply to the sum insured. For the sake of illustration lets assume "NR1 3" gives Band C and the multiplication factor for Band C is 0.0035 x your sum insured of say 100,000 gives a starting premium of 350. You then go on to apply other adjustments for excess, claim history and so on.

The problem you get with new estates is the insurer has no claims history for it, so they will usually apply a risk band for the nearest neighbouring post code area. If your neighbouring area is full of "thieving scrotes" you have a problem.

Another problem which some times arises is post codes flagged as subsidence risk areas (e.g. some parts of the Isle of Wight) often "referrals". This can be a problem if you live near but not in a subsidence area, you can find yourself paying for the higher level of risk which might not even apply to you.

tinkerbell84

AdrianHi wrote: »

I know exactly how post codes are assessed for home insurance for two different insurers, one of my clients is an insurance sales intermediary selling home (and other) insurance and I built their on-line quotation and application system.

Really?

Most insurers have whole (double figures) teams of people doing that!

AdrianHi

tinkerbell84 wrote: »

Really?

Most insurers have whole (double figures) teams of people doing that!

It took me 21 months, by myself, quotes for 2 different buildings and 3 different contents insurance products (original version), life and critical illness, and also several payment / income protection products. Quotations and applications on-line plus a few other features.
The advantage of working alone is you don't waste a whole load of time talking to each other in the development team because your alone. The downside is it takes 21 months to complete the project, where a team of say 4 to 10 people doing the same in a bigger company would probably turn the project out in 6 to 9 months, possibly less.
Because of the nature of their cash flow situation the insurance sales company concerned (we are not talking about a well known high street name here, it's a fairly small company) preferred to spend their money slowly and let it take longer to complete the project. I did tell them I could do it a lot quicker, but at higher cost, if I could have at least 2 or 3 more people working with me.
So yes really!

ginvzt

Ok, so now I received the updated policy. The Rating Area went from D to M1. What I don't understand is why my Vehicle Group went fro 2 to 5?!!!! Can anyone explain why my car is now in different group? I haven't changed it.

And they also increased the excess applied to claims for accidental damage from £50 to £100. Everything else is the same and now I have to pay extra £275.75 for the remaining 7 months of the year...

vikingaero

ginvzt wrote: »

Ok, so now I received the updated policy. The Rating Area went from D to M1. What I don't understand is why my Vehicle Group went fro 2 to 5?!!!! Can anyone explain why my car is now in different group? I haven't changed it.

And they also increased the excess applied to claims for accidental damage from £50 to £100. Everything else is the same and now I have to pay extra £275.75 for the remaining 7 months of the year...

I think at renewal or with a mid-term alteration more and more insurers are ditching the 1 to 20 insurance groupings and replacing them with a 1 to 50 group to more accurately reflect the risk of a car.