Insurance companies

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
5 replies 578 views
C_RonaldoC_Ronaldo Forumite
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edited 30 November -1 at 1:00AM in Insurance & Life Assurance
what i hate about getting insurance is when you give the same details to 10 different companies you get different prices back, they can range from very reasonable to very expensive
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  • AstarothAstaroth Forumite
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    Well, if they were all the same price there would only be 1 company.
    All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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  • mattymoomattymoo Forumite
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    Market forces at work in a capitalist society.

    Insurers base premiums on experience of that market sector, with deviations by postcode, age, occupation and vehicle type to name but a few.
    Many insurers also operate a live pricing model. It works like this:-

    If you wish to aim at 35 yr old clerical workers with run of the mill cars and the days quotes have shown 10 policies taken out for each 100 quotes, you are perhaps too expensive so reduce your price.

    If you wish to avoid 18 yr old drivers in Golf GTI's etc but 50 out of 100 quotes have resulted in a sale, you are too cheap so revise your price upwards.

    The insurance companies are businesses at the end of the day and want to make money so set their price according to what works best for them in the past.
  • cougar_3cougar_3 Forumite
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    If you don't like getting 10 quotes, go with the price comparison services found above. I used them yesterday and saved £1000 of the maximum price and £150 off the best price I had found elsewhere.
  • AstarothAstaroth Forumite
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    But remember that with price comparisons sites they all miss key players - Direct Line, Tesco, Churchill, Privilege all dont quote on them at all for example.
    All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
    No Advertising or Links in Signatures by Site Rules - MSE Forum Team 2
  • shellyshelly Forumite
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    Also when you go through comparison sites their prices might look very good because they assume certain things, e.g that you don't want your NCB protecting, or you don't want a courtesy car. Its only when you go into the quote that certain things you want are missing, then when you call to add them this loads the quote. When using comparison sites you have to read the policy very thoroughly before thinking you're getting a good deal.
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