Have car insurance companies lost the plot?

mikey72

dunstonh wrote: »

Martin isnt authorised to give advice. He is just a journalist.



I suspect women. They came out top of the pile for my wife for the last two years. However, nowhere near in my case.

Could be a bad time to shift to that market. :rotfl::rotfl::rotfl:

dunstonh

mikey72 wrote: »

Could be a bad time to shift to that market. :rotfl::rotfl::rotfl:

Or get them on the books whilst you can still price them better. Then hope x% will stay with them.

To be fair to them, the renewal which came through last week was only a few pounds a year more than last year and this year they included protected no claims (if they took that off, the premium would have gone down).

raskazz

mikey72 wrote: »

Could be a bad time to shift to that market. :rotfl::rotfl::rotfl:

On the contrary, it will be a great time to increase the proportion of females on the books. Even after the new ruling takes effect, insurers will still target females - but they will do it through branding and marketing rather than by underwriting.

adamc260

raskazz wrote: »

It's just LV's way of saying "thanks but no thanks", that's all. Each insurer has a target market, and increasingly if you fall outside that target market the insurer will just price themselves out of your business.

Couldnt of put it better myself

mikey72

raskazz wrote: »

On the contrary, it will be a great time to increase the proportion of females on the books. Even after the new ruling takes effect, insurers will still target females - but they will do it through branding and marketing rather than by underwriting.

I suppose it makes sense to grab as many female customers as possible now, then load them up to maximise profits when the eu ruling comes into effect.
The other side will be to ramp up male insurance dramatically now, then drop again sligtly next year.

AndyGuil

dunstonh wrote: »

Martin isnt authorised to give advice. He is just a journalist.



I suspect women. They came out top of the pile for my wife for the last two years. However, nowhere near in my case.

He is authorised by the FSA.

Viper_7

Your Car maybe very safe - but it also costs a helluva lot to repair! and then there is the monumental mess of whatever you hit, or who hits you!

I'm in the same boat...buy a "safe" vehicle - similar to yourself, and you get hammered!
It's almost tempting to get a little saxo and drive around like a c*ck - the insurance is not much different as the repair/replacement costs are a lot lower!
A relatively low speed smash in a modern vehicle = write off. Once the air bags deploy..game over, the dash is ripped to shreds and it's just not cost effective to repair.

dunstonh

AndyGuil wrote: »

He is authorised by the FSA.

Not for giving advice.

AndyGuil

dunstonh wrote: »

Not for giving advice.

Financial Services Authority (FSA) Note
Referring people to insurers or insurance intermediaries can in some circumstances require FSA authorisation. For this reason, Martin Lewis of Shepherd's Studios, Charecroft Way, Shepherd's Bush, London W14 0EH is authorised and regulated by the Financial Services Authority.

From his email.

dunstonh

AndyGuil wrote: »

From his email.

Correct. That means he doesnt give advice.