Don't understand car insurance quote

Murphybear

Hi all

I am currently insured to drive a 10 year old Lexus IS200 1988 cc and the insurance is very reasonable at £178, due to expire in about 3 weeks.

We are thinking of trading it in for a slightly newer, more sporty model 2997 cc. I thought the insurance would be a lot more but when I put the details into Compare the meerkats I was surprised it was actually cheaper at £154. I retrieved my current insurance details and got an updated quote and it was £177. All quotes are with Hastings Direct.

I have never understood how thinking behind car insurance works, I don't see how a more powerful car of same manufacturer can be cheaper. Can anyone shed a light on this? If it is relevant I am 61, partner is 65, driving for donkey's years, never made a claim and live in the glorious Devon countryside.

Many thanks:T

Ps best answer gets free baby Oleg toy!

forgotmyname

Because the newer car will be safer in a crash and cheaper to repair after a crash and statistics say ite less likely to be involved in a crash.

Or your likely to crash at high speed and wont be claiming anyway.

Hasbeen

Perhaps newer car, more safety features, and age group. equals lower risk??

Murphybear

Could be but Lexus have a list of features a mile long as standard. Not really that fussed as the insurance is so low. One of the reasons I asked is because the current car is insurance group 12 and the proposed new one is, according to one dealer, group 31. Doesn't make sense, latter could be wrong!

Thanks for the replies

:j

Murphybear

We are thinking of replacing our car and were very disappointed with the trade in value of the old one by the dealer. Understand that is common! I have read some scathing reviews of the 'We buy any car' type of firms and we have been advised not to touch with proverbial barge pole.

Thought we might try the local car auction in Exeter. You only need to turn up with car and documentation before it starts, or even up to an hour after it starts.

Has anyone any experience of selling at auction?

The car is 10 year old Lexus with below average miles. The dealer said it was in poor condition because of 2 tiny scratches and a couple of stone chips.

CKhalvashi

Murphybear wrote: »

Has anyone any experience of selling at auction?

Chelmsford (where our fleet are disposed) at brilliant, don't know about Exeter.

The car is 10 year old Lexus with below average miles. The dealer said it was in poor condition because of 2 tiny scratches and a couple of stone chips.

It's in better condition than my 18 month old car (although 'below average' probably means yours has lower mileage than mine). You'll be selling at trade price, minus commission, so bear this in mind.

CK

InsideInsurance

Murphybear wrote: »

One of the reasons I asked is because the current car is insurance group 12 and the proposed new one is, according to one dealer, group 31. Doesn't make sense, latter could be wrong!

Are you sure you're using the same grouping system? There is more than one.

Not sure what you newer car is but using the old system a 3L lexus for 2008 is coming out as group 16 -v- group 12 for your older car.

The Thatcham ABI Groupings however only take into account cost of repair and security for a vehicle. It doesnt factor in safety features nor any common trends of the type of people that are drawn to this vehicle.

A newer car could have better safety features despite being more expensive to repair when it does have a crash. Likewise can be that two cars have similar security and repair costs but one brand/ model appeals to "boy racers"/ mid life crisis types and the other is more your executive car

whatmichaelsays

Have you ever auto-renewed or renewed with the same insurer? If so, your current premium won't relect any 'new customer' discount that may be offered.

SuperHan

whatmichaelsays wrote: »

Have you ever auto-renewed or renewed with the same insurer? If so, your current premium won't relect any 'new customer' discount that may be offered.

But the dummy quote they have done on their existing car is only £1 different to what they pay.


It's also possible that the risk profile of the new car is lower, for example, if it's more expensive, it may only be driven by more experienced, older drivers who can afford it, who crash less?

Best not to try to understand and just accept!

Murphybear

Just accept - good plan!

I supposed I am not that bothered as I'm pleased that we've both reached the age and experience of cheap insurance.

bouncydog1

Murphybear wrote: »

Just accept - good plan!

I supposed I am not that bothered as I'm pleased that we've both reached the age and experience of cheap insurance.

Getting older does have benefits - couple mid 50's now paying £147 FCC for our discovery, £190 for other SUV DD 21 included (she does have her own car insured in her own name etc) and £200 FCC for the van!!!