defaqto

Brooker_Dave

Is a 1* defaqto rating bad news?

dacouch

Brooker_Dave wrote: »

Is a 1* defaqto rating bad news?

Let me guess, your MT policy is with Tradex

Brooker_Dave

Not traded, some Danish company, which had good reviews when I started the policy, and no ombudsman complaints, not such pleasent reading now...

Brooker_Dave

I assume 1 star is actually really bad?

dacouch

If it's your MT policy and it's a road risks policy then a lot of the Insurers at that end of the market are 1 star.

Defaqto tend to award stars for the cover achieving certain levels of cover eg windscreen being X amount. A road risk MT policy tends to offer no w/s cover or a very low amount as traders tend not to need to claim

Brooker_Dave

That's not so bad then, would be lovely to find a proper British company for this type of policy, I'd happily pay double or even triple for the peace of mind

dacouch

There are plenty of UK Insurers underwriting this type of cover, people tend to go for the cheap policies until they experience a claim and then realise paying a bit more is sensible.

I forgot to mention in my previous post that the 1 star defaqto rating you're referring to is probably because it's being compared to the ratings that are designed to measure the cover provided by a normal private car policy

Brooker_Dave

dacouch wrote: »

There are plenty of UK Insurers underwriting this type of cover, people tend to go for the cheap policies until they experience a claim and then realise paying a bit more is sensible.

I forgot to mention in my previous post that the 1 star defaqto rating you're referring to is probably because it's being compared to the ratings that are designed to measure the cover provided by a normal private car policy

The only UK one I could find was tradex, and when they finally bothered to answer the phone, they were really rude.

Don't forget my 1 star company also provide general car insurance, so I don't think it's the Mt that's marking them down?

ThinkingOutLoud_2

Companies pay defacto to rate their cover.

That means they compare benefits and you can assume that if say three insurers' products share the same defacto star rating means their cover is broadly like for like.

It does not tell you if their service it great or staff rude...they are rating that products cover based on comparable facts NOT the company's reputation or in fact how soft or hard their claims stance is.

One star means as stated the cover is way more basic and less comprehensive than five star. It will consequently be cheaper. That may save you on premium and even suit if you truly need low cover. But, if you buy cheap

https://defaqto.com

thrifty_pete

ThinkingOutLoud wrote: »

Companies pay defacto to rate their cover.
https://defaqto.com

Is that true? They seem to have every policy I've seem checked, so either it is dirt cheap and therefore everyone pays or it is free.
I am more concerned now that the rating method is secret, whereas before it was published on the website. For example Admiral don't seem to rank very well, even though the policies seem sound to me. Without knowing what their criteria are, it is pointless.
It is also now owned by private equity which usually means cost savings in the business model. What exactly is their business model? Presumably companies pay to use the rating logo if they don't pay to be actually rated. It reminds me of an architecture award an old employer received. The only catch was you hat to pay £2000 for the brass plaque saying you'd won!