Car insurance

Tessiedog

Our car insurance renewal is coming up soon so I've been playing about on go compare to see how to get the best prices. In our case a strange thing I've noticed by accident is that where young drivers are on the policy, length of ownership of the car (which is one of the fields you fill in when getting a quote) can have a big impact on the premium ie longer ownership gives a (much) lower premium - for us owning the car for only a few days (which is false) was twice as much as having owned it for 13 years (true).
Just wondered if anyone else had come across this or had any comments?
Cheers

dacouch

This is one way an Insurer would underwrite a policy with a young driver to ensure the premium reflected the chances of the policy being "fronted" eg the young driver was actually either the main user or would have significant use of th vehicle.

A vehicle a parent had owned for a long time and was just adding a YD to the policy would generally mean the parent would continue using the car in the same way as before and the YD would use the car occassionally when the parent was not using it.

A recently purchased car would either indicate the vehicle had been purchased for the YD to use as their main car or that the YD would share overall use of the vehicle and would have significant use of the vehicle.

You also have the issue of a YD who has recently "transferred" ownership of the vehicle to the parent to try and obtain a cheap premium by insuring in the parents name.

As well as some of the Insurers quoting on the vehicle that had been owned for some time would not be offering quotes on the recently purchased vehicle thus pushing the price up by limiting the pool of companies quoting.

In the modern day of big data, some Insurers will also not be quoting on the recently purchased vehicle because they purposely push up quotes when you tinker with the details as they simply do not want to cover drivers who tinker with their details to obtain the cheapest quote