Insurance quote going from £800 to 950 to 1700!

SouthLondonUser

But the price of beans is not the result of a specific algorithm which calculates it based on the specific risk profile of each customer.

The point is, how can we know when differences in prices are truly justified by a difference in risk profile, and when it is simply profiteering by the insurers? We can't!

The WSJ had a story a few years ago about American companies using variable pricing:
https://www.wsj.com/articles/SB10001424127887323777204578189391813881534
Is this competition? Methinks not.

Aylesbury_Duck

So what do you propose is done about it? What are you going to do about it? You cannot self-insure so your options appear to be to continue to shop around as you have been doing, or give up the car so you do not fall victim to the black box pricing you despise.

Me? I am content that there are bigger things to worry about when it comes to motoring and that some people are paying higher premiums to subsidise the lower ones I look to pay.

SouthLondonUser

Realistically, I don't think much can be done about it, other than continuing to shop around. But at least we could stop saying that every price difference we see in insurance quotes is justified by some statistically sound reason!

JP1978

Using the same fake details is useful to see a relative difference between companies - ie, company x is more expensive than y - but as others have said could be higher or lower once you put your own details in.

Its a useful tool to compare what different scenarios do to the cost - car on drive, car in garage, kept away from home, employment, number of drivers, postcode etc.