Named Drivers on each other's policies - why so expensive?

regency_man

My partner and I have kept seperate insurance polcies until now, but we've decided to become named drivers on each other's policies to make things more convenient for family life.



Only thing is... upon doing this both our renewal quotes have been increased by a significant amount when adding the named driver. Mine went up 30% by £180 and hers went up 40% by £150.



This seems counter intuitive, surely the net risk factor here is the same.



My insurance is currently with Admiral, so I tried to get a this set up as a multi-car policy and was dumbfounded with the quote - mine would go up by £250 and they wanted to charge £150 over the market renewal rate for her side of the policy.



Are there any insurers who actually offer real risk-based household car policies rather than this apparent sham Admiral offer?

Hasbeen

regency_man wrote: »

My partner and I have kept seperate insurance polcies until now, but we've decided to become named drivers on each other's policies to make things more convenient for family life.



Only thing is... upon doing this both our renewal quotes have been increased by a significant amount when adding the named driver. Mine went up 30% by £180 and hers went up 40% by £150.



This seems counter intuitive, surely the net risk factor here is the same.



My insurance is currently with Admiral, so I tried to get a this set up as a multi-car policy and was dumbfounded with the quote - mine would go up by £250 and they wanted to charge £150 over the market renewal rate for her side of the policy.



Are there any insurers who actually offer real risk-based household car policies rather than this apparent sham Admiral offer?

Adding a experienced? more mature? driver in most cases brings the insurance down.

It appears you are changing your insurance mid term? paying for changes? and your partners at end of term when most insurers will increase the price? Not sure about multicar always thought multi cars on same policy with one payment?

If your partners is ending then put all partners details into one of the price comparison sites to see if any cheaper. If so, you can do same when your renewal comes up.:)

regency_man

Hasbeen wrote: »

Adding a experienced? more mature? driver in most cases brings the insurance down.

This is why I am confused. I expected my insurance quote to go up, as she is slightly younger and less experienced and has a claim on her file.



However I did not expect hers to go up adding me, I'm more experienced, have more no claims, and have never had a claim.



Ironically hers increased more than mine (in % terms).

Hasbeen

So to be clear Admiral are charging over £400 extra for their multi car policy?

Get other prices to compare you both.

regency_man

Hasbeen wrote: »

So to be clear Admiral are charging over £400 extra for their multi car policy?

Get other prices to compare you both.

£400 more than currently paying, £80 more than getting seperate policies with other insurers.
Here's the breakdown.

As-is
My renewal quote: £470
Her renewal quote: £350
Total: £820

Seperate names driver policies
Best online quote for me + her named (LVE): £650 +38%
Best online quote for her + me named (Hastings): £498 +42%
Total: £1148 (+ £328)

Admiral 'multi-car' policy
My renewal quote from Admiral with her as named driver: £705
Admiral 'multi-car' quote for adding her car to policy with me as named driver: £520
Total including 'multi-car discounts': £1225 (+ £405)

regency_man

So I just did the due dilligence and checked on LVE and Hastings multicar policies....

LVE: £1060
Hastings: £996

The most frustrating thing is only LVE do the multicar quote online, everywhere else you have to phone. Spent a good 3 hours on this today. Driving me nuts repeating information, but probably worth it for ~£200 saving.



Also - Hastings have a weird caveat that they don't tell you about until the very very end. On their multicar cover, only one driver on the policy is allowed to have the 'drive other vehicles 3rd party' option on their cover. Even more weird, this cannot be nomintaed and is assigned to one driver by the underwriter and this cannot be changed. Even the agent trying to sell the policy admitted this was weird and put most people off.

Barny1979

regency_man wrote: »

However I did not expect hers to go up adding me, I'm more experienced, have more no claims, and have never had a claim.

Aren't men more statistically likely to be involved in a collision?

regency_man

Barny1979 wrote: »

Aren't men more statistically likely to be involved in a collision?

Maybe, possibly? Do you have a source for this? Certainly there are probably more men on the road at any point in time so... yes?


In our household evidence would suggest otherwise :rotfl:

Takmon

Barny1979 wrote: »

Aren't men more statistically likely to be involved in a collision?

It would be illegal for the insurance company to take into account the gender of the person when producing a quote.