Tool to save money on car insurance. I need your feedback. What do you think?

Sandtree

HyperSpace88 said:

Wyy don't insurance companies have "agreed" car valuations. My ten year old car is not the same as someone else's ten year old car, that has been through 4 previous owners.

For a start, such insurance does exist but mainly in the classic car space where its difficult to value a car if its been stolen etc when condition is everything.

Secondly, I did do the work to introduce a fixed valuation policy into the mainstream about 14 years ago but by our analysis it was going to increase the average premiums by about £20 and required us to know the vehicle mileage (any extra questions at quote stage are an issue). The problem is that car insurance in particular has always been a race to the bottom with people even abandoning ethical brands etc to save £1 and so it was decided to can the project because of the premium uplift required.

HyperSpace88

Secondly, I did do the work to introduce a fixed valuation policy into the mainstream about 14 years ago but by our analysis it was going to increase the average premiums by about £20 and required us to know the vehicle mileage (any extra questions at quote stage are an issue).

It is a pity, they did n't implement it. As it was morally the right thing to do.  It is a good differentiator. I am thinking along the lines of adverts by Direct Line. These days, any car over 3 years has online MOT history. So they would already have this information.

 If I take my car for servicing at a main dealer it is worth more, then someone taking it to a back street garage, where they use budget parts. 

HyperSpace88

Correction: Some 14 years ago, an uninsured driver hit my car, the damage was minor.  
(I meant to say uninsured driver versus insured driver). 

HyperSpace88

I was about to buy a car, but they told me that the 3 years warranty would cost £900. How many car insurance companies will cover the of the loss of the warranty, if the car is stolen or a total loss?. Some cars come with 5 years free servicing at the main dealer. Again, people need to read the small print and policy documents, whether insurance will cover that loss. 

Sandtree

HyperSpace88 said:

It is a pity, they did n't implement it. As it was morally the right thing to do.  It is a good differentiator. I am thinking along the lines of adverts by Direct Line. These days, any car over 3 years has online MOT history. So they would already have this information.

The commercial director argued strongly for it but it just didnt fit with the strategy at the time. Unfortunately history had shown that adverts focusing on claims etc have a much lower response rate to promotions on premiums etc.

A couple of years later I did discuss the idea with a small consultancy who'd tried to do the same sort of thing but by gluing GAP to Motor which was massively more expensive. They did offer to spin up a venture to do it with me but it'd be commission/profit driven rather than salary initially which just wouldnt work for me at the time (or now for that matter).