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Pay-As-You-Go Insurance: Age Shouldn't Be the Final Word
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swingaloo said:At 78 you have to expect that companies are going to be more wary especially if you havent driven for 3 years. That is a negative not a positive.
I remember my father in law complaining about insurance and actually going into the insurance office with his 'medals' from work that he was given each year for never having an accident, He said it 'proved' he was a good driver!
In reality he was a menace on the road, pottering along always 2 miles under the speed limit, stopping in the middle of the road to wave some pedestrian across because 'I'm courteous' and thinking his age gave him the God given right to take as long as he wanted doing a 7,9,11 point turn.
The insurance companies just see your age, they dont know if you run a half marathon every weekend or if you are a couch potato, they dont know if you are a steady Eddie or a wanna-be boy racer. they cant be expected to research every drivers ability or lifestyle.
Fair or not, your age is relevant to the quotes.
What quote are you talking about?0 -
NorbieG said:0
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XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.1 -
DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).0 -
XRS200 said:DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).
You pay a lump sum up front that represents the insurance for the year whilst the car isnt being driven and then pay a per mile amount for whilst it is driven.1 -
DullGreyGuy said:XRS200 said:DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).
You pay a lump sum up front that represents the insurance for the year whilst the car isnt being driven and then pay a per mile amount for whilst it is driven.0 -
DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.0 -
DullGreyGuy said:XRS200 said:DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).
You pay a lump sum up front that represents the insurance for the year whilst the car isnt being driven and then pay a per mile amount for whilst it is driven.0 -
swingaloo said:At 78 you have to expect that companies are going to be more wary especially if you havent driven for 3 years. That is a negative not a positive.
I remember my father in law complaining about insurance and actually going into the insurance office with his 'medals' from work that he was given each year for never having an accident, He said it 'proved' he was a good driver!
In reality he was a menace on the road, pottering along always 2 miles under the speed limit, stopping in the middle of the road to wave some pedestrian across because 'I'm courteous' and thinking his age gave him the God given right to take as long as he wanted doing a 7,9,11 point turn.
The insurance companies just see your age, they dont know if you run a half marathon every weekend or if you are a couch potato, they dont know if you are a steady Eddie or a wanna-be boy racer. they cant be expected to research every drivers ability or lifestyle.
Fair or not, your age is relevant to the quotes.0 -
NorbieG said:DullGreyGuy said:XRS200 said:DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).
You pay a lump sum up front that represents the insurance for the year whilst the car isnt being driven and then pay a per mile amount for whilst it is driven.
Which works out cheaper will be very dependent on personal circumstances. There are less insurers offering PAYG which would typically mean prices arent as keen but they can work if you have very variable mileage thus saying what the total mileage up front is hard and it saves you saying 10,000 as thats worse case scenario and then only doing 1,000 but avoids you saying 1,000 then having to pay an unknown additional premium plus admin fee in 2 months time when you've already done 1,000 miles.XRS200 said:DullGreyGuy said:XRS200 said:DullGreyGuy said:XRS200 said:NorbieG said:
By Miles offers up to the age of 80 so the OP does have an option to compare to a regular policy... note that both are annual policies just how costs are calculated are different.
The problem is that many of the sellers of PAYG insurance are intermediaries not the insurers themselves. Its not that uncommon for an intermediary to come up with a great new idea and managed to get insurers to give them delegated authority to write the business however insurers are typically risk adverse and so may put constraints on the delegation, particularly when it comes to the extremes... eg do you really want to give insurance on a £500k Ferrari at £5/mile when the person could do 10,000 miles (probably ok) or 100 miles.
Often its not just down to the insurer, they in turn will be buying reinsurance and they too have got to be comfortable with the money they will get in exchange for the risk they will be assuming, particularly if we are talking about proportional reinsurance. If insurers are consider risk adverse you should try talking to a reinsurer.
Continuous insurance enforcement mean it's easier (and often cheaper) to buy an annual policy than short term cover, and complications of SORN.
Annual policy means asset is continually insured.
The OP just has to buy an annual policy to suit his needs (which could be ByMiles).
You pay a lump sum up front that represents the insurance for the year whilst the car isnt being driven and then pay a per mile amount for whilst it is driven.
I know the OP doesnt like people making assumptions about them because of their age but given their age and the length of time they say they've been driving, I am guessing they arent a learner using their parents car still.0
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