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Looking at getting my first car under my name. I'm adding the parents as named drivers to reduce the policy price.
Father driving for 25years- so select the 15+ years option- policy is £530
Mother driving for 21 years- so select the 15+ years option- policy is £585.
If I choose 14 years for my mother, it drops to £530 again- why? I have emailed them, and will phone when i'm back in the UK but i'm puzzled..
who knows, my insurance went down £30 odd when I told them I had 3 points, go figure.....
Op, what company is it?
dont look expecting logic.. all the figures are literally made up or plucked out of thin air. they have absolutely zero relationship to the risk you present. dont bother making a fuss your wasting your breath and we only live so long..
Ian, Admiral
I had the same with Elephant (same company as Admiral). It was cheaper if I said my car was [u]not[/u] garaged overnight.
Every other quote was more expensive if the car was not garaged.
its all about the risk probabilities... if you select certain options then you have a certain profile and thus a certain risk, it isn't about logic, just about the relative risk of that profile. I've had many curiousities during my time and when you ring them up they can't explain them, just what the computer says.
The one that always gets me is that comprehensive is cheaper then third party only for just about everyone i know due to that people who insure third party only are statistically more likely to have accidents... even tho they'll all go comp now given its cheaper... go figure eh
My insurance went up when I added a 60 year old, retiring, teetotal vicar with NO a accidents or points ever in 40 years of driving...and who helps train and assess our mini-bus drivers at work with me, and has passed a D1, D1+E and Advanced Driving Test within the last two years....!
It makes ZERO sense...
If only they were "plucked out of the air" in reality the best acturial brains in the country (and often from abroad as well) combine any and all data they can get to generate a premium that'll better reflect your risk than the next company. If anything the Insurance business is a death match between the best maths and marketing types we can muster.
So the premiums are based on a combination of risk factors, postcode, age, driving history, credit score, car, occupation, driving experience, the list goes on try combining 30 or so variables.
The bigger the company and hence the more data they hold and quality of analysts they employ the better they rate your risk, that doesnt mean the better premium you see in fact often the opposite as they are less likely to under estimate what you should pay but equally are more likely to correctly identify a better risk.
All this is secondary to your profitability which may be different from your risk so a safe prospect with some risk may not be as profitable as high risk priced correctly if you can attract enough of them to spread the load. This may also be subject to a pricing layer in the pricing model.
So motor insurance has actually become that complicated I suspect(know) many companies have lost control of every outcome from every risk factor which is what has probably happened to the op.
Soon (few years)we all have blackboxs fitted which may not sound too appealing at first but at least our premiums then will be based on individuals not a mathmatical guess at someone like you.
Cheers
Our risk and insurance manager at work explained the garage thing. He reckons a car has more chance of getting damaged inside a garage (bashed doors, paint tins etc falling on it).
Insurance can seem very random. it cost me less to insure my bike comprehensive than it did to insure it 3pf&t. And changing from "bank administrator" to "bank officer" added about £50 to the premium even though it meant the same thing.
Actuarial science does work but not on an individual level, it needs groups for the weirdness to even itself out.
people who insure comp are seen as more conscientious than non comp.
the garage thing just isnt reflected in loss ratios, pretty much the same regardless of storage.
The vicar is another risk, could have been additional risk plus probably an admin fee which are rising to offset low initial premiums which is tactic to get companies to the top of aggregator sites.
IanW - Memberpeople who insure comp are seen as more conscientious than non comp.
Sure, but people who get a quote for tpf&t then ask for a comp one just on the off chance are [i]not[/i] more conscientious 😉 Positively ****less in fact.