If the rise in insurance is because of repair costs why isn’t third party cheap too?

[djtaylor]

£140 in addition just for spreading the payments? Why do insurance do this?

If you buy a product from a shop and you spread the payments you can understand why - they have had to pay to buy their stock in and that ties up cash, let someone pay monthly and that has a cost to the business, however - where do insurers suffer any financial consequence?

You ring them, some spotty faced yoof answers, You say - will you insure me - they say - Yea OK and give you a price.
The price they give you includes all their costs of admin (Up to this point its cost a few minutes pay for the person your talking to and no obligation from you to accept their quote)
So they add your name and details to a pre-written policy on their computer - and make it available for you to download and print - then they get to payment. (30 seconds on a computer)
You ask to pay monthly and the cheeky feckers up the price - but they have done F all in addition, not paid a penny out or tied up any money, suffered no additional costs to agree a monthly payment.

And, If you don't have a claim throughout the year they have done the round sum of diddly squat.

£140 EXTRA!!!!! I must be getting old - that's daylight robbery

Oh and don't forget the "admin charge" for auto renewal

 

[Jason71]

… and they don’t put it in a bank account. They usually invest that money so the return could potentially be even higher.
THAT is how insurance companies make money, not from insurance but from investing the insurance premiums they receive from customers.

And even if none of that were true monthly payments is a service that has value to customers and the selling price of something in a free market is based on the maximum people are prepared to pay for it not what it costs to deliver.

 

[Wattsisname]

… and they don’t put it in a bank account. They usually invest that money so the return could potentially be even higher.
THAT is how insurance companies make money, not from insurance but from investing the insurance premiums they receive from customers.

I believe that in the USA, it is usual for insurance to be paid monthly. However, there is probably an element of interest/ lost opportunity fee built in.

 

[Wattsisname]

And even if none of that were true monthly payments is a service that has value to customers and the selling price of something in a free market is based on the maximum people are prepared to pay for it not what it costs to deliver.

Unless the rules are set by time honoured cartels in which case competition and therefore choice is minimised. ( cartel: if it looks like a duck and quacks......... ) The quoted "maximum people"don't have a lot of say in so many matters in our daily lives.

 

[WannabeOwner]

£140 in addition just for spreading the payments?

I read that as being the additional cost for S5 alarm rather than S4:

Otherwise it's a more expensive S5 type. Plus another £140 a year for monthly subscription.

But you might very well be right

 

[djtaylor]

I read that as being the additional cost for S5 alarm rather than S4:



But you might very well be right

Ah yes, what I meant was that having a policy that doesn't require a tracker saves the £140 annual cost of the tracker subscription, plus the one off cost of the tracker.

 

[Hook]

Hi Hook.
I've bought my Tesla 3 performance a week ago. The insurance was a nightmare.
I'm a fire fighter, advanced driver trained, no points, accidents or convictions etc.
The best insurance I could find was Admiral multiple vehicles. So my Tesla and old audi allroad was £900 with a like for like replacement car in the event. All the options selected too. Peace of mind.
Hope this helps?
James

Cheers. I also bought mine a week ago.

I did end up with Admital myself. Although I ended up paying £1300.

C’est la vie!

 

[SA321]

Who are you with? Any change in your " circumstances" since last year; points, claims or an older age threshold crossed?

Adrian Flux (AXA), no changes and no thresholds crossed, car value is down to 28k. Last year GBP958, this year 3570. New quote from Admiral is 3200. If it was about value of the car that means they write off every 10th car every year! Which is BS, also how come repairs and potential damage to 3rd party were not a problem for 8 years of this car and now triple in one year?

 

[yessuz]

guys, I wonder, when you put car value in the "car value" field - what you put in?

what you bough, WBAC value, finance balance..?

 

[Doudeau]

I’m moving from LV to Admiral as I can pay same as last year (£1k) rather than renewal at £1.5k.

It looks like the Admiral group is taking on a lot of Tesla owners at the moment.

@yessuz - I found more than ever this year that the insurance companies are stating what they think your car value is. Historically it always seemed to be “market value” without having any idea what they think that is.

 

[Lord Farquad]

https://www.moneysavingexpert.com/latesttip/

It’s not just EVs, renewals up 61% year on year with the average premium now £924 per year.

 

[Wattsisname]

guys, I wonder, when you put car value in the "car value" field - what you put in?

what you bough, WBAC value, finance balance..?

My insurance renewal is 40 ish days away and in addition to the obvious concern, I notice that the comparison sites pre- renewal advice includes knowing the value of your vehicle. As has been mentioned, this was never an issue in the past; you could put what you thought it was worth on the day but all that mattered was the market value determined at the time of any future claim.
Has the accuracy of the value information now taken on greater significance? Will the clause concerning the accuracy of the information provided be used against us by the weasels? And, most importantly, what is the best source for valuing an 18 month old low mileage Model Y LR?

I seem to remember being advised that one should never undervalue an asset for insurance purposes. Does this apply to cars, I wonder. A word with an insurance broker might be on the cards.

 

[Jason71]

My insurance renewal is 40 ish days away and in addition to the obvious concern, I notice that the comparison sites pre- renewal advice includes knowing the value of your vehicle. As has been mentioned, this was never an issue in the past; you could put what you thought it was worth on the day but all that mattered was the market value determined at the time of any future claim.
Has the accuracy of the value information now taken on greater significance? Will the clause concerning the accuracy of the information provided be used against us by the weasels? And, most importantly, what is the best source for valuing an 18 month old low mileage Model Y LR?

If its replacement value you want try autotrader or Teslas website

 

[MrT3]

Has the accuracy of the value information now taken on greater significance? Will the clause concerning the accuracy of the information provided be used against us by the weasels? And, most importantly, what is the best source for valuing an 18 month old low mileage Model Y LR?

I seem to remember being advised that one should never undervalue an asset for insurance purposes. Does this apply to cars, I wonder. A word with an insurance broker might be on the cards.

I've heard from someone in the industry that if you undervalve your car it implies it isn't in good condition and that might be as a result of careless driving and therefore the company sees it as an increased risk.

As normal policies aren't guaranteed valuation policies, market valuation is always used, but I suppose they could put a ceiling on the maximum payout to be that of your valuation.

 

[Pink Duck]

QuoteZone comparison site interestingly shows a report of insurers declining due to valuation, which can be handy to find the optimum

While I can find a match for similar car online it’s hard to know how to accommodate for mileage difference (and pack health in an ideal world).

 

[Tony Hoyle]

Presume Parkers will have a valuation for most types of car.. that always used to be the one people used pre internet.

 

[Lord Farquad]

Presume Parkers will have a valuation for most types of car.. that always used to be the one people used pre internet.

I’m sure they charge for a valuation.

Try Motorway, they provide a valuation based on recent actual sales within the trade. I’d then add a couple of grand as you’d have to, to buy another car.

 

[Wattsisname]

I’m sure they charge for a valuation.

Try Motorway, they provide a valuation based on recent actual sales within the trade. I’d then add a couple of grand as you’d have to, to buy another car.

They offered almost 20% less than I sold my last car to the first person to view it.
All very interesting responses, thank you.
I will use all available sources and keep the valuation on the high side as is appropriate for my immaculate TeamRed car.

 

[WannabeOwner]

all available sources

Not sure anyone mentioned it? tesla-info.com will give you prices across a range of media adverts ... but they are advertised prices of course, which aint the same thing as sale price.