This, and insurers ongoing monitoring of their risk distribution and, at times, deciding to adjust this with pricing.The other 'stuff' being your retail insurer and their dozens of underwriters would all like to make more money.
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This, and insurers ongoing monitoring of their risk distribution and, at times, deciding to adjust this with pricing.The other 'stuff' being your retail insurer and their dozens of underwriters would all like to make more money.
well, the thing is that you have a lot of different trade names actually underwirtten by the same underwrite or being part of the same group (like churchils...)The whole insurance industry in this country badly needs a disrupter to come along to break up the current cartel.
No offence but I feel like this is totally specious.The whole insurance industry in this country badly needs a disrupter to come along to break up the current cartel.
The whole insurance industry in this country badly needs a disrupter to come along to break up the current cartel.
A “black box” based insurer is hardly disruptive in the UK, is it? Even where the “black box” is the car telematics?Tesla Insurance moves closer to launch in Europe with new job posting
Tesla is looking for Legal Counsel for its European Insurance team, according to job postings from the automaker that were recently published.www.teslarati.com
Perhaps the auto industry execs thought the same way before Tesla came along.If there was an avenue for a disruptor to come along and reduce prices across the board, they'd clean up. It's such an obvious win that it begs the question why it hasn't been done already, years ago, and why - instead - the insurance industy is highly competitive...
Ha, I remember when I cam to uk first in 2012 and went to high street broker (a year or so before they closed) and asked for insurance quote for 599 gbp car... And got quotes 2k ))) when CTM was 700 or soPerhaps the auto industry execs thought the same way before Tesla came along.
Thing is, as per my post just above yours, I'm mostly ok with the price of the policy on which I settled. But it still feels like I'm being taken for a ride by the whole process.
Years ago one generally bought car insurance via a high street broker. Then a disrupter came along in the form of Direct Line, offering a simpler telephone only process and cheaper policies by cutting out the middle man. As a result most brokers disappeared as the industry pivoted en-masse to the new model.
Ironically, the middle men are back in the form of comparison sites, creaming a bit off the top yet again ("a bit" might be an understatement judging by their apparent advertising budgets). This time, though, many of the middle men are ultimately owned by the insurance companies, which puts their impartiality in doubt.
At the other end of the equation, if you find yourself having to make a claim, there are more middle men in the form of claims management companies. I have no personal experience of them as I've been claim free for decades (touch wood), but there's plenty of anecdotal evidence of the potential for extra hassle and cost that they can bring to the process.
There are also reports that insurance companies are exploiting loop holes in the recent legislation to prevent "loyalty penalties" on renewal quotes. Quelle surprise.
I'd like to see more honesty and transparency in this industry, because I'm getting too old and stiff to be grabbing my ankles every 12 months.
I don't disagree with the thrust of your argument, but insurance is a unemotional numbers game and there's enough competition that any entity grossly overcharging across the board simply won't get any customers and will go out of business. Conversely an entity undercutting everyone to try and "win" on volume with disproportionately low premiums relative to the risk will simply run out of money after a while with the inevitable claims, etc roll in.Perhaps the auto industry execs thought the same way before Tesla came along.
Thing is, as per my post just above yours, I'm mostly ok with the price of the policy on which I settled. But it still feels like I'm being taken for a ride by the whole process.
Years ago one generally bought car insurance via a high street broker. Then a disrupter came along in the form of Direct Line, offering a simpler telephone only process and cheaper policies by cutting out the middle man. As a result most brokers disappeared as the industry pivoted en-masse to the new model.
Ironically, the middle men are back in the form of comparison sites, creaming a bit off the top yet again ("a bit" might be an understatement judging by their apparent advertising budgets). This time, though, many of the middle men are ultimately owned by the insurance companies, which puts their impartiality in doubt.
At the other end of the equation, if you find yourself having to make a claim, there are more middle men in the form of claims management companies. I have no personal experience of them as I've been claim free for decades (touch wood), but there's plenty of anecdotal evidence of the potential for extra hassle and cost that they can bring to the process.
There are also reports that insurance companies are exploiting loop holes in the recent legislation to prevent "loyalty penalties" on renewal quotes. Quelle surprise.
I'd like to see more honesty and transparency in this industry, because I'm getting too old and stiff to be grabbing my ankles every 12 months.
go compare has an additional £250 excess cover which you get simply by clicking through their site to buy your policy - not sure if that's what you're asking ?Which excess insurance provider insures non-rental excess!?
This is all very nice but pretty meaningless in the grand scheme of things. Quoting prices with no context of driver age, location, past claims, convictions and what the car is used for among others isn't helpful as everyones circumstances and requirements vary so much.Insurance renewal with Admiral for MYLR came in at £385, paying via DD over 12 months. Annual cost was £370.
This is with 13yrs NCB and Protected No claims bonus charge.
All you had to do was askThis is all very nice but pretty meaningless in the grand scheme of things. Quoting prices with no context of driver age, location, past claims, convictions and what the car is used for among others isn't helpful as everyones circumstances and requirements vary so much.
Absolutely no question as to if your trying to be helpful or not. Tesla insurance can be reasonable but as you state in your post "specific circumstances" ...which is what I alluded to in my reply.All you had to do was ask
Only trying to be helpful and demonstrating that MYLR insurance can be reasonable, and from which insurance company, so others can quote their specific circumstances to see how they fair.
For clarity. Age 51, No claims made, no points or convictions, 13 yrs NCD, live in village outside Edinburgh, used for social domestic and commuting, 8000 miles. Added wife who has similar details.Absolutely no question as to if your trying to be helpful or not. Tesla insurance can be reasonable but as you state in your post "specific circumstances" ...which is what I alluded to in my reply.
I just had a renewal quote from Admiral, ~ £1200 up from ~ £700. Age 50, full NCB, live in Northampton. Car kept on drive, Partner as named driver ..... 20k miles per annum, business use. Cheapest I can find now is via 'Flow' part of the LV group at £850.For clarity. Age 51, No claims made, no points or convictions, 13 yrs NCD, live in village outside Edinburgh, used for social domestic and commuting, 8000 miles. Added wife who has similar details.
If your details are similar then try Admiral. I called after getting a quote, saying I had better prices and asked if they could apply any further discounts.
The main frustration here is the fact that the outcome of any quote is so apparently chaotic (Chaos Theory: the study of apparently random or unpredictable behaviour in systems governed by deterministic laws). It should all make sense, but it doesn’t. How can the same person with the same circumstances receive quotes ranging between £500 and £2,500? And why does one person get a good renewal offer while another with almost identical circumstances appears to be the butt of an insurance company’s joke. If I had to guess, I’d probably ascribe it to an imp with a set of dice (it makes as much sense as anything else going on)For clarity. Age 51, No claims made, no points or convictions, 13 yrs NCD, live in village outside Edinburgh, used for social domestic and commuting, 8000 miles. Added wife who has similar details.
If your details are similar then try Admiral. I called after getting a quote, saying I had better prices and asked if they could apply any further discounts