Insurance excess

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Bill Smithson
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Re: Insurance excess

Postby Bill Smithson » Sat Dec 01, 2018 10:37 am

It's not only motor insurance where you can/will get stung. Because of health problems I had to cancel our holiday abroad ( by coach) earlier in the year.
After paying close to £90.00 for cover I was deducted another £50 from the holiday deposit for the cancellation. So much for MSE and Compare the market !
The Yorkshire based coach company returned our holiday cost in full (less the deposit) which was very honest of them, because I had paid up early.

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Rob Frankhamr
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Re: Insurance excess

Postby Rob Frankhamr » Sat Dec 01, 2018 11:10 am


Sometimes, though, preconceived notions need to be gently challenged.....in a fluffy, Christmassy sort of way! :smt114 :grin:

Pete
Exactly...

Lets just say I worked in insurance some years ago (and hated it!) so I have an idea how the system 'works' and leave it at that.

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Re: Insurance excess

Postby milleplod » Sat Dec 01, 2018 11:41 am

Exactly...

Lets just say I worked in insurance some years ago (and hated it!) so I have an idea how the system 'works' and leave it at that.

Rob
Things change, as always, though. I retired 10 years ago (where did that go!) and don't for one minute think that things that applied back when I was still patrolling the Peak District on my Pan are the same now. New legislation, new powers, new ways of doing things, new 'guidelines'. I have more than a suspicion that the insurance industry is no different. :smile: :smt114

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Re: Insurance excess

Postby Ruralman » Sat Dec 01, 2018 2:35 pm

https://www.comparethemarket.com/car-in ... ce-excess/

So it seems that we can’t avoid insurance excess !
It’s here to stay, all we can do is limit it to the compulsory excess!
I still don’t see the value of insurance for the average driver/rider until we are involved in a major incident, then the insurance company comes into its own and we can’t manage without them...........
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Keith


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Re: Insurance excess

Postby macplaxton » Sun Dec 02, 2018 3:48 pm

they don't start low and load the premium, they start at the maximum and discount it against certain criteria.
No, they start at a basic premium and load and discount it.

I remember my first car policy had a 95% loading because I was 17. I also recall my motorcycle insurance for courier use having a 200% loading.

Anyway, with regards to excesses, as Keith highlighted, it's something to take into account when purchasing a policy.

£500 a year with a €50 total excess, or £450 a year with a £500 total excess?
It's not only motor insurance where you can/will get stung. Because of health problems I had to cancel our holiday abroad ( by coach) earlier in the year.
After paying close to £90.00 for cover I was deducted another £50 from the holiday deposit for the cancellation.
Something to watch out for particularly on cheaper travel policies - Multiple excesses. Each section of the policy may have a separate excess. Examples here: https://www.telegraph.co.uk/finance/per ... esses.html
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Re: Insurance excess

Postby Mjolinor » Sun Dec 02, 2018 4:36 pm

It is also a sensible think to research before you even buy a vehicle. That and road tax.

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Re: Insurance excess

Postby windmill john » Sun Dec 02, 2018 6:48 pm

It is also a sensible think to research before you even buy a vehicle. That and road tax.

You AIN’T kidding!

I was paying £400 a year for my insurance, full comp, car, two Airheads.
Just renewed, £703!!!

Okay yes the R80 has now gone and I’ve now got the F800GS, it never crossed my mind at my age that it would jump this much.

I had a massive moan, but only got it down to £670

Yes I know it’s not about excess but still, it’s a good place for me to moan...
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Re: Insurance excess

Postby Ruralman » Sun Dec 02, 2018 6:52 pm

Indeed it seems as we get older and more experienced at driving/riding our insurance increases !
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Re: Insurance excess

Postby CaptAirhead » Sun Dec 02, 2018 7:11 pm

It is also a sensible think to research before you even buy a vehicle. That and road tax.

You AIN’T kidding!

I was paying £400 a year for my insurance, full comp, car, two Airheads.
Just renewed, £703!!!

Okay yes the R80 has now gone and I’ve now got the F800GS, it never crossed my mind at my age that it would jump this much.

I had a massive moan, but only got it down to £670

Yes I know it’s not about excess but still, it’s a good place for me to moan...
WOW.. That is steep. I'm £290 for a car, an R80/7 and a Yamaha 600, all fully comp with minimum excess and a declared no fault claim. I've said it two or three times on this thread.. change your insurer every year and go for the best quote ( or second best if you don't like the insurer)
Ian.
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Re: Insurance excess

Postby Ruralman » Sun Dec 02, 2018 7:17 pm

It is also a sensible think to research before you even buy a vehicle. That and road tax.

You AIN’T kidding!

I was paying £400 a year for my insurance, full comp, car, two Airheads.
Just renewed, £703!!!

Okay yes the R80 has now gone and I’ve now got the F800GS, it never crossed my mind at my age that it would jump this much.

I had a massive moan, but only got it down to £670

Yes I know it’s not about excess but still, it’s a good place for me to moan...
WOW.. That is steep. I'm £290 for a car, an R80/7 and a Yamaha 600, all fully comp with minimum excess and a declared no fault claim. I've said it two or three times on this thread.. change your insurer every year and go for the best quote ( or second best if you don't like the insurer)
Ian.
What is your age Ian? are we seeing ageism at work in the insurance industry?
My wife is 75 and she his year her insurance went over £500 for a 2015 Corsa she has full no claims as well!
Regards
Keith


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Re: Insurance excess

Postby CaptAirhead » Sun Dec 02, 2018 7:29 pm

Hi Keith,
I'm 72 on the 28th Dec. I get quotes every year from Compare the Market and GoCompare and choose the best quote ( not always the lowest).
My Yaris is with Swinton (£130) and both bikes with Bennetts ( both £80). I had a moan last year when my bikes jumped from £70 the year before to £80 but seeing what some others are paying, I'm doing OK! Put your details into a comparison site ( no obligation) and see what you get. You can mess around with premium versus excess for the best compromise.
Ian.
If you don't make mistakes, then you aren't trying hard enough!

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Re: Insurance excess

Postby Ruralman » Sun Dec 02, 2018 8:13 pm

Hi Keith,
I'm 72 on the 28th Dec. I get quotes every year from Compare the Market and GoCompare and choose the best quote ( not always the lowest).
My Yaris is with Swinton (£130) and both bikes with Bennetts ( both £80). I had a moan last year when my bikes jumped from £70 the year before to £80 but seeing what some others are paying, I'm doing OK! Put your details into a comparison site ( no obligation) and see what you get. You can mess around with premium versus excess for the best compromise.
Ian.
Hi Ian, you’re definitely doing ok with your insurance!
I paid £227 for my 2006 R1200gsa fully comp but it does include breakdown insurance. My 1989 Fiat Ducato Motorhome costs around £250 fully comp.
Regards
Keith
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Re: Insurance excess

Postby CaptAirhead » Sun Dec 02, 2018 8:20 pm

Hi Keith,
Obviously, choice of vehicle has a bearing on what you pay for insurance. When I retired, I decided that all I needed was a 'shopping trolley' ( the Yaris ) Very cheap to run and insure. It still pays to shop around although I'm a bit miffed that they don't give away the Meerkats now.
Ian.
If you don't make mistakes, then you aren't trying hard enough!

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2002 Yamaha Fazer 600

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Ruralman
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Re: Insurance excess

Postby Ruralman » Sun Dec 02, 2018 8:23 pm

Hi Keith,
Obviously, choice of vehicle has a bearing on what you pay for insurance. When I retired, I decided that all I needed was a 'shopping trolley' ( the Yaris ) Very cheap to run and insure. It still pays to shop around although I'm a bit miffed that they don't give away the Meerkats now.
Ian.
+1


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Re: Insurance excess

Postby windmill john » Sun Dec 02, 2018 8:52 pm

Obviously the chain driven GS commands a lot more than the boxer version; I wasn’t expecting it.

I am looking to change next year.

Yes I’m with a Carole Nash and so includes overseas, but I haven’t been for five years.
Carole Nash handled a no fault claim very well and my wife believes in having great cover, but.... £700....
http://www.kittos.co.uk
Best roads: 623 Burgos to Santander. A back road to Metz; can't remember which!
Schorsch - 1978-80 R65 - Has gone. No, not talking about it.
Max - 2009 F800GS- where’s the desert at!?
Too many bikes have come and gone, trying to be sensible now!

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Re: Insurance excess

Postby macplaxton » Tue Dec 04, 2018 6:51 am

are we seeing ageism at work in the insurance industry?
Yes. It has always been the case, better explained by the ABI
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Re: Insurance excess

Postby Ruralman » Tue Dec 04, 2018 1:53 pm

are we seeing ageism at work in the insurance industry?
Yes. It has always been the case, better explained by the ABI
Thanks that link is very informative
Regards
Keith


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Re: Insurance excess

Postby Nate » Tue Dec 04, 2018 5:57 pm

are we seeing ageism at work in the insurance industry?
Yes. It has always been the case, better explained by the ABI


However the lower premiums that were offered to young female drivers (under 40) as a result of their reduced crash involvement and lower cost of claims when crash involved, were deemed sexist under an EU directive in 2012 that banned risk assessment based on gender - part of the Charter of Fundamental Rights in the Lisbon Treaty.
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Re: Insurance excess

Postby Mjolinor » Tue Dec 04, 2018 6:00 pm

are we seeing ageism at work in the insurance industry?
Yes. It has always been the case, better explained by the ABI


However the lower premiums that were offered to young female drivers (under 40) as a result of their reduced crash involvement and lower cost of claims when crash involved, was deemed sexist under an EU directive in 2012 that banned risk assessment based on gender.
Increasing the female cost to the same as males. You can't win with insurance companies.

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Re: Insurance excess

Postby Nate » Tue Dec 04, 2018 6:04 pm

Increasing the female cost to the same as males. You can't win with insurance companies.

Not quite, it was anticipated that the rates for women would rise by around 50% while the rates for men would drop by around 10%, so not quite as simple as just charging women more. The new algorithm would not be differentiating risk by gender, so the relevant age pool would reflect a favourable influence on male drivers' risk, and a commensurate unfavourable influence on female drivers' risk
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Re: Insurance excess

Postby Mjolinor » Tue Dec 04, 2018 6:07 pm

Increasing the female cost to the same as males. You can't win with insurance companies.

Not quite, it was anticipated that the rates for women would rise by around 50% while the rates for men would drop by around 10%.
Politicians answer that. :)

Male insurance did not drop. Insurance rarely does. :)

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Re: Insurance excess

Postby Nate » Tue Dec 04, 2018 6:16 pm

Male insurance did not drop. Insurance rarely does. :)
No - I never said it would, only that it was supposed to! You'll still find women under 40 pay less for similar cover than men of the same age.

The point though was that sexism was deemed unlawful as a deciding factor for insurance risk, but as has been shown earlier, ageism is alive and well.

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Re: Insurance excess

Postby Mjolinor » Tue Dec 04, 2018 6:26 pm

Personally I don't see any problem with age or sex discrimination.

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Re: Insurance excess

Postby macplaxton » Thu Dec 06, 2018 4:49 am

Not quite, it was anticipated that the rates for women would rise by around 50% while the rates for men would drop by around 10%, so not quite as simple as just charging women more. The new algorithm would not be differentiating risk by gender, so the relevant age pool would reflect a favourable influence on male drivers' risk, and a commensurate unfavourable influence on female drivers' risk
While the insurers can't directly discriminate on basis of sex, a woman could still have cheaper insurance based on information supplied for the quotation. For example they'd look at if you had a typically female occupation, vehicle, etc. etc. in the questioning and then read between the lines.

"YOU HAVE A WOMAN'S MOTORCYCLE!" :grin:

https://www.telegraph.co.uk/finance/per ... hange.html
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Re: Insurance excess

Postby Mjolinor » Thu Dec 06, 2018 10:03 am

Do you wear high heals?

No << Increase in premium. :)


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