does anyone know how insurance works please?
Thread Starter
Joined: May 2003
Posts: 50,018
Likes: 259
From: Little India
does anyone know how insurance works please?
how does it work exactly?
what do they do to work out the prices?
what affects what?
for example:
norwich union curently insure a car and, when the renewal comes through it's £417 and change for my father being policy holder and me being the named driver
if i change over so that i'm the policy holder and he's the named driver, the cost goes up to £778 and change
yet
when i put the details into the computer, last month i got a price of £548 and change and yet, the same company (norwich union) is now offering me a price of £438 and change
so what's changed between me telling the lady on the phone at 1pm this afternoon and me putting the details into the computer 3 hours later thats dropped the price by nearly £350?
can ANYONE explain?
not that i'm complaining as i've just paid for it at the lowest price
but why all the hard work to get it to a resonable figure?
what do they do to work out the prices?
what affects what?
for example:
norwich union curently insure a car and, when the renewal comes through it's £417 and change for my father being policy holder and me being the named driver
if i change over so that i'm the policy holder and he's the named driver, the cost goes up to £778 and change
yet
when i put the details into the computer, last month i got a price of £548 and change and yet, the same company (norwich union) is now offering me a price of £438 and change
so what's changed between me telling the lady on the phone at 1pm this afternoon and me putting the details into the computer 3 hours later thats dropped the price by nearly £350?
can ANYONE explain?
not that i'm complaining as i've just paid for it at the lowest price
but why all the hard work to get it to a resonable figure?
PassionFord Post Whore!!
Joined: Sep 2004
Posts: 4,773
Likes: 86
From: Nottingham
Online price will be a "competitive" price to get your business, whilst the over the phone price has room for negotiation down.
Ref named driver, the assumption is the main driver will be driving more than the named.
So if the previous main driver is less of a risk, by age for example, than the new main driver (previously named) price has to rise.
.
.
Ref named driver, the assumption is the main driver will be driving more than the named.
So if the previous main driver is less of a risk, by age for example, than the new main driver (previously named) price has to rise.
.
.
Thread Starter
Joined: May 2003
Posts: 50,018
Likes: 259
From: Little India
the insurance i actually took out was £488 all in with business mileage includined
i didn't wnat this and so called up to get it removed and the quote came back as £688
wtf?
i didn't wnat this and so called up to get it removed and the quote came back as £688
wtf?
PassionFord Post Whore!!
Joined: Sep 2004
Posts: 4,773
Likes: 86
From: Nottingham
This is the way it works.
They have 50 pieces of paper with different prices on from £100 to £1000 pounds in a box. When you ring up they pick one out at random, they listen carefully to your reaction, then depending how much you breath in and how many "F" words you use, determines how many pieces of paper they keep pulling out till they find a good price that suits you.
If your age is under 21 they pick out three pieces at a time.
.
They have 50 pieces of paper with different prices on from £100 to £1000 pounds in a box. When you ring up they pick one out at random, they listen carefully to your reaction, then depending how much you breath in and how many "F" words you use, determines how many pieces of paper they keep pulling out till they find a good price that suits you.
If your age is under 21 they pick out three pieces at a time.
.
PassionFord Post Whore!!
Joined: May 2003
Posts: 4,582
Likes: 0
From: Colchester, Essex
spot on focusv8 pmsl
did you get the web quote through a compare site or throug NU site? if a compare site they always say this quote is estimate. If it was the NU site just phone them and take the cheaper one out - web prices are ALWAYS estimate. Trust me im an insurance underwriter (but im an honest one pmsl)
did you get the web quote through a compare site or throug NU site? if a compare site they always say this quote is estimate. If it was the NU site just phone them and take the cheaper one out - web prices are ALWAYS estimate. Trust me im an insurance underwriter (but im an honest one pmsl)
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