Any - Car Insurance - Insurance Renewal

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Sat 10 Aug 2013 13:13
Any - Car Insurance - Insurance Renewal - Deryck

I have just renewed my insurance for the year after having done the usual price comparison. I had a few quotes around the same price given on my renewal invitation so I thought that I may as well insure with my existing insurer to save the usual hassle of NCD proof.

So I go through the on-line forms only for it to pop up with an error - the length of ownership is greater than the age of the car. OK I had changed the car half way through the policy. Correct that and click update. The premium has gone up £77!

Is it usual to use the length of ownership as an influence on premiums?

Needless to say I went elsewhere!

Edited by Deryck on 10/08/2013 at 13:13

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Sat 10 Aug 2013 13:27
Any - Car Insurance - Insurance Renewal - coopshere

Is it usual to use the length of ownership as an influence on premiums?

Needless to say I went elsewhere!

Any change is likely to influence ownership. The biggest con I see is when you change a car for a newer one in the same insurance group and the price is increased. When you ask why? The answer is because its value is higher but they never reduce the premium to reflect the car you insure is worth less as it gets older.
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Sat 10 Aug 2013 13:35
Any - Car Insurance - Insurance Renewal - unthrottled

I've noticed this. I can see why length of ownership is of actuarial significance. A person who who has kept the same vehicle for over five years is less of a risk than one who changes cars frequently. The latter could be involved in 'single vehicle incidents' and simply replacing the vehicle privately each time. Or they could have an impulsive nature-again not a good sign. Or they keep breaking vehicles through neglect/misuse. In any scenario, it isn't something insurers want to see!

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