possibly a stupid insurance question...

jon1981

hi,
got my insurance renewal quote today with quinn, i noticed that they still value it as it was 3 yrs ago on the cert. if i ring them them up and tell them it aint worth that much now should the insurance be reduced? or do they base the qoutes on the cost at all?

cheers

dr.bollocko

Its worth a check. Quinn probably won't change it much, but you might get cheaper if you try, I dunno, EVERY SINGLE ENGLISH SPEAKING INSURANCE COMPANY IN THE KNOWN FRIGGIN WORLD!

Wishbone Ash

Your insurance liability is predominately based on the damage that you could inflict on others. The value of you vehicle isn't really relevant when assessing the price unless you own something really special.

jon1981

not sure i could get it cheaper with another company, i had a small crash 2 years ago, i have 1 years no claims bonus now but i imagine the crash would put other companies off.

Rowley Birkin QC

I revalued my car upwards last year with Quinn and my insurance came down, no i don't understand it either. I'd say let it be if your happy with the quote.

Of course the best advice is get the fup away from Quinn.

GB15

I'm not sure if this is relevant to you but the minimum value insurance companies will put on any car is around 2 grand even if the car is clearly worthless.

bazz26

I think the value of the car is one of a number of factors when insurance companies assess your premium. Not a major factor when calculating risk assessments but afaik most companies have vehicle valuation brakets ie. €10,000 to €12,000, etc.

At the end of the day you can insure your car for €1m but they will only pay you it's current market value if it is written off.

Ring them and give them the amended value of the car, you most likely will get a reduced premium. Could be a few quid in your pocket anyway rather than theirs.

javaboy

bigkev49 wrote: »

I revalued my car upwards last year with Quinn and my insurance came down, no i don't understand it either. I'd say let it be if your happy with the quote.

Of course the best advice is get the fup away from Quinn.

They probably figure that a person with a car only worth 3,000 will not be as careful as someone who's car is worth 7 or 8 k.

jon1981

bazz26 wrote: »

At the end of the day you can insure your car for €1m but they will only pay you it's current market value if it is written off.

thats the way i see it too, btw its a 01 corsa was valued at 6k 3 years ago, not sure what it would be worth now

bazz26

jon1981 wrote: »

thats the way i see it too, btw its a 01 corsa was valued at 6k 3 years ago, not sure what it would be worth now

Ring an Opel dealer and ask them for the book value of a 01 Corsa. My guess would be around €4k. If so then the reduction might not be as much as you think. Still any saving is worth exploring.

Wishbone Ash

bigkev49 wrote: »

I revalued my car upwards last year with Quinn and my insurance came down, no i don't understand it either

Perhaps you are getting older and wiser!

bazz26 wrote: »

At the end of the day you can insure your car for €1m but they will only pay you it's current market value if it is writtren off

Replacing a car is chicken feed to an Insurance Company. They are much more worried about the potential damage you could inflict. A person with a €100 car could easily cost an insurance company €5,000,000.

bazz26

Wishbone Ash wrote: »

Perhaps you are getting older and wiser!

Replacing a car is chicken feed to an Insurance Company. They are much more worried about the potential damage you could inflict. A person with a €100 car could easily cost an insurance company €5,000,000.

I agree but we are talking here about the valuation of the car in relation to the insurance premium. While not a major factor, it still is a factor when calculating a premium.

Of course damage/injury is a different kettle of fish when it comes to risk assessment and premium calculations.

Wishbone Ash

bazz26 wrote: »

I agree but we are talking here about the valuation of the car in relation to the insurance premium. While not a major factor, it still is a factor when calculating a premium.

Replacing a car would be a very minor aspect of Comprehensive Insurance.

Senna

bigkev49 wrote: »

I revalued my car upwards last year with Quinn and my insurance came down, no i don't understand it either. I'd say let it be if your happy with the quote.

Of course the best advice is get the fup away from Quinn.

yeah, happened to me too, i revalued the car from €8k to €10k and the insurance came down about €50. again with quinn.

javaboy

Senna wrote: »

yeah, happened to me too, i revalued the car from €8k to €10k and the insurance came down about €50. again with quinn.

Think about it for a second. Say Johnny and Jimmy have an Opel Corsa each, same year, same engine,spec etc. and exact same no claims, live in same area, same age etc. So everything else is equal except Johnny's car is worth 2,500 more than Jimmy's? If I was an insurer that would make me think Johnny takes care of his car better than Jimmy and that attention to detail carries on into his driving.

*Names have been changed to protect identities.

Del2005

javaboy wrote: »

Think about it for a second. Say Johnny and Jimmy have an Opel Corsa each, same year, same engine,spec etc. and exact same no claims, live in same area, same age etc. So everything else is equal except Johnny's car is worth 2,500 more than Jimmy's? If I was an insurer that would make me think Johnny takes care of his car better than Jimmy and that attention to detail carries on into his driving.

*Names have been changed to protect identities.

Or else Johnny has no idea of the real value of his car and Jimmy does!

I've found when insuring cars never to go below €3000. We've several cheap cars in the family and when we renewed they all went down after we increased the value of the cars. No idea why they load cheap cars, doesn't bother me as I just lie and over value it. Only get market value anyway.

galwaytt

don't understand quinn's at all.........went from 15k Renault 1.9 to 38k Ford 1.8, insurance came down. Went from 38k 1.8 Ford to 13k 2.0 Mazda.....and it went up.

All diesel MPV's, btw, not hot hatche's etc..........

Duckjob

I've given up trying to work out how insurance companies work their quotes.

A couple of years back with AXA, I switched from a 97 Peugeot to a 92 Honda, and at the renewal the F&T part of my 3rdPF&T policy all but quadrupled (from about €150.00 to nearly €600.00). I had had no claims of any kind on the policy.

I put in to them that the Honda was about 1/5 the value of the Peugeot so what they were quoting was effectively a 20 fold increase. The person I spoke to sounded like a 17yo and I swear she was chewing gum down the phoneline. Only answer she could give me was "A Honda is easier to steal"??? She eventually hung up on me when I wouldn't accept that crap and go away. I moved away from AXA shortly afterward....

craichoe

I was told anything over 10 years old gets a loading.

bcmf

ok.I had a conversation with an employee from Quinn Direct. This may help clear the muddied waters a little with regards to premiums on cars.
The cars and valuations set out below are for "illustration" purposes only.

Lets take a 1999 Toyota Corolla.
I got my renewal from QD for it.I noticed an error on the cert.Went back into them to get a new cert issued.The girl behind the counter tells me that AT THAT PRECISE TIME it would be cheaper to cancel my policy and get a new one.
Baffled I asked why.Her reply was this.
"The underwriters update the database v v v regulary and it depends on whether your exact car model has been invovled in any 'instances' over the last few hrs.If a claim has gone in against your style of car it will have an immediate effect on the qoutation.If no claim or 'instance' is recorded the it will also have an effect on your qoutation.The longer the better.But it could literally change o/night.Grab it now while you can."
She was right.On a fully loaded comprehensive policy it came down ,as far as I remember, about 10%!!!!!!!! over the course of 5days.I changed a typo on the cert.
So in reality you have very little control (as long as you dont put in a claim!!) over the price of your policy!!
This is what I was told over the counter by an employee direcrly.This may explain why there can be crazy variations on policies over time

bcmf

Duckjob wrote: »

I've given up trying to work out how insurance companies work their quotes.

A couple of years back with AXA, I switched from a 97 Peugeot to a 92 Honda, and at the renewal the F&T part of my 3rdPF&T policy all but quadrupled (from about €150.00 to nearly €600.00). I had had no claims of any kind on the policy.

I put in to them that the Honda was about 1/5 the value of the Peugeot so what they were quoting was effectively a 20 fold increase. The person I spoke to sounded like a 17yo and I swear she was chewing gum down the phoneline. Only answer she could give me was " She eventually hung up on me when I wouldn't accept that crap and go away. I moved away from AXA shortly afterward....

She isnt wrong.I have the experience and the qoute loading to prove it.MId 90's Honda's are a piece of piss to steal.A garda showed me how they get in and started in less then 60secs after I had it stolen the 2nd time.The 3rd it was stolen it was never seen again.

javaboy

Duckjob wrote: »

I've given up trying to work out how insurance companies work their quotes.

A couple of years back with AXA, I switched from a 97 Peugeot to a 92 Honda, and at the renewal the F&T part of my 3rdPF&T policy all but quadrupled (from about €150.00 to nearly €600.00). I had had no claims of any kind on the policy.

I put in to them that the Honda was about 1/5 the value of the Peugeot so what they were quoting was effectively a 20 fold increase.

It's like WA said earlier, the value of your own car has little bearing on the premium. It's the potential injury to someone else that you can cause in a car that pushes the premium up.


As regards the F&T increase, if they believe Hondas are easier (and more appealing) to steal then that explains that. Also which is more likely to go on fire, the older car or the newer car?

rebel.ranter

As an aside from the OP's post:
I love the way people in Ireland still associate the he insurance premium with the value of the car, how many times have you heard:

"it's ridiculous! My car is only worth a €1,000 & yet they are looking for €2,000 to insure it!! Outrageous!"

They are insuring the risk of you driving that car, the car itself is only part of the equation, it's weighted heavily towards you in your youth, towards the car as you get older, asuming you ave a claim-free history. This of course is a bit of a generalisation.

javaboy

rebel.ranter wrote: »

This of course is a bit of a generalisation.

So is insurance

Duckjob

javaboy wrote: »

It's like WA said earlier, the value of your own car has little bearing on the premium. It's the potential injury to someone else that you can cause in a car that pushes the premium up.

Yeah, but it was the fire&theft part of the policy that quadrupled, the third party actually came down a lot. That's the bit I don't understand.

javaboy wrote: »

As regards the F&T increase, if they believe Hondas are easier (and more appealing) to steal then that explains that.

As others mentioned though, them paying out (in my case), around €3000 to replace my car is absolute peanuts in comparison to paying out €5M if I lose control while driving the car and plough through a crowd of pedestrians.

So how can you explain having a much higher premium for F&T than 3rd party?

Also which is more likely to go on fire, the older car or the newer car?

Actually, my money would be on the newer Peugeot, it was a POS:D

javaboy

Duckjob wrote: »

So how can you explain having a much higher premium for F&T than 3rd party?


Actually, my money would be on the newer Peugeot, it was a POS:D

Um... I can't. I give up on trying to make sense of insurance premiums


Sorry forgot we were talking about a Peugeot. French cars can and will spontaneously combust at the most inappropriate times.