Car Insurance for 98 Starlet

JamesFitz

Hi guys,

I've been on the road with my full license for a year now. I drive a 98 Starlet (go me) and I had to for out 2000 euro to insure myself on my own last year (granted, I had just gotten my license).

Been thinking all year that the premium would come down to around 1500 but now I'm getting quotes of 2500 from all the big insurance companies. I've tried a good few brokers too and the best I have gotten so far is 2200 from FBD. What an absolute joke!

There surely must be a reason for this? Am I doing something wrong?

Cheers.

Kimbot

All insurance premiums are on the rise, set to jump another 30% by the end of the year

JamesFitz

But I was kind of thinking that I had to pay 2000 because I hadn't driven or been insured before? Thought I'd at least get some sort of decrease this year....

ironclaw

JamesFitz wrote: »

But I was kind of thinking that I had to pay 2000 because I hadn't driven or been insured before? Thought I'd at least get some sort of decrease this year....

Your lack of NCB and the age of the car will be significant factors here. If you go for Third Party, you should see a more agreeable price.

JamesFitz

Yeah I guess. Haven't tried Third Party only yet actually, would there be much of a price drop?

ScouseMouse

I don't mean to put down your car, but its a 98 with a low value. (But any car that goes and is reliable is a good car). If you drop to TPFT or even TP, you could actually save a packet, at least the value of the car.

Try it and see.

Toyotafanboi

ironclaw wrote: »

Your lack of NCB and the age of the car will be significant factors here. If you go for Third Party, you should see a more agreeable price.

but you have to see it from his point of view. he has more NCB than he did last year and the same car. so one could only expect a premium reduction.

having a premium rise, when you have the same car, at the same address with more NCB just defeats the purpose of the whole concept of no claims bonus.

ScouseMouse

Toyotafanboi wrote: »

but you have to see it from his point of view. he has more NCB than he did last year and the same car. so one could only expect a premium reduction.

having a premium rise, when you have the same car, at the same address with more NCB just defeats the purpose of the whole concept of no claims bonus.

Yes, I agree, but a NCB entitles you to a discount off the going rates of insurance. Unfortunately, rates are currently exploding.

ironclaw

Toyotafanboi wrote: »

but you have to see it from his point of view. he has more NCB than he did last year and the same car. so one could only expect a premium reduction.

having a premium rise, when you have the same car, at the same address with more NCB just defeats the purpose of the whole concept of no claims bonus.

But you are assuming that Year A is the same as Year B. This is the massive error that people are making when they look at insurance. Also, the expectation that the price will be cheaper year on year. The cost of business is rising, inflation, regulatory factors etc. And again, the idea of risk and the amount of exposure an insurance broker has. They need to limit all these and turn a profit. I'm not saying they are angels but they will charge what they need to and factor what the market will bear.

NCB is valuable but is not a silver bullet to reduce the cost of insurance if all other variables add more to the cost.

The reality is on a car under €3k, I'd almost say stash the cash to replace the car, have decent medical cover and just resign to replacing the car if you have a tip.

mgbgt1978

Try getting a quote with your mother (or father) as a named driver on your policy....usually drops the premium a bit.

ScouseMouse

Did you go any further with this. My 76 year old mother in law, lowered her renewal quote by ADDING her daughter as a named driver.

There is some seriously fecked up logic going on in insurance companies.

9935452

ScouseMouse wrote: »

Did you go any further with this. My 76 year old mother in law, lowered her renewal quote by ADDING her daughter as a named driver.

There is some seriously fecked up logic going on in insurance companies.

The logic behind that is the other person is a lower risk than the driver so lowers the overall risk if they drive the car at all

ScouseMouse

9935452 wrote: »

The logic behind that is the other person is a lower risk than the driver so lowers the overall risk if they drive the car at all

Ok, but the aul wan has her car all the time. Its only when our car needs a service does my wife drive it. So...... this means the car is on the road MORE, not less, so how can it be LESS risk?

mgbgt1978

You'll have to get an Applied Mathematics Degree & pursue a Career as an Actuary to find out



........then come back and tell us why two drivers sometimes works out cheaper than one .

9935452

ScouseMouse wrote: »

Ok, but the aul wan has her car all the time. Its only when our car needs a service does my wife drive it. So...... this means the car is on the road MORE, not less, so how can it be LESS risk?

yeah its a bit retarded but if you are the only driver, you drive it 100% of the time. If your wife(lower risk) drives it 1% of the time then you are only driving it 99% so the overall risk is lower.
If she drives it , you cant be driving it at the same time
And you have told them that you do a certain amount of mileage a year

ironclaw

9935452 wrote: »

yeah its a bit retarded but if you are the only driver, you drive it 100% of the time. If your wife(lower risk) drives it 1% of the time then you are only driving it 99% so the overall risk is lower.
If she drives it , you cant be driving it at the same time
And you have told them that you do a certain amount of mileage a year

Statistically, when someone has this arrangement on their policy, the risk to the insurance company to lower. Its nothing about who drives it, or how much. Insurance isn't a personal quote, its based on the pool of risk.