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Insurance - variation in prices etc

  • 28-01-2017 1:54pm
    #1
    The Guvnor
    Registered Users, Registered Users 2 Posts: 2,800 ✭✭✭


    If we accept that insurance is based on a number of factors and worked out via complex algorithms then how come the quotes can vary so much from company to company?

    I do accept we must be sure to be comparing like for like in terms of step back, cover etc but still...

    To me it does not make sense.


Comments

  • #2
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    The Guvnor wrote: »
    If we accept that insurance is based on a number of factors and worked out via complex algorithms then how come the quotes can vary so much from company to company?

    I do accept we must be sure to be comparing like for like in terms of step back, cover etc but still...

    To me it does not make sense.

    Due to the different claims experience of the different insurers, they will have different rates.

    Eg, insurer A might have had several large claims from 30 year olds driving a golf so would likely rate them higher than a company that didn't have any.

    There is no once size fits all when it comes to risk rating.


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