Insurance on a bigger engine car

opus

Stekelly wrote:

Quinn direct wouldnt insure me on my 2l Accord, so I took hibernians quote of €2426. I was messing around on their online quote system and realised that if I drop to tpft (the car is only worth €1500 or so) and put my partner on the policy (shes 29 and has full licence) it drops to €1640 (after I added €50 for windscreen cover) Im on hold at the min waiting to change my policy.

Surprised to hear that Quinn wouldn't insure you , they are one of the few people who're were willing to quote me on a 3-series when I got it first and are still far and away the cheapest at ~€520.

Guy:Incognito

opus wrote:

Surprised to hear that Quinn wouldn't insure you , they are one of the few people who're were willing to quote me on a 3-series when I got it first and are still far and away the cheapest at ~€520.

Yeah they said they wouldnt insurse me on a "performance" car, a bloody 94 2l accord!

Seth Brundle

iregk wrote:

My advice, get an advanced driving licence and I don't mean the axa crash (pardon the pun) course I mean the real advanced driving licence. Legally with this insurance companies must treat you in the low risk category.

I surveyed some of the major insurance companys in this country and found that they generally don't reward advanced drivers.
See http://www.boards.ie/vbulletin/showthread.php?t=187864

iregk wrote:

If they dont you can challenge it.

Not an option for many young people I would think!

Oh Boy!

Guys, i work for Quinn Direct so hopefully this makes sense:

1) The reason why male rates are more expensive than female rates is that, stastictically anyway, male drivers tend to have much bigger shunts than female drivers so the claim costs a lot more to settle. I know it sounds sexist but female accidents have a tendancy to happen at parking speeds, resulting in their claims costing less to settle. Males accidents are more likely to happen at much higher speeds (The boy racer testostarone effect i suppose!) Thats our experience in Quinns, remember a very high proportion of our policyholders are males under 25. And for us to survive, we have to make a profit so rates are set by underwriters based on previous experience and current risk assessments. We're not a charity!! So guys, if you want cheaper insurance, SLOW DOWN!!!! And i'm a male in my 20's, by the way!!

2) Higher powered and bigger engined cars are a higher risk coz they are usually driven at higher speeds, hence are at a higher risk of crashing due drivers losing control at those higher speeds. A fairer method would probably be the grouping method used by british insurers. Engine BHP is the method used by us. Anything over 110bhp, you have to be over 25 with a full licence to be insured by us. But if your with us a while and have no claims, well anythings possible...............

unkel

Oh Boy! wrote:

The reason why male rates are more expensive than female rates is that, stastictically anyway, male drivers tend to have much bigger shunts than female drivers so the claim costs a lot more to settle. I know it sounds sexist but female accidents have a tendancy to happen at parking speeds, resulting in their claims costing less to settle

Yup, young females cause more accidents than young men do, but the total value of the claims is less

Oh Boy! wrote:

A fairer method would probably be the grouping method used by british insurers. Engine BHP is the method used by us

Insurance groups are used by most insurers here too afaik. I pay 20% less insurance on a 3.5 liter V8 7-series (245bhp) compared to a same value, same year 2.5 liter 6L 5-series (170bhp)

The 7-series is obviously a few groups lower than the 5-series

I got similar quotes on a Mercedes 5.0 liter S500 and a 6.75 liter Rolls-Royce (I checked just for the craic)

Oh Boy!

unkel wrote:

Yup, young females cause more accidents than young men do, but the total value of the claims is less



Insurance groups are used by most insurers here too afaik. I pay 20% less insurance on a 3.5 liter V8 7-series (245bhp) compared to a same value, same year 2.5 liter 6L 5-series (170bhp)

The 7-series is obviously a few groups lower than the 5-series

I got similar quotes on a Mercedes 5.0 liter S500 and a 6.75 liter Rolls-Royce (I checked just for the craic)

Most companies here use a group rating from 1 - 6, with extra loadings for the BHP level. The british ABI ratings are from 1 - 20. Most companies (Including Quinn direct) would rate 7 series and S classes lower based on the risk. They are mostly driven by older folk and as the bodies are so heavy, the extra power would not make them much faster than their "baby" brothers.

But the PIAB is starting to make a huge difference. On average, rates have fallen by more than 20% with Quinns in the past 12 months. (example: 18yr old in 2004 on a group 1 or 2 car like an Astra 1.4 or Focus 1.4, average quote, and i mean average quote €3900 - €4300, right now around €2700 - €3300. Still huge, but heading in the right direction.) And in case anyone thinks i'm trying to make QDI look good just because i work there, i'm not!! I'm "safe in the hands of Hibernian" myself!!!!

The fact is, most insurance companies make no profit from premium income. The profits come from that income being invested in stocks. Thats why premiums went up so much in 2001 - 2002. It wasn't the fear of terrorist attacks after 9-11, it was because the stock markets went into a steep decline after the attacks.

unkel

Oh Boy! wrote:

I'm "safe in the hands of Hibernian" myself!!!!

LOL

Oh Boy! wrote:

most insurance companies make no profit from premium income. The profits come from that income being invested in stocks. Thats why premiums went up so much in 2001 - 2002. It wasn't the fear of terrorist attacks after 9-11, it was because the stock markets went into a steep decline after the attacks.

Yeah traditionally the yield of invested premiums is indeed greater

Anyway, welcome to boards, Oh Boy! It is good to have somebody with inside knowledge from within the motor insurance industry posting here!

Oh Boy!

Cheers unkel, glad to be here!! Have been lurking for the past few weeks since i found here while "googling" at a quiet time at work! Seems like one heck of a community.

Now, time to continue drinking.................(Sorry bout being off topic!)

mike65

Ditto unkels words, just be prepared for some flak from angry 20 year olds who want to drive Jap imports!

Mike.

Oh Boy!

mike65 wrote:

Ditto unkels words, just be prepared for some flak from angry 20 year olds who want to drive Jap imports!

Believe me Mike, i'm used to it!! But we do cover 20yr olds on Jap imports. As long as they have less than 110bhp............................

mcguiver

Interesting thread. Engine size and car rating seem to be big factors, I went from a 518i BMW, to a 318i, and had problems getting insurance, the excuse was smaller car with big engine=faster! On a 1.8 at the moment, and went to change to a 4 litre jeep...both the same quotes!!!

Good advice I got from a broker a long time ago...if your young they will scr*w u, so buy the biggest /best u can afford. So 13 cars later (and a few years older) insurance on just about everything is 600 euro.