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 Topic: Motorhome Insurance
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09/5/2013 at 8:54am
Location: Solihull
Outfit: Vivaro Reimo Campervan
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Joined: 06/5/2013 Standard Member
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For the last 20 years or so of my working life I was an Insurance underwriter and I quickly discovered that the old proverb “one man’s meat is another man’s poison” to be very much true and very much in evidence with insurance companies.
Insurers base their premiums on many different factors, only one of which may (or may not be) your postcode. Your age, driving experience, marital status, vehicle type, age of vehicle, accident and conviction history, even your occupation and that of your spouse may be taken into account too.
Each insurer will view each of these factors with varying degrees of positivity/negativity depending on their own past claims experience and the philosophy of the pricing manager at the time. Each insurer will therefore rate the same risk in a different way and come up with their own premium to cover the risk.
One insurer may have had good past claims experience with a particular group of people and will want more of that business so will price them competitively in order to attract more. While conversely they will set a higher price on the business that they don’t want. As each insurer is working on their own experience it stands to reason that each would price individual factors differently, hence Mr Pickles being good for MickS and awfull for Wineciccio.
Experience grows and changes constantly, therefore insurance premiums are in a constant state of flux and rating methods under constant revision which brings to mind another old saying that is also very true…. “it pays to shop around”, just like we do with our gas, electricity, broadband, credit cards……….
Another trick that insurers play is to price low to attract new business and then price over the top at renewal. The thinking being that a good proportion of renewals will simply renew it rather than shop around thinking “if they were the cheapest when I shopped around last year I don’t need to do all that work again, I’ll just renew it” …… “it pays to shop around”……EVERY YEAR!
Me? I’m currently with LV through Insurance Choice in Leamington Spa. Due for renewal in July so I’ll start shopping again soon.
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