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Insurance companies licking their lips.......

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  • 09-06-2008 7:04pm
    #1
    ninty9er
    Registered Users Posts: 9,366 ✭✭✭


    in anticipation of people buying bigger engines come July??

    Just wondering. Having seen E92's post of Ford prices, I'll have a go at convincing the grandparents to go for the Focus 2.0 TDCI Auto (Granny had her knee done recently and the left one isn't too far behind), moving out of a 06 1.4 LX Connection

    The tax on the 2.0 is only €290 (by 1g/km) and the Ghia is only €25k, and could probably be got for €22.5k (aunt's husband is a Ford dealer)


    Do you reckon insurance companies are going to have a field day?


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    #2
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    Insurance companies don't really calculate premiums by engine size.


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    #3
    drunkmonkey
    Registered Users Posts: 28,193 ✭✭✭✭drunkmonkey


    I think the insurance mighten be to bad...

    My big fear would be the car is way to powerfull for your grannny....big power jump from a 1.6 petrol to a 2.0TDI

    Cue granny replacing air bags quite often....suggest a micra...


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    #4
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,576 Mod ✭✭✭✭Kimbot


    Insurance is calculated by the power to weight ratio. It should be in around the same maybe slightly dearer than what she is paying already.


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    #5
    peasant
    Registered Users Posts: 17,819 ✭✭✭✭peasant


    drunkmonkey wrote: »
    Cue granny replacing air bags quite often....suggest a micra...

    Do you know ninty9ers granny ?


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    #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,712 Mod ✭✭✭✭Henry Ford III


    jonny24ie wrote: »
    Insurance is calculated by the power to weight ratio.

    What gave you this idea?


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    #7
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,576 Mod ✭✭✭✭Kimbot


    Henry Ford III wrote: »
    What gave you this idea?

    I know a few people that work in insurance and that is what I was told is the main calcualtion factor.


    I know age, ncb etc are to be included but if its a case of HFIII getting an Evo or a Focus using all the same details the last deciding factor is the power to weight ratio.


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    #8
    luder
    Registered Users Posts: 182 ✭✭luder


    other factors such as previous claims history on a certain model, your profession, or where the car will be kept are used to determine the RISK factor.

    Have you ever been asked by an insurance operator what is the power or weight of your vehicle... i think not


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    #9
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,576 Mod ✭✭✭✭Kimbot


    luder wrote: »
    Have you ever been asked by an insurance operator what is the power or weight of your vehicle... i think not

    No because they already have the specs for most cars!!!


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    #10
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    ninty9er wrote: »
    Do you reckon insurance companies are going to have a field day?

    No. In general the older you get, the less difference an increase in engine size makes to your policy (sports / performance cars being an obvious exception).

    I was not charged any extra for going from a 1.6 to a 2.0 litre diesel, and then to a 2.5 litre.


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    #11
    port
    Registered Users Posts: 144 ✭✭port


    The following usually have a bearing on insurance cost....applicants age,applicants claim history.Car valuation,engine size.


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    #12
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    TBH I'm sure the insurance companies will just continue completely unjustifiably ripping off the 18-25 years olds regardless of any changes ome July.


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    #13
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    miju wrote: »
    TBH I'm sure the insurance companies will just continue completely unjustifiably ripping off the 18-25 years olds regardless of any changes ome July.

    18 - 25 year olds have it far easier now.


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    #14
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    still should be even easier though when you examine the accidents stats when they are broken down for last few years. (for the record im in the 26-34 age bracket :) )


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    #15
    guil
    Registered Users Posts: 10,495 ✭✭✭✭guil


    thats true i'm only payin 650 on a 05 focus saloon now and i'm 22 when i was 18 it was 3800 on a 99 focus hatch


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    #16
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    miju wrote: »
    still should be even easier though when you examine the accidents stats when they are broken down for last few years. (for the record im in the 26-34 age bracket :) )

    Any links to these stats? I never see any detailing the average cost per claim per age profile, just the overall number of crashes, which means zero.


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    #17
    guil
    Registered Users Posts: 10,495 ✭✭✭✭guil


    i think he means more 18-25 have accidents not have higher claims against them


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    #18
    Damien360
    Registered Users Posts: 6,495 ✭✭✭Damien360


    Shop around. Not all the companies are overcharging. They need to be competitive to get buisness.

    I was quoted silly differences for 07 1.6 Avensis, male, full 5 years no claims, over 30 !!

    350 Hibernian
    557 FBD
    756 Quinn

    Was with FBD for years and they were always very competitive. I asked the Kildare branch for an explanation and I was told....."we discussed this with our underwriters, and they figure that all the other insurance companies will make a big loss on their policies this year. We are the first to pass on the increase".

    Guess how much buisness they will get this year with that kind of pricing and see if they will make a bigger or smaller profit than last year.


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    #19
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    guil07 wrote: »
    i think he means more 18-25 have accidents not have higher claims against them

    That is exactly what I am asking though. For all we know young males are not involved in any more accidents than other demographics, but the average cost per claim could be much higher. This is all off-topic anyway.


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    #20
    Del2005
    Registered Users Posts: 18,990 ✭✭✭✭Del2005


    eoin_s wrote: »
    That is exactly what I am asking though. For all we know young males are not involved in any more accidents than other demographics, but the average cost per claim could be much higher. This is all off-topic anyway.

    Women have the most accidents, but since they are usually low speed shunts the claims are lower. Don't have a link.

    As for the OP, insurance don't really worry too much about engine size. They are more worried about the driver, the place the car is kept, how many have been stolen before and engine size is one of the last. Why else where Civic's hard to insure years ago, they aren't the most powerful of cars?


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    #21
    Rowley Birkin QC
    Registered Users Posts: 6,231 ✭✭✭Rowley Birkin QC


    peasant wrote: »
    Do you know ninty9ers granny ?

    Careful now :p!


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    #22
    WHITE_P
    Closed Accounts Posts: 619 ✭✭✭WHITE_P


    Del2005 wrote: »
    Why else where Civic's hard to insure years ago, they aren't the most powerful of cars?

    Boy racers !!!

    A friend of mine works in the insurance industry and she regularly argued with colleague's who loaded premiums for cars like the nissan 100nx and opel tigra, her colleague's tried to make these cars out to be sports cars, and anyone under 30 who tried to insure a black civic was really asking for a rediculous quote.


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    #23
    galwaytt
    Registered Users Posts: 12,776 ✭✭✭✭galwaytt


    Anan1 wrote: »
    Insurance companies don't really calculate premiums by engine size.


    Hibernian do.

    Cost for change from 03 Renault 1.9 worth 14k to 07 Ford 1.8 worth 36k = none. When asked how come no change when the car was 2.5 times the value, she told us it was because we changed down, engine-size wise......

    5 months later
    Cost for change from 07 Ford 1.8 worth 36k - 02 Mazda 2.0 worth 13k = + Eur140. When queried on why the cost, they said 'it's a bigger engine', and when pushed further she said it's the no. 1 thing they look at.

    Then, my car,
    Ditto on changing from 01 E200k worth 22k to 94 968 3.0 worth 16k. Cost to change = + 600 p.a., purely due to engine size - horsepower etc, not considered.

    Went to someone else, and got full comp on one 968 for 604 and full comp on the second one for 497...........go figure......:rolleyes:

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    #24
    WHITE_P
    Closed Accounts Posts: 619 ✭✭✭WHITE_P


    jonny24ie wrote: »
    Insurance is calculated by the power to weight ratio.

    Heard of a young guy who was quoted €9000 to insure a Opel Tigra a few years ago, same compnay quoted him €3000 to insure an Opel Corsa with the same engine size (1.4), given that the Tigra is basically a Corsa in fancy dress, the power to weight ratio would be similar, so I don't think they were using the power to weight ratio for those quotes.


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    #25
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,563 Mod ✭✭✭✭Robbo


    WHITE_P wrote: »
    Heard of a young guy who was quoted €9000 to insure a Opel Tigra a few years ago, same compnay quoted him €3000 to insure an Opel Corsa with the same engine size (1.4), given that the Tigra is basically a Corsa in fancy dress, the power to weight ratio would be similar, so I don't think they were using the power to weight ratio for those quotes.
    That's the difference in actuarial terms between a girlish car and a big pink handbag on wheels. They were doing him a favour.


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    #26
    WHITE_P
    Closed Accounts Posts: 619 ✭✭✭WHITE_P


    Robbo wrote: »
    That's the difference in actuarial terms between a girlish car and a big pink handbag on wheels. They were doing him a favour.

    Probably true, I wouldn't touch either myself, but then I don't really like Opels, I always found them to be cheap and nasty, when it comes to build / material quality, especially for a German make.


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    #27
    CPG
    Registered Users Posts: 108 ✭✭CPG


    luder wrote: »
    other factors such as previous claims history on a certain model, your profession, or where the car will be kept are used to determine the RISK factor.

    Have you ever been asked by an insurance operator what is the power or weight of your vehicle... i think not

    Every vehicle of a particular make model will be the same weight e.g all Volvo 850s are 1660kg, so why would you need to be asked ?


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    #28
    chipclub
    Closed Accounts Posts: 46 ✭chipclub


    Del2005 wrote: »
    As for the OP, insurance don't really worry too much about engine size. They are more worried about the driver, the place the car is kept, how many have been stolen before and engine size is one of the last. Why else where Civic's hard to insure years ago, they aren't the most powerful of cars?


    Not completely true. Engine size is a key component in the calculation but you are correct to say that certain cars are given special treatment. I could tell you exactly how one particular company calculates rates but I would probably lose my job so I won't.


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    #29
    ninty9er
    Registered Users Posts: 9,366 ✭✭✭ninty9er


    CPG wrote: »
    Every vehicle of a particular make model will be the same weight e.g all Volvo 850s are 1660kg, so why would you need to be asked ?

    No they won't; it will depend on suspension options and engines.


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