Daft insurance pricing

[gcol]

I insure my Transit with Privilege. Got my renewal through - they wanted £347 fully comp for me and the wife on the policy. The wife had a bit of a bump in Sainsburys car park a few weeks back so I knew it would go up. I thought if it went up by a lot then I'd just take her off the policy as she really never drives it anyway.
So I called Privilege to tell them. They said that it'd now cost £390. Well I said you might as well take her off the policy then. Ok they said....... that's now £397 !!!!
It turns out that I was getting a discount for having her on the policy. Apparently there's less risk of an accident when your spouse is listed on the policy. Even when they've just had a prang! Seems blurdy daft to me.

 

[WoodYouLike]

Seems blurdy daft to me.

That's statistics for you.
You know there are three kinds of lies:

1) A real lie

2) A white lie

3) Statistics

 

[Adam_151]

It was explained to me a little while a go the basics on how insurance is calculated, its all in terms of risks, bigger risks cost more to insure

When there are multiple people listed on the policy the insurance company assumes that the main driver won't be doing all the driving, and that a named driver is doing a percentage of it, so you'll have say 70% of the cost of the risk of the main driver driving all the time, and 30% of the named drivers risk driving the car all the time, so if you add on a named driver that they consider to be lower risk than yourself then your premium will reduce* your wife is less of a risk than yourself even with her accident, though not by too much

See... it makes sense when you look at it like that



[it is also why insureing a high risk driver as a named driver instead of main driver is cheaper than having them as main driver
(it should however be noted that using such tactics to deceive the ins. co. can consitute fraud...) ]

 

[Nige F]

Seems blurdy daft to me.

That's statistics for you.
You know there are three kinds of lies:

1) A real lie

2) A white lie

3) Statistics

Lies, Damned lies, and statistics........Winston Churchill ...Rum,Sodomy and the lash..also W. Churchill, on the Navy

 

[Adam_151]

I thought the statistics quote was mark twain?, the navy one is churchhill though IIRC

 

[johnny_t]

If you had a crash, I can imagine the insurance company possibly wanting to see proof of your driving licence, or tax, or MoT (don't know, never had one), but I find it hard to imagine they will ask for a marriage certificate before they pay out.

So for all you young folk with crippling premiums, why not just invent a wife and stick her down as a named driver to get them down. ?

 

[hermes]

why not just invent a wife and stick her down as a named driver to get them down. ?

Or if you wanted to keep it all above board you could just buy a cheap wife from Russia, then you get your washing done as well as cheaper insurance. Winner!

 

[Adam_151]

So for all you young folk with crippling premiums, why not just invent a wife and stick her down as a named driver to get them down. ?

No need to invent anybody, the fact that you are married to the named driver has very little risk, its just that statistically females above a certain age and having quite a lot of driving experience represent a lower risk than most guys, so adding your sister, mother, an aunt, a female friend, etc. would work. But its got to be someone who you can resaonably expect to lend the car too, so no putting someone who you haven't spoken to for 10 years who now lives in australia on as a named driver...

 

[ninebob]

Well as we all now know:

"Women make the safest drivers...
...you could save a bunch of fivers...
......for bonzer car insurance deals....."

I don't need to go on, do I?