Insurance hike

P R

Member
Messages
1,382
I have a friend in the insurance market (underwriter at Lloyds).. anyway, there is a rate, the "Ogden" rate which is to do with the reserves they hold, anyway this is his explanation...

Ogden rules which apply to personal injury payments have changed - where there is a lifetime care amount paid as a lump sum insurers could use 2.5% as a discount rate to get effectively a net present value for the lump sum, or I guess if not paying as a lump sum the amount they need to set aside now for that particular claim based on the interest they would get over the payment period. 2.5% pa would add up to quite a lot over say 15-20yrs. That rate has been changed to -0.75% pa for some reason so the reserves insurers need to set aside are now much higher. So they need more premium...
 

MrMickS

Member
Messages
3,951
My renewal on the GT/s was £365
3 years NCB
Parked in garage near York

Mines gone down quite a lot.

Called same insurer for a quote on Stradale and they wanted £700, Rang around and got the Strad down to £540 with privilege.

How many miles are you insuring for? I need to insure for 20k.
 

Needamaser

Member
Messages
1,491
I have a friend in the insurance market (underwriter at Lloyds).. anyway, there is a rate, the "Ogden" rate which is to do with the reserves they hold, anyway this is his explanation...

Ogden rules which apply to personal injury payments have changed - where there is a lifetime care amount paid as a lump sum insurers could use 2.5% as a discount rate to get effectively a net present value for the lump sum, or I guess if not paying as a lump sum the amount they need to set aside now for that particular claim based on the interest they would get over the payment period. 2.5% pa would add up to quite a lot over say 15-20yrs. That rate has been changed to -0.75% pa for some reason so the reserves insurers need to set aside are now much higher. So they need more premium...
Yep, that is what Contigo referred to earlier and the "estimated costs" of £7bn I mentioned. Sure how that is collected will not please anyone.
 

Needamaser

Member
Messages
1,491
With regards to the bottle of Glenmorangie, I could get an ex colleague to quote my Maser with 20% IPT if you like, however, that wouldn't be in the 'spirit' of things! :lol2:
Better do it quick because it will "evaporate" as soon as the top comes off the bottle. :)
Cargo by its nature will have numerous rates applying depending where cover is being arranged. Don't get involved much in the cargo at Lloyds suddenly lots of folk decided they want in on the market and schemes popped up all over the place. I tend to use them for fleet and heavy risk liability such as oil related, asbestos etc.
 

Doohickey

Velociraptor
Messages
2,496
Just had my renewal through from Aviva on a multi car with only a £20 increase despite changing my daily from a soot chucker with 150bhp to a sports car with 300bhp. £760 for both with 8K miles pa on the Maserati including Europe and 15K business miles pa on the TTS.

Almost not worth shopping around.
 

conaero

Forum Owner
Messages
34,593
TTS is a cracking little car, raced one round Dubai circuit and really helped with it. Was better than the 4.2V8 R8 I also took round.

Sort of farted when you changed gear plus the brakes were amazing and it really danced in the corners.
 

Doohickey

Velociraptor
Messages
2,496
TTS is a cracking little car, raced one round Dubai circuit and really helped with it. Was better than the 4.2V8 R8 I also took round.

Sort of farted when you changed gear plus the brakes were amazing and it really danced in the corners.

It is great fun and unbelievably quick. I had a play with the launch control the other week and it sets off like a scalded cat. The exhaust noise is impressive for a 4 cylinder and I don't think it's artificial either. The biggest issue is that it's relatively quiet if the exhaust valves are closed so you're always going a lot faster than you think you are but as a cross country weapon not much will beat it.
 

alfatwo

Member
Messages
5,517
That's heavy, just had my renewal from Aviva.. £160 for the Fiat 500 and £280 for the old 3200, +20 quid discount if you renew on line!

And agreed value for 20K

I don't understand all these high figures quoted unless you live down the smoke..

Dave
 

P R

Member
Messages
1,382
Nor do I! I did shop around too. As I said though putting 20k miles per year doesn't half hike it.
 

MrMickS

Member
Messages
3,951
Its as much to do with where you live and keep the car as anything else. Changing from 10k to 20k pa added less than £60 to the insurance cost over the year. I can get the insurance down by upping the voluntary excess but with the compulsory excess I'm currently at around the value at which I'd claim anyway.