Insurance - Monkeys or what?

[jdwals]

If any one can tell me how my insurance company worked this one out, I'd be delighted because after a few hours laughing/crying - I still don't know where they pulled this one out.

Spoted a lovely Mitsubishi GTO over the weekend. 3ltr car, assuming non turbo so about 220bhp, lots of gadgets like all wheel drive, 4 wheel steer and the list goes on. Priced about €11,000.

Had to ring my insurance company anyway so for fun asked them how much more it would cost to insure the GTO over my current car.

My car is a '93 Honda Prelude, 2.2ltr non - Vtech so putting out about 135bhp. Insured for €3,000.

In the real world I would expect the GTO to be considerably more expensive than the Prelude. So asked my insurance company the difference and they came back with a figure of €120 - LESS for insurance on the GTO!!!

Have they all lost touch with reality or have I slipped into the Twilight Zone? How can it be cheaper to insure a bigger, faster, more expensive car?

Any ideas or do I just shake my head that mere mortals couldn't possibly understand how complex the insurance industry is and that we shouldn't bother trying to reason why?

[Phil]

Hi jdwals,

How long ago did you insure the Prelude?

Insurance prices have come down in the last six/ seven months.

Maybe you insured the Prelude before the prices had fallen, but in saying that, you could ring the insurance company next month and get a quote thats completely different.

Its all in a roll of a dice..... man!

[WhipLash]

Thats certainly a good one all right!

The only thing I can think of is that perhaps when they reach a threshold figure, then the resulting cost will always be in and around the same price, with a few Euro added/subtracted to make it sound a little different each time...perhaps. If this is the case then it might just explain your quote. (heh, €3,000 isn't exactly on the cheap side, even if it is a 2.2 Prelude non-Vtech).

The other thing to consider is how long ago was your previous renewal? Perhaps your profile has become cheaper to insure and you may well find that your next renewal quote for the Prelude will come down considerably. I know I know, miracles do happen every now and again! ;)

Have you tried any other insurance companies for a quote? What about a few of the online systems?

And the final question that begs to be answered, are you buying that GTO! :D

[jdwals]

Just reinsured the Prelude 2 weeks ago. And unfortunately, my premium went up by 40%!!!! Why - because they put all the premiums in the group scheme I am with up - no bumps, squashed pedestrians or penalty points, just went up anyway. Wrote them a nasty letter to try to make myself feel better but didn't work.
Tried to ring around for a lower quote outside of the group scheme but decided against it after the first few €2,000 more expensive quotes I was getting - it seems that the insurance companies aren't fond of my type of car - or maybe too fond of it at the money they were looking for. Nice bit of cash they pocket if I end up claim free at the end of the year.
Thought the 40% increase took the biscut until this lower GTO premium took first place instead. I eagerly await their next "surprise", might even feature on Ripley's Believe It or Not.....

[Phil]

I use to drive a 94 2.2i Prelude. I know only to well about the pain of insurance companies. PMPA been one of the biggest jokes around. (one of the only insurance companies to insure a provisional driver.. back in the olden days.)

The insurance companies used to love when I rang them. Once I signed up with them, they could close up shop for the rest of the day. :mad:

It got worse when I got the BMW 320I. The insurance company called it a "performance car".

Things have got a little better since I got my full license and I reached the magical age of the over thirties.

Still with insurance companies making hugh profits last year, you think you would notice the difference now.

[jdwals]

Hi Whiplash,

Am really tempted with the GTO. It was love at first site. Been back to see it a few times since but haven't gone for a test drive, would be too much for me if I decided against getting it.
Also would have to get past my friendly bank manager. If I was to go for the GTO I would have changed cars 3 times in one year and the banks seem to like stability.
Would cost an awful lot more to quench the thirst of that 3ltr. A high maintenance woman. But damn it, I am sure she would bring a smile to my face every time.....

[WhipLash]

3 cars in the last year! :eek: Talk about someone who can't make up their mind! I guess you'd want to be well sure of the GTO this time round.

So what was the first car this year then? A Celica or similar?

[jdwals]

Actually had my mind made up before I got them. Just surprised at how fast I am going through my wish list.
Always wanted my first car to be a Toyota Corolla Xli. First car I ever drove and thought it was so easy to handle. Got one and passed the driving test first time in her. Very fond memories.
Was talking to a guy once and telling him how I always wanted to get a Prelude after two or three years with the Corolla.
Didn't know at the time that his brother had a Prelude and was thinking of selling. Got it for a good price and love every minute of driving the car.
Always wanted a GTO or a Supra after the Prelude, and have fallen in love with the GTO I saw.
Thinkin, if I can get away with it now, to do it before the really expensive things in life come about like house and little gremlins (aka Children).
Then, I would have to go back to driving something sensible like a Fiat Multipla (U-G-L-Y!)

[WhipLash]

Originally posted by jdwals
Thinkin, if I can get away with it now, to do it before the really expensive things in life come about like house and little gremlins (aka Children).
Then, I would have to go back to driving something sensible like a Fiat Multipla (U-G-L-Y!)

Yes yes yes, do it now, cause its all so very true! :sad: My wife wants me to trade in the Accord for an MPV next! :rolleyes:

Ah well, there's always the mid-life crises to come...

[Phil]

Originally posted by WhipLash


My wife wants me to trade in the Accord for an MPV next! :rolleyes:

Does this mean that you will be doing a bit of hackney work at the weekend? ;)

[WhipLash]

Yeah, either that or deliver for the local Chinese!