'by Miles' Car Insurance

[webntweb]

As you can see by the header this is not about boat insurance (I wish it was).

Does anybody have any experience with the above company.

Being retired my annual mileage is normally about 5,500 and with being considered high risk (Covid-19) with my medical conditions I doubt if I will be doing more than 3,000 miles this year, so I was thinking of "Insurance by the mile".

On a slightly different tack after an over 40% increase in premium by my present insurer I am naturally looking round for quotes. One interesting thing I came across was when I put my details into MoneySupermarket one of the quotes that came up (surprisingly to me) amongst the lowest was the AA.

MoneySupermarkets NCB list goes up to 20+ years, which is a bit pointless because unless you've stayed with one company for all that time you have no way of proving that bonus (unless you have kept every renewal notice for the last 20 years).

Anyway I put in 20+ years and got a quote; then I went back and changed the quote to 10 years and the price came out £26 more expensive.

I had read on another website that the AA only count the last 10 years NCB so why the difference in the quotes?

If I do go down the AA route I will of course ask them why there is a difference.

 

[floydraser]

I move from one insurer to another either every year or every other year. Sometimes the NCB entitlement is on the renewal notice and sometimes I have to ask for proof but it is always on record. 

If you have reached an age milestone, that could put the price up. I've never seen it written down but some companies don't like older drivers. Every insurance company makes it up as they go along anyway so it's best to shop around. One month company A will be cheaper, next both company B will be cheaper for no obvious reason.

[RumPunch]

I got stung by that this year - went to add my just turned 17 year old daughter, and they won't quote till I've been with them a year

[Ray]

Different insurance companies tend to have a favoured niche, could be high risk youngsters where they make their money or experienced low risk drivers. The balance to profitability is complex - high risk equals high premiums but bigger payouts. Low risk and you have to get more customers even though your claims outlay is lower, so is your income.

They will also have years when they want to increase their books and will discount new customers (rarely existing customers) Others year they will want to decrease the overall liability they carry and will slightly discourage new business and renewals by tweaking the premium.

Although they appear to make it up as they go along it is run strictly to complex rules of actuary, experience and making as big a profit as possible.

[Poppy]

If you use one of the comparison sites you will often find your own insurers offering exactly the same policy at significantly lower price.

I've had that happen more than once. A telephone call to the customer service desk usually leads to a renewal at a price close to or the same as the on line figure. It's the same with house and contents .

[Regulo]

5 minutes ago, Poppy said:

If you use one of the comparison sites you will often find your own insurers offering exactly the same policy at significantly lower price.

I've had that happen more than once. A telephone call to the customer service desk usually leads to a renewal at a price close to or the same as the on line figure. It's the same with house and contents .

Me too. But the call handler couldn't match their online price! He actually told me he'd not renew the policy, and I should go online and take out a new policy there! Crazy. So I did that.

[webntweb]

Thanks for the replies.

[ZimbiIV]

A few years ago I cancelled the auto renew when asked why I said it was cheaper with them through a search engine, they couldn't match it on the phone.

paul