Van Insurance, absolute rip off!!

Discussion in 'General Business Forum' started by Falkirk300zx, Jun 8, 2010.

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  1. Falkirk300zx

    Falkirk300zx UKBF Contributor Free Member

    55 2
    Having watched the Direct Line advert on the TV offering 52 days free and with a tag line of "not doing things by half", yesterday I tried them for insurance for our Hilux.

    By heck, £1650.00 for fully comp and that included the discount!

    On the back of that, our insurer sent their renewal in, the premium doubled from £400 to just over £800. That was third party F&F!

    Looked around and got a great deal but FFS quotes over £1500.00 (the majority of insurers) for a Hilux that doesn't even use the flat bed for storage! The other crazy thing is that if I owned a Hilux model that wasn't classed as a commercial vehicle, the price was a very acceptable sub £500 even adding in full business use FROM THE SAME COMPANIES!

    Rant over!
     
    Posted: Jun 8, 2010 By: Falkirk300zx Member since: Mar 20, 2009
    #1
  2. Astaroth

    Astaroth UKBF Newcomer Free Member

    4,076 279
    TPFT insurance is increasingly often more expensive than comprehensive insurance on the same vehicle due to a number of factors but mainly because of the lack of competition in the market (a number of big players stopped writing the business a few years ago)

    You would also need to ensure that the "full business use" is the same as a commercial policy - in many cases it isn't as you cannot carry supplies or goods for reward etc
     
    Posted: Jun 8, 2010 By: Astaroth Member since: Aug 24, 2005
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  3. KDMINX

    KDMINX UKBF Newcomer Free Member

    659 101
    Insurance companies make out that their prices are derived from highly scientific and accurate calculations of risk etc.

    However observation leads me to believe that there’s someone in a room with a set of dice and some tarot cards!
     
    Posted: Jun 8, 2010 By: KDMINX Member since: Jan 6, 2010
    #3
  4. BCS

    BCS UKBF Newcomer Free Member

    17 1
    We use the CO-OP insurance services for our three vans. All are any driver, any age, fully comp with tool cover. Its done on seperate policies and the combined cost is less than £1350 for all three vans. It may be worth giving them a try.
     
    Posted: Jun 8, 2010 By: BCS Member since: Mar 8, 2010
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  5. Astaroth

    Astaroth UKBF Newcomer Free Member

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    It is a highly statistical measure of the risk based on past experience and then layered on top is things like propensity modeling and A/B price testing etc
     
    Posted: Jun 8, 2010 By: Astaroth Member since: Aug 24, 2005
    #5
  6. KDMINX

    KDMINX UKBF Newcomer Free Member

    659 101
    If that is true why do quotes vary so significantly?
     
    Posted: Jun 8, 2010 By: KDMINX Member since: Jan 6, 2010
    #6
  7. KidsBeeHappy

    KidsBeeHappy UKBF Newcomer Full Member

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    Because they don't always want your business, and instead of saying "p-off, you're too high a risk for us", they say "That will be £1652 please sir".

    You only price competitively on the work/clients that you want.
     
    Posted: Jun 8, 2010 By: KidsBeeHappy Member since: Oct 9, 2007
    #7
  8. TheGuru2010

    TheGuru2010 UKBF Enthusiast Full Member

    930 105
    Very good call, & to be honest i dont think i get many clients that state there best price is with direct line ( again they pick the business they want).

    You state your with the CIS, when did you last renew as i thought they was pulling the plug on the commercial side of things, the £1350 is a v good premium, dont switch from them !!!
     
    Posted: Jun 8, 2010 By: TheGuru2010 Member since: May 11, 2010
    #8
  9. KidsBeeHappy

    KidsBeeHappy UKBF Newcomer Full Member

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    Have you ever seen an employee driver take good careful care of their commercial vehicle?
     
    Posted: Jun 8, 2010 By: KidsBeeHappy Member since: Oct 9, 2007
    #9
  10. TheGuru2010

    TheGuru2010 UKBF Enthusiast Full Member

    930 105
    Probs not to be fair, but if you was to make the driver pay the Excess on any fault claims i think this might help!
     
    Posted: Jun 8, 2010 By: TheGuru2010 Member since: May 11, 2010
    #10
  11. Scott-Copywriter

    Scott-Copywriter UKBF Legend Full Member - Verified Business

    9,733 2,674
    Well we all know what white van men and their vehicles are like ;).
     
    Posted: Jun 8, 2010 By: Scott-Copywriter Member since: May 10, 2006
    #11
  12. Graemem

    Graemem UKBF Newcomer Free Member

    267 42
    To be fair though, he's wanting to insure a Hilux... You can drop it off an exploding block of high flats and it'll still work :D

    Maybe it's more to do with the destruction it would cause if it hit something :rolleyes:
     
    Posted: Jun 8, 2010 By: Graemem Member since: Jul 27, 2009
    #12
  13. KidsBeeHappy

    KidsBeeHappy UKBF Newcomer Full Member

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    Have you EVER seen a hilux without a dent in it?????:D
     
    Posted: Jun 8, 2010 By: KidsBeeHappy Member since: Oct 9, 2007
    #13
  14. Graemem

    Graemem UKBF Newcomer Free Member

    267 42
    Actually the last one I remember seeing did have some odd dents :p
     
    Posted: Jun 8, 2010 By: Graemem Member since: Jul 27, 2009
    #14
  15. Falkirk300zx

    Falkirk300zx UKBF Contributor Free Member

    55 2
    Perhaps your right yellowduck, it is a pretty tough piece of kit!

    We found a good price for the Hilux on a commercial policy, less than £500 but still £100 more than last year though!!

    Ours has the odd dent but unlike many, we actually use it off-road and it goes over some serious terrain. Quick respray before it goes back......
     
    Last edited: Jun 8, 2010
    Posted: Jun 8, 2010 By: Falkirk300zx Member since: Mar 20, 2009
    #15
  16. WarbyGK

    WarbyGK UKBF Newcomer Free Member

    109 31
    I've never understood the Insurance for Commercial Vehicles, as my wife pays less for her Jag with just 2 years NCD then I do for my Vivaro with over 10 years NCD! Somethings wrong somewhere, surely?!
     
    Posted: Jun 8, 2010 By: WarbyGK Member since: Aug 3, 2009
    #16
  17. Dogsbody

    Dogsbody UKBF Newcomer Free Member

    160 42
    Just to make your eyes water - the quote for my Transit LWB 59 reg with a fitted conversion in it, total value of £35,000, with me and daughter as only drivers, doing short local journeys, was £8000 !!!!

    I've now got it insured for me only at £500 p.a. Admitedly daughter is only 18. But even so - Eight Grand......
     
    Posted: Jun 8, 2010 By: Dogsbody Member since: Jan 17, 2010
    #17
  18. KDMINX

    KDMINX UKBF Newcomer Free Member

    659 101
    Why did your 18yo daughter want to drive your transit?
     
    Posted: Jun 8, 2010 By: KDMINX Member since: Jan 6, 2010
    #18
  19. BCS

    BCS UKBF Newcomer Free Member

    17 1
    Two of my vans have been with the CIS for over 15 years and one was added last year. These are not fleet insurance but individual policy vans.

    On the age part of the policy we have always had younger drivers on the policy my son is now 21 has been on them since he was 17 and one of our girls who works with us is only 19. Going by the posts on here I count myself lucky to be with the CIS.
     
    Last edited: Jun 9, 2010
    Posted: Jun 9, 2010 By: BCS Member since: Mar 8, 2010
    #19
  20. TheGuru2010

    TheGuru2010 UKBF Enthusiast Full Member

    930 105
    To be honest with you the feel i get from the market is that CIS are trying to build a good quality profitable book (and doing very well at it by the sounds) as i speak to some comemrcial clients (fleet & none fleet) & even on the plant side who state that CIS are not offering renewal. So my best advise to you is stick it out with CIS as you may get offered a better deal one year but they will be buying your business in (on a hope to make money on changes & renewal) but then you will see a rise next year & will then be out of the CIS inner circle - So can we all add our commercial vehicles to your policy :D
     
    Posted: Jun 9, 2010 By: TheGuru2010 Member since: May 11, 2010
    #20
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