Greenlight - Your views please for a prospective additional Insurer for our RMS panel

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Cro

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Under the bonnet...
I totally agree with saxo_man, Whilst those quotes are extremely impressive for somebody young and with no NCB, I can't help but think of the increase in inexperienced drivers getting relatively cheaply insured on the likes of skylines and binning it! (A generalisation for the purpose here)

I'd say I wasnt far off paying 1.4k for a 1.2 clio which would be similar to somebody on this kind of policy on a focus st.

Don't get me wrong I would have loved to have a performance car at that age but definately no substitute for experience over the years.

While yes, young people can get insured on high performance vehicles legally this way, in the event of them crashing / claiming does that not as a consequence increase the rest of our premiums in the long run?

My point is mostly aimed at young inexperienced drivers, I could see it as valid for those driving for 'X' amount of years who had to claim, lost licence etc etc.
 

Tony@Greenlight

RMS Trader
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Tony@Greenlight
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Clearly no Insurer wishes to condone or promote reckless driving, thus i'm fairly sure that this factor would have been considered.

Having spoken with them the company argues its approach incentivizes policyholders to be more sensible and cautious in their driving style because of the higher initial rate of exposure,

They feel driver behaviour invariably dictates whether they are involved in accidents or presents claims and their belief is that the high excess is sufficient incentive for people to improve their driving behavior, to protect their car, give further consideration to where they park their vehicle, the vehicle security fitted and any other safety measures you can take (Inc responsible driving)

Drivers with convictions for drink driving, dangerous driving or driving without insurance are excluded by them, which confirms their stance of not wishing to cover irresponsible drivers.

This product has been live in Eire since 2005 and having proven their product (and concept) as viable within southern Ireland they have targeted expansion to the UK mainland as their next step, going live in the 2nd quarter of 2009.

If you feel that you're a responsible driver, but you've been unfortunate to lose your bonus or are getting your first policy in your own name after driving as a named driver this product lets you start with a clean slate and prove a point.

We certainly feel that whilst this company has a very different approach to the traditional Insurance market, there is some merit to this product. It's kind of a 'marmite' scenario in as much as you will either love it or hate it.

Kind regards

Tony
 

Stuarty1984

RMS Regular
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10,239
What about giving the option to increase your excess to above the norm, but without going as far as say £3,000, ie a driver with 3 years NCB getting an annual premium of £900 with an excess of £300, but choosing to take the excess up to £600 his premium will come down another £100 or so?
 

m00k

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Disney Land
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when i was young ringin round for quotes i generally was always asking if there was any increas on voluntary excess to reduce the premium but probs was more lookin toward 1000-1200 quid excess, 3k wuda really put me off, but i can see there wud be a market for it

cud be an idea for them to offer it in increments? ie 1k, 2k, 3, and obviously reflect that in the premiums?

or are they just stickin wi the 3k so they really drum it into ppl the responsibility is on them not to make a mess of their policy?
 

svensktoppen

RMS Regular
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32,751
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FK2 CTR
Hi Tony,

The only problem I have with your existing policies is that none of my cars can be covered. Sorting that would be more valuable to me :p Other than that your service seems excellent so far.

As for excess vs risk, I usually opt for higher excess to get a lower premium. At the end of the day, the proof is in the premium.

The excess on third party claims would really worry me, as a third party claim would be completely out of my hands. I have never made any claim, or had any claim against me, but we all know what happens with spurious "injury" claims, wildly exaggerated "repair" bills, etc. A whole industry has been built around it ("no claim no fee", etc.).

[rant]
The whole NCB system is a complete load of crock anyway :-# Your own example of somebody driving company cars, maybe for decades, being regarded as "no NCB" - it is just plain ludicrous.
[/rant]
 

Tony@Greenlight

RMS Trader
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Tony@Greenlight
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1,010
Location
Brentwood, Essex
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Mini Cooper S Wk
Hi guys,

Many thanks for taking the time out to post your views, much appreciated.

I am conscious that we need to expand our coverage within Northern Ireland, in areas that we do not currently offer products (zero NCB, non-ABI listed vehicles etc) and your views of the market or individual product concepts are important to me.

This prospective Insurer is sticking to it's guns excess wise but the tiered flexibility you mention would be available via our existing schemes that actually value NCB. Especially where you have less than maximum NCB.

What you have to remember when looking for an increased excess under regular schemes (not the proposed new Insurer to our panel) is the overall impact upon your premium vs the magnitude of the excess accepted, which if you have maxiumum NCB may not be very much or even nothing if you're at the minimum premium for the respective traditional Insurer product - we can advise you of the impact when you discuss your quotation or renewal with us, which will help you decide if worthwhile.

Kind regards & keep the feedback rolling.

Tony

Ps. We'd be particularly interested in hearing from the intended target market of this Insurance product (ie drivers who have lost NCB and are looking to re-establish a history, people who have driven as a named driver or as a company car driver who are starting out on their own)
 
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