I will never understand motorhome insurance. (1 Viewer)

[stewartwebr]

Last year I paid 330 Pounds with Axa to cover my N&B Flair. I still had 38 days to run on the policy when I traded it for my new Morelo Palace. They wanted 257Pounds for the 38 days with a warning they are unlikely to quote at renewal.
My thought process was to cancel the policy and take out a new policy. I have almost 18 years NCD for the motorhome so not an issue on that front.
I called everyone I have ever heard of for a quote. Nobody could give a price without directing it to the underwriter. The cheapest price was with Caravan Guard at 1600Pounds but with a 4000pound excess and 1000Pound glass cover. The rest of the quotes were all around the 2400Pound mark.
I did not have the time nor energy with everything else going on to continue searching and paid for the transfer with the thought I would start the process again at renewal.
You can imagine my delight when the renewal e-mail arrived today from Axa who had warned they may not re-quote at renewal with a price of 571Pounds with 10,000 miles and 60Pound Glass Excess and 100 Pound compulsory excess. What a really nice surprise.
I don't think I will ever understand how the insurance game really works.

 

[sonny]

Who does especially them.

 

[Figaro]

So did you pay £257 for 38 days ?
That seems like robbery but I suppose you make it up renewal that you hadn't expected

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[stewartwebr]

So did you pay £257 for 38 days ?
That seems like robbery but I suppose you make it up renewal that you hadn't expected

Yes, I did but worked out for the best, which is unusual for me
I assume there were fees associated with that change as well.

 

[Figaro]

Underwriting is a dark art understood by few !

 

[Fletton]

Underwriting is a dark art understood by few !

Underwriting is a simple task.... they just ring the local bookies for the odds before accepting your bet!....

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[Greenway]

Underwriting is a simple task.... they just ring the local bookies for the odds before accepting your bet!....

I think that's closer to the truth than you may think (or you have inside information) I've always thought insurance underwriting is the same as bookmaking

 

[MillieMoocher]

It's not that complicated in essence ...

2 columns of figures headed "in" and "out"

"In" is premiums

"Out" is claims and expenses.

They just need to make sure the figure in "in" is bigger than the figure in "out".

That's where it does get complicated though

 

[Fletton]

I think that's closer to the truth than you may think (or you have inside information) I've always thought insurance underwriting is the same as bookmaking

I am a lowly man ... like most on here... but in my days of not being in the "rat-race" anymore... which affords me time to explore and hone my critical thinking skills... I have come to understand that they ARE both one and the same...

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