Interesting insurance - Bad postcodes

[spike.]

This is from Greenlight, who specialise in performance/modified cars..

Below is a brief outline of our underwriting criteria:

Minimum Age: 21
Driving licence: Full licence must have been held for 12 months
No Claim bonus: We require a minimum of 1 years NCB on all policies
Vehicle Value: Drivers aged 21-24 our maximum value is £17,000
Postcode Exclusions: There are some postcodes that due to our bad claims experience are excluded from our scheme. The main ones are
Manchester (M),Bradford (BD), Liverpool (L), Warrington (WA1-13) and Oldham (OL)

 

[Marcus000]

Bad news for Scotty then!

Judging from a recent article in the local paper here last month, I don't think BB postcodes will be much further behind those.

 

[Scotty1.7]

Sounds about right

Might as well move to Helmen Province in Afgan- It seems safer by insurance standards

 

[Neil]

Helmand. And no it isn't.

 

[yippeekiay]

Nice to see Middlesbrough which is 10 minutes down the road from me isn't included on that list considering it was the joyriding capital of the country not so long ago.

 

[Anonymous]

I moved away :lol: ^^

 

[yippeekiay]

Yeah, I'd noticed the house prices had risen around here since you left and Mountsorrell (spelling?) is one of the cheapest places to buy now

 

[Tom B]

Manchester, Warrington and Lpool. :|

The three surrounding areas to where I live! :lol:

 

[Marcus000]

Just tried all 3x comparison sites and several independant companies for quotes & these are the best I got, rest were stupid (£5k+)

1yr NCB, Postcode BB12 (Burnley/Blackburn)

• • Endsleigh - £2830.54
  • Kwik Fit (MoneySuper) - £2970.53
  • Kiwk Fit (Confused) - £3037.62
  • Swinton - £3768.08
  • Performance Direct - £4471.68
  • Tesco – Unable to quote

Sky, Chris Nott & Adrian Flux will have to wait till office hours.


Changed ONLY my postcode to AB24 (Aberdeen)

• •Kwik Fit (Confused) - £1108.97

Apologies for the language but that's nothing short of a fucking joke!!

 

[Dal]

Just goes to show that statistically there is far less risk for the insurer in Aberdeen than Blackburn and that's how they gauge the price.

 

[Marcus000]

I'll be honest, if that doesn't drop back down to the 2k it was last year I'm selling the car and buying a YZF R125.

I can't justify 3k a year on insurance when the main usage of the car is to get me to work and back, a 3 mile journey.
Especially if I'm hoping to be at Dartmouth later on in the year where the car won't get any use.

 

[spike.]

thats a stupid amount for insurance!

 

[Marcus000]

CBT booked for 5th March, been meaning to do it for a while and since I've no preumium to pay out for my final months insurance I may as well do it sooner rather than later in case I do need to get rid!

 

[Cherie]

If you're only doing 3 miles to work, surely you can get a limited mileage policy somewhere?

 

[Planetslick]

Post codes mqke such a huge differance to your insuerance quote for instance before me and my partner moved in together we lived 9miles apart i was in post code DH1 and she in DH6 my cheaest quote in DH1 was £1700 the cheapest in DH6 was £2500!!!! Thats a huge differance considering both are relitivley nice areas with not bad crime rates it also seems backwasds since DH1 is the city centre not a suburb :S whole system is barmey if you ask me

 

[clarkie]

well iv had insurance with adrian flux for 4 years now, iv never had to claim, always paid on time, first year it was 800, second year was just shy of 700, third year it went down to 560( i also hit 25 that year) and this year they have bumped me up to nearly 900 because i moved from b26 in birmingham to b23 in birmingham.... f_ckin joke i feel like selling the car... i know all my modifications are declared and all that but i see myself as less of a risk as someone in a standard car... why would i spend money on my car and alot of it to go out and ruin it or crash it... bad times.

 

[warrenpenalver]

postcode risk is also affected a lot by local car crime. and it can take surprisingly few crimes to rocket an areas insurance.

 

[spike.]

postcode checker

http://www.motorcarinsuranceuk.co.uk/post-code-ratings.php" onclick="window.open(this.href);return false;

 

[Ian G]

That particular dataset is very old indeed, like mid 90s.

I have the claim rank data which is a bit newer but not complete for the whole country. Shows some major discrepancies, FK3 for example is rated C on the original ABI list but it's in the top 1% of low risk areas. EH12 is a D and not far behind.

NN6 and TN16, which are in the bottom 20% in the newer data were originally both graded A.

 

[warrenpenalver]

I think insurers should be legally compelled to publish the main risk factor data to help customers.

especially postcode data.

eg even these days you add up your home insurance, contents insurance and car insurance and the difference between a good postcode and a bad one can be thousands of pounds a year, with ease!!

and that thousands of pounds could be saved in a nice area and its likely the increased rent for a nice area is far far less than the savings in insurance.

eg round my way, an extra £100 a month on a 2 bed place will take you from a shit hole area to a nice posh area. For me a good postcode would likely save me £2k per year on various insurances, so its clear moving could save me money, but it would only be worth it if you had data to help you select the best postcode to live.