"Exclusive Rates" Insurance.

[Stan Thomas]

Seeking to obtain an alternative quote for my1931 Daimler, I rang Peter Best Insurance - given they advertise in D.M that there are "exclusive rates" for D.L.O.C. Members.

Somwhat suprisingly however, quoting specifically like-for-like, after Club discount and "special bonus" (?) they were still 40% dearer than several other major companies from whom I had obtained just bog-standard non-consessionary quotes.

No point in asking why,but suffice to remember the old adage to take nothing on face value, and shop around.

[simonp]

I have always had reasonable rates from Peter James in recent years and all policies are unlimited mileage.

SimonP

[RadfordJim]

I'm gathering insurance renewal quotes for the "soon to be completed" SP
Last year I paid £112 for a valuation of £24k with Peter James, through my Jaguar Enthusiasts' Club membership.
To renew this year I valued the car at £50k and was quoted £180 by Peter James, which I didn't think was too bad considering the policy is unlimited mileage (as Simon mentioned) and includes legal and breakdown cover.

I then mentioned that as I had sold my Jaguar, I wouldn't be renewing my JEC membership, but would still be a member of the DLOC.
"Clubs have different discount rates Sir" I was told "I'll just work out your revised premium"..........

For the same cover the quote based on DLOC membership was..........£256.40 Now that really is an "exclusive rate"

[Stan Thomas]

i've re-insured my Daimler, and without Peter Best's the so-call D.L.O.C "Exclusive Rate" discount, I've paid 64% less than they quoted.

[Phillmore]

Exclusive rate "premium" by the sound of it.

[Chris_R]

It is not only club schemes that can be affected like this.
As a member of the Institute of Advanced Motorists, I have access to the IAM Surety scheme designed for IAM members. Last year on my Range Rover, premium was £259, including my wife and son as named drivers. This year, renewal quoted at £751 for exactly the same. Apparently the insurer has withdrawn from the IAM scheme and so does not offer the IAM discount.
Through Admiral, quoted instead at £304.

[theoldman]

I've been with Peter James for some time now - this year's renewal £94.00. (including breakdown!!!)

Neil

[Petelang]

There is one basic rule you need to remember when dealing with insurance companies and that is that they are ALL crooks, liars and have no moral compass whatsoever.
If you constantly consider this you have a 50% chance at best of not being cheated.

[theoldman]

Don't think this is a good time to admit I used to be an Official of the Pearl Assurance Company..........

[Chris_R]

I think it's fair to comment that insurance companies are not in business for your benefit. They are in business to make a profit and to make money for their shareholders. That is their priority and their objective. Selling insurance just happens to be the method they use to make that profit. The way they do that is by charging you, the customer, as much as they can for the premium you pay which is their source of income and by paying out as little as possible on the claims that are made by you, their customers and which is the costs side of this equation.
It is a conflict of interest which inevitably means it looks like they are cheating you whereas in fact all they are doing is making a profit. If the cost of their product is too high, you can buy a similar product from a competitor and today it is much easier to find that cheaper alternative than it ever was before. There is absolutely no reason to stick with any insurer. There will always be another offering a more competitive product. Sometimes the premiums offered are totally bizarre and simply do not make logical sense but nowadays these are calculated by computer based algorithms and I suspect that in more than just a few cases these algorithms have become so complex that the results sometimes just don't make sense. I think they've tried to become too clever and have lost sight of reality.