samcooke Posted February 17, 2003 Share Posted February 17, 2003 Just renewed my insurance with Sureterm for what I initially thought was a thoroughly reasonable £217. I say initially because right at the end of the conversation (after I'd coughed) the very nice fella on the other end of the phone said: 'Just for your information, the cost of the actual insurance is £127, so we get £90' Three things: 1. Why did he tell me? (I asked him and he didn't know...) 2. If I'd have gone direct to the underwriter (possible?) could I have got my car insured for £127? 3. £217 is still a monster bargain compared with what I pay on the barge. Quote Link to comment Share on other sites More sharing options...
westy Posted February 17, 2003 Share Posted February 17, 2003 how much margin I'm out for beers tomorrow with a certain business insurance broker, I now have an item on the agenda..... *mutters* Quote Link to comment Share on other sites More sharing options...
nickpargeter Posted February 17, 2003 Share Posted February 17, 2003 I'm a broker and believe me that is a massive amount of money to make. A private car policy would normally pay around 10% to 12.5% commission. So usually we would be grossing £12 odd on your cover, which is why I dont insure private cars! Quote Link to comment Share on other sites More sharing options...
hogman Posted February 18, 2003 Share Posted February 18, 2003 Wow £90 mark up on £127 sounds like a REAL profit!! I have just rung around everyone and got quotes for a 1990 SE with R1 bike engine limited to 3000 miles..... HHH - £230 Footman - £144 MSM - £208 G&W - Dont insure Westfields any more! Sureterm - £137 Graham Sykes - £ 447.69 Backford - £308.64 Raodsure - £448 AW Marlon - Dont insure Westfields! CIC - Couldnt compete!! So there you go, hope it helps someone somewhere! Decided to go with Footman James as everyone seems to have had good dealings and although not the cheapest still excellent value and free breakdown etc!! Cheers Kevin Quote Link to comment Share on other sites More sharing options...
samcooke Posted February 18, 2003 Author Share Posted February 18, 2003 R1s are 1000cc aren't they? Which I spose explains the difference, plus I'm young and have a dodgy past... All other quotes I got were over Sureterm's, and went as high as £400 - all with specialists. Since most policies seem to be underwritten by Lloyds anyway, does this mean the peeps who quoted £400 were looking to make £270 profit? £90 seen as 70% profit on £127 seems like a heck of a lot. But £90 on what I pay on the barge (£700) is about what nickp said below - 12 and a bit percent - and it's the same amount of work... Quote Link to comment Share on other sites More sharing options...
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