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Curious Insurance Group Anomaly


alpine
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http://www.lexusgb-press.co.uk/protected/releases/2011/63388lex.htm

SE-I, SE-L Insurance group 15E

SE-L Premier Insurance group 17E

It's the same group as my GS300!

Why? All the ct200s have the same power, same body. Audio is completely integrated with the car and not nickable...

In fact the SE-L has the reversing camera and therefore is arguably less prone to parking damage.

I don't understand...

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reversing cameras only work on the car they are attached to, not the other careless drivers that are still on the roads, the group also relates to the value of the cars replacement parts, also theres actually 50 groups now as opposed to 20, but it seems everyone still goes by the older groups

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Thank you for your comment but I don't see that your comments are material to my post. The factors you mention affect all 3 car specs. equally.

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I don't understand...

It will be to do with the claims/loss ratio associated with each vehicle.

But there aren't any. It was only released in the UK a couple of weeks ago.

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http://www.lexusgb-press.co.uk/protected/releases/2011/63388lex.htm

SE-I, SE-L Insurance group 15E

SE-L Premier Insurance group 17E

It's the same group as my GS300!

Why? All the ct200s have the same power, same body. Audio is completely integrated with the car and not nickable...

In fact the SE-L has the reversing camera and therefore is arguably less prone to parking damage.

I don't understand...

It's in fact the insurance companies that don't understand.... They are not the brightest individuals out there and love to hide behind statistics.

I would hazard a guess that some bright (read as dim) junior has seen 'SEL' and pigeon holed the vehicle on the legacy of the old model designations.

It can't possibly be loss ratio figures as the car has only just been released.

Unfortunately it's very difficult to actually talk to one of the underwriters as they put themselves on a pedestal and usually wont talk to the general public (although after lunch most of them are incabable of talking to anyone anyway!!) :sick: :sick: :sick:

Suggest you just shop around and go for the best quote you can get.

The Ed

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Thank you for your comment but I don't see that your comments are material to my post. The factors you mention affect all 3 car specs. equally.

It was partially relevant in terms of your comment about it being the same as your GS300 - which under the new groups is actually group 37, considerably higher than the CT.

In relation to the difference, it'll be the cost of repairs as a guess. Just quickly looking over the spec, a front end bump in a premier will require the replacement of LED headlamps, which I imagine probably cost quite a bit more than the halogens in the other models.

Again rear end may require replacement of the reverse camera, arguably not that expensive but more than the standard car.

Also can't ignore that the premier costs a considerable amount more than the other two, so in the case of a total loss claim the payout will need to be higher.

Finally I'll add that a 2 group jump on the 50 group scale is not the same as with the old 20 group scale so would hope the difference in actual insurance premiums wouldn't be that large.

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Being a cynical person, I suspect that the insurance company thinks that if a person is willing to pay such a large extra purchace price from the lowest grade of car to the highest, then they are probably also willing to pay the extra insurance premium.

The insurance company will quote as high a figure as they think the market will bear, and that has no relation to the cost of the risk to them.

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  • 11 months later...

Being a cynical person, I suspect that the insurance company thinks that if a person is willing to pay such a large extra purchace price from the lowest grade of car to the highest, then they are probably also willing to pay the extra insurance premium.

The insurance company will quote as high a figure as they think the market will bear, and that has no relation to the cost of the risk to them.

Sorry to dredge up and old thread but this theory is pretty much in line with my own thoughts.
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