Insurance People

[vmail]

Hi, if you work for an insurance company, please could you tell me how preimums work

[Fidgits]

<_<

Insurance premiums

% of Risk = premium...

i.e. Low risk car + low risk driver + low risk area = low premium

Low risk car + low risk driver + low risk area + modifications = medium premium

low risk car + high risk driver + med risk area = medium premium

Saxo + Muppet + mums house = time bomb!

[Yarisboy]

the truth is, no one knows how premiums work - they just make it up as they go along

[jaxx]

cant really put it into one sentence as it goes on umpteen factors

perhaps finecactus can shed some light if he strolls by later?

[vmail]

oh btw, its for my game, so it you tatal the car you dont have to pay for a new one it you have insurance

and im excluding write offs

[Fidgits]

well, if its for a game, just base the policy on the value of the car then?

[vmail]

like x%?

oh is insurance group related to a car?

ie group 1 = x litres

group 2 = y litres

[Yarisboy]

yes.... obviously driving a 1.3 litre yaris will give you a lower insurance premium than a 4.2 litre V8 jaguar...

[Fidgits]

like x%?

oh is insurance group related to a car?

ie group 1 = x litres

group 2 = y litres

yes...

Fiat 900cc Sienctio is Group 1 cos its 0-60 is 20 seconds and it costs 6,000 new!

The grouping has a combination of factors,

cost (rrp), performance, security, nickability, cost of repairs.. etc etc..