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Car Insurance Companies
Why quotes differ so much between companies |
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Many a time has a certain question been asked of car insurance companies and it has yet to be answered. That question is why quote for one specific individual driver’s information can vary so widely from company to company? Why can one of the car insurance companies offer a quote that is a hundred pounds or more higher than another company for the same driver and the same car? The reasons why have never been made completely clear to drivers but now we can shed a little light on this issue and give you some of the reasons behind this discrepancy. |
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The first reason is that all insurers have their different risk assessments to make and thus have very different methods of formulating the individual quotes. If there was a uniform system then the gulf between the highest and lowest quoted car insurance companies would not be so wide. We are not sure of the systems used to formulate quotes though as car insurance companies have no such obligation to reveal their methods to the public but the facts remain that the methods used do make a difference. |
Another reason for the gulf between quotes is the operation of individual car insurance companies. Those companies that operate solely online are generally much cheaper than those that have physical locations or agents because the latter have overheads and costs that the former does not. Similarly, the advertising budgets of certain companies add much on to the premiums as someone has to pay for them. As such, you should bear in mind that lower premiums do not necessarily mean lower quality policies.
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