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  #11  
Old 04-Jul-2003, 02:29 PM
KoolKav KoolKav is offline
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Cheers for posting the info Simon
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  #12  
Old 05-Jul-2003, 02:53 AM
Simon_London Simon_London is offline
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How much did I save

Ok here's the scoop... I had 2 years no claims... no garage... London address, and a Ban for speeding... so things are stacked up against me to say the least!

I was getting inital quotes of 900-1300 3rd party Fire & Theft!!! and 1200-Won't Quote for Fully comp!!!

Cutting to the chase I now insure 2bikes Fully comprehensive, with a tiny excess, breakdown cover, 3rd party other bikes, Euro Cover and legal insurance for a tad over 400... not bad egh!

Our household also has to insure a Modded Coupe 20v Turbo (got this down to 450 from 1700!!) and a 206GTi (got this down to 370 from 900)... and with some jiggery pokery we have saved best part of 2k in poxy insurances this year...

So if the question is is it worth doing...

Well it worked for me big time.. (and quite a few of my mates now also!)
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  #13  
Old 07-Jul-2003, 04:41 PM
lovebug69 lovebug69 is offline
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Cheap Insurance

So if you fill out the word doc attached and fax off using the PC do they not ask for a brooker ref NO or something??
thanks

mark
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  #14  
Old 08-Jul-2003, 09:03 AM
Simon_London Simon_London is offline
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Nope

You might get the odd jobs worth that phones up and says can we go through it on the phone, even through they have the information infront of them (My mate did get a few calls wanting more details on an accident.. but that was it... 2 mins on the blower, and they were off again.)


Guys n' Girls...

Make sure you post how much you saved (in terms of money & percentage (if your an old duffer that lives in the middle of knowwhere and had a renewal premium of 200 for your 999R, and got this down to 100, then this is a massive 50% saving... but not a lot in terms of cash...) so we can get a better guage on how good it works, and how to refine it.
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  #15  
Old 08-Jul-2003, 10:47 AM
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DSC Member Jools Jools is offline
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Brilliant !!!!

As an old duffer who lives in the middle of nowhere, I'm still staggered by the the cost of insurance. I wish I had known about this in late June, because I've just renewed with Bennetts, who I was with last year as well, because despite all my ringing round they were about the best.

This scheme is fantastic, but a thought has just occured to me how it might be made even better. Because, you're still dealing with brokers. For me, Bennetts just front the deal with Norwich Union who actually insure the bike.

Now I can't toddle of directly to the insurers, because their business model, in this case. is constructed to let the brokers do the legwork and they don't want to deal directly with individuals. Naturally, the brokers (even the keen priced ones) have their overheads, and the percentage they mark up is down to how efficiently they run their businesses. But, we're still paying the middle man.

I can understand the insurers not wanting all the admin overhead of dealing with the public in ones and two's, but what if their were loads of us? Something like errrrr....the DSC in fact!

What sort of pricing structure do you think NU or someone like it would offer if the DSC approached them as a broker? I'm sure we could have a web page form on the site (available to paid up members only) where people could pump in their details and send it round (just like Simons idea) but directly to the insurers (even Lloyds Names if need be ).

I have absolutely no idea how the insurance industry is structured so this idea might be complete pants. But....
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  #16  
Old 08-Jul-2003, 04:58 PM
Simon_London Simon_London is offline
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It might just work!

I don't see why a club should be able to set up as a preferential broker to the big insurers... it's worth a dialogue with them... question is who to approach, and at what level first?????

Answers on a postcard
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  #17  
Old 08-Jul-2003, 05:53 PM
ducatisps ducatisps is offline
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You might need a licence from the Financial Services Authority - they are making all general insurance brokers and mortgage brokers join from late next year.
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  #18  
Old 09-Jul-2003, 09:47 AM
Simon_London Simon_London is offline
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It's worth a gander
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  #19  
Old 09-Jul-2003, 10:18 AM
Damo748 Damo748 is offline
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there would be a number of things that i can think of that spring to mind.

We would need to be a member of the GISC and we would also have to ensure that we adhered to the FSA etc. We would also have to think about how payments etc were going to be made as there could also be implications around being a licensed credit broker etc. I'm fairly sure that all of these things could be sorted out, probably by setting up some sort of white label scenario with one of the major insurers. We would also have to make sure that we established ourselves as an intermediary or agent selling a DSC branded product which is underwritten by the chosen insurer.

The other thing is that we would be tied to their pricing structure if we were to take this approach which would not be the best thing for a lot of people although it could benefit one or two people whom the insurance company believe to be good risks.

I'm not 100% sure on how this would work if we were to be a broker though. We would probably be better of choosing a broker to be our preferred supplier of insurance and negotiate a better deal that way. I know someone that might be able to help with all of this, I'll send him an e-mail and get back to you when i can.

Sorry for the ramblings, I've just been throwing things down without thinking enough about what I'm writing.
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  #20  
Old 09-Jul-2003, 05:47 PM
Simon_London Simon_London is offline
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Puckka... let us know how you get on... setting up a single tie with a single underwritter will no doubt be limiting... I suppose it's about setting up relationshipd with numerous preferred suppliers / underwritters and that way you can ensure you get a competative perspective on all the quotes returned....

From my experience when you ask for a quote they just spit back a generic quote which makes sweeping generalisations about you based on the information provided... it's only when you start hassling them to speak with an underwritter directly that you see real results... you can almost guarantee that if you object an 'excess' quote, the underwritter will be able to reduce it some how....

I have found in the past that by not declaring a garage, or immobiliser, then enquire about the discount they would give you 10% for this... 5% for that etc... you'll find that the quote comes back cheaper than if you declared them upfront... (brokers keeping a percentage for themselves????)

anyhow it's all just a system... and systems can be beaten, or at least 'played' so I am sure that we can find some loop holes / techniques to drive down insurance costs....

so who has the answer to life?
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