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Insurance for 50cc ped

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Luke Stephens
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Joined: 06 Feb 2012
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PostPosted: 23:44 - 21 Feb 2012    Post subject: Insurance for 50cc ped Reply with quote
Hello well i am 16 in march and got my ped insured for when i start riding. A few years ago my brother got ped insurance and it was 125 pound so i was expecting it to be the same and it wasn't it was 550 pound or 880 pound.

I got the insurance for 550 fully comp but why is so expensive now? it was 450 for 3rd party as well.

So why is insurance so much now??

I got a brand new aprilia sr 50 btw
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pinkyfloyd
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Joined: 20 Jul 2010
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PostPosted: 23:54 - 21 Feb 2012    Post subject: Reply with quote
Welcome to inflation.
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GrumpyGuts
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Joined: 20 Jan 2012
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PostPosted: 00:04 - 22 Feb 2012    Post subject: Reply with quote
Welcome to life.
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_Troy_
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Joined: 11 Feb 2011
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PostPosted: 00:19 - 22 Feb 2012    Post subject: Reply with quote
As above. Insurance prices have been rising lots for years, and you're a very undesirable person to insure I'm afraid.
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GrumpyGuts
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Joined: 20 Jan 2012
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PostPosted: 00:21 - 22 Feb 2012    Post subject: Reply with quote
You've got it good - I'm £630 to insure TPO because of a conviction
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Im-STiG
Borekit Bruiser



Joined: 15 Feb 2012
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PostPosted: 02:02 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
Luke Stephens wrote:
Hello well i am 16 in march and got my ped insured for when i start riding. A few years ago my brother got ped insurance and it was 125 pound so i was expecting it to be the same and it wasn't it was 550 pound or 880 pound.

I got the insurance for 550 fully comp but why is so expensive now? it was 450 for 3rd party as well.

So why is insurance so much now??

I got a brand new aprilia sr 50 btw
Are you serious though?

That's very cheap.
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Luke Stephens
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Joined: 06 Feb 2012
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PostPosted: 02:35 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
Im-STiG wrote:
Luke Stephens wrote:
Hello well i am 16 in march and got my ped insured for when i start riding. A few years ago my brother got ped insurance and it was 125 pound so i was expecting it to be the same and it wasn't it was 550 pound or 880 pound.

I got the insurance for 550 fully comp but why is so expensive now? it was 450 for 3rd party as well.

So why is insurance so much now??

I got a brand new aprilia sr 50 btw
Are you serious though?

That's very cheap.



Its not that bad i was just thinking insurance was cheaper.
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GrumpyGuts
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Joined: 20 Jan 2012
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PostPosted: 02:55 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
Luke Stephens wrote:


Its not that bad i was just thinking insurance was cheaper.


Twisted Evil Twisted Evil Twisted Evil Twisted Evil Twisted Evil Twisted Evil

You're 16 years old - no experience, brand new moped and no NCB. You are a very high risk. Moped insurance is generally cheaper, however for a young laddy such as yourself, it will be expensive initially. Plus the fact that mopeds are stolen much more... Evil or Very Mad
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Taught2BCauti...
World Chat Champion



Joined: 12 Jan 2012
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PostPosted: 07:46 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
Luke Stephens wrote:
So why is insurance so much now??

Multi-million pound advertising budgets for ad campaigns during every break on every programme on every commercial TV channel, poster campaigns and mail shots.

Huge commissions paid to Comparison websites.

Greed.
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Rogerborg
nimbA



Joined: 26 Oct 2010
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PostPosted: 10:42 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
You bought a relatively expensive ped with a "Nick Me" label on it, and didn't mention security.

Buy an old, cheap Pug, Almax chain it to a shark with the bad AIDS, and insure it Third Party Only, then see what you'd be paying.
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Andy_Pagin
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Joined: 08 Nov 2010
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PostPosted: 11:32 - 22 Feb 2012    Post subject: Re: Insurance for 50cc ped Reply with quote
Luke Stephens wrote:
So why is insurance so much now??


Well you're an unknown quantity in a high risk age bracket, and an insurance company is taking a calculated risk that it might have to pay out buck loads if you pile into someone.

Insurance costs have rocketed recently due to the vast amounts of money companies now have to pay out for 'no win no fee' personal injury claims and downright fraudulent claims. It's not just the amount they have to pay out, the cost of investigating and managing these claims is substantial.

If you're really interested I'll give you a brief introduction to the structural relationships between inwards insurance and outwards reinsurance, basically all you see it the tip of a massive iceberg of people & companies behind your policy.

But then again you're sixteen, it'd be pretty sad if you had an interest in the workings of insurance, it's mind numbingly boring.
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Old Thread Alert!

The last post was made 14 years, 138 days ago. Instead of replying here, would creating a new thread be more useful?
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