Insurance goes up….with tracker!!

[DVA]

Basically as the title says, I went on moneysupermarket.com to get a quote for a sports car.

The first quote I did on Saturday came out with the cheapest at £459. I thought that was a little high so today I added a tracker to the quote and it came out with the cheapest at £493…..£34 more!!

Confused.com also came out more expensive by £24

Can anybody explain the logic in this or do I just accept that there is no logic when it comes to car insurance?

Edited by DVA on Monday 1st April 22:24

[Ezra]

It'll be something to do with an aspect of the algorithm that says...'if you've put a tracker on it, maybe it's because you think there's an increased risk of theft'. So, premium goes up as implied risk goes up.

It's the opposite of me adding my wife as an additional driver on my policy. I've clean licence, she's 3 points and wrote her car off 4 years ago. However, adding her reduces my premium as the algorithm thinks the risk is spread between 2 people rather than 1.

Weird, but that's how it is.

[smallpaul]

It costs them money to put a tracker in your car

They might see the reduction in risk as negligible from installing. Hence it costs more.

[davek_964]

smallpaul said:

It costs them money to put a tracker in your car

They might see the reduction in risk as negligible from installing. Hence it costs more.

Er - what?

The insurance company don't pay to install trackers in their customers cars.

[Rough101]

Well this is a relief as my car has the standard UK dealer fit Vodafone tracker, but I haven’t renewed it and just said it doesn’t have a tracker.

So I’d be losing money declaring it as well as paying the subscription!

[Truckosaurus]

Ezra said:

...'if you've put a tracker on it, maybe it's because you think there's an increased risk of theft'.....

Indeed. Or, perhaps more likely 'those that fit trackers have their car stolen more frequently'.

I wonder if it also costs the insurance company more if a car is found after if it stolen (through car hire costs while it is recovered and put back on the road) etc), rather than just writing it off from the start?