Why your 406 may be expensive to insure

[Welly]

There's been a lot said about the cost of insurance for the 406 range so I thought I'd try to find out why.

Note: I am no insurance expert and these findings are my unprofessional interpretation:

I have spoken to our Business Fleet insurer at work and gave an example (Bailes actually) of a guy insuring a 4-year old (08 reg) Mondeo verses an 10-year old (02 reg) 406.

The answer is loosely as follows:

Car up to 2 years old attract discounted insurance.
Between 3 to 4 years old get less discount
5 to 8 years even less discount and so on .... so the cost of insuring rises.

Insurers look at each model and 'assess' things like; Ease of repair, Cost/availability of replacement parts, Theft risk. The old grouping system used to be based upon the cars performance but this is not so much of a factor now (some insurers have 100 'groups' in which to assess a cars risk).

Sourcing a headlamp, bonnet, wing for a Mondeo is quicker/easier/cheaper than the same parts for a Peugeot. In addition because of the way new cars are constructed they are much faster to repair (kinda bolt on, bolt off repairs).

Lastly if the cost of any accident repair approaches 40% of the cars value then it is a total loss so if the cars worth £1500.00 the damage only has to be £600.00's worth and you've had it (and they have to pay you the current value in settlement and try and recoup whatever they can through a salvage co.).

All of these things, it seems, conspire to load your premium.

[teamster1975]

I couldn't believe my old V40 got written off whereas years ago they always used to repair minor shunts. The cars might be safe as houses but crumple zones are a built in write off waiting to happen.

[rwb]

Very interesting.

But this doesn't explain why the 406 is expensive to insure third party.

[lozz]

Idont Beleive anything insurance companys say: there out for one thing and thats Money
Car owners are Easy Meat!

And another thing ive noticed: a few years ago you couid actualy go direct to the insurers and insure with them No Middle Man /No extra fees!

theres no such thing as that anymore, So look at it logicly ,.you never get the chance to speak/comunicate with your insurer directly so you never actualy know what your paying for,, its a big joke

[STALLED]

It's the same here for my 406...

I've been quoted $300AUD more (150 quid) for a 2007 WRX (Impreza Turbo)...with an agreed value 4 times that of the 406!

[leestudd30]

When I last renewed my insurance I used compare the market and I paid about £260 through First National Insurance, not the greatest company looking at reviews but the cheapest by a mile. But my old V6 Vectra which was a year newer, a damn site quicker and I had a fair few mods was about £270 with a specialist insurance. I have over 10 years no claims, I was expecting a bit cheaper to be honest, as its a family car, smallish engine, old as well!