Insurance

[phil d]

On the news yesterday it was saying that the average insurance cost for a car was £750 last year and could hit £1200 next year, in other words there are going to be massive price hikes! they were blaming government taxes, bogus claims, you name it they blamed it. Wouldn't the truth be that insurers are greedy money grabbers who want to gamble on a dead cert every time? Look at the case with floods, people had paid insurance for years without making a claim, did they see any reduction in price? I doubt it, along comes bad weather and claims go in for flood damage, pretty soon the insurers are either hiking premiums or refusing cover. For years they've made good coin but as soon as they take any kind of hit they start creating, insurance is a gamble, a bit like backing horses, you win some you lose some, you can't have it all your own way, but these robbers want to.

It's almost certain that there's going to be massive price hikes coming and we as drivers will be the only losers, they are trying allsorts to avoid paying out as it is. Did you know that "notifiable modifications" now include adding stripes, changing the stereo, fitting a towbar and in a lot of cases fitting a roof rack or top box!

 I was asked once about such modifications, I queried why they were asking and was told, "well certain things can make your insurance premium higher, such as alloy wheels, body kits etc" I replied that since the only mods my Landrover had were safety ones, retroreflective stripes, high visibility warning lamps, louder horns and carrying emergency kit such as fire extinguishers and first aid equipment, then would this qualify me for a reduction in the price? A resounding "no" was the answer, "we only bother with things that can increase the premium" was the reply, funny, somehow I knew they were going to say that.

 

[Evans Electric]

Welcome to Rip Off Britain  Phil .   And we all stand for it , outfits like the AA many years ago used to lobby MOT about stuff , but now they are insurers themselves and all the rest of it  they keep their nose out.

I posted this earlier but , insurance quote for car arrived in the post , silly price , phone them and got a reduction of £100 .   Paperwork arrives , I noticed three minor mistakes , thought I'd best get them corrected.    One item they had me listed as no access to another vehicle , I never told them that ,  told them I also own a van , "How does affect the cost ?" says I .      Its not insured with you .  " Yes sir a further reduction of £40 "

So as we know , different things  affect insurance .  If you are remotely connected with show biz you pay more because they think you may have a big star in the car who may sue them for whatever. 

Post codes as we know.  

My van insurers mentioned carrying stuff in the back affecting the cost ,  Why says I , you don't insure it so why is it an issue .  Ah well its there is'nt it ?  :C  

And the government , of course , takes their pound of flesh from every policy  on top of the Road Tax , and the fuel tax .

 

[phil d]

Welcome to Rip Off Britain  Phil .   And we all stand for it , outfits like the AA many years ago used to lobby MOT about stuff , but now they are insurers themselves and all the rest of it  they keep their nose out.

I posted this earlier but , insurance quote for car arrived in the post , silly price , phone them and got a reduction of £100 .   Paperwork arrives , I noticed three minor mistakes , thought I'd best get them corrected.    One item they had me listed as no access to another vehicle , I never told them that ,  told them I also own a van , "How does affect the cost ?" says I .      Its not insured with you .  " Yes sir a further reduction of £40 "

So as we know , different things  affect insurance .  If you are remotely connected with show biz you pay more because they think you may have a big star in the car who may sue them for whatever. 

Post codes as we know.  

My van insurers mentioned carrying stuff in the back affecting the cost ,  Why says I , you don't insure it so why is it an issue .  Ah well its there is'nt it ?  :C  

My point exactly, when I was a dog handler I got a ridiculous quote for my car, "it's to do with your job" they said "if you arrest someone they may come back and wreck your car", that would be a good trick, I didn't use my own vehicle for work! Another time my renewal quote was 200 quid dearer than a fresh quote from the same company online, I rang them and they said "yes but if you want that price it's a new policy and you have to pay £40 up front, with the other it just rolls over". Hmm difficult one, pay £40 now and save £200 or continue with the existing and pay an extra £200 over the year, difficult one, not.

 

[Sharpend]

I've never understood the purpose of insurance. 

Its about the only thing we pay for on the basis of something happening? in the event nothing happens then what's been insured? Surely that's blatant fraud/money laundering? 

The mafia used to charge an insurance premium to cover you from getting done over yet they were called gangsters and crooks, where's the difference other than insurers where suits?? 

 

[Andy™]

insurance is legalised fraud

 

[Andy™]

also, if you comply with some specific part of road traffic act, there is no requirement to have insurance...

 

[Sharpend]

also, if you comply with some specific part of road traffic act, there is no requirement to have insurance...

Which part is that -- stay off the road part?

 

[phil d]

also, if you comply with some specific part of road traffic act, there is no requirement to have insurance...

Yes it's something to do with having assets worth over X millions of pounds, apparently the Mormon church use that one so their young people can drive cars without it costing a fortune.

 

[Andy™]

Which part is that -- stay off the road part?

RTA section 144

Exceptions from requirement of third-party insurance or security.

(1)Section 143 of this Act does not apply to a vehicle owned by a person who has deposited and keeps deposited with the Accountant General of the [F1Senior Courts] the sum of [F2£500,000], at a time when the vehicle is being driven under the owner’s control.

so, leave half a million with above and you dont need insurance

 

[Sharpend]

Of course, that rule, can't think why that'd slipped my mind, do you think I'll get a refund for all the years I've been paying incorrectly! 

 

[Andy™]

well, if you havent had an accident, then you can get your half a million back. (or whats left if you have had an accident)

just remember to get insurance before you drive away with your loot

 

[Blue Duck]

well, if you havent had an accident, then you can get your half a million back. (or whats left if you have had an accident)

just remember to get insurance before you drive away with your loot

Is this not how the visitors from rich Arab countries drive around London in million pound automobiles ?

A bit like the massive excess you'd have to pay when you are 17 and want to drive a subaru imprezza turbo? 

Insurance companies are tango'd Tomatoes!

 

[Andy™]

probably something like that. id expect some large national companies with millions of pounds may do that. not practical for us normal working people so we just get robbed with insurance

 

[Blue Duck]

I'd remortgage my house to get out of paying them £750 a year for nothing.

 

[Ray G]

I used to stay with one insurance company every year , prices used to rise by a small amount , but then a few years ago they were going mad , so I went on line to compare prices and couldn't believe my eyes , the prices were much lower , even with the company that I was with , just shows how they rip you off....

 

[Sharpend]

There is very little advantage to staying loyal to any company these days. They all want as much of your hard earned as they can coz shareholders love profits, the more we move the more they have to do to get us back. 

 

[Doc Hudson]

They all want as much of your hard earned as they can coz shareholders love profits,

Well, there is a legal obligation for companies to maximise returns to shareholders, whereas  employees, customers, or the general 'Joe public', are way down the list of key objectives.

Doc H. 

 

[UNG]

What annoys me with insurance companies is the premium justifications they use, here is a few I've had

1.  That colour vehicle is more likely to be involved in an accident

2.  That make and or model of vehicle is more likely to be involved in an accident

3.  Trying to charge £800 because the vehicle has a powerful 2 litre engine when another vehicle on the multi car policy had a 2 litre engine and only cost £250

4.  The vehicle you want to insure costs more to repair if it is damaged

5.  You can't transfer 10 years no claims accrued on a van to now insure a car

6.  The NCD has no set % values and is assessed on a policy by policy basis

7.  If you want the policy to start tomorrow it will cost £100+ more than starting it in three weeks time

And since they now also base the risk on the miles driven the following years NCD never reflects the fact that you may have insured for and driven 20 or 30,000 miles claim free miles when the average is calculated on 10,000

A few years ago I had an incident where the third party indicated right and drove into the side of my vehicle on a dual carriageway the third parties insurers were insisting on a 50/50 settlement when clearly the third party was to blame my insurance renewal was due a few months later and after a discussion with my insurer's it was agreed that I would re insure with them and once the blame was sorted my lost NCD would be back dated and a refund made. Having gone legal with the third party some month's later they admitted liability due to inaccuracies and contradicting facts in their statement, I then contacted my insurers for a reinstatement of my NCD and a refund, when I was told the refund was £30 I suggested they may want a bit more time to calculate this as my premium had increased by substantially more than this 10 minutes later the insurance company rang back and said they had miscalculated and it should be close to £90

Given how fickle insurance is I'm convinced it must be influenced by women as over the years I've found the two have very similar traits

 

[binky]

some of the points are genuine, eg silver cars are harder to see in a mist / road spray, but mostly you can expect no loyalty for remaining with the same company. On top of this the change to more extreme weather has hit insurance companies hard, so they will be/ are keen to recover costs. As with all things I change insurer every year, but I have also taken to using an insurance broker, it's much easier and they keep coming up trumps on costs.

 

[Sharpend]

Did insurance premiums go down when it became a requirement for vehicles to have daylight running lights?