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I think this is some sort of record
- Thread starter hovlev
- Start date
Samwilde681
New Member
Outrageous! Mine was £500 cheaper with my wife insured!? Cheeky buggers, the guy I spoke to said "3 litre V6, when was the modification carried out?........." honestly dude. I double check my t and c's that's for sure!
Yeah Sam that sort of nonsense goes on all the time, I save 250 quid by putting my mother on the policy, hilariously my dad only saves me 200 quid (so it ends up being 50 quid more expensive with him on the policy than just her).
My dad's driven huge RWD stupid flakey fast cars all his life (and never bent them), my mother drives a 1.2 Polo and drove a 1.4 Civic for about 15 years. Clueless!
Got insured for 720 quid with 1st Central. I've read nothing but miserable reviews, taking months to get back to you about claims etc etc... I'm going to risk it as they're about 150 quid cheaper than elsewhere. Brokers were absolutely useless as usual
My dad's driven huge RWD stupid flakey fast cars all his life (and never bent them), my mother drives a 1.2 Polo and drove a 1.4 Civic for about 15 years. Clueless!
Got insured for 720 quid with 1st Central. I've read nothing but miserable reviews, taking months to get back to you about claims etc etc... I'm going to risk it as they're about 150 quid cheaper than elsewhere. Brokers were absolutely useless as usual
Alpineandy
New Member
woody":2713gctu said:
Basically insurance is just a guarantee.
The Insurance company guarantee that they will pay up to the limit required (£10m i think) by the road traffic act.
I'm not sure if it's still possible but years back you didn't have to buy insurance if you could lodge a bond/bank guarantee with Swansea.
Why don't you ask your bank how much they'd charge for a guarantee for £10m.
I think you'd appreciate that Motor Insurance isn't so expensive after talking to the bank.
Motor Insurance is run really badly (not as badly as it would be if the governmet ran it as some F*ckwits suggest) and really needs sorting out straight after the law courts sort themselves out.
Now an un-insured driver loses his car, at least the uninsured suffer. But until that started happening, the courts would fine a guy £200 because he didn't have insurance that would have cost him £1k....
Now they get a fine which they don't pay and points on a license they'll never get/use.
Very few Motor Insurance divisions actually make a profit.
They hope they can sell you Home/Life etc cover which is where their money is made.
I do not work in the motor insurance business!
Alpineandy
New Member
woody":2byugpl4 said:
That certainly is a benefit for them and they really hope to catch you like that, but to say 'they make their money' out of it would be wrong.
Really very few Motor Insurance Divisions make a profit.
I've some figures somewhere, I'll try to drag them out.
Alpineandy
New Member
A quote from the financial press;
===
UK MOTOR UNLIKELY TO MAKE MONEY BEFORE 2014, SAYS E&Y
The UK motor insurance industry is unlikely to make money before 2014, according to a report from accountancy firm Ernst & Young. A two-year run of rising prices came to a halt at the start of 2012, according to Catherine Barton, partner in E&Y's financial services actuarial team. Low investment yields meant that the sector was unlikely to be profitable in 2012 or 2013, with the combined ratio likely to be steady at 104%-105%. Ms Barton said that "we are now at risk of seeing a two-tier market develop where those insurers whose motor businesses have returned to profitability will start to compete more aggressively on price, meaning those that have not returned to profit face a choice between increasing their premiums and returning to profitability but losing market share, or holding out and operating at a loss for a few more years to defend their volumes". E&Y also predicted that there could be some changes in ownership over the next three years because of its relatively low reserving requirements. That, said E&Y, would make the sector relatively capital efficient under forthcoming Solvency II regulations. Ms Barton said that in the next three years it looks like we could see up to 50% of the UK motor market changing hands and, if this level of transactional activity plays out, we expect private equity players might be keen to get into the market while profits are low and they think they can strike a good deal".
===
As I said, it is a poorly run business which is further abused by fraudulent claims.
They don't help themselves in as much as the difference between 3rd party only and comprehensive cover is far too small so whenever anyone has a self inflicted knock, they claim.
My 1st policy a few years back (ok 30!) was 3rd party only for the first 3 years and I was scared sh1tless of having a claim. I did slightly 'ding' the car a few times and my mates sorted it out on the cheap.
Unfortunately a supermarket knock is now claimed for as it's such a pain trying to sort these things yourself. Every car is metalic and every metalic is a slightly different shade.
Similarly, I'd have had to be in the right part of town to find 3 new'ish executive cars and a dozen new'ish small cars in one car park, now you can find them all parked in a row at most council estates. It's so much easier to have a big claim and unfortunately many do.
===
UK MOTOR UNLIKELY TO MAKE MONEY BEFORE 2014, SAYS E&Y
The UK motor insurance industry is unlikely to make money before 2014, according to a report from accountancy firm Ernst & Young. A two-year run of rising prices came to a halt at the start of 2012, according to Catherine Barton, partner in E&Y's financial services actuarial team. Low investment yields meant that the sector was unlikely to be profitable in 2012 or 2013, with the combined ratio likely to be steady at 104%-105%. Ms Barton said that "we are now at risk of seeing a two-tier market develop where those insurers whose motor businesses have returned to profitability will start to compete more aggressively on price, meaning those that have not returned to profit face a choice between increasing their premiums and returning to profitability but losing market share, or holding out and operating at a loss for a few more years to defend their volumes". E&Y also predicted that there could be some changes in ownership over the next three years because of its relatively low reserving requirements. That, said E&Y, would make the sector relatively capital efficient under forthcoming Solvency II regulations. Ms Barton said that in the next three years it looks like we could see up to 50% of the UK motor market changing hands and, if this level of transactional activity plays out, we expect private equity players might be keen to get into the market while profits are low and they think they can strike a good deal".
===
As I said, it is a poorly run business which is further abused by fraudulent claims.
They don't help themselves in as much as the difference between 3rd party only and comprehensive cover is far too small so whenever anyone has a self inflicted knock, they claim.
My 1st policy a few years back (ok 30!) was 3rd party only for the first 3 years and I was scared sh1tless of having a claim. I did slightly 'ding' the car a few times and my mates sorted it out on the cheap.
Unfortunately a supermarket knock is now claimed for as it's such a pain trying to sort these things yourself. Every car is metalic and every metalic is a slightly different shade.
Similarly, I'd have had to be in the right part of town to find 3 new'ish executive cars and a dozen new'ish small cars in one car park, now you can find them all parked in a row at most council estates. It's so much easier to have a big claim and unfortunately many do.
Alpineandy
New Member
It looks like the Government (OFT) is finally going to do something about motor insurance.
This comes from the financial press today;
===
ABI WELCOMES OFT MOTOR REFERRAL TO COMPETITION COMMISSION
The Association of British Insurers (ABI) has welcomed Friday's announcement by the Office of Fair Trading (OFT) that it will refer the UK motor insurance market to the Competition Commission. The ABI said that reforms of the market would ultimately lead to lower premiums for customers. Following Friday's announcement, ABI director of general insurance Nick Starling said that "the OFT found what insurers have known for years – when a customer has a crash that is their fault, the insurer has little control over the cost of the subsequent claim. In particular, for too long insurers have faced inflated rates for credit hire cars and excessive hire periods, which have led to higher insurance premiums for customers". Mr Starling added that "regulation of all players in the market to tackle excessive costs is needed and we look forward to working with the Competition Commission to bring much-needed reforms to the market, which in turn will result in lower car insurance premiums for consumers".
===
So I guess repairers & hire car companies will have to stop taking the Pi55, but it's unlikely to have much effct for a few years.
This comes from the financial press today;
===
ABI WELCOMES OFT MOTOR REFERRAL TO COMPETITION COMMISSION
The Association of British Insurers (ABI) has welcomed Friday's announcement by the Office of Fair Trading (OFT) that it will refer the UK motor insurance market to the Competition Commission. The ABI said that reforms of the market would ultimately lead to lower premiums for customers. Following Friday's announcement, ABI director of general insurance Nick Starling said that "the OFT found what insurers have known for years – when a customer has a crash that is their fault, the insurer has little control over the cost of the subsequent claim. In particular, for too long insurers have faced inflated rates for credit hire cars and excessive hire periods, which have led to higher insurance premiums for customers". Mr Starling added that "regulation of all players in the market to tackle excessive costs is needed and we look forward to working with the Competition Commission to bring much-needed reforms to the market, which in turn will result in lower car insurance premiums for consumers".
===
So I guess repairers & hire car companies will have to stop taking the Pi55, but it's unlikely to have much effct for a few years.
Samwilde681
New Member
Lol I bet someone has paid that......
Alpineandy
New Member
I guess they're thinking of how much damage you could do to other cars rather than to your own car.Lucy J":2x8gexr3 said:
Yes it's ridiculous but I suspect they don't want any Clio V6s on their book rather than they're actually expecting anyone to buy the cover.
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