I'll never figure out how insurance companies operate.

[vernon]

Their aim is to screw customers, what's to figure?

You seem to be missing the point. My premium went down despite the company's liability going up. The only one being screwed seems to be the insurance company doing it to themselves.

I'm under no illusion that insurance companies exist to hand money to their customers in the event of a claim but when the potential sum to be paid out increases and the premium goes down, logic seems to be defied.

 

[vernon]

Are you talking about a broker or the actual insurer?

Same broker same insurance company. The renewal quote was nearly five pounds higher than the revised policy with reduced excess. No other details were changed.

 

[Deleted member 26715]

Motor insurance isn't a source of profits for insurers, they pay out more in claims than they take in premiums, the money is in the add ons, legal cover, breakdown etc.

Oh dear my sides are hurting I'm laughing so much, stop it, motor insurance companies are only surpassed by Political parties as being the scum of the earth.

Alan...

 

[vernon]

That doesn't change my view on them.

Never let the facts get in the way of blind prejudice eh?

 

[glenn forger]

Oh dear my sides are hurting I'm laughing so much, stop it, motor insurance companies are only surpassed by Political parties as being the scum of the earth.

Alan...

Myth – Insurers are profiteering at the expense of honest motorists.
Fact – Not true. For the past 17 years the motor insurance industry paid out more in claims and
expenses than was received in premium income. For many years the shortfall could be made up by
the return on insurers’ investments. However, the economic downturn has seen these returns fall
significantly, which, coupled with the rising costs of personal injury claims, (particularly for
whiplash), high legal fees and fraud, has meant that premium increases have been unavoidable.

https://www.abi.org.uk/~/media/File...otor/Lifting the bonnet on car insurance.ashx

 

[screenman]

Pretty much. A decorator we had in damaged one of the carpets in our house. We went to the insurance. All went swimmingly, loss adjuster came round etc and we got a phone call to say go and choose a carpet from our local carpet shop. We went to visit, had a look round, told the guy why we were there and were told "Oh you can have this one" pointing to a fairly horrible office grey carpet at £9 per square metre. It got worse. As it was a local shop rather than a chain, I actually got talking to the guy. It turned out that the insurance paid him £5 per square metre. The only reason he took the business was in the hope that people did what I did and chose a decent carpet and paid the difference.

Insurance companies are complete shysters along with warranty companies. Their whole business is based around "No we're not paying out, now what was the issue?". We're now cancelling all but essential insurance (buildings) and I'm just having repeated internet digs at Direct Line and More Than just for the hell of it.

Sorry but more fool you for standing for it, insurance companies are open to negotiation we have found.

 

[martint235]

Sorry but more fool you for standing for it, insurance companies are open to negotiation we have found.

Nope ours wouldn't budge. Their loss adjuster rather than an independent. I was told I could have an independent if I paid the cost. Shysters the lot of them

 

[Deleted member 26715]

https://www.abi.org.uk/~/media/Files/Documents/Publications/Public/Migrated/Motor/Lifting the bonnet on car insurance.ashx

Kelly Ostler-Coyle
Association of British Insurers

That tells me all I need to know, how can somebody involved in the corruption be trusted to write a report on the corruption.

Alan...

 

[glenn forger]

Kelly Ostler-Coyle
Association of British Insurers

That tells me all I need to know, how can somebody involved in the corruption be trusted to write a report on the corruption.

Alan...

THE BRITISH motor insurance industry will see its profits squeezed this year, according to a new report that will raise concerns among investors who bought into recent flotations from industry giants Direct Line and Esure.

The report by Ernst & Young also warns that the effect of new legislation – introduced yesterday – that is designed to cut the number of spurious personal injury claims will be “neutral at best”.

Early analysis of company results by the accountancy firm reveals that in 2012 motor insurers paid out £1.02 in claims and costs for every pound they received in premiums.

- See more at: http://www.cityam.com/article/motor-insurers-face-challenge-stay-profit#sthash.L9F4KHBl.dpuf

 

[HLaB]

I think its the old Scam the customer for as much as possible but when they actually investigate offer a more lucrative deal in order to keep their business.

 

[colly]

https://www.abi.org.uk/~/media/Files/Documents/Publications/Public/Migrated/Motor/Lifting the bonnet on car insurance.ashx

Given all those figures I still don't believe it.
If that were the case then why are there so many insurance companies desperate to lose money insuring my vehicle. The bald figures hide all sorts of inter-company trading that don't show up by such simple analysis.

It's put out by the ABI and to quote a well known figure..........'They would say that wouldn't they?'

 

[glenn forger]

What would motivate Ernst and Young to manipulate the figures?

 

[colly]

What would motivate Ernst and Young to manipulate the figures?

No I'm not saying they have said anything other than the figures suggest.
You and I both know you can uses stats. and figures to prove almost any point you want to make.

For example: Motorways are the safest roads to go for a walk.

Taking bald figures as the proof of the statement:
20 people were killed last year walking along motorways whereas 300 were killed walking in town centres.
Conveniently for my 'proof' I miss out the fact that the number of people walking in towns is over 60,000,000. The numbers wandering along motorways is less than 100. *

*All quoted figures and statistics were collected and collated by the Thinair Society

Anyway I still don't trust them.

 

[screenman]

Nope ours wouldn't budge. Their loss adjuster rather than an independent. I was told I could have an independent if I paid the cost. Shysters the lot of them

The decorator damaged your carpet, whose insurance was you claiming on? are you saying that if your roof blew off they would only give you a tarp to cover it over with.

Are you sure it was not the carpet seller spinning the line, most small companies have an misinformed view of insurance companies mainly due to inexperience an misplaced fear.

Part of my business is WSR so I deal with insurers often and mostly get paid very quickly at a good rate.

 

[screenman]

My car insurance is due, anyone who thinks insurers make a fortune want to give me a quote and earn a mint. If I need a claim you will have to pay up quickly and for as much as I want.