I'll never figure out how insurance companies operate.

[400bhp]

I do pal

 

[Spoked Wheels]

I do pal

Well where is the honesty in that?

 

[400bhp]

Are you suggesting I am being dishonest?

 

[Spoked Wheels]

Are you suggesting I am being dishonest?

Not at all. I want you to explain to me the honesty of an insurance company to collect money from all angles when a claim is made?

 

[400bhp]

By using the historic data it has to determine the primary risk and rating factors from claims experience.

It doesn't make stuff up, regardless of what you might think. Strict reserving requirements won't allow it.

 

[Spoked Wheels]

By using the historic data it has to determine the primary risk and rating factors from claims experience.

It doesn't make stuff up, regardless of what you might think. Strict reserving requirements won't allow it.

What? I don't follow. I'm not an insurance person, never worked in the industry.

Just need to know how is not robbery to punish the guy who hit my car from behind (not a problem with that), me for getting my car fixed on his insurance and finally my son for including me in his policy (higher premium than before the claim) - I just don't get it. If the guy that hit me had no insurance and I had to claim on mine then I would understand.

If you could just explain that to me in simple English then that would be great.

 

[400bhp]

What? I don't follow. I'm not an insurance person, never worked in the industry.

Just need to know how is not robbery to punish the guy who hit my car from behind (not a problem with that), me for getting my car fixed on his insurance and finally my son for including me in his policy (higher premium than before the claim) - I just don't get it. If the guy that hit me had no insurance and I had to claim on mine then I would understand.

If you could just explain that to me in simple English then that would be great.

There is some statistical evidence that shows that if those involved in a no-fault accident have a higher propensity to claim.

It could be because they are the type more likely to claim. It could be because they are a little more careless where they park.

Etc.

By the way, you wouldn't claim on your insurance if the other driver wasnt insured. There's a safety net (that insurance companies contribute to) to pick up the tap for uninsured losses.

 

[Maz]

I've just renewed my motorcycle insurance for my CB500. I asked about the excess as it wasn't listed on my renewal notice. It was £500. I asked to have it reduced to £250 and the premium went down when I was anticipating an increase as the company's potential liability in the even of a claim increased.

What's that all about?

Now that's why they're on confused.com

 

[Spoked Wheels]

There is some statistical evidence that shows that if those involved in a no-fault accident have a higher propensity to claim.

It could be because they are the type more likely to claim. It could be because they are a little more careless where they park.

Etc.

By the way, you wouldn't claim on your insurance if the other driver wasnt insured. There's a safety net (that insurance companies contribute to) to pick up the tap for uninsured losses.

Thanks for that. In my mind it makes it even more unfair. I've driven for 33 years and never had an accident and this is my first ever claim. The car park was a standard shopping centre car park, with hundreds of cars.Castle Point Car Par in Bournemouth to be precise,

So, how can they conclude that I'm a higher risk driver if 1) I didn't cause the accident 2) my car was parked 3) never had an accident / claim before 4) I'm not a high mileage driver (5,000 miles per year for the last 10 years) 5) I'm not in a high risk age under 25 or over 55....

My first statement is still valid in MHO Insurance companies aim is to screw their customers right, left and centre.

 

[glenn forger]

So, how can they conclude that I'm a higher risk driver .

Because you claimed! Jesus H Corbett.

 

[Smurfy]

people who choose a higher xs may be simply trying to get the lowest premium and may be a higher risk.

+1 And the same applies to people who choose Third Party Fire and Theft, rather than Fully Comprehensive.

 

[slowmotion]

Someone stole my work van off the street outside my house a little while back. It disappeared for ever, like Kaizer Soze. It wasn't very valuable....a retail second hand value of maybe £1600. That is what it would cost me to replace it. The first response from the insurance people was to send round a loss adjuster to interview me in the evening. She was quite pleasant. Shortly thereafter came an offer to settle for £400. I wrote back to ask them where I might be able to buy such a mythical equivalent vehicle at that price. The process batted back and forth for a couple of weeks and I settled eventually at £1200. My cynical guess is that they thought I would settle quickly because I was without wheels, and needed them to work. In fact we bought another van within a week and I couldn't be "starved into submission".
Actually, is there any other industry, apart from insurance, that blatantly parades its pride in having a whole section dedicated to screwing its customers? No, insurance and its loss-adjusters are unique.
BTW, the insurance company dealing with my van were not some sleazebags operating out of a flyblown office above a chipshop in Frinton-on-Sea.

It was The Prudential. Utter daffodils, the whole lot of them.

 

[Spoked Wheels]

Someone stole my work van off the street outside my house a little while back. It disappeared for ever, like Kaizer Soze. It wasn't very valuable....a retail second hand value of maybe £1600. That is what it would cost me to replace it. The first response from the insurance people was to send round a loss adjuster to interview me in the evening. She was quite pleasant. Shortly thereafter came an offer to settle for £400. I wrote back to ask them where I might be able to buy such a mythical equivalent vehicle at that price. The process batted back and forth for a couple of weeks and I settled eventually at £1200. My cynical guess is that they thought I would settle quickly because I was without wheels, and needed them to work. In fact we bought another van within a week and I couldn't being "starved into submission".
Actually, is there any other industry, apart from insurance, that blatantly parades its pride in having a whole section dedicated to screwing its customers? No, insurance and its loss-adjusters are unique.
BTW, the insurance company dealing with my van was not some sleazebags operating out of a flyblown office above a chipshop in Frinton-on-Sea.

It was The Prudential. Utter *****, the whole lot of them.

A few people that posted on this thread would have you to believe that insurance companies would not try any scam like the one you describe and that they are scraping to survive . I can't figure out what their motives are...

 

[asterix]

BTW, the insurance company dealing with my van were not some sleazebags operating out of a flyblown office above a chipshop in Frinton-on-Sea.

There is a chip shop in Frinton-on-sea?! That is shocking news! Unless it is the other side of the railway line, of course.

Thanks for that. In my mind it makes it even more unfair. I've driven for 33 years and never had an accident and this is my first ever claim. The car park was a standard shopping centre car park, with hundreds of cars.Castle Point Car Par in Bournemouth to be precise,

So, how can they conclude that I'm a higher risk driver if 1) I didn't cause the accident 2) my car was parked 3) never had an accident / claim before 4) I'm not a high mileage driver (5,000 miles per year for the last 10 years) 5) I'm not in a high risk age under 25 or over 55....

My first statement is still valid in MHO Insurance companies aim is to screw their customers right, left and centre.

Your experience does surprise me as I made a claim in 2011, entirely my fault as I clipped my gatepost when reversing and bashed the passenger in a bit. Should never have claimed in hindsight as the cost barely exceeded the excess. However, since then it has made no noticeable difference to my premiums, the last being £165, fully comp on a nearly new motor. What did make a difference was when I said Mrs A. would use it occasionally to drive to work. That reduced the premium! MAybe they thought if Mrs A had it, then I wouldn't be driving it.

 

[MarkF]

My car was hit by a taxi, no damage to the bodywork, but the rear light cluster smashed. After getting nowhere with the taxi firm, I bought & replaced the light cluster myself. My insurers raised my premium, I'd never made a claim, I'd made an enquiry in which I specifically told them I was not making a claim. To them, that is a "claim".

On the other hand, I once had a car stolen, 2001 I think, I submitted a claim for £3000 and received a cheque for £3200.