I'll never figure out how insurance companies operate.

[MarkF]

What was your enquiry about? A hypothetical scenario in which you were hit by another vehicle?

It doesn't matter what my enquiry was about. My car was parked and unoccupied when it was hit, I wasn't making a claim and no claim could be made against me. There was no justification in logging a claim and raising my premium when they were aware that no claim was going to be made.

 

[glenn forger]

You are obliged to report every incident, whether or not a claim was made. If you did not do so you could invalidate your cover.

 

[400bhp]

You don't need to be so bloody arrogant, do you?

According to your explanation

"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."

How can I make sense of such statics? If I jumped a red light then I could understand or if I was speeding. Then I would accept that statics could show a higher risk. Not having any records of accidents or claims, how can the conclude I represent a higher risk? Are they going to tell me that x number of people that were reading a newspaper in the passenger seat while parked in a shopping centre car park went on to claim again?

You seem to try to be too clever and arrogant because you know how these insurance companies work ( that in itself is very bad attitude to have) and yet you have not given me a good explanation. You said "it could be because I'm the type more likely to claim" but that was my first ever claim I would have thought I was the ideal type of guy to insure. You also said " It could be because they are a little more careless where they park." well, that must have been over 200 drivers at the very same time being a little less careful in picking the place to park. Only me with the bad luck that an old lady wanted to park next to my car.

As for "There is some statistical evidence that shows that if those involved in a no-fault accident have a higher propensity to claim" Higher than whom? Only those that have never made a claim I guess.

The following is not a joke:

My wife called me just before I started typing this reply to ask for advise..... she was with my daughter in law and grandchildren. Daughter in law left the car parked and when they returned they found the car next to hers damaged one of the doors of my daughter in law's car, as the driver tried to squeeze into a space too small. They had taken pics and videos of the damage and paint marks. I said.... "run, run for your life "

Sorry if I came across that way.

But perhaps you can empathise when someone that doesn't understand something takes a negative view, which is where you have started from.

What bods like me do is complicated stuff and it''s very difficult for a layman to understand. It's just the way it is.

 

[400bhp]

I've often heard insurance companies claim there is no money in motor business.

If that is so, why do they advertise so heavily to get it?

Well, for the past 6 odd years [in general] insurers haven't made money from car insurance.

However, they generally sell other products and motor is pretty low risk so it's good for diversifying the overall portfolio of risk.

Also, insurers are in it for the long term and expect (hope) that the market will turn around and they will start making money again. Better to have market share at that point than not.

 

[Crankarm]

Well, for the past 6 odd years [in general] insurers haven't made money from car insurance.

However, they generally sell other products and motor is pretty low risk so it's good for diversifying the overall portfolio of risk.

Also, insurers are in it for the long term and expect (hope) that the market will turn around and they will start making money again. Better to have market share at that point than not.

6 is not an odd, but an even number .............

And I don't believe you. My heart so bleeds for insurers and underwriters. They make shed loads of money just like bankers and all the other crooks in finance.

 

[400bhp]

How is that chip on the shoulder doing?

 

[screenman]

More like sack of spuds.

 

[screenman]

Still nobody has given me a quote so that they can make mint.

 

[User6179]

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?

You are being scammed by the insurance company !
Next year they will do the same , send an over priced renewal notice out but if you go online and put your details in as if you are a new customer the quote will be cheaper , I do it every year with my house insurance from direct line .

 

[ASC1951]

6 is not an odd, but an even number .............

Different meaning of 'odd'. It's perfectly correct.

And I don't believe you. My heart so bleeds for insurers and underwriters. They make shed loads of money just like bankers and all the other crooks in finance.

No, they don't. It's much more cyclical and they frequently make losses out of basic insurance.

 

[asterix]

You are obliged to report every incident, whether or not a claim was made. If you did not do so you could invalidate your cover.

That's a bit of a broad statement since we don't know what an 'incident' might be. A few dents in my van is simply part of a van's working life for example. Other people might take the same view with regard to operating a car, especially if it is fairly old.

How is that chip on the shoulder doing?

Talking of chips..

Should I report the stone chip on my windscreen that I had professionally repaired at my own expense because it was much cheaper than claiming?

 

[asterix]

No, they don't. It's much more cyclical and they frequently make losses out of basic insurance.

A clued up colleague of mine years ago told me that the company profits depended on the performance of the FTSE because investment was the principal earner. It's not as simple as that now although the principle is the same.

 

[Crankarm]

Different meaning of 'odd'. It's perfectly correct.
No, they don't. It's much more cyclical and they frequently make losses out of basic insurance.

Well I think we shall just have to agree to disagree.

 

[400bhp]

That's a bit of a broad statement since we don't know what an 'incident' might be. A few dents in my van is simply part of a van's working life for example. Other people might take the same view with regard to operating a car, especially if it is fairly old.



Talking of chips..

Should I report the stone chip on my windscreen that I had professionally repaired at my own expense because it was much cheaper than claiming?

Yes, most insurance companies aren't interested in window claims.

 

[400bhp]

A clued up colleague of mine years ago told me that the company profits depended on the performance of the FTSE because investment was the principal earner. It's not as simple as that now although the principle is the same.

Not really, no. Some of their profit comes from investments, but because of the regulations and "reserving" requirements, they are required to hold a lot of less risky (and hence low returning) investments.