Insurance advice (rant)

[PK99]

This sounds great but how, in practice, can you really tell a good "honest" company from one that's just expensive because they just don't like your particular demographic.
s

try some dummy detail on the on-line quote page. Use a disposable e-mail address.

 

[jonny jeez]

A point to remember is that you only legally need third party cover for a vehicle. If you don't like insurers why pay extra to insure your own property. Take the risk yourself and self insure. With a £450 xs you are already self insuring a sizeable chunk of the risk.

Oh and household contents cover is not a legal requirement, nor is buildings cover, if you don't have a mortgage. Just don't come crying to us if your house burns down.

A good tip for picking a good insurer is to visit a broker. They offer a service, but hey why pay a middle man when You can go direct!

This is a very good point and one I am considering for the future. Its especially relevant to the motorbike as the entire bike would cost no more than £3k to replace, I could put £30 a month away and cover most repairs with the money I store up.

 

[oldfatfool]

A point to remember is that you only legally need third party cover for a vehicle. If you don't like insurers why pay extra to insure your own property. Take the risk yourself and self insure. With a £450 xs you are already self insuring a sizeable chunk of the risk.

!

Unfortunately the saving to be made from insuring 3rd party is very small unless the car/bike you are insuring is very expensive. The liability of your £2k snotter insured fully comp is nothing compared to the liability of you mowing down a bus queue after side swiping a row of Feraris in your 3rd party only 2K snotter.

 

[Deleted member 26715]

A good tip for picking a good insurer

The 2 hi-lighted words are mutually exclusive there is no such things as a good insurer, that's like saying an honest banker or a politician that always tells the truth.

Alan...

 

[Drago]

Had a small accident on my motorcycle on Tuesday (no injury but about £3-500 worth of damage). Basically, the bike fell over on the drive. and cracked the front fairings, bent brake levers etc.

I am insured with the same company for my motorbike my car and my wifes car. Its not a group discount thing, they were just the cheapest when the renewall came around.

Anyhow, I rang them today to ask what my Excess is on the bike, its £450 so I told them I'd repair the bike myself to save adjusting my no claims discount.

Then I was told that as I'd had a "non claim incident", my bike, my car and my wife's insurance premiums all need adjusting. Total is around £200 a year.

not claimed from them, not cost them anything. Not had a claim on any vehicle in way over a decade...perhaps 2 decades (I cant actually recall ever making a claim on my car)

Any ideas on how to mitigate this type of activity from insurance firms (short of not informing them when I have even the tiniest of damage to any vehicle.)

I am told that the "indent" will stand on my driving record now and is kept on a central insurance database for all to see.

The BBC challenged an insurer for a friend of mine over an almost identical scenario, and they backed down immediately.

You've not caused them a financial loss, you've not exposed them to any risk, there is no justification for cranking up your premium. If they don't back down say "f*** you then, here's a claim for £4500 then", and make sure you shaft them for a loan vehicle and anything else you can.

Insurers are arrissholes and are only interested in what they can stuff you for. A few years ago I moved house and my car insurance rose on the basis that I live in a higher risk area. In reality it's only a more affluent area cos I checked the crime stats at work and the autocrime levels were actually lower in my new postcode. I rang them up and pointed this out to them and they backed down so quickly it left a ringing in my ears, so I reckon they clearly knew and were eyeing my wallet along with the higher wealth indeces of the new postcode.

 

[jonny jeez]

try some dummy detail on the on-line quote page. Use a disposable e-mail address.

That would allow me to check prices etc but how do I know if they are the type of firm that will do this sort of thing in the future, or whether they would settle claims swiftly and without issue.

proof is in the pudding I fear, and my pudding seems pretty half baked right now.

 

[swee'pea99]

Call from my brokers: 'Your renewal's in and the quote is for £236 something, is that ok?'
'Sounds quite a lot. Can't remember what I paid last year, but....'
'Ok, let me see what I can do. Ok, I've got another quote here: £202. Ok?'
'Hmmm, ok, well that's an improvement. I'll do a bit of googling and get back to you if I want to take you up on it.'
'I might be able to do you a cashback deal - would that be of interest?'
'Well, yes.'
'Ah, well if you renew today, I can do you a cashback of £35. Ok?'
'Again, that sounds a bit more reasonable. I'll let you know.'
'That cashback is only available today.'
'I'll let you know.'

Three weeks later, they call again. Strangely enough, the price has now come down marginally, and the cashback is still available. Well I never. Final proposal: £167. Ie, £69 better than the original 'is that ok?' Now that the renewal is actually within a fortnight or so, I do a bit of googling. Within five minutes, I have a like for like quote from another household name insurer: £72.

They're all (with the possible exception of Hiscox, who I believe genuinely are different) a bunch of chiselling charlatans. Google; go cheap; drive careful.

 

[kopikat]

Another example of the INSURANCE INDUSTRY pleasing themselves about the rules they operate under.There really is a need for some enforceable legislation to protect the people who are required by law to use these rip-off merchants. There is so much competition out there that having loyalty to a particular company, actually penalises the customer. They should not be allowed to operate these 'make it up as you go along' pricing policies. If they can provide a policy to a new customer for £X, then an existing customer should be given the same price, not £X plus 20% as is often the case these days. Sorry, the red mist is gradually subsiding

 

[srw]

If they don't back down say "f*** you then, here's a claim for £4500 then",

An interesting piece of advice for a law-enforcement officer...

 

[srw]

Another example of the INSURANCE INDUSTRY pleasing themselves about the rules they operate under.There really is a need for some enforceable legislation to protect the people who are required by law to use these rip-off merchants.

www.fsa.gov.uk