Insurance rip off?

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Paul99

Über Member
My guess is that in a year or two, insured against non insured drivers will not be part of your policy and you will have to pay extra for it. They'll do the same for anything they can get away with.
This will never happen. If you are hit by a non insured, or untraceable driver you are compensated by the MIB and this has been the status quo since the MIB was founded in the 1940's.

Technically you already pay for it, as a proportion of everybodys premium is paid into the scheme.
 

subaqua

What’s the point
Location
Leytonstone
[Pedantic Point] It is legal to drive a motor vehicle on the road without an insurance policy, if you comply with certain other requirements[/pedantic point]
another spen post where it doesn't actually give any information , just goes " ahh but......"
 

mustang1

Legendary Member
Location
London, UK
Make you use their repair centre. Some do, some don't. You pay your money, you make your choice.
/QUOTE]

A few years ago I had a tiny knock and was forced to use their repair centre. When I say "forced", I s given the choice which was:
Use the repair company you want and get bored waiting for a response from us OR
use the repair company we appoint and get the ball rolling quickly.

I was FORCED to CHOOSE the latter.
 

Beebo

Firm and Fruity
Location
Hexleybeef
This will never happen. If you are hit by a non insured, or untraceable driver you are compensated by the MIB and this has been the status quo since the MIB was founded in the 1940's.

Technically you already pay for it, as a proportion of everybodys premium is paid into the scheme.
IIRC MIB doesnt pay for material damage claims, only injury.
 

screenman

Squire
I want my insurers to make a reasonable profit each year, that way should I ever need to make a claim they will be there to help. Must admit any claims I have had have been well sorted out.
 

MarkF

Guru
Location
Yorkshire
My insures took an extra "charge" from my bank account (just like friggin that :cursing:) , they'd been made aware that I had made a claim. I had done no such thing. Somebody crashed into another vehicle of mine and their insurers paid out. I have provided letters and emails but nope, the "system" shows that I have made a claim so it's an "opportunity" for my insurers to ignore all the evidence to the contrary and.............screw me, their customer. Well bollox to you, Marks & Spencer Insurance, who refuse to reply to emails and rudely type a premium rate number to ring in the address bar, never again.................

Feel better for that. ^_^
 

TVC

Guest
Roadside recovery is a form of insurance...I'd been with the AA for 13 years becoming more and more peed off with the annual rising premiums esp as I'd only used them 3 x
£145 this year with some bilge about valuing long term clients but then discovered I could get it for £50 less on line as a new customer-sp much for customer loyality. Cancelled DD and refused to answer their increasingly desperate calls/e mails
went to RAC for £92 which are just as bad no doubt, but I'll swap mercenary style next year
I week after i swopped the AA sent a £50 off coupon- too late you idiots!
I was with the AA, they put my cover up to £120. I phoned to csncel and suddenly they were able to reduce my cover to £55 because I was a valued loyal customer. When I suggested they should have sent me a renewal at £55 in the first place if I'm so valued, instead of trying to fleece me for £120 I wouldn't be leaving, they basically shrugged tbe shoulders.
 

srw

It's a bit more complicated than that...
[QUOTE 3181057, member: 45"]... And the £1.2m for managing a life changing injury.[/QUOTE]
Only £1.2m? I'll have some of that. It's upwards of £5m these days.
 

srw

It's a bit more complicated than that...
That isnt true, the UK domestic car insurance market is extremely competitive, and profits are low.
Sure, Insurance companies do make money, but not in the domestic car market.
@srw could expand on this further if he has the time and energy.
Profits are negative at the moment (at the market level - there are some companies who are able to underwrite profitably and offer a decent service.)

From memory in 2011 the market lost 10% on premium*, and in 2012 it clawed its way back to losing only about 3%. Then in 2013 law reforms came in which began to take some of the frictional costs out of the system (mainly by forcing lawyers to be more efficient on simple claims) which industry experts reckon will save about 5% on the cost of premiums. The market responded... by cutting rates by 15%, so I'm expecting a 2013 loss back up to 10% or so, and the same for 2014. Rates are just about beginning to stabilise, so that's probably another 10% loss in 2015 and perhaps a smaller loss in 2016.

*i.e for every £100 of motor premium, insurers made a loss of £10.
 

slowmotion

Quite dreadful
Location
lost somewhere
Profits are negative at the moment (at the market level - there are some companies who are able to underwrite profitably and offer a decent service.)

From memory in 2011 the market lost 10% on premium*, and in 2012 it clawed its way back to losing only about 3%. Then in 2013 law reforms came in which began to take some of the frictional costs out of the system (mainly by forcing lawyers to be more efficient on simple claims) which industry experts reckon will save about 5% on the cost of premiums. The market responded... by cutting rates by 15%, so I'm expecting a 2013 loss back up to 10% or so, and the same for 2014. Rates are just about beginning to stabilise, so that's probably another 10% loss in 2015 and perhaps a smaller loss in 2016.

*i.e for every £100 of motor premium, insurers made a loss of £10.
Why do they do it then? Having just spent an hour or so looking into re-insuring my motor (quotes from £650 to £350, the most expensive being a renewal from my existing spiv,), I don't share your view of their substantial sacrifice.
 
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