Insurance rip off?

[Paul99]

Deposit a sum of money with government (think it is hm treasury) BEFORE you drive. Think sum is £0.5m or £0.25m, but you would need to look up details as its not a measure that is in common use and I can't recall the sum off the top of my head



The 2nd part of S143(1) of the RTA is the proviso, its insurance OR.....

Two clicks from the previous post...
http://www.legislation.gov.uk/ukpga/1988/52/section/144#commentary-c1399018

It's half a million quid. Or you can be a council or a police service or an NHS trust running ambulances.

Post number 27....
Did i win?

 

[slowmotion]

I just added a second driver for my online insurance quote. The premium dropped by £25. I'm tempted to add some more.

Are they totally bonkers as well as being dishonourable shysters?

 

[Profpointy]

I just added a second driver for my online insurance quote. The premium dropped by £25. I'm tempted to add some more.

Are they totally bonkers as well as being dishonourable shysters?

I wasn't going to bother with fully comp as my car's only a couple of grand's worth. Turned out fully comp was (slightly) cheaper.

I really don't buy the story that motor insurers have been losing money for years either. They'd just have shut the doors and made more money if that were remotely true

 

[slowmotion]

I wasn't going to bother with fully comp as my car's only a couple of grand's worth. Turned out fully comp was (slightly) cheaper.

I really don't buy the story that motor insurers have been losing money for years either. They'd just have shut the doors and made more money if that were remotely true

I don't either. For every "Bad Actor Neck-Brace Jerk" who cleans up by fraud, there is a vast pool of innocent punters to fleece.

Utter bastards.
And lazy to boot.

 

[400bhp]

Its the annual "let's have a pop at insurance companies" thread.

Big bad money making employment creating companies they are too. How disgusting they dare to provide some protection for those thousands seriously injured on the roads each year.

 

[subaqua]

. Most normal people ask a question if they want to know something

sadly some people would rather throw insults than look it up for themselves

but it isn't just this thread. you post obtuse answers on most threads. like you get some sort of pleasure from it.

i used me answering questions about electricity as an example of how to post a helpful answer based on mjy skill set.


you can see why a lit of people think lawyers will be against the wall with Bankers come the revolution

 

[swee'pea99]

Its the annual "let's have a pop at insurance companies" thread.

Big bad money making employment creating companies they are too. How disgusting they dare to provide some protection for those thousands seriously injured on the roads each year.

No one has a problem with them doing that, which is, after all, their job. What people have a problem with is this (from my msg#9):

In other words, no-one would have a problem with the industry if it operated ethically: by offering premiums which reflected the risk it is taking on. But it doesn't. It charges the highest premium it thinks it can get away with, with the burden falling most heavily on a) loyal customers, and b) the elderly. Any industry built on systematically ripping off the most trusting and vulnerable members of society must anticipate the odd 'pop'.

 

[spen666]

but it isn't just this thread. you post obtuse answers on most threads. like you get some sort of pleasure from it.

i used me answering questions about electricity as an example of how to post a helpful answer based on mjy skill set.


you can see why a lit of people think lawyers will be against the wall with Bankers come the revolution

Get the chip off your shoulder.

If you have a question, either google the answer or ask.

I'm sure most people on here are not interested in your apparent dislike of me

 

[spen666]

No one has a problem with them doing that, which is, after all, their job. What people have a problem with is this (from my msg#9):

View attachment 50700

In other words, no-one would have a problem with the industry if it operated ethically: by offering premiums which reflected the risk it is taking on. But it doesn't. It charges the highest premium it thinks it can get away with, with the burden falling most heavily on a) loyal customers, and b) the elderly. Any industry built on systematically ripping off the most trusting and vulnerable members of society must anticipate the odd 'pop'.

Don't most businesses charge as much as they can get away with?

 

[swee'pea99]

Don't most businesses charge as much as they can get away with?

Many, tho' I'd dispute 'most', up to a point. But few are quite so blatant and ruthless in their unprincipled preying on the weak. There are some admittedly - British Gas selling new boilers to the elderly on totally spurious grounds, as recently mentioned hereabouts, come to mind as an example. But come to think of it, I can't think of a single other industry so firmly rooted in the utterly cynical exploitation of the trusting and the elderly. Can you?

 

[subaqua]

Get the chip off your shoulder.

If you have a question, either google the answer or ask.

I'm sure most people on here are not interested in your apparent dislike of me

I have no preference about you. your assumption that I dislike you speaks volumes about you though.

If you care to read through some of your responses to questions in threads I am sure you will see we do often ask but not get a response.

I suggest you get over yourself before stating I have chips on shoulders.

 

[User6179]

Many, tho' I'd dispute 'most', up to a point. But few are quite so blatant and ruthless in their unprincipled preying on the weak. There are some admittedly - British Gas selling new boilers to the elderly on totally spurious grounds, as recently mentioned hereabouts, come to mind as an example. But come to think of it, I can't think of a single other industry so firmly rooted in the utterly cynical exploitation of the trusting and the elderly. Can you?

Double glazing firms ,scum of the earth imo especially with the elderly !

 

[GaryA]

[QUOTE="swee pee

In other words, no-one would have a problem with the industry if it operated ethically: by offering premiums which reflected the risk it is taking on. But it doesn't. It charges the highest premium it thinks it can get away with, with the burden falling most heavily on a) loyal customers, and b) the elderly. Any industry built on systematically ripping off the most trusting and vulnerable members of society must anticipate the odd 'pop'.[/QUOTE]

Ive quoted this in bold in case srw conveniently misses it....

 

[Markymark]

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.

But they make handsome profits by investing the money they hold from you. The actual insurance arm is a loss leader to effectively borrow money interest free to invest. Not unlike car showrooms losing money selling cars to make the profit from servicing.

For insurers a 3% loss on the insurance side is nothing compared to say 10-15% return on investing the millions they hold.

 

[Paul99]

But they make handsome profits by investing the money they hold from you. The actual insurance arm is a loss leader to effectively borrow money interest free to invest. Not unlike car showrooms losing money selling cars to make the profit from servicing.

For insurers a 3% loss on the insurance side is nothing compared to say 10-15% return on investing the millions they hold.

That is just hilarious. Can you tell me where these magic money printing investments are.

My company is making about 2% and is very typical amongst it's peers.