Is this a motoring offence?

[hopless500]

If it's not compulsory/a legal requirement to have motor insurance in the UK (which on Googling, doesn't seem to be the case as far as I can see, but that's an aside) - why would sorting out VED involve submitting insurance docs along with the MOT?

 

[Dan B]

So why would everyone be charged the same if they were nationalised?

To maximise the possibilities for moral hazard, of course

 

[Profpointy]

To maximise the possibilities for moral hazard, of course

Ah I see. Basicially the argument is equivalent to not nationalising because they would kill kittens.

 

[Dan B]

Ah I see. Basicially the argument is equivalent to not nationalising because they would kill kittens.

I don't recall making any argument against nationalising car insurance. Somebody asked why shouldn't everyone pay the same amount, and the answer (at least, one possible answer) is that it removes a significant incentive not to drive like a daffodil

Which, I thought when I replied to your post, you knew. Perhaps we have different understandings of what "moral hazard" means, or perhaps I should have used a yellow face sarcasm marker thing. Sorry for the the confusion (mine at least, if not yours)

 

[screenman]

If you had bothered to look at my answer to Dan B I have already stated that I know it is not a legal requirement, but it's not a financial possibility, maybe if I was a scumbag motor insurer who screws over people I would have enough money not to have to use one of my own products.

Out of interest and I would imagine you know, how much do insurance companies make from car insurance?

 

[Deleted member 26715]

Out of interest and I would imagine you know, how much do insurance companies make from car insurance?

The relevance is what? are you going to try to make my heart bleed for them, oh the poor dears, the whole auto insurance industry is corrupt, from the boardroom, down to the 'approved' repairers, they are on a better gravy train than those in Brussels

 

[fossyant]

Not yet. I'm taking it to Citroen to check the bumper is okay or needs replacing.

Most importantly, has the stupid idiot appologised profusely?

 

[screenman]

The relevance is what? are you going to try to make my heart bleed for them, oh the poor dears, the whole auto insurance industry is corrupt, from the boardroom, down to the 'approved' repairers, they are on a better gravy train than those in Brussels

I was just interested, that is all. The repairers are on no gravy train that is for sure the margins are slim, I have not invoiced an insurer for over 10 years as I will not work to the low price they require, that is down to people wanting lower premiums I would magine.

 

[fossyant]

Out of interest and I would imagine you know, how much do insurance companies make from car insurance?

Overall, not much if anything. The idiot that hit me will never pay premiums to match the potential damages.

 

[Profpointy]

I don't recall making any argument against nationalising car insurance. Somebody asked why shouldn't everyone pay the same amount, and the answer (at least, one possible answer) is that it removes a significant incentive not to drive like a daffodil

Which, I thought when I replied to your post, you knew. Perhaps we have different understandings of what "moral hazard" means, or perhaps I should have used a yellow face sarcasm marker thing. Sorry for the the confusion (mine at least, if not yours)

I may have replied to posts out of order so do agree (and understand the jargon) about moral hazzard. Someone (not you) said if it was nationalised everyone would pay the same appearing to an argument against nationalising. Seems there was an earlier post saying they could nationalise and charge everyone the same - which is a subtly different argument.

 

[screenman]

[QUOTE 4893618, member: 45"]I think it's down to the fact that commissioning of repairers is hidden from the customer by the insurance companies, so we have no choice there.[/QUOTE]

You may be suprised how low an hourly rate the approved suppliers are allowed to charge, and everything down to 0.1 of each hour. You do of course have a choice of where to take your car for repair.

 

[Tin Pot]

Out of interest and I would imagine you know, how much do insurance companies make from car insurance?

A quick google shows the story is complex.

LV had profits down from £70M to £22M so increased premiums in 2015 - Guardian.

Meanwhile in 2014 the industry as a whole made a profit for the first time in twenty years a Guardian.

Then again, according to the Spectator the whole thing is a racket, profits are leached out by overcharging hidden from consumers and driven by aggressive cold calling.

 

[classic33]

You may be suprised how low an hourly rate the approved suppliers are allowed to charge, and everything down to 0.1 of each hour. You do of course have a choice of where to take your car for repair.

Not always. Often hidden in the small print is that you'll only use "approved centres on their list".

 

[Tin Pot]

Regulation is hitting the insurance industry, but I don't know. Anything that is mandatory, or effectively mandatory, is a candidate for nationalisation in my opinion. Insurance is special though because it's gambling, and therefore rife for abuse.

Whilst home ownership and car ownership isnt mandatory, the insurance is. So we have to buy.

 

[vickster]

Regulation is hitting the insurance industry, but I don't know. Anything that is mandatory, or effectively mandatory, is a candidate for nationalisation in my opinion. Insurance is special though because it's gambling, and therefore rife for abuse.

Whilst home ownership and car ownership isnt mandatory, the insurance is. So we have to buy.

I don't think home buildings insurance is mandatory if you own your property outright...I could be wrong though and not having it would be a very big gamble if you have neighbours