Alex C. Posted January 1, 2011 Share Posted January 1, 2011 I'm not sure if you still can or not but at one point you could self-insure, but that involved proving that you could raise several hundred thousand pounds at a moments notice. You can deposit £1,000,000 with the bank of england to be able to insure yourself - there was a debate on here before about if there was any point since the interest on a million quid is usually going to be more than the cost of car insurance. Also, bear in mind that insurers (motor) have not been profitable for several years now - and don't expect to be either. I work for an insurer who have increased premiums by an average of 30+% in the past year. We're not doing too badly since we started increasing premiums slightly before the market, but we still made a loss of 9p for every £1 of business underwritten last year. The other thing pushing up premiums is that an investment income of 5-10% was easily possible pre recession. Now, with interest rates as they are and the economy not doing great, they can't rely on investment income for profit. Link to comment Share on other sites More sharing options...
bobbie Posted January 1, 2011 Author Share Posted January 1, 2011 There is no wonder we are becoming known as the rip-off capitol of the world. With this level of apathy, I guess a future government could introduce any tax they want - based on any made up grounds, and people will pay it - because its the law. Link to comment Share on other sites More sharing options...
Alex C. Posted January 1, 2011 Share Posted January 1, 2011 There is no wonder we are becoming known as the rip-off capitol of the world. With this level of apathy, I guess a future government could introduce any tax they want - based on any made up grounds, and people will pay it - because its the law. Whats your solution? The car insurers aren't making any profit, should the government be subsidising your insurance? Link to comment Share on other sites More sharing options...
Greybeard Posted January 1, 2011 Share Posted January 1, 2011 Like I said in my post, I have never been stopped as I never draw attention to myself, and I have never claimed insurance. That's irrelevant. These days most uninsured drivers are flagged up by ANPR cameras. Link to comment Share on other sites More sharing options...
Scabbydog Posted January 1, 2011 Share Posted January 1, 2011 That's irrelevant. These days most uninsured drivers are flagged up by ANPR cameras. Its the way forward. Catch the leeches that cost legit motorists so much. Crush or sell their cars, ban them from the roads for life, and impose huge fines. If we get rid of the uninsured drivers there wouldn't be the congestion that there is now. With careful management and regular car auctions a real clamp down could be self financing or even make a profit.. Link to comment Share on other sites More sharing options...
iansheff Posted January 1, 2011 Share Posted January 1, 2011 Who owns most of the the insurance companies, the banks, they are being hit by a new tax so they have to get it back off us somehow to keep their bonuses. Link to comment Share on other sites More sharing options...
Isabelle Posted January 1, 2011 Share Posted January 1, 2011 Its the way forward. Catch the leeches that cost legit motorists so much. Crush or sell their cars, ban them from the roads for life, and impose huge fines. If we get rid of the uninsured drivers there wouldn't be the congestion that there is now. With careful management and regular car auctions a real clamp down could be self financing or even make a profit.. You are right, but I don't think banning would work. I suspect that there are quite a few unlicensed drivers, judging by some peoples' standard of driving. If someone doesn't care about insurance, its likely they won't care about a ban either. Would prison sentences work better? People who refuse to pay for insurance "because they can't afford it" would probably not pay a fine either. Driving a car carries a legal and financial responsibility. If you can't afford it, don't drive. Simples. Link to comment Share on other sites More sharing options...
Scabbydog Posted January 1, 2011 Share Posted January 1, 2011 You are right, but I don't think banning would work. I suspect that there are quite a few unlicensed drivers, judging by some peoples' standard of driving. If someone doesn't care about insurance, its likely they won't care about a ban either. Would prison sentences work better? People who refuse to pay for insurance "because they can't afford it" would probably not pay a fine either. Driving a car carries a legal and financial responsibility. If you can't afford it, don't drive. Simples. If people don't want to be part of our society then that is up to them. But if folks are caught driving whilst disqualified and won't pay the fines then they should have their benefits, and liberty taken away. Link to comment Share on other sites More sharing options...
Twiglet Posted January 1, 2011 Share Posted January 1, 2011 Have you even tried shopping around? It's pretty common knowledge that insurers put their premiums up year on year because they bank on people that can't be bothered to try other companies just paying without question. Instead of threatening to do something illegal, why not vote with your feet and either switch insurer or, as already suggested, get rid of the care and find alternative means of transport. Either of those options means you're not giving your current insurer any money. Link to comment Share on other sites More sharing options...
Maxxy Posted January 1, 2011 Share Posted January 1, 2011 I think its justified by the fact a £400 pile of junk can still wreck a £50k car and kill or main its occupants, particularly when ithe pile of junk is being driven by an 18 idiot. If you are paying £700 as a 36 year old it just shows you are a crap driver, and the insurance is loaded because of that. I'm 23 and pay half that. I have an issue with a few of your points. Firstly, my other half and I both own performance vehicles, both of us paying around £1000 insurance as the cars are group 20. Neither of us are crap drivers, quite the opposite in fact. Secondly, in order to keep miles off these vehicles, we run a mark 6 escort. It's value is probably around the £500 mark, and it has done 60k and is immaculate, yet I have seen more expensive cars that are not cared for and more deserving of the title 'piles of junk'. I have been a car enthusiast for quite a few years now, and I loved and cared for my £1000 fiesta, just as much as the more expensive cars I own now. On the topic of the OP, I am getting to a stage where I am considering my options with regard to insurance premiums. I am paying around my limit of what I am prepared to pay now, and I'm concerned that when renewal comes, I am going to either be forking out more, or selling my pride and joy and getting into something a bit more sensible. I knew when I bought into performance cars, I would be priced out of it at some point by the government. The problem is not just premiums, it's the huge fuel hikes that have gone on and the VAT rise which will inevitably increase everything else we have to pay for. Link to comment Share on other sites More sharing options...
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